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Despite the critical contribution of serial backers in advancing crowdfunding volumes, few studies have addressed the phenomenon of serial backing. Research on the motivations of backers suggests that cognitive antecedents influence pledging in crowdfunding projects according to the theory of planned behavior. However, intrinsic factors associated with different dimensions of well-being may also explain crowdfunding support. This study seeks to advance the understanding of drivers of serial backing by combining the theory of planned behavior and the theory of well-being.

The study draws on survey data from 336 serial backers, complemented by objective data on the number of campaigns and amounts invested by backers from Headstart, the largest crowdfunding platform in Israel. The research model is tested using structural equation modeling.

The findings indicate that the well-being of serial backers mediates the impact of attitude, subjective norms and social norms on their loyalty. However, while loyalty can be explained by elements of both theories, it does not translate into actual serial backing behavior.

This study is the first to systematically explore serial backers' motivations in crowdfunding and the influence of these motivations on their actual behavior. It combines two previously separate theories, the theory of planned behavior and the theory of well-being.

Crowdfunding is an increasingly popular channel for project fundraising for entrepreneurial ventures. Such efforts require fundraisers to develop and manage a crowdfunding campaign over a period of time and several stages. Thus, the authors aim to identify the stages fundraisers go through in their crowdfunding campaign process and how their engagement evolves throughout this process.

Following a multiple case study research design analysing six successful campaigns, the current study suggests a taxonomy of stages the fundraisers go through in their crowdfunding campaign management process while identifying the types of engagement displayed and their relative intensity at each of these stages.

The study proposes a five-stage process framework (pre-launch, launch, mid-campaign, conclusion and post-campaign), accompanied by a series of propositions outlining the relative intensity of different types of engagement throughout this process. The authors show that engagement levels appear with high intensity at pre-launch, and to a lesser degree also at the post-launch stage while showing low intensity at the stages in between them. More specifically, cognitive and behavioural engagement are most prominent at the pre- and post-launch stages. Emotional engagement is highest during the launch, mid-launch and conclusion stages. And social engagement maintains moderate levels of intensity throughout the process.

This study focuses on the campaign process using engagement theory, thus identifying the differing engagement patterns throughout the dynamic crowdfunding campaign management process, not just in one part.

The purpose of this study is to identify motivations for the uptake of crowdfunding by micro-entrepreneurs in an emerging economy and the extent to which these vary by entrepreneur characteristics, sector and crowdfunding model.

The authors conduct qualitative analyses of data collected in interviews with 57 micro-entrepreneurs in Morocco, all of whom used crowdfunding in fundraising.

The authors identify six key motives for crowdfunding adoption by micro-entrepreneurs including financing needs, legitimacy seeking, sense of achievement, network-building, entrepreneurial and marketing competence enhancements. They also find evidence for moderation effects of fundraiser characteristics on likelihood of adoption, including gender, age, education, training experience and sectoral affiliation. Furthermore, the authors show that the relative importance of different motives varies by the type of crowdfunding model used.

The original aspects of the study include the examination of adoption motives in an emerging market context and the distinguishing between entrepreneurs’ adoption motives based on different gender, age, education, training experience, sectoral affiliation and crowdfunding model used. Moreover, the authors show that enhancement of competencies is a more dominant motive in the emerging market context than mentioned in earlier studies in developed contexts.

SME funding gaps in developing economies are substantial. Crowdfunding is an innovative way to raise funds that may be part of the solution for closing such gaps. The purpose of this study is to investigate the determinants of crowdfunding contribution intentions in the context of a developing country –Bangladesh.

The authors collect data by using a structured questionnaire distributed through Facebook. The analysis is based on data collected from 252 valid responses and uses the ordered probit regression for estimation. For robustness, the authors also estimate the hypothesized model using ordered logistic regression and OLS regression finding identical results.

The authors find that liking the campaign idea and positive media coverage of a crowdfunding campaign have a positive association with crowdfunding contribution intention. Surprisingly, personal relations, others' recommendation and the location of the campaign's owner were not significantly associated with crowdfunding contribution intention in our study. Moreover, respondents' location in Bangladesh (vs. abroad) and their age are positively associated with contribution intention, while education is negatively associated with intention.

Earlier studies focused on the determinants of ex post crowdfunding intentions in developed and more mature crowdfunding markets. The authors contribute by examining ex ante crowdfunding contribution intentions in the developing economy of Bangladesh, which is at the market's inception stage.

The paper takes stock of accumulated knowledge on factors impacting the success of online crowdfunding (CF) campaigns while suggesting opportunities for future research development.

A Systematic Literature Review of 88 academic papers published between 2010 and 2017. Papers were collected from four academic databases and published in 65 different journals. The review addresses issues related to theory, methods, context, findings and gaps. Overall, the paper presents an analysis of 1,718 associations between 111 aggregated independent variables (from 927 variables) with six main aggregated success indicators.

Most research involves quantitative analyses of public data collected from reward-CF platforms. More research is required in equity, lending, donation and other CF contexts. Existing studies are mostly anchored in theories of signaling, social capital and elaboration likelihood. There is a need for wider conceptualization of success beyond financial indicators. And based on aggregated summaries of effects, the paper suggests a series of CF success models, while outlining an agenda for future research.

Studied phenomenon is in its early days of existence, and hence biased by the circumstances of a new industry. Moreover, the current review only covers published journal articles in English.

Findings of factors impacting campaign success can inform fundraisers in building campaigns, as well as platforms in adjusting systems and services toward responsibly enhancing campaign success. Moreover, identified gaps can inform on what has not been sufficiently documented and may be a source of competitive advantage.

A comprehensive review of research on CF success factors at factor level, a coherent agenda for future research development and a series of evidence-based models on most prevalent factors impacting CF success by CF model.

Despite the growing numbers of internationally active nonprofit organizations (NPOs), research on various facets of NPOs’ internationalization has been limited. The purpose of this paper is to investigate the impact of target-country related factors on international market selection of NPOs.

Analysis is based on a logistic regression procedure using a self-compiled data set of 2,440 observations of de-facto entry or non-entry occurrences made by 19 large development-focused NPOs.

The study reveals that NPOs select target markets that are less developed, characterized by greater risk profiles, where other NPOs tend to cluster, and those that are preferred by their home-country governments. Moreover, findings suggest that with respect to institutional strength, NPOs balance mission to help strengthen institutions where needed, and avoidance of environments with extremely dysfunctional institutions, hence opting to operate in environments with medium levels of institutional strength.

The study only looked at external environmental factors, it must be acknowledged that a more complete understanding of NPO market selection decisions must also include variables internal to the organization. Further the study is based on a sample of NPOs dealing with poverty alleviation, which limits the generalization. Finally, the use of data from secondary sources creates its own limitations.

This study represents one of the few cross country studies done on the area, thus contributing for the development of the field.

The purpose of this paper is to set the papers included in the special issue into their unique contextual stage of entrepreneurial eco-systems in Nordic and Baltic countries.

The editorial first presents the current status of entrepreneurship in the Nordic and Baltic regions. It then provides an overview of the papers included in this special issue, while highlighting their contributions. Finally, it concludes with suggestions for further research, while pointing out promising areas for future investigations.

The papers included in this special issue help advance the understanding of important aspects of entrepreneurship in general, and within the context of Nordic and Baltic countries in particular. The first two papers focus on antecedents of entrepreneurial behaviour, namely – education and passion, while the last two papers address entrepreneurial behaviour and its outcome in terms of both growth aspiration and actual growth. Finally, the editorial identifies three important themes for future research, namely – the roles of Web 2.0 and online communities, crowdfunding and alternative finance, as well as current immigration trends on entrepreneurship development and dynamics in Nordic and Baltic Europe.

This editorial and special issue are in tune with current calls for better understanding of entrepreneurship-related phenomena within their social context, and some of the linkages between social settings and manifestations of entrepreneurship. And while most papers concentrate on themes that may be associated with mainstream entrepreneurship research, each introduces new angles and/or conceptual combinations surrounding such themes and variables, which are unique and inspirational.

The purpose of this paper is to investigate the relationship between perceived desirability (attitude towards growth) and feasibility (entrepreneurial self-efficacy) of business growth and women entrepreneurs’ continued business growth aspirations. Hypotheses are derived guided by the Entrepreneurial Event Model (EEM). The authors also address the following research question: what reasons do women entrepreneurs state for wanting or not wanting continued business growth?

The sample consists of 93 of the largest independent businesses in Norway started by women entrepreneurs in 2004, 2005 or 2006 (response rate 57.5 per cent). The hypotheses are tested using logistic regression. The authors carry out a post hoc analysis of open-ended questions, containing a qualitative analysis of the reasons for not wanting or wanting the business to grow.

The results support the hypotheses. Controlling for industry, location and the women entrepreneurs’ age, perceived desirability and feasibility of business growth predict growth aspirations. Thus, the findings suggests that the EEM is an appropriate and useful model. Reasons are grouped in reasons relating to considerations for the entrepreneur, the business and the environment. The most common reason for not wanting the business to grow relates to business considerations, including that growth would jeopardize the quality of services offered by the business. Important reasons for wanting the business to grow include fun and excitement.

Policy makers and educators can encourage business growth by efforts aiming to increase the desirability and feasibility of growth. Practitioners as well as scholars should be aware of the inducements and costs associated with business growth. The study contributes to the entrepreneurship literature by exploring and identifying areas that both encourage and hinder further business growth among high-growth women entrepreneurs.

Research on women-owned businesses is still scarce, and few if any previous studies have surveyed growth aspiration in new high-growth women-owned businesses. The combination of quantitative and qualitative techniques is also a novel contribution of this survey.

The purpose of this paper is to examine the role played by culture, geography and infrastructure on European airline's decision to launch market‐specific websites.

Logistic regression analysis based on 440 observations of home‐target country dyads collected from websites of nine European airlines, and supplemented by additional sources of macro level indicators. The unit of analysis is the country dyad.

Cultural distance between home and target country, geographical distance between home and target country, website traffic volumes originating from target country, demand conditions in target country, and competition intensity in target country all influence the decision to launch local sites. The cultural dimensions of individualism, masculinity, power distance, and uncertainty avoidance, as well as the legal, commercial and IT infrastructures in target countries don't impact the same decision.

The study's findings are limited contextually to B2C e‐service models, the airline industry and the European origin. Other industries, business models or regional origin of firms may exhibit different patterns.

The study shifts the research focus from what constitutes website localization into what dictates localization efforts' implementation. Surprising findings suggest that counter to earlier suggestions, infrastructural conditions and cultural dimensions' levels in target markets do not predict the launch of local sites, and that geographical distance impact decisions related to the geography neutral medium of the internet.