How does an entrepreneur's social network impact crowdfunding? Based on social capital theory, we developed a research model and conducted a comparative study using objective data collected from China and the U.S. We found that an entrepreneur's social network ties, obligations to fund other entrepreneurs, and the shared meaning of the crowdfunding project between the entrepreneur and the sponsors had significant effects on crowdfunding performance in both China and the U.S. The predictive power of the three dimensions of social capital was stronger in China than it was in the U.S. Obligation also had a greater impact in China.
Bibliographical noteFunding Information:
This study is supported by the Natural Science Foundation of China ( 71302186 ), the Chinese Ministry of Education Humanities and Social Sciences Young Scholar Fund ( 12YJCZH306 ), the China National Social Sciences Fund ( 11AZD077 ), and the Fundamental Research Funds for the Central Universities ( JBK120505 ).
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- Comparative study
- Crowdfunding performance
- Social capital