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<p>We propose that institutional backgrounds derived from the project location and the entrepreneur’s country-of-origin act as heuristic cues that facilitate swift trust judgment and, therefore, influence international digital exchange decisions. Using a dataset of 101,583 Kickstarter campaigns, we find that stronger institutional environments linked to the project and the entrepreneur positively affect backers’ participation. Moreover, the two institutional cues can compensate for one another. We also show that stronger institutional background of the project (yet not the entrepreneur) enhances low-cost signals’ credibility; and in the presence of some high-cost signals, institutional background (of the entrepreneur in particular) is less consequential.</p>

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Institutional background in crowdfunding: trust, signals, and backers’ decisions

  • 期刊论文

  • 发表日期：

    2026年4月15日

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  • Prabal Shrestha,
  • Veroniek Collewaert,
  • James Thewissen

摘要

We propose that institutional backgrounds derived from the project location and the entrepreneur’s country-of-origin act as heuristic cues that facilitate swift trust judgment and, therefore, influence international digital exchange decisions. Using a dataset of 101,583 Kickstarter campaigns, we find that stronger institutional environments linked to the project and the entrepreneur positively affect backers’ participation. Moreover, the two institutional cues can compensate for one another. We also show that stronger institutional background of the project (yet not the entrepreneur) enhances low-cost signals’ credibility; and in the presence of some high-cost signals, institutional background (of the entrepreneur in particular) is less consequential.