연구목적 본 연구는 크라우드펀딩 맥락에서 개인 및 국가 수준의 사회적 자본이 창업 활동에 미치는 영향에 대해 분석하고자 한다. 연구설계/방법론/접근법 본 연구는 두 가지 주요한 자료원을 활용했다. 먼저 미국의 대표적인 크라우드펀딩 플랫폼인 킥스타터(Kickstarter)에서 15,716개의 크라우드펀딩 프로젝트 및 개인 수준의 사회적 자본 관련 자료를 수집하는 한편 레카툼 번영지수(Legatum Prosperity Index)를 참조하여 국가 수준의 사회적 자본 관련 자료를 수집했다. 크라우드펀딩 프로젝트별로 개인 및 국가 수준의 사회적 자본을 측정한 후 사회적 자본이 창업 활동에 미치는 영향에 대해 포아송 회귀분석 및 음이항 회귀분석을 실시했다. 결과 분석결과에 따르면 페이스북 친구수, 다른 프로젝트 후원 횟수, 프로젝트 소개글 수 등 창업가 개인 수준의 사회적 자본은 크라우드펀딩내 창업 활동과 긍정적으로 유의한 관계에 있는 것으로 나타났다. 또한 국가별 사회적 자본 지수로 측정한 국가 수준의 사회적 자본도 크라우드펀딩내 창업 활동과 긍정적으로 유의하게 나타났다.
연구목적 본 연구는 크라우드펀딩 맥락에서 개인 및 국가 수준의 사회적 자본이 창업 활동에 미치는 영향에 대해 분석하고자 한다. 연구설계/방법론/접근법 본 연구는 두 가지 주요한 자료원을 활용했다. 먼저 미국의 대표적인 크라우드펀딩 플랫폼인 킥스타터(Kickstarter)에서 15,716개의 크라우드펀딩 프로젝트 및 개인 수준의 사회적 자본 관련 자료를 수집하는 한편 레카툼 번영지수(Legatum Prosperity Index)를 참조하여 국가 수준의 사회적 자본 관련 자료를 수집했다. 크라우드펀딩 프로젝트별로 개인 및 국가 수준의 사회적 자본을 측정한 후 사회적 자본이 창업 활동에 미치는 영향에 대해 포아송 회귀분석 및 음이항 회귀분석을 실시했다. 결과 분석결과에 따르면 페이스북 친구수, 다른 프로젝트 후원 횟수, 프로젝트 소개글 수 등 창업가 개인 수준의 사회적 자본은 크라우드펀딩내 창업 활동과 긍정적으로 유의한 관계에 있는 것으로 나타났다. 또한 국가별 사회적 자본 지수로 측정한 국가 수준의 사회적 자본도 크라우드펀딩내 창업 활동과 긍정적으로 유의하게 나타났다.
Purpose This study examines the roles of individual- and country-level social capital in entrepreneurial activities from the context of crowdfunding. Design/methodology/approach Two primary sources were used for data collection. From Kickstarter, the largest U.S.-based crowdfunding platform, this st...
Purpose This study examines the roles of individual- and country-level social capital in entrepreneurial activities from the context of crowdfunding. Design/methodology/approach Two primary sources were used for data collection. From Kickstarter, the largest U.S.-based crowdfunding platform, this study obtained 15,716 crowdfunding projects and individual-level social capital. For country-level social capital, the social capital index from the 2016 Legatum Prosperity Index was utilized. By matching individual- and country-level social capital for each crowdfunding project, this research estimates the role of social capital in entrepreneurial activities at the individual and country level using the Poisson regression and the negative binomial regression. Findings Individual-level social capital measured by the number of Facebook friends, the number of other crowdfunding projects that a crowdfunding project founder invested in, and the word count of the description of a crowdfunding project are positively associated with the number of crowdfunding projects created by founders. The country-level social capital measured by aggregated social capital index is also positively associated with the number of crowdfunding projects created by founders. Both individual- and country-level social capital have a positive impact on entrepreneurial activities in terms of the creation of new crowdfunding projects.
Purpose This study examines the roles of individual- and country-level social capital in entrepreneurial activities from the context of crowdfunding. Design/methodology/approach Two primary sources were used for data collection. From Kickstarter, the largest U.S.-based crowdfunding platform, this study obtained 15,716 crowdfunding projects and individual-level social capital. For country-level social capital, the social capital index from the 2016 Legatum Prosperity Index was utilized. By matching individual- and country-level social capital for each crowdfunding project, this research estimates the role of social capital in entrepreneurial activities at the individual and country level using the Poisson regression and the negative binomial regression. Findings Individual-level social capital measured by the number of Facebook friends, the number of other crowdfunding projects that a crowdfunding project founder invested in, and the word count of the description of a crowdfunding project are positively associated with the number of crowdfunding projects created by founders. The country-level social capital measured by aggregated social capital index is also positively associated with the number of crowdfunding projects created by founders. Both individual- and country-level social capital have a positive impact on entrepreneurial activities in terms of the creation of new crowdfunding projects.
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문제 정의
As such, this study guesses that social capital at the individual and the country level affects entrepreneurial activities on crowdfunding platforms. Besides overcoming the limitations of current research on crowdfunding, the purpose of this study is to address research questions as follows: (1) Does the social capital of a crowdfunding project founder have a positive influence on the entrepreneurial activities for launching crowdfunding projects? (2) Does the social capital of the country where a crowdfunding project founder resides have a positive influence on the entrepreneurial activities for launching crowdfunding projects?
From the context of crowdfunding, this research attempts to investigate the role of individual- and country-level social capital in achieving entrepreneurial goals in terms of creating crowdfunding projects. The manuscript is structured as follows.
From the context of crowdfunding, this study examines the role of individual- and country-level social capital in entrepreneurial activities. The study shows that the crowdfunding founder’s social capital has a positive impact on the creation of new crowdfunding projects.
However, researchers have not paid much attention to what affects entrepreneurial activities in terms of creating new crowdfunding projects. From the perspective of the social capital theory, this study attempts to investigate the role of social capital in the entrepreneurial activities of crowdfunding. In general, social capital can be defined as “resources embedded in a social structure” (Lin, 2002, p.
(2016) showed that the characteristics of the community’s culture play an important role in crowdfunding success. In the same vein, this research proposes that the social capital of the country where a crowdfunding project founder resides has a positive impact on entrepreneurial activities on crowdfunding platforms. Therefore, this paper sets up the following hypothesis.
Particularly, there has been no research examining the impact of country-level social capital from the context of crowdfunding. In this regard, this study attempts to expand the current body of knowledge by examining the role of social capital at the individual and the country level in entrepreneurial activities.
For the dependent variable, entrepreneurial activities in crowdfunding are measured based on the number of crowdfunding projects that a crowdfunding project founder has launched. Regarding the individual-level social capital, this study focuses on multidimensional characteristics of social capital. Investigating the role of social capital in crowdfunding performance, Zheng et al.
Specifically, employing the multidimensional concept of social capital, this study argues that the structural dimension, relational dimension, and cognitive dimension of founders’ social capital have a positive impact on launching crowdfunding projects.
The study shows that the crowdfunding founder’s social capital has a positive impact on the creation of new crowdfunding projects.
Therefore, in addition to the role of social capital in crowdfunding performance, this study proposes that the crowdfunding founder’s social capital has a positive impact on his/her entrepreneurial activities in the creation of new crowdfunding projects.
가설 설정
As such, this study guesses that social capital at the individual and the country level affects entrepreneurial activities on crowdfunding platforms. Besides overcoming the limitations of current research on crowdfunding, the purpose of this study is to address research questions as follows: (1) Does the social capital of a crowdfunding project founder have a positive influence on the entrepreneurial activities for launching crowdfunding projects? (2) Does the social capital of the country where a crowdfunding project founder resides have a positive influence on the entrepreneurial activities for launching crowdfunding projects?
제안 방법
As the first step, this study collected the location information of individual founders from Kickstarter. For each crowdfunding project, there is an “introduction” web page about the crowdfunding project founder (“About the creator”), which presents the location information at the country level.
Third, owing to limitations of data collection, this research is not able to consider various aspects of the founders in terms of control variables. Future research may enhance the accuracy of analysis results, reflecting further control variables, including the demographic factors of founders such as education, gender, and age. Fourth, this research does not consider the qualitative aspect in entrepreneurial activities by founders.
Table 4 presents the estimation results through both Poisson regression and negative binomial regression. In each approach, this study starts with estimating the impact of individual-level social capital and then the effect of country-level social capital on entrepreneurial activities for launching crowdfunding projects. First, columns (1) and (2) present the analysis results using the Poisson regression.
To check the robustness of the analysis results mentioned above, this study sub-samples crowdfunding projects whose founders created more than one crowdfunding projects and tests the hypotheses. Based on sub-samples of 3,569 crowdfunding projects, Table 5 presents further estimation results using the Poisson regression and negative binomial regression, which is consistent with the estimation results shown in Table 4.
대상 데이터
Two sources were used for data collection in this study. First, with regard to entrepreneurial activities on crowdfunding platforms and social capital at the individual level, this research collected data from Kickstarter (www.kickstarter.com), the largest US-based crowdfunding platform. Established in 2009, Kickstarter has promoted diverse kinds of crowdfunding projects pertaining to arts, comics, craft, dance, technology, games, publication, etc.
, 2014). For this research, a Java-based web crawler collected data of crowdfunding projects that concluded during the period August 2016 to January 2017.
데이터처리
To address this overdispersion issue effectively, negative binomial regression, which is a generalization of Poisson regression, is often employed. In this regard, for the robustness of estimation, this study also utilizes negative binomial regression to test hypotheses. The base model for this research is shown in Equation (1) below.
이론/모형
Second, to examine the role of country-level social capital in crowdfunding, this study uses the social capital index from the 2016 Legatum Prosperity Index (Legatum Institute, 2016), which was also referred by previous studies on social capital at the country level (Doh, 2014). The Legatum Prosperity Index is a framework to assess country-level wealth and wellbeing, consisting of nine sub-indexes including the social capital index (Legatum Institute, 2016).
In this research, the dependent variable, NumOfCreated, exhibits the characteristics of non-negative integers or count data and is highly skewed, as shown in Figure 2. Therefore, for estimation, this study starts with the Poisson regression, which assumes the dependent variable has a Poisson distribution.
성능/효과
Second, as founders’ social capital has a positive impact on entrepreneurial activities, system developers and administrators of crowdfunding platforms also need to pay attention to measures for enhancing founders’ social capital on their platforms.
후속연구
Second, this research attempts to examine the role of social capital at both individual- and country-level in crowdfunding-founding activities. From the research context of crowdfunding, most previous studies focused more on the impact of social capital on crowdfunding performance.
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