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How women entrepreneurs influence reward-based crowdfunding performance: The mediating role of social and economic value orientation

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Abstract

In the emerging funding context, one notable inconsistency of crowdfunding in contrast to traditional venture capital settings is that women have an increased likelihood of obtaining funding. We explain the causal mechanism underlying this opposite finding by drawing on gender role expectations and warm glow theory. In this study, we examine whether the social value orientation mechanism derived from gender role expectations is a source of advantage for women entrepreneurs seeking funding on crowdfunding platforms. Our findings suggest that the judgments of funders are influenced by gender role expectations and warm glow effects. Seeking to invest in businesses run by female entrepreneurs would give much greater utility to the funder interested in social values. The results also indicate the important role of language and text on crowdfunding performance in early venture capital. Practically, using socially oriented language in project narratives are shortcuts for women entrepreneurs to improve their crowdfunding performance.

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Data availability

The data supporting this study’s findings are available from the corresponding author upon reasonable request.

Notes

  1. Moreover, we controlled for other variables that probably approximate the uncertainties. Firstly, we coded the project creator's self-introduction as a binary variable because it would help backers to better understand creators and improve backers’ empathy and trust. Secondly, we coded the average amount pledged per person for each campaign because funders likely fund a smaller amount to projects with greater uncertainty. Results show that women are still more likely to have advantages for the pledge amount (b = 0.28, P < .001) and number of backers (b = 0.30, P < .001) dependent variables.

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Acknowledgements

This work was supported by the Natural Science Foundation of China [71771177] and Shanghai Municipal Education Science Research Project (Philosophical and Social Sciences General Project, No. A2023010).

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  1. School of Economics and Management, Tongji University, Shanghai, China

    Ke Zhao & Hongwei Wang

  2. Department of Information Management, Nanjing University of Science and Technology, Nanjing, China

    Xicheng Yin

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Appendix A: Entrepreneurial value orientation dictionaries

Appendix A: Entrepreneurial value orientation dictionaries

Variable

Dictionary words

Economic value orientation

(69 words or word roots)

asset*, allowance, allowances, buy*, budget, budgeted, budgeting, capital, cash, client*, contract*, cost*, cost-effective, customer*, dollar, dollars, earn*, economic*, economy, efficien*, employ*, expan*, fee, fees, financ*, fund*, grew, grow*, hire*, hiring, income, invest*, job*, lend*, loan*, market*, monetary, money, money-saving, output, paid, pay*, performance, producti*, profit*, prosper*, purchas*, renovat*, repay*, revenue, rent, rental*, rented, renting, rents, return, rich*, salar*, sale*, saving*, shareholders, sold, staff*, stipend*, transact*, wage*, wealth, work*, worth

Social value orientation

(141 words or word roots)

Social: accountable, affordable, aids, benefit*, benevolen*, brotherhood, care*, caring, caregiver*, charit*, civic, class, classes, communit*, compassion*, concern, concerned, cooperat*, cultur*, cultivating, custom, development, diverse, disabilit*, disadvantaged, discrimination, educat*, empower*, equal, equality, ethic, ethnic, ethically, empathy, familial, families, family, freedom*, fairness, graduation, genero*, happiness, happy, harmony, harvesting, harvests, health*, help*, humanity, humankind, immuniz*, independen*, integrity, indigenous, jobs, joy, justice, kind*, learn*, liberat*, liberty, life, livelihood, mankind, nourish*, partnership*, peace*, poorest, poverty, reading, responsibilities, rights, racial, refuge, social, societ*, success, support*, teach*, tender*, trustworth*, underprivileged, virtu*, welfare, wellbeing, well-being, wisdom

Environmental: air, biodiversity, carbon, CO2, climate, conservation, conserve, conserved, conserves, conserving, contaminat*, clean-energy, deforestation, eco-activis*, cycle, eco-friendly, ecolog*, emission*, emit*, energy, energy-efficien*, environment*, erod*, erosion, externalit*, evolution, EPA, fertilis*, fertiliz*, fuel-efficien*, greenhouse, greener, landscaping, natural, pollut*, preserv*, purifi*, recharge*, re-charge*, recycl*, reusable, renewable, rainforest, reforestation, salvag*, solar*, sustainability, sustainable, toxic*, unspoil*, upcycl*, wast*, water*, wildlife

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Zhao, K., Wang, H. & Yin, X. How women entrepreneurs influence reward-based crowdfunding performance: The mediating role of social and economic value orientation. Int Entrep Manag J 19, 1771–1802 (2023). https://doi.org/10.1007/s11365-023-00887-w

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