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기업가적 지향성과 크라우드 펀딩 자금조달 성과 간의 관계: 창업자 성공 경험의 조절효과를 중심으로

The Relationship Between Entrepreneurial Orientation and Crowdfunding Performance: The Moderating Effect of Founder’s Success Experience

김오성|이중원
중소벤처기업연구원 (Korea SMEs & Startups Institute)|2024.08|중소기업정책연구 (Journal of SME Policy)|제9권 제2호|pp. 97-135

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키워드

Entrepreneurial Orientation신호크라우드 펀딩자금조달CrowdfundingSignaling기업가적 지향성Nonlinear Effects창업자 성공 경험비선형적 효과Founder’s Success Experience

초록

글로벌 크라우드 펀딩 산업은 창업자의 자금조달 창구로 높은 규모의 성장세를 보이고 있다. 크라우드 펀딩 캠페인의 후원자들이 크라우드 펀딩 캠페인 품질뿐만 아니라 창업자의 행동 지향에 대해서도 프로젝트 설명을 평가한다는 인식이 높아지면서 창업 성공에 영향을 미치는 행동적 신호에 관한 관심도 커지고 있다. 소수의 선행연구에 따르면, 창업가의 도전적인 성격은 행동 지향과 창업 성과 사이에 복잡한 관계를 가지고 있다. 특히, 크라우드 펀딩은 정보 비대칭이 높으며, 창업자의 다양한 신호가 자금조달 성과에 긍정적인 상호작용 효과를 미칠 수 있다. 따라서, 본 연구에서는 기업가적 지향성과 자금조달 성과 간의 관계를 검토하고, 이러한 관계를 조절하는 창업자의 성공 경험에 대해 논의하고자 한다. 실증분석을 위해, 대표적인 크라우드 펀딩 플랫폼인 킥스타터의 기술 카테고리에서 19,088개의 데이터를 수집하여 로지스틱 회귀분석으로 가설을 검증하였다. 분석결과, 기업가적 지향성은 자금조달성과와 역 U의 관계가 나타났으며, 이러한 관계는 창업자의 성공 경험이 높을수록 약화되는 것으로 분석되었다. 본 연구는 정보 비대칭이 높은 크라우드 펀딩 시장에서 창업가의 행동 지향적 신호와 성공 경험 신호 간의 상호작용 효과를 제시함으로써 창업 자금조달 문헌 및 신호이론 선행연구에 기여할 수 있다.

Abstract

The global crowdfunding industry is experiencing significant growth as a funding source for entrepreneurs. As backers of crowdfunding campaigns increasingly assess not only the quality but also the behavioral orientation of project descriptions, interest in behavioral signals influencing entrepreneurial success is growing. Previous studies suggest that the challenging nature of entrepreneurs has a complex relationship with behavioral orientation and entrepreneurial performance. Crowdfunding, characterized by high information asymmetry, can see positive interaction effects between various entrepreneurial signals and funding performance. This study examines the nonlinear effects between entrepreneurial orientation and funding performance, focusing on the moderating role of the founder’s success experience. For empirical analysis, data from 19,088 projects in the technology category of the prominent crowdfunding platform Kickstarter were collected and analyzed using logistic regression. The results indicate an inverted U-shaped relationship between entrepreneurial orientation and funding performance, with this relationship iminishing as the founder’s success experience increases. This study contributes to the entrepreneurial finance literature and signaling theory by highlighting the interaction effects of behavioral and success signals in the high-information-asymmetry crowdfunding market.

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