Dinamismo do mercado de crowdfunding e cultura nacional: um estudo internacional baseado nas dimensões culturais de Hofstede
DOI:
https://doi.org/10.34630/e-rei.vi11.5291Palavras-chave:
Crowdfunding, mercado de crowdfunding, cultura nacional, dimensões de HofstedeResumo
A Internet e os sistemas de informação baseados em novas tecnologias deram origem a mecanismos de financiamento alternativos para as empresas e os empreendedores. O crowdfunding (CF) consiste numa plataforma online que permite aos empreendedores estabelecer a interação com financiadores e, como tal, gerar valor através da criação de novos empreendimentos. A questão central desta investigação é averiguar até que ponto as diferenças culturais entre os países são capazes de influenciar a dinâmica alcançada em termos de atividade no mercado de CF. Para esse efeito, a investigação é realizada com base numa base de dados construída pelos autores que conta com informação sobre CF disponibilizados pelo Global Alternative Finance Market Benchmarking Report, enquanto os valores relativos às dimensões culturais são retirados do trabalho de Hofstede e as variáveis de controlo são provenientes de várias fontes estatísticas. O estudo econométrico incluiu 105 países localizados em diferentes partes do mundo e utiliza a análise de regressão múltipla pelo método dos mínimos quadrados (OLS) para destacar as variáveis culturais que afetam a atividade de CF. Os resultados obtidos revelam que as diferenças observadas na dinâmica de atividade do mercado de CF nos diferentes países são influenciadas pelas dimensões culturais, especificamente pelos diferentes níveis observados nas variáveis redução da incerteza, individualismo, e orientação a longo prazo. Os resultados alcançados com a investigação oferecem importantes contribuições práticas para os gestores de plataformas de CF, que lidam com as características culturais de empreendedores e investidores localizados em diferentes países, bem como para entidades reguladoras e decisores políticos.
PALAVRAS-
Referências
Achsien, I. H. & Purnamasari, D. L. (2016). Islamic Crowdfunding as The Next Financial Innovation in Islamic Finance: Potential and Anticipated Regulation in Indonesia, European Journal of Islamic Finance, 5, 1-11
Agrawal, A., Catalini, C. & Goldfarb, A. (2015). Crowdfunding: geography, social networks, and the timing of investment decisions, Journal of Economics & Management Strategy, 24(2), 253-274.
Ahlers, G.K.C., Cumming, D., Gunther, C., & Schweizer D. (2015). Signaling in equity crowdfunding, Entrepreneurship Theory and Practice, 39(4), 955‒980.
André, K., Bureau, S., Gautier, A. & Rubel, O. (2017). Beyond the Opposition Between Altruism and Self-interest: Reciprocal Giving in Reward-Based Crowdfunding, Journal of Business Ethics, 146, 313–332.
Baumgardner, T., Neufeld, C., Huang, P., Sondhi , T., Mursalin, F., & Talha, A. (2017). Crowdfunding as a Fast Expanding Market for the Creation of Capital and Shared Value, Thunderbird International Business Review, 59(1), 115-126.
Baber, H. (2022). Entrepreneurial and Crowdfunding Intentions of Management Students in South Korea, World Journal of Entrepreneurship, Management and Sustainable Development, 18(1), 47-61, doi: 10.47556/J.WJEMSD.18.1.2022.3
Belleflamme, P., Omrani, N., & Peitz, M. (2015). The Economics of Crowdfunding Platforms, Information Economics and Policy, 33, 11-28.
Belleflamme, P., Lambert, T., & Schwienbacher, A. (2013). Individual crowdfunding practices, Venture Capital, 15(4), 313-333.
Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: tapping the right crowd, Journal of Business Venturing, 29(5), 585–609.
Bruton, G., Khavul, S., Siegel, D., & Wright, M. (2015). New financial alternatives in seeding entrepreneurship: Microfinance, crowdfunding, and peer‐ to‐ peer innovations, Entrepreneurship Theory and Practice, 39(1), 9-26.
Busenitz, L.W., Gomez, C., & Spencer, J.W. (2000). Country institutional profiles: Unlocking entrepreneurial phenomena, Academy of Management Journal, 43(5), 994-1003.
Celikkol, M., Kitapci, H., & Doven, G. (2019). Culture's impact on entrepreneurship & interaction effect of economic development: an 81 country study, Journal of Business Economics and Management, 20(4), 777-797.
Chandna, V. (2022). Social entrepreneurship and digital platforms: Crowdfunding in the sharing-economy era, Business Horizons, 65(1), 21-31, https://doi.org/10.1016/j.bushor.2021.09.005.
Cho, M. & Kim, G. (2017). A cross-cultural comparative analysis of crowdfunding projects in the United States and South Korea, Computers in Human Behavior, 72, 312-320. http://dx.doi.org/10.1016/j.chb.2017.03.013.
Deffains-Crapsky, C., & Sudolska, A. (2014). Radical innovation and early stage financing gaps: equity-based crowdfunding challenges, Journal of Positive Management, 5(2), 3-19.
Freitas Santos, J. & Cadima Ribeiro, J. (2006). An exploratory study of the relationship between counterfeiting and culture, Revista de Estudos Politécnicos/Polytechnical Studies Review, 3(5/6), 227-243.
Gajda, O., & Mason, N. (2013). Crowdfunding for Impact in Europe and the USA. European Crowdfunding White Paper, 1-24. Retrieved from http://eurocrowd.org/wp-content/blogs.dir/sites/85/2013/12/20131220_ECN_Toniic_CrowdfundingForImpact.pdf.
Garcia-Cabrera, A., Garcia-Soto, M. G. (2008). Cultural Differences and Entrepreneurial Behavior: An Intra-Country Cross-Cultural Analysis in
Cape Verde, Entrepreneurship & Regional Development: An International Journal, 20(5), 451–483.
Gazzaz, H. (2019). Crowdfunding in Saudi Arabia: A Case Study of the Manafa Platform. International Journal of Economics and Finance, 11(11), 1-72.
Giudici, G., Massimiliano, G., & Rossi-Lamastra, C. (2017). Reward-based crowdfunding of entrepreneurial projects: the effect of local altruism and localized social capital on proponents' success, Small Business Economics, 50(2), 307-324.
Griffin, R. W., & Pustay, M.W. (1999). International Business: a managerial perspective, Addison Wesley.
Guo, Y., Zhou, B., Luo, C., Liu, C. & Xiong, H. (2016). Instance-based credit risk assessment for investment decisions in P2P lending. European Journal of Operational Research, 249(2), 417-426.
Hair, J. F. Jr, Anderson, R. E., Tatham, R. L., & Black, W. C. (1995). Multivariate data analysis: with readings. Fourth Edition, Prentice Hall.
Hayton, J. C., George, G., & Zahra, S. A. (2002). National Culture and Entrepreneurship: A Review of Behavioral Research, Entrepreneurship Theory and Practice, 26(4), 33-52.
Hiller, A. (2017). An empirical analysis of crowdfunding in Sub-Saharan Africa. Leipzig Graduate School of Management, Leipzig, Germany. Retrieved from:https://slub.qucosa.de/api/qucosa%3A16356/attachment/ATT-0/
Hofstede, G. H. (1991). Cultures and organizations: software of the mind, McGraw Hill.
Hofstede, G. (2001). Culture's Consequences: Comparing Values, Behaviors, Institutions and Organizations Across Nations. Sage.
Hofstede, G., & Bond, M. H. (1988). The Confucius connection: From cultural roots to economic growth, Organizational Dynamics, 16, 4-21.
Hofstede, G., Hofstede, G. J., & Minkov, M. (2010). Cultures and Organizations: Software
of the Mind (Rev. 3rd ed.). McGraw-Hill.
Hofstede, G. (2011). Dimensionalizing Cultures: The Hofstede Model in Context, Online Readings in Psychology and Culture, Unit 2. Retrieved from http://scholarworks.gvsu.edu/orpc/vol2/iss1/8
Hommerová, D. (2020). Crowdfunding as a new model of nonprofit funding. In Garcia-Rodriguez,I. & Romero-Merino, M. E. (Eds), Financing Nonprofit Organizations (chapter 13). London, Routledge.
Jelinčiċ, D.A., & Šveb, M. (2021). Financial Sustainability of Cultural Heritage: A Review of Crowdfunding in Europe, Journal of Risk and Financial Management, 14(3), 101-117.
Jenik, I., Lyman, T., & Nava, A. (2017). Crowdfunding and Financial Inclusion. Working Paper, CGAP. Retrieved from: https://www.findevgateway.org/paper/2017/03/crowdfunding-and-financial-inclusion.
Jovanovic, T. (2019). Crowdfunding: What Do We Know So Far?. International Journal of Innovation and Technology Management’, 16(01), 1-25. doi.org/10.1142/S0219877019500093
Khan, M. R., & Baarmah, J. M. (2017). Building a case for crowdfunding platforms in Saudi Arabia, Middle East Journal of Entrepreneurship, Leadership & Sustainable Development, 1(1), 1-17.
Kirkman, B. L., Lowe, K. B., & Gibson, C. B. (2006). A quarter century of Culture's Consequences: a review of empirical research incorporating
Hofestede's cultural values framework, Journal of International Business Studies, 37(3), 283-320.
Kirkman, B. L., Lowe, K. B., & Gibson, C. B. (2017). A retrospective on Culture's Consequences: the 35-year journey, Journal of International Business Studies, 48(1), 12-29.
Lehner, O. M. (2013). Crowdfunding social ventures: a model and research agenda, Venture Capital, 15(4), 289-311.
Lenz, R. (2016). Peer-to-Peer Lending: Opportunities and Risks, European Journal of Risk Regulation, 7(4), 688-700.
Löher, J. (2017). The interaction of equity crowdfunding platforms and ventures: an analysis of the preselection process, Venture Capital, An International Journal of Entrepreneurial Finance, 19(1-2), 51-74.
Manrai, L. A., & Manrai, A. K. (2010). The influence of culture in international business negotiations: a new conceptual framework and managerial implications, Journal of Transnational Management, 15, 69-100.
Miglo, A. (2022). Crowdfunding and bank financing: substitutes or complements?, Small Business Economics, https://doi.org/10.1007/s11187-021-00571-9
McGrath, R. G., MacMillan, I. C., & Scheinberg, S. (1992). Elitists, Risk-Takers, and Rugged Individualists? An Exploratory Analysis of Cultural Differences Between Entrepreneurs and Non-Entrepreneurs, Journal of Business Venturing, 7, 115–135.
Mochkabadi, K., & Volkmann, C.K. (2018). Equity crowdfunding: a systematic review of the literature, Small Business Economics, 54(1), 75-118. https://doi.org/10.1007/s11187-018 0081-x.
Mollick, E. R. (2014). The dynamics of crowdfunding: An exploratory study, Journal of Business Venturing, 29, 1-16.
Mollick, E., & Nanda, R. (2016). Wisdom or Madness? Comparing Crowds with Expert Evaluation in Funding the Arts, Management Science, 62(6), 1533–1553. https://doi.org/10.1287/mnsc.2015.2207
Mueller, S. L., & Thomas, A. S. (2001). Culture and entrepreneurial potential: A nine country study of locus of control and innovativeness, Journal of Business Venturing, 16(1), 51-75. https://doi.org/10.1016/S0883-9026(99)00039-7
O’Brien, R. M. (2007). A caution regarding rules of thumb for variance inflation factors, Quality & Quantity, 41, 673-690.
Ordanini, A., Miceli, L., Pizzetti, M. & Parasuraman, A. (2011). Crowd-funding: transforming customers into investors through innovative service platforms, Journal of Service Management, 22(4), 443-470.
Parhankangas, A., Mason, C., & Landström, H. (2019). Crowdfunding: an introduction. In Parhankangas, A., Mason, C. & Landström, H. (Eds). Handbook of Research on Crowdfunding. Cheltenham. Edward Elgar Publishing Limited.
Pietro, F. D., & Butticé, V. (2020). Institutional characteristics and the development of crowdfunding across countries, International Review of Financial Analysis, 71, 101543. https://doi.org/10.1016/j.irfa.2020.101543
Paschen, J. (2017). Choose wisely: Crowdfunding through the stages of the start-up life cycle, Business Horizons, 60, 179–188.
Rinne, T., Steel, D., & Fairweather, J. (2012). Hofstede and Shane Revisited: The Role of Power Distance and Individualism in National-Level Innovation Success, Cross-Cultural Research, 46(2), 91–108.
Schwienbacher, A., & Larralde, B. (2012). Crowdfunding of Small Entrepreneurial Ventures, In Cumming, D. (Ed.), The Oxford Handbook of Entrepreneurial Finance, Chapter 13, Oxford University Press, Oxford.
Shane, S. (1993). Cultural Influences on National Rates of Innovation, Journal of Business Venturing, 8, 59–73.
Shinnar, R.S., Giacomin, O., & Janssen, F. (2012). Entrepreneurial perceptions and intentions: The role of gender and culture, Entrepreneurship Theory and Practice, 36(3), 465-493.
Short, J. C., Ketchen, D. J., McKenny, A. F., Allison, T. H., & Ireland, R. D. (2017). Research on crowdfunding: Reviewing the (very recent) past and celebrating the present, Entrepreneurship Theory and Practice, 41(2), 149-160.doi:10.1111/etap.12270.
Simić, I., & Lepojević, V. (2021). The Relationship between National and Entrepreneurial Culture: The Role of National Wealth, Management:Journal Of Sustainable Business And Management Solutions In Emerging Economies, doi:10.7595/management.fon.2021.0022
Sırma, İ., Ekici, O., & Aytürk, Y. (2019). Crowdfunding Awareness in Turkey. Procedia Computer Science, 158, 490-497.
Stemler, A. R. (2013). The Jobs Act and crowdfunding: Harnessing the power and money of the masses, Business Horizons, 56, 271–275.
Shneor, R., Munim, Z. H., Zhu, H., & Alon, I. (2021). Individualism, collectivism and reward crowdfunding contribution intention and behaviour, Electronic Commerce Research and Applications, 47, 1-14. https://doi.org/10.1016/j.elerap.2021.101045.
Vergara, R. A. G. (2015). Awareness and attitudes towards crowdfunding in the Philippines, In 9th Global Business Conference. Retrieved from: https://www.academia.edu/21680851/Awareness_and_Attitudes_Towards_Crowdfunding_in_the_Philippines
Vismara, S. (2016). Equity Retention and Social Network Theory in Equity Crowdfunding, Small Business Economics, 46(4), 579–590. https://doi.org/10.1007/s11187-016-9710-4
Wahjono, S. I., Marina, A., & Widayat. (2016). Critical analysis of crowdfunding to finance smes in muslim countries. Journal Balance, 13(1), 1–13.
Wennekers, S.; Thurik, R.; Stel, A., & Noorderhaven, N. (2007). Uncertainty Avoidance and the Rate of Business Ownership Across 21 OECD Countries, 1976–2004, Journal of Evolutionary Economics, 17, 133–160.
Ziegler, T., Shneor, R., Wenzlaff, K., Suresh, K., Camargo Paes, F., Mammadova, L., Wanga, C., Kekre, N., Mutinda, S., Wang, B., Closs, C., Zhang, B., Forbes, H., Soki, E., Alam, N., & Knaup, C. (2021). The 2nd Global Alternative Finance Market Benchmarking Report. Cambridge Centre for Alternative Finance, University of Cambridge, accessed on January 6th, 2022, on https://www.crowdfundinsider.com/wp-content/uploads/2021/06/CCAF-Global-Benchmark-Report-2021-v0_6.pdf
Downloads
Publicado
Como Citar
Edição
Secção
Licença
Direitos de Autor (c) 2023 E- Revista de Estudos Interculturais
Este trabalho encontra-se publicado com a Licença Internacional Creative Commons Atribuição-NãoComercial-CompartilhaIgual 4.0.
