Too Red for Crowdfunding: The Legitimation and Adoption of Crowdfunding Across Political Cultures
Entrepreneurship Theory and Practice (Forthcoming). DOI:10.1177%2F1042258720915574
Posted: 26 May 2020
Date Written: April 27, 2020
Abstract
Institutional change is typically studied at the organizational field level; we leverage political culture to examine how the context in which these fields are embedded influence processes of institutional change within such fields. Specifically, we look at the effect of conservative political culture on legitimation and adoption of crowdfunding in the United States. We find that crowdfunding is less popular and more slowly legitimated in conservative regions. However, we also find that crowdfunding’s legitimacy is more important in these regions and that once a legitimacy threshold is reached, the adoption of crowdfunding in conservative regions surpasses that in liberal regions.
Keywords: sociology, crowdfunding, institutional, geography
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