Cross-border crowdfunding: an attention-based view

• 成果类型: Article; Early Access
• 署名作者: Dutta, Supradeep; Li, Yong; Courtney, Christopher
• 署名单位: Nevada System of Higher Education (NSHE); University of Nevada Las Vegas; Virginia Polytechnic Institute & State University
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/s41267-026-00885-4
• 发表日期: 2026
• 关键词: AIDED TEXT ANALYSIS; Cultural distance; information asymmetry; INVESTMENT; networks; adaptation; geography; cognition

摘要

This study develops an attention-based view of cross-border crowdfunding by examining how informational cues in campaign narratives guide backers' attention and funding decisions. Crowdfunding enables global reach but intensifies competition for limited backer attention. Extending the attention-based view from managerial attention in organizational settings to crowd attention on digital platforms, we conceptualize crowd attention as decentralized and stimulus-driven. We identify two key informational cues as attention stimuli: global narrative (universal relevance) and backer-country focus (localized engagement). We argue that these cues increase support for international campaigns but that their effects depend on campaign characteristics such as cultural orientation and market readiness, which align with different backer motives. We further propose that cultural differences amplify, rather than hinder, backers' responsiveness to attention stimuli. Using large-scale Kickstarter data, we find support for our arguments and demonstrate how digital narratives shape attention and funding decisions in cross-border exchanges. This article explores how crowd attention on digital platforms, specifically crowdfunding, differs from traditional managerial attention in organizations. Unlike structured organizational attention, crowd attention is decentralized and emerges from user interactions. This study focuses on how informational cues in crowdfunding campaigns guide backer attention, especially for international campaigns. The research highlights the importance of global orientation and local engagement cues in attracting backers, considering cultural differences and campaign characteristics. This article uses data from Kickstarter, a leading crowdfunding platform, to analyze how backers decide to support international campaigns. The study examines campaign pitches, which are key communication tools for startups to convey their product's potential. The research identifies two main attention stimuli: global narrative (a campaign's broad, inclusive message) and backer-country focus (engagement with backers' home countries). The study uses content analysis to measure these stimuli and tests their effects on backer support. It also considers how these effects vary based on campaign type (culturally oriented or market-ready) and cultural differences between backers and campaigns. The study uses a two-stage estimation approach to control for backers' propensity to support international campaigns. The results show that both global narrative and backer-country focus significantly increase the likelihood of backer support for international campaigns. These effects are stronger for culturally oriented and market-ready campaigns. Cultural differences between backers and campaigns further enhance the positive effects of these attention stimuli. The study concludes that attention stimuli in campaign pitches are crucial for attracting backers, especially in a crowded digital environment. It highlights the role of cultural differences as a potential amplifier of attention, rather than a barrier. The findings suggest that entrepreneurs can strategically design campaign pitches to capture global and local attention, and that crowdfunding platforms can enhance these effects through algorithmic features. Future research could explore attention mechanisms in other digital contexts and further investigate the role of cultural differences in international transactions.This text was initially drafted using artificial intelligence, then reviewed by the author(s) to ensure accuracy. Cette recherche d & eacute;veloppe une approche du financement participatif transfrontalier ax & eacute;e sur l'attention en examinant comment les indices informationnels pr & eacute;sents dans les r & eacute;cits des campagnes orientent l'attention des contributeurs et influencent leurs d & eacute;cisions de financement. Le financement participatif permet une port & eacute;e mondiale, mais intensifie la concurrence pour capter l'attention limit & eacute;e des contributeurs. En & eacute;largissant la perspective bas & eacute;e sur l'attention, qui s'applique initialement & agrave; l'attention manag & eacute;riale dans les contextes organisationnels, & agrave; l'attention de la foule sur les plateformes num & eacute;riques, nous conceptualisons l'attention de la foule comme d & eacute;centralis & eacute;e et guid & eacute;e par les stimuli. Nous identifions deux indices informationnels cl & eacute;s comme stimuli d'attention : le r & eacute;cit global (pertinence universelle) et l'accent mis sur le pays des contributeurs (engagement localis & eacute;). Nous argumentons que ces indices augmentent le soutien aux campagnes internationales, mais que leurs impacts d & eacute;pendent des caract & eacute;ristiques des campagnes, telles que l'orientation culturelle et la maturit & eacute; du march & eacute;, qui correspondent & agrave; diff & eacute;rentes motivations des contributeurs. Nous avan & ccedil;ons en outre l'hypoth & egrave;se selon laquelle les diff & eacute;rences culturelles renforcent, plut & ocirc;t qu'elles n'entravent, la r & eacute;ceptivit & eacute; des contributeurs face aux stimuli d'attention. & Agrave; partir d'une analyse & agrave; grande & eacute;chelle des donn & eacute;es de Kickstarter, nous & eacute;tayons nos arguments, et d & eacute;montrons comment les r & eacute;cits num & eacute;riques influencent l'attention et les d & eacute;cisions de financement dans le cadre d'& eacute;changes transfrontaliers. Este estudio desarrolla una perspectiva basada en la atenci & oacute;n sobre el crowdfunding transfronterizo, examinando c & oacute;mo las se & ntilde;ales informativas en las narrativas de las campa & ntilde;as gu & iacute;an la atenci & oacute;n de los patrocinadores y sus decisiones de financiamiento. El crowdfunding permite un alcance global, pero intensifica la competencia por la limitada atenci & oacute;n de los patrocinadores. Ampliando la perspectiva basada en la atenci & oacute;n desde el & aacute;mbito gerencial en entornos organizacionales hacia la atenci & oacute;n colectiva en plataformas digitales, conceptualizamos la atenci & oacute;n colectiva como descentralizada y guiada por est & iacute;mulos. Identificamos dos se & ntilde;ales informativas clave como est & iacute;mulos de atenci & oacute;n: la narrativa global (relevancia universal) y el enfoque en el pa & iacute;s del patrocinador (compromiso localizado). Argumentamos que estas se & ntilde;ales aumentan el apoyo a las campa & ntilde;as internacionales, pero que sus efectos dependen de las caracter & iacute;sticas de la campa & ntilde;a, como su orientaci & oacute;n cultural y su preparaci & oacute;n para el mercado, las cuales se alinean con diferentes motivaciones de los patrocinadores. Adem & aacute;s, proponemos que las diferencias culturales amplifican, en lugar de obstaculizar, la capacidad de respuesta de los patrocinadores a los est & iacute;mulos de atenci & oacute;n. Utilizando datos a gran escala de Kickstarter, encontramos evidencia que respalda nuestros argumentos y demostramos c & oacute;mo las narrativas digitales moldean la atenci & oacute;n y las decisiones de financiamiento en los intercambios transfronterizos. Este estudo desenvolve uma vis & atilde;o baseada na aten & ccedil;& atilde;o sobre o crowdfunding transfronteiri & ccedil;o, examinando como pistas informacionais nas narrativas de campanhas orientam a aten & ccedil;& atilde;o dos apoiadores e suas decis & otilde;es de financiamento. O crowdfunding permite um alcance global, mas intensifica a competi & ccedil;& atilde;o pela aten & ccedil;& atilde;o limitada de apoiadores. Ampliando a vis & atilde;o baseada na aten & ccedil;& atilde;o - da aten & ccedil;& atilde;o gerencial em contextos organizacionais & agrave; aten & ccedil;& atilde;o da multid & atilde;o em plataformas digitais -, conceitualizamos a aten & ccedil;& atilde;o da multid & atilde;o como descentralizada e impulsionada por est & iacute;mulos. Identificamos dois principais rastros informacionais como est & iacute;mulos de aten & ccedil;& atilde;o: a narrativa global (relev & acirc;ncia universal) e o foco no pa & iacute;s do apoiador (engajamento localizado). Argumentamos que esses rastros aumentam o apoio a campanhas internacionais, mas que seus efeitos dependem de caracter & iacute;sticas das campanhas, como orienta & ccedil;& atilde;o cultural e prontid & atilde;o de mercado, que se alinham a diferentes motiva & ccedil;& otilde;es dos apoiadores. Propomos ainda que as diferen & ccedil;as culturais amplificam, em vez de inibir, a capacidade dos apoiadores de responder a est & iacute;mulos de aten & ccedil;& atilde;o. Utilizando dados em larga escala do Kickstarter, encontramos evid & ecirc;ncias que sustentam nossos argumentos e demonstramos como narrativas digitais moldam a aten & ccedil;& atilde;o e as decis & otilde;es de financiamento em trocas transfronteiri & ccedil;as. (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic).(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic).(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic).(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic):(sic)(sic)(sic)(sic)((sic)(sic)(sic)(sic)(sic))(sic)(sic)(sic)(sic)(sic)(sic)(sic)((sic)(sic)(sic)(sic)(sic)).(sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic).(sic)(sic)(sic)(sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic).(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)Kickstarter(sic)(sic), (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic).