This thesis studies how U.S. immigrant entrepreneurs who use crowdfunding perform compared to local-born entrepreneurs. Based on econometric analysis on a sample of 2’231 Kickstarter campaigns, we study the provenience of the financial flows received by migrant crowdfunders compared with local-born peers. We hypothesize that among migrants, the provenience of financial flows is influenced by cultural and geographical proximity between the country of origin of the migrant and the United States, favoring migrants who come from proximal countries. Crowdfunding, by facilitating the international mobilization of capital, proves to be an effective means to overcome the relevant difficulties that migrants face when trying to raise capital in a foreign country, though cultural and geographical distance still significantly influence investors decisions.
Questa tesi studia in che modo gli imprenditori immigrati negli Stati Uniti che si appellano al crowdfuding performino in relazione ai loro colleghi nati negli Stati Uniti. Basandoci su un'analisi econometrica effettuata su un campione di 2'231 campagne di Kickstarter, studiamo le origini dei flussi di capitale ricevuti dagli imprenditori immigrati comparandoli con quelle ricevute dai nati negli Stati Uniti. Ipotizziamo che, tra i migranti, la provenienza dei flussi di capitale sia influenzata dalla distanza culturale e geografica tra il paese di provenienza del migrante e gli Stati Uniti, favorendo i migranti che vengono da paesi vicini. Il Crowdfunding, facilitando la mobilizzazione internazionale di capitale, si dimostra un mezzo efficace per superare le rilevanti difficoltà che i migranti affrontano quando provano a raccogliere capitale in un paese straniero, ma comunque la distanza culturale e geografica influenzano significativamente le decisioni degli investitori.
Migrant entrepreneurs and crowdfunding : how geographical and cultural proximity affect fundraising performances
SHARIFI KHAMENEH, ALESSIO;VALLI, FRANCESCO
2017/2018
Abstract
This thesis studies how U.S. immigrant entrepreneurs who use crowdfunding perform compared to local-born entrepreneurs. Based on econometric analysis on a sample of 2’231 Kickstarter campaigns, we study the provenience of the financial flows received by migrant crowdfunders compared with local-born peers. We hypothesize that among migrants, the provenience of financial flows is influenced by cultural and geographical proximity between the country of origin of the migrant and the United States, favoring migrants who come from proximal countries. Crowdfunding, by facilitating the international mobilization of capital, proves to be an effective means to overcome the relevant difficulties that migrants face when trying to raise capital in a foreign country, though cultural and geographical distance still significantly influence investors decisions.File | Dimensione | Formato | |
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Migrant entrepreneurs and crowdfunding.pdf
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https://hdl.handle.net/10589/145444