Although past research on entrepreneurship has examined demand-side factors that influence crowdfunding success (e.g., features of entrepreneurs or their products), researchers have yet to examine supply-side factors (e.g., features of investors) that are undoubtedly relevant. In the present research, we identify national pride as an important investor characteristic that predicts their support for crowdfunding initiatives. Drawing from social identity theory and the affect as information theory, we examine the mediating roles of investor prosocial motivation and overconfidence in transmitting the effect of national pride on crowdfunding support. Using an archival dataset (World Values Survey), which includes data from over 300,000 residents of nearly 100 countries and territories, Study 1 provided initial evidence for the positive relationship between residents’ national pride and countries’ level of crowdfunding support. Using a scenario-based experiment, Study 2 found that increasing US investors’ national pride increased their willingness to support startups from the US but not foreign countries. Using field survey studies with US and Chinese investors, Studies 3a and 3b demonstrated prosocial motivation toward ingroup members as a mechanism explaining the relationship between national pride and crowdfunding support. Overall, this research documents national pride as a key investor characteristic that spurs crowdfunding support across cultures.
