Entrepreneurial Finance, Crowdfunding, and Language

Language’s future-oriented framing 47

the robustness of the results. We controlled for additional country-level cultural

variables, such as long-term orientation, indulgence (Hofstede, 1980), and

the country’s globalisation index (Liang et al., 2014), which captures national

social, economic, and political openness (Dreher, 2006). We also controlled for

religion fractionalisation, a religious diversity variable developed by Alesina

et al. (2003) that reflects the probability that two randomly selected individuals

in a country belong to two dierent religious groups. Finally, we controlled

for additional country-level economic variable