The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
Signaling in Equity Crowdfunding
Abstract
This paper presents a first–ever empirical examination of the effectiveness of signals that entrepreneurs use to induce (small) investors to commit financial resources in an equity crowdfunding context. We examine the impact of venture quality (human capital, social [alliance] capital, and intellectual capital) and uncertainty on fundraising success. Our data highlight that retaining equity and providing more detailed information about risks can be interpreted as effective signals and can therefore strongly impact the probability of funding success. Social capital and intellectual capital, by contrast, have little or no impact on funding success. We discuss the implications of our results for theory, future research, and practice.
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Citations
Cites
Signaling Theory: A Review and Assessment
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011) · Journal of Management · doi:10.1177/0149206310388419 · Cited by 6,735
Good News and Bad News: Representation Theorems and Applications
Milgrom, P. R. (1981) · The Bell Journal of Economics · doi:10.2307/3003562 · Cited by 3,123
Network-based research in entrepreneurship
Hoang, H., & Antoncic, B. (2003) · Journal of Business Venturing · doi:10.1016/s0883-9026(02)00081-2 · Cited by 2,302 · cited 2×
“Moreover, networks can enhance a venture’s legitimacy (Baum & Silverman, 2004) and reputation, and may thus serve as a signal of venture quality (Hoang & Antoncic, 2003; Stuart et al., 1999).”
Cited by
Resolving Information Asymmetry: Signaling, Endorsement, and Crowdfunding Success
Courtney, C., Dutta, S., & Li, Y. (2017) · Entrepreneurship Theory and Practice · doi:10.1111/etap.12267 · Cited by 760
The emergence of the global fintech market: economic and technological determinants
Haddad, C., & Hornuf, L. (2019) · Small Business Economics · doi:10.1007/s11187-018-9991-x · Cited by 754
Initial coin offerings (ICOs) to finance new ventures
Fisch, C. (2019) · Journal of Business Venturing · doi:10.1016/j.jbusvent.2018.09.007 · Cited by 533
Bollaert, H., Lopez-de-Silanes, F., & Schwienbacher, A. (2021) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2021.101941 · Cited by 521
Disruption of financial intermediation by FinTech: a review on crowdfunding and blockchain
Cai, C. W. (2018) · Accounting & Finance · doi:10.1111/acfi.12405 · Cited by 319
Metadata
- Authors
- Ahlers, G. K. C., Cumming, D., Günther, C., & Schweizer, D.
- Venue
- Entrepreneurship Theory and Practice
- Publisher
- SAGE Publications
- Published
- 2015-03-24
- Volume
- 39
- Issue
- 4
- Pages
- 955-980
- ISSN
- 1042-2587 (ISSN-L)
- OpenAlex
- W3122061554
- Cited by
- 1,848
- References
- 3
- FWCI
- 279.29
- Type
- journal article
- Language
- en
- Open access
- closed
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- Ahlers, G. K. C., Cumming, D., Günther, C., & Schweizer, D. (2015). Signaling in Equity Crowdfunding. Entrepreneurship Theory and Practice. https://doi.org/10.1111/etap.12157
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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