Signaling in Equity Crowdfunding

被引：1150

作者：

Ahlers, Gerrit K. C. ^{[1
]}

Cumming, Douglas ^{[2
]}

Guenther, Christina ^{[3
]}

Schweizer, Denis ^{[4
]}

机构：

[1] AT Kearney GmbH, D-10117 Berlin, Germany

[2] York Univ, Schulich Sch Business, Ontario Res, Toronto, ON M3J 1P3, Canada

[3] WHU, Otto Beisheim Sch Management, Small & Medium Sized Enterprises, D-56179 Vallendar, Germany

[4] Concordia Univ, Finance, Montreal, PQ H3H 0A1, Canada

来源：

ENTREPRENEURSHIP THEORY AND PRACTICE | 2015年 / 39卷 / 04期

关键词：

VENTURE; PERFORMANCE; ALLIANCE; SUCCESS; ENTREPRENEURSHIP; INNOVATION; DECISIONS; INVESTORS; MODELS; GROWTH;

D O I：

10.1111/etap.12157

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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.

引用

页码：955 / 980

页数：26

共 68 条

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[2]

Agrawal A. K., 2011, GEOGRAPHY CROWFUNDIN

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