Equity Crowdfunders’ Human Capital and Signal Set Formation: Evidence From Eye Tracking
Butticè, Vincenzo Collewaert, Veroniek Stroe, Silvia Vanacker, Tom Vismara, Silvio Walthoff-Borm, Xavier
Butticè, Vincenzo
Collewaert, Veroniek
Stroe, Silvia
Vanacker, Tom
Vismara, Silvio
Walthoff-Borm, Xavier
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Publication Type
Journal article with impact factor
Editor
Supervisor
Publication Year
2022-09
Journal
Entrepreneurship Theory and Practice
Book
Publication Volume
46
Publication Issue
5
Publication Begin page
1317
Publication End page
1343
Publication Number of pages
Collections
Abstract
Signaling theory typically assumes that attention is always given to observable signals. We study signal receivers’ formation of signal sets—the signals to which receivers attend and that they can use for subsequent interpretations. Drawing on a cognitive perspective, we argue that signal receivers’ human capital influences the volume and type of signals they attend to and the time they take to form signal sets. Using eye tracking, we show that equity crowdfunders do not attend to many signals that are easily observable on a campaign page, and that differences in crowdfunders’ human capital uniquely affect their signal set formation.
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Keywords
3505 Human Resources and Industrial Relations, 35 Commerce, Management, Tourism and Services, 3507 Strategy, Management and Organisational Behaviour