Equity Crowdfunders’ Human Capital and Signal Set Formation: Evidence from Eye Tracking
Butticè, V; Collewaert, V; Stroe, S; et al.Vanacker, T; Vismara, S; Walthoff-Borm, X
Date: 23 June 2021
Journal
Entrepreneurship: Theory and Practice
Publisher
SAGE Publications / Baylor University / United States Association for Small Business and Entrepreneurship
Publisher DOI
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 ...
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.
Management
Faculty of Environment, Science and Economy
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