29 research outputs found
Equity Crowdfundersâ Human Capital and Signal Set Formation: Evidence from Eye Tracking
This is the author accepted manuscript. The final version is available from SAGE via the DOI in this record.Signaling theory typically assumes that attention is always given to observable signals. We study
signal receiversâ formation of signal setsâthe signals to which receivers attend and that they can
use for subsequent interpretations. Drawing on a cognitive perspective, we argue that signal
receiversâ 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 crowdfundersâ
human capital uniquely affect their signal set formation.Research Foundation â Flander