Equity Crowdfunders’ Human Capital and Signal Set Formation: Evidence From Eye Tracking
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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Biographies
Vincenzo Butticè is Assistant Professor at School of Management of Politecnico di Milano. His research is focused on entrepreneurial finance and sustainable finance.
Veroniek Collewaert is a Full professor of Entrepreneurship at Vlerick Business School and KU Leuven. Her research focuses on the psychology of entrepreneurship.
Silvia Stroe is Assistant Professor at Politecnico di Milano School of Management, Italy. Her research is focused on emotional and cognitive processes of entrepreneurs and investors.
Tom Vanacker is Associate Professor at Ghent University and Research Professor at University of Exeter Business School. His research is focused on entrepreneurial finance.
Silvio Vismara is Professor of Corporate Finance at the University of Bergamo. His research focuses on entrepreneurial and digital finance.
Xavier Walthoff-Borm is PhD Student at Ghent University. His research focus is on crowdfunding and entrepreneurial finance.
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