Equity Crowdfunders' Human Capital and Signal Set Formation: Evidence From Eye Tracking. (September 2022)

• Record Type: Journal Article
• Authors: Butticè, Vincenzo; Collewaert, Veroniek; Stroe, Silvia; Vanacker, Tom; Vismara, Silvio; Walthoff-Borm, Xavier
• Other Names: Bertoni Fabio guest-editor.; Bonini Stefano guest-editor.; Capizzi Vincenzo guest-editor.; Colombo Massimo G. guest-editor.; Manigart Sophie guest-editor.
• Is Part Of: Entrepreneurship theory and practice. Volume 46:Number 5(2022)
• Page Start: 1317
• Page End: 1343
• Publication Date: 2022-09
• Subjects: equity crowdfunding -- eye tracking -- signal set -- human capital -- attention; L26 -- G29; Small business -- Periodicals; New business enterprises -- Periodicals; Entrepreneurship -- Periodicals; 658.421
• DOI: 10.1177/10422587211026860
• Languages: English
• ISSNs: 1042-2587

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.