The Journal for Information Professionals
Asia Pacific Journal of Information Systems (APJIS), a Scopus and ABDC indexed journal, is a
flagship journal of the information systems (IS) field in the Asia Pacific region.
ISSN 2288-5404 (Print) / ISSN 2288-6818 (Online)
Editor : Seung Hyun Kim
Current Issue
Date | June 2019 |
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Vol. No. | Vol. 29 No. 2 |
DOI | https://doi.org/10.14329/apjis.2019.29.2.283 |
Page | 283~307 |
Title | Investigating Signals on Equity Crowdfunding: Human Capital, Earlier Investors, and Social Capital |
Author | Jungkook An, Hee-Woong Kim |
Keyword | Equity Crowdfunding, Investing Signal, Human Capital, Earlier Investors, Social Capital |
Abstract | Although crowdfunding has emerged as a promising route to fundraising success, little is known about the specifics of equity-based crowdfunding. Using a data set of 1,111 start-ups with investment funding totaling over $4.67 billion, we analyzed the association between a start-up¡¯s underlying characteristics and its funding outcome. We found that a start-up¡¯s funding outcome is positively associated with its human capital, but neg-atively associated with earlier investors¡¯ business experience. Furthermore, our analyses revealed that investors have higher levels of social capital are a noise signal to later investors. These findings shed light on the critical role of human capital, investors¡¯ experience, and social capital as credible signals for start-up investment in equity crowdfunding. |
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