Earticle

초록

영어

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 negatively 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.

목차

ABSTRACT
Ⅰ. Introduction
Ⅱ. Conceptual Background
2.1. Crowdfunding
2.2. Signaling Theory
2.3. Firm Valuation
Ⅲ. Hypotheses
3.1. Human Capital
3.2. Earlier Investors
3.3. Social Capital
Ⅳ. Research Context and Data
4.1. Research Context and Data Collection
4.2. Variables
Ⅴ. Empirical Analysis
Ⅵ. Results
6.1. Human Capital
6.2. Earlier Investors
6.3. Social Capital
Ⅶ. Discussion and Implications
7.1. Discussion of Findings
7.2. Implications for Research and Practice
7.3. Limitations and Future Research

저자

• Jungkook An [ Adjunct professor, Graduate School of Information at Yonsei University, Korea ]
• Hee-Woong Kim [ Professor, Graduate School of Information at Yonsei University, Korea ] Corresponding Author

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