Agrawal, A., Catalini, C., & Goldfarb, A. (2015). Crowdfunding: geography, social networks, and the timing of investment decisions. Journal of Economics & Management Strategy, 24(2), 253–274. doi:10.1111/jems.12093.
Ahlers, G. K., Cumming, D., Günther, C., & Schweizer, D. (2015). Signaling in equity crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955–980. doi:10.2139/ssrn.2161587.
Article
Google Scholar
Audretsch, D. B., Bönte, W., & Mahagaonkar, P. (2012). Financial signaling by innovative nascent ventures: the relevance of patents and prototypes. Research Policy, 41(8), 1407–1421. doi:10.1016/j.respol.2012.02.003.
Article
Google Scholar
Baltagi, B. (2008). Econometric analysis of panel data. West Sussex: Wiley.
Google Scholar
Baum, J. A. C., & Silverman, B. S. (2004). Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups. Journal of Business Venturing, 19(3), 411–436. doi:10.1016/S0883-9026(03)00038-7.
Article
Google Scholar
Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: tapping the right crowd. Journal of Business Venturing, 29(5), 585–609. doi:10.1016/j.jbusvent.2013.07.003.
Article
Google Scholar
Bernstein, S., Korteweg, A. G., & Laws, K. (2017). Attracting early stage investors: evidence from a randomized field experiment. Journal of Finance, 72(2), 509–538. doi:10.1111/jofi.12470.
Block, J. H., De Vries, G., Schumann, J. H., & Sandner, P. (2014). Trademarks and venture capital valuation. Journal of Business Venturing, 29(4), 525–542. doi:10.1016/j.jbusvent.2013.07.006.
Article
Google Scholar
Block, J., Colombo, M., Cumming, D., & Vismara, S. (2017a). New players in entrepreneurial finance and why they are there. Small Business Economics, forthcoming. doi:10.1007/s11187-016-9826-6.
Block, J., Fisch, C., & van Praag, M. (2017b). The Schumpeterian entrepreneur: a review of the empirical evidence on the antecedents, behavior, and consequences on innovative entrepreneurship. Industry and Innovation, 31(8), 793–801. doi:10.1080/13662716.2016.1216397.
Google Scholar
Boocock, G., & Woods, M. (1997). The evaluation criteria used by venture capitalists: evidence from a UK venture fund. International Small Business Journal, 16(1), 36–57. doi:10.1177/0266242697161003.
Article
Google Scholar
Branzei, O., Ursacki-Bryant, T. J., Vertinsky, I., & Zhang, W. (2004). The formation of green strategies in chinese firms: matching corporate environmental responses and individual principles. Strategic Management Journal, 25(11), 1075–1095. doi:10.1002/smj.409.
Article
Google Scholar
Busenitz, L. W., Fiet, J. O., & Moesel, D. D. (2005). Signaling in venture capitalist—new venture decisions: does it indicate long-term venture outcomes? Entrepreneurship Theory and Practice, 29(1), 1–12. doi:10.1111/j.1540-6520.2005.00066.x.
Article
Google Scholar
Carter, S. M. (2006). The interaction of top management group, stakeholder, and situational factors on certain corporate reputation management activities. Journal of Management Studies, 43(3), 1145–1176. doi:10.1111/j.1467-6486.2006.00632.x.
Article
Google Scholar
Certo, S. T. (2003). Influencing initial public offering investors with prestige: signaling with board structures. Academy of Management Review, 28(3), 432–446. doi:10.5465/AMR.2003.10196754.
Google Scholar
Cholakova, M., & Clarysse, B. (2015). Does the possibility to make equity investments in crowdfunding projects crowd out reward-based investments? Entrepreneurship Theory and Practice, 39(1), 145–172. doi:10.1111/etap.12139.
Article
Google Scholar
Colombo, M. G., Franzoni, C., & Rossi-Lamastra, C. (2015). Internal social capital and the attraction of early contributions in crowdfunding. Entrepreneurship Theory and Practice, 39(1), 75–100. doi:10.1111/etap.12118.
Article
Google Scholar
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: a review and assessment. Journal of Management, 37(1), 39–67. doi:10.1177/0149206310388419.
Article
Google Scholar
Courtis, J. K. (1995). Readability of annual reports: Western versus Asian evidence. Accounting, Auditing & Accountability Journal, 8(2), 4–17. doi:10.1108/09513579510086795.
Article
Google Scholar
Cumming, D. & Zhang, Y. (2016). Are crowdfunding platforms active and effective intermediaries? SSRN Working Paper, No. 2882026. Available at SSRN: https://ssrn.com/abstract=2882026.
Dorfleitner, G., Hornuf, L. & Weber, M. (2017). Dynamics of investor communication in equity crowdfunding, mimeo.
Doshi, A. (2014). The impact of high performance outliers on two-sided platforms: evidence from crowdfunding, SSRN Working Paper, No. 2422111. Available at SSRN: http://ssrn.com/abstract=2422111.
Fischer, E., & Reuber, A. R. (2014). Online entrepreneurial communication: mitigating uncertainty and increasing differentiation via twitter. Journal of Business Venturing, 29(4), 565–583. doi:10.1016/j.jbusvent.2014.02.004.
Article
Google Scholar
Fleiss, J. L., Levin, B., & Paik, M. C. (2003). Statistical methods for rates and proportions (3rd ed.). Hoboken: Wiley.
Book
Google Scholar
Flesch, R. (1948). A new readability yardstick. Journal of Applied Psychology, 32(3), 221–233. doi:10.1037/h0057532.
Article
Google Scholar
Franke, N., Gruber, M., Harhoff, D., & Henkel, J. (2008). Venture capitalists’ evaluations of start-up teams: trade-offs, knock-out criteria, and the impact of VC experience. Entrepreneurship Theory and Practice, 32(3), 459–483. doi:10.1111/j.1540-6520.2008.00236.x.
Article
Google Scholar
Gao, Q., & Lin, M. (2014). Linguistic features and peer-to-peer loan quality: a machine learning approach. SSRN Working Paper, No. 2446114. Available at SSRN: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2446114.
Gao, H., Darroch, J., Mather, D., & MacGregor, A. (2008). Signaling corporate strategy in IPO communication: a study of biotechnology IPOs on the NASDAQ. The Journal of Business Communication, 45(1), 3–30. doi:10.1177/0021943607309349.
Article
Google Scholar
Gioia, D. A., Corley, K. G., & Hamilton, A. L. (2012). Seeking qualitative rigor in inductive research: notes on the Gioia methodology. Organizational Research Methods, 16(1), 15–31. doi:10.1177/1094428112452151.
Article
Google Scholar
Greiner, M. E., & Wang, H. (2010). Building consumer-to-consumer trust in E-finance marketplaces: an empirical analysis. International Journal of Electronic Commerce, 15(2), 105–136. doi:10.2753/JEC1086-4415150204.
Article
Google Scholar
Gulati, R., & Higgins, M. C. (2003). Which ties matter when? The contingent effects of interorganizational partnerships on IPO success. Strategic Management Journal, 24(2), 127–144. doi:10.1002/smj.287.
Article
Google Scholar
Hemer, J., Schneider, U., Dornbusch, F., & Frey, S. (2011). Crowdfunding und andere Formen Informeller Mikrofinanzierung in der Projekt- und Innovationsfinanzierung. Stuttgart: Fraunhofer Verlag.
Google Scholar
Highhouse, S., Thornbury, E. E., & Little, I. S. (2007). Social-identity functions of attraction to organizations. Organizational Behavior and Human Decision Processes, 103(1), 134–146. doi:10.1016/j.obhdp.2006.01.001.
Article
Google Scholar
Hornuf, L., & Schwienbacher, A. (2015). Portal design and funding dynamics in crowdinvesting. Research Papers in Economics, 9(15) and SSRN Working Paper, No. 2612998. Available at SSRN: http://ssrn.com/abstract=2612998.
Hornuf, L., & Schwienbacher, A. (2016). Crowdinvesting: angel investing for the masses? In H. Landström & C. Mason (Eds.), Handbook of Research on Business Angels (pp. 381–397). Cheltenham: Edward Elgar.
Janney, J. J., & Folta, T. B. (2003). Signaling through private equity placements and its impact on the valuation of biotechnology firms. Journal of Business Venturing, 18(3), 361–380. doi:10.1016/S0883-9026(02)00100-3.
Article
Google Scholar
Janney, J. J., & Folta, T. B. (2006). Moderating effects of investor experience on the signaling value of private equity placements. Journal of Business Venturing, 21(1), 27–44. doi:10.1016/j.jbusvent.2005.02.008.
Article
Google Scholar
Jell, F., Block, J. H., & Henkel, J. (2011). Innovativität als Kriterium bei Venture-Capital-Investitionsentscheidungen. Kredit und Kapital, 44(4), 509–541. doi:10.3790/kuk.44.4.509.
Article
Google Scholar
Kickstarter (2012). Blockbuster Effects. Available at: http://www.kickstarter.com/blog/blockbuster-effects.
Kim, K., & Viswanathan, S.. (2013). The experts in the crowd: the role of reputable investors in a crowdfunding market. TPRC 41: The 41st Research Conference on Communication, Information and Internet Policy. Available at SSRN: http://ssrn.com/abstract=2258243.
Kollmann, T., & Kuckertz, A. (2006). Investor relations for start-ups: an analysis of venture capital investors’ communicative needs. International Journal of Technology Management, 34(1), 47–62. doi:10.1504/IJTM.2006.009447.
Article
Google Scholar
Kromidha, E., & Robson, P. (2016). Social identity and signalling success factors in online crowdfunding. Entrepreneurship & Regional Development, 28(9–10), 605–629. doi:10.1080/08985626.2016.1198425.
Article
Google Scholar
Kuppuswamy, V., & Bayus, B. L. (2017). Crowdfunding creative ideas: The dynamics of project backers. In D. Cumming & L. Hornuf (Eds.), The Economics of Crowdfunding: Startups, Portals, and Investor Behavior (forthcoming). London: Palgrave Macmillan.
Landis, J. R., & Koch, G. G. (1977). The measurement of observer agreement for categorical data. Biometrics, 33(1), 159–174. doi:10.2307/2529310.
Article
Google Scholar
Landström, H. (1992). The relationship between private investors and small firms: an agency theory approach. Entrepreneurship & Regional Development, 4(3), 199–223. doi:10.1080/08985629200000012.
Article
Google Scholar
Lukkarinen, A., Teich, J. E., Wallenius, H., & Wallenius, J. (2016). Success drivers of online equity crowdfunding campaigns. Decision Support Systems, 87, 26–38. doi:10.1016/j.dss.2016.04.006.
Article
Google Scholar
McNamara, G. M., Haleblian, J., & Dykes, B. J. (2008). The performance implications of participating in an acquisition wave: early mover advantages, bandwagon effects, and the moderating influence of industry characteristics and acquirer tactics. Academy of Management Journal, 51(1), 113–130. doi:10.5465/AMJ.2008.30755057.
Article
Google Scholar
Miles, M., & Huberman, A. M. (1994). Qualitative data analysis: an expanded sourcebook (2nd ed.). Thousand Oaks: Sage.
Google Scholar
Mohammadi, A., & Shafi, K. (2017). Gender differences in the contribution patterns of equity-crowdfunding investors gender differences in the contribution patterns of equity-crowdfunding investors. Small Business Economics, forthcoming. doi:10.1007/s11187-016-9825-7.
Mollick, E. R. (2014). The dynamics of crowdfunding: an exploratory study. Journal of Business Venturing, 29(1), 1–16. doi:10.1016/j.jbusvent.2013.06.005.
Article
Google Scholar
Moritz, A., & Block, J. H. (2015). Crowdfunding: a literature review and research directions. In: Block, J. H., & Kuckertz, A. (Series Eds.), Brüntje, D., & Gajda, O. (Vol. Eds.), FGF Studies in Small Business and Entrepreneurship: Vol. 1. Crowdfunding in Europe – State of the Art in Theory and Practice (pp. 25–53). Cham: Springer Science & Business Media.
Moritz, A., Block, J. H., & Lutz, E. (2015). Investor communication in equity-based crowdfunding: a qualitative-empirical study. Qualitative Research in Financial Markets, 7(3), 309–342. doi:10.1108/QRFM-07-2014-0021.
Article
Google Scholar
Perkins, S. J., & Hendry, C. (2005). Ordering top pay: interpreting the signals. Journal of Management Studies, 42(7), 1443–1468. doi:10.1111/j.1467-6486.2005.00550.x.
Article
Google Scholar
Polzin F., Toxopeus H., Stam E. (2017). The wisdom of the crowd in funding. Information heterogeneity and social networks of crowdfunders. Small Business Economics, forthcoming. doi:10.1007/s11187-016-9829-3.
Ralcheva, A., & Roosenboom, P. (2016). On the road to success in equity crowdfunding. SSRN Working Paper, No. 2727742, Available on SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2727742.
Rao, R. S., Chandy, R. K., & Prabhu, J. C. (2008). The fruits of legitimacy: why some new ventures gain more from innovation than others. Journal of Marketing, 72(4), 58–75.
Article
Google Scholar
Ross, S. A. (1977). The determination of financial structure: the incentive signalling approach. Bell Journal of Economics, 8(1), 23–40. doi:10.2307/3003485.
Article
Google Scholar
Sapienza, H., & Korsgaard, M. (1996). Procedural justice in entrepreneur-investor relations. Academy of Management Journal, 39(3), 544–574. doi:10.2307/256655.
Article
Google Scholar
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374. doi:10.2307/1882010.
Article
Google Scholar
Srivastava, J. (2001). The role of inferences in sequential bargaining with one-sided incomplete information: some experimental evidence. Organizational Behavior and Human Decision Processes, 85(1), 166–187. doi:10.1006/obhd.2000.2936.
Article
Google Scholar
Vismara, S. (2016a). Equity retention and social network theory in equity crowdfunding. Small Business Economics, 46(4), 579–590. doi:10.1007/s11187-016-9710-4.
Article
Google Scholar
Vismara, S. (2016b). Information cascades among investors in equity crowdfunding. Entrepreneurship Theory and Practice, forthcoming. doi:10.1111/etap.12261.
Google Scholar
Vulkan, N., Åstebro, T., & Sierra, M. F. (2016). Equity crowdfunding: a new phenomena. Journal of Business Venturing Insights, 5, 37–49. doi:10.1016/j.jbvi.2016.02.001.
Article
Google Scholar
Warner, A. G., Fairbank, J. F., & Steensma, H. K. (2006). Managing uncertainty in a formal standards-based industry: a real options perspective on acquisition timing. Journal of Management, 32(2), 279–298. doi:10.1177/0149206305280108.
Article
Google Scholar
Wheat, R. E., Wang, Y., Byrnes, J. E., & Ranganathan, J. (2013). Raising money for scientific research through crowdfunding. Trends in Ecology & Evolution, 28(2), 71–72. doi:10.1016/j.tree.2012.11.001.
Article
Google Scholar
Wu, S., Wang, B., & Li, Y. (2015). How to attract the crowd in crowdfunding? International Journal of Entrepreneurship and Small Business, 24(3), 322–334. doi:10.1504/IJESB.2015.067465.
Article
Google Scholar
Xu, A., Yang, X., Rao, H., Fu, W. T., Huang, S. W., & Bailey, B. P. (2014). Show me the money! An analysis of project updates during crowdfunding campaigns. In Proceedings of the 32nd Annual ACM Conference for Human Factors in Computing Systems, ACM: 591–600. Available at: https://pdfs.semanticscholar.org/34a6/bb3c6ed524f0cdb56cd7c11fe8159ef595a5.pdf.
Zimmerman, M. A., & Zeitz, G. J. (2002). Beyond survival: achieving new venture growth by building legitimacy. Academy of Management Review, 27(3), 414–431. doi:10.5465/AMR.2002.7389921.
Google Scholar