Equity Crowdfunders’ Human Capital and Signal Set Formation: Evidence From Eye Tracking

Vincenzo Butticè, Veroniek Collewaert, Silvia Stroe, Tom Vanacker, Silvio Vismara and Xavier Walthoff-Borm

Entrepreneurship Theory and Practice, 2022, vol. 46, issue 5, 1317-1343

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.

Keywords: equity crowdfunding; eye tracking; signal set; human capital; attention; L26; G29 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:sae:entthe:v:46:y:2022:i:5:p:1317-1343

DOI: 10.1177/10422587211026860

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