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Lead investors and information disclosure: A test of signaling theory by fuzzy‐set qualitative comparative analysis approach

Yaokuang Li, Li Ling, Daru Zhang and Juan Wu

Managerial and Decision Economics, 2021, vol. 42, issue 4, 836-849

Abstract: This article aims to examine the complexity of lead investor's signaling by information disclosure in equity crowdfunding. We use 40 samples from a Chinese equity crowdfunding source to explore why lead investor influences followers' decision making and how lead investor signals effectively by using fuzzy‐set qualitative comparative analysis (fsQCA) approach. Our findings enrich the literature on the lead investors and syndicate by testing the complexity of signaling in equity crowdfunding, shed new light on investigating the decision‐making model of individuals at a disadvantage of information asymmetry, and offer insights into signaling strategically online.

Date: 2021
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