Transparency and Proximity: Equity Crowdfunding Puts Online Meetings to the Test

Laurence Attuel-Mendes and Celine Soulas ()
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Laurence Attuel-Mendes: BSB - Burgundy School of Business (BSB) - ESC Dijon-Bourgogne, CEREN - Centre de Recherche sur les Entreprises - BSB - Burgundy School of Business (BSB) - ESC Dijon-Bourgogne
Celine Soulas: BSB - Burgundy School of Business (BSB) - ESC Dijon-Bourgogne, CEREN - Centre de Recherche sur les Entreprises - BSB - Burgundy School of Business (BSB) - ESC Dijon-Bourgogne

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Abstract: Equity crowdfunding (ECF) platforms give entrepreneurs access to numerous investors, but few studies have examined the signals investors send to influence investment decisions. This study takes a holistic approach to the signaling process, complementing existing literature focused on signals sent by entrepreneurs. It explores how ECF platforms enable investors to send signals, thereby enriching the signaling process in a two-sided market characterized by information asymmetry. By combining netnographic analysis of nine French OCE platforms (2020-2023) and nineteen interviews, we identify a typology of interactive online encounters and the conditions that maximize investor signals, highlighting their active role beyond the simple reception of counter-signals.

Keywords: Crowdfunding; Signaling theory; Decision-making (search for similar items in EconPapers)
Date: 2025-07-07
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Published in Systèmes d'Information et Management, 2025, 30 (1), pp.23-54. ⟨10.54695/sim.301.0023⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05799095

DOI: 10.54695/sim.301.0023

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