Which updates during an equity crowdfunding campaign increase crowd participation?
Which updates during an equity crowdfunding campaign increase crowd participation?
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DOI：
10.1007/s11187-017-9876-4
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发表时间：
2018-01-01
影响因子：
6.4
通讯作者：
Moritz, Alexandra
中科院分区：
文献类型：
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作者：
Block, Joern;Hornuf, Lars;Moritz, Alexandra
初创企业经常在股权众筹活动期间发布更新。然而，人们对这种更新对人群参与的影响知之甚少。我们使用从两个德国股权众筹门户网站上收集的71个融资活动和39，399个投资决策的手工数据来调查这个问题。使用不同的实证研究技术相结合，我们发现，发布更新对人群的投资数量和初创企业收集的投资金额有显着的积极影响。这种影响不会立即全部发生;相反，它会滞后更新几天。此外，更新的效果随着在活动期间发布的更新数量而失去统计意义。我们还发现，在更新中使用更容易的语言增加了人群的参与，而更新的长度没有影响。关于更新的内容，我们发现，积极的影响可以归因于有关初创企业新发展的更新，如活动发展，新资金，业务发展和合作项目。创业团队、商业模式、产品开发和促销活动的更新不会产生有意义的影响。我们的研究为信息披露对股权众筹参与的影响提供了文献依据。此外，我们的研究结果对初创企业及其投资者在股权众筹活动中的沟通具有实际意义。
Start-ups often post updates during equity crowdfunding campaigns. However, little is known about the effects of such updates on crowd participation. We investigate this question by using hand-collected data from 71 funding campaigns and 39,399 investment decisions on two German equity crowdfunding portals. Using a combination of different empirical research techniques, we find that posting an update has a significant positive effect on the number of investments made by the crowd and the investment amount collected by the start-up. This effect does not occur immediately in its entirety; rather, it lags the update by a few days. Furthermore, the effect of updates loses statistical significance with the number of updates posted during a campaign. We also find that an easier language used in updates increases crowd participation, whereas the length of updates has no effects. With respect to the update's content, we find that the positive effect can be attributed to updates about new developments of the start-up such as campaign developments, new funding, business developments, and cooperation projects. Updates on the start-up team, business model, product developments, and promotional campaigns do not have meaningful effects. Our paper contributes to the literature on the effects of information disclosure on equity crowdfunding participation. Furthermore, our results have practical implications for start-ups and their investor communication during equity crowdfunding campaigns.