Dorfleitner, Gregor and Hornuf, Lars and Weber, Martina (2018) Dynamics of investor communication in equity crowdfunding. ELECTRONIC MARKETS, 28 (4). pp. 523-540. ISSN 1019-6781, 1422-8890
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In crowdfunding, start-ups can voluntarily communicate with their investors by posting updates. We investigate whether start-ups strategically use updates, which have previously been shown to increase investments. To this end, we use hand-collected data from 751 updates and 39,036 investment decisions from two major German equity crowdfunding portals: Seedmatch and Companisto. We find evidence of strategic communication behavior of start-ups during an equity crowdfunding campaign. During the funding period, start-ups more frequently post updates with linguistic devices that enhance the group identity and the group cohesion as well as updates on the business development. Furthermore, the probability of an update during the funding period increases along with strong competition of other contemporary crowdfunding campaigns.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | INFORMATION-CONTENT; DISCLOSURE; AGREEMENT; Crowdfunding; Investor communication; Entrepreneurial finance; Sentiment analysis; Linguistic devices |
| Subjects: | 300 Social sciences > 330 Economics |
| Divisions: | Business, Economics and Information Systems > Institut für Betriebswirtschaftslehre > Lehrstuhl für Finanzierung (Prof. Dr. Gregor Dorfleitner) |
| Depositing User: | Dr. Gernot Deinzer |
| Date Deposited: | 10 Oct 2019 09:01 |
| Last Modified: | 10 Oct 2019 09:01 |
| URI: | https://pred.uni-regensburg.de/id/eprint/13590 |
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