How signal portfolios affect success in equity-based crowdfunding: Evidence from the Chinese hotel industry

La, Liqing and Jang, Seongsoo ORCID: https://orcid.org/0000-0002-5948-0876 2024. How signal portfolios affect success in equity-based crowdfunding: Evidence from the Chinese hotel industry. International Journal of Hospitality Management 123 , 103938. 10.1016/j.ijhm.2024.103938

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Abstract

While most crowdfunding studies predominantly explore the success factors of reward-based crowdfunding, this research studies the efficacy of composite signal portfolios. Specifically, we investigate how bundles of substantive signals—comprising product- and firm-relevant information—and rhetorical signals—grounded in language-based information—affect the performance of equity-based hotel crowdfunding. By analyzing objective data from 512 equity crowdfunding projects within the Chinese hotel industry, our findings indicate that the combination of product- and firm-related substantive signals, such as price and team size, enhances both the amount and percentage of equity-based crowdfunding. Furthermore, our results unveil that the combination of product-related substantive (price) and rhetorical (emotional appeal) signals significantly contributes to equity-based crowdfunding success. These findings not only contribute to the existing literature on hotel crowdfunding but also offer strategic implications for equity-based crowdfunding managers in the hotel industry.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Publisher:	Elsevier
ISSN:	0278-4319
Date of First Compliant Deposit:	20 September 2024
Date of Acceptance:	20 September 2024
Last Modified:	06 Nov 2024 17:19
URI:	https://orca.cardiff.ac.uk/id/eprint/172309

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