Extending Signaling Theory to Rhetorical Signals: Evidence from Crowdfunding

References

• Agrawal A, Catalini C, Goldfarb A (2014) Some simple economics of crowdfunding. Innovation Policy Econom. 14(1):63–97.Crossref, Google Scholar
• Aguinis H, Gottfredson RK, Joo H (2013) Best-practice recommendations for defining, identifying, and handling outliers. Organ. Res. Methods 16(2):270–301.Crossref, Google Scholar
• Ahlers GKC, Cumming D, Günther C, Schweizer D (2015) Signaling in equity crowdfunding. Entrepreneurship Theory Practice 39(4):955–980.Crossref, Google Scholar
• Aiken LS, West SG (1991) Multiple Regression: Testing and Interpreting Interactions (Sage, Newbury Park, CA).Google Scholar
• Akerlof GA (1970) The market for “lemons”: Quality uncertainty and the market mechanism. Quart. J. Econom. 84(3):488–500.Crossref, Google Scholar
• Akinci C, Sadler-Smith E (2012) Intuition in management research: A historical review. Internat. J. Management Rev. 14(1):104–122.Crossref, Google Scholar
• Allison TH, Davis BC, Short JC, Webb JW (2015) Crowdfunding in a prosocial microlending environment: Examining the role of intrinsic versus extrinsic cues. Entrepreneurship Theory Practice 39(1):53–73.Crossref, Google Scholar
• Allred KG, Mallozzi JS, Matsui F, Raia CP (1997) The influence of anger and compassion on negotiation performance. Organ. Behav. Human Decision Processes 70(3):175–187.Crossref, Google Scholar
• Alter AL, Oppenheimer DM, Epley N, Eyre RN (2007) Overcoming intuition: Metacognitive difficulty activates analytic reasoning. J. Experiment. Psych. General 136(4):569–576.Crossref, Google Scholar
• Arellano M, Bond S (1991) Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Rev. Econom. Stud. 58(2):277–297.Crossref, Google Scholar
• Arellano M, Bover O (1995) Another look at the instrumental variable estimation of error-components models. J. Econometrics 68(1):29–51.Crossref, Google Scholar
• Aristotle (1991) On Rhetoric. Kennedy GA, trans. (Oxford University Press, New York).Google Scholar
• Bangerter A, Roulin N, König CJ (2012) Personnel selection as a signaling game. J. Appl. Psych. 97(4):719–738.Crossref, Google Scholar
• Bargh JA, Chartrand TL (1999) The unbearable automaticity of being. Amer. Psychologist 54(7):462–479.Crossref, Google Scholar
• Barnett ML (2014) Why stakeholders ignore firm misconduct: A cognitive view. J. Management 40(3):676–702.Crossref, Google Scholar
• Baum CF, Schaffer ME, Stillman S (2003) Instrumental variables and GMM: Estimation and testing. Stata J. 3(1):1–31.Crossref, Google Scholar
• Beach LR, Lipshitz R (1995) Why classical decision theory is an inappropriate standard for evaluating and aiding most human decision making. Klein GA, Orasanu J, Calderwood R, Zsambok CE, eds. Decision Making in Action. Models and Methods, 2nd ed. (Ablex Publishing, Norwood, NJ), 21–35.Google Scholar
• Belleflamme P, Lambert T, Schwienbacher A (2014) Crowdfunding: Tapping the right crowd. J. Bus. Venturing 29(5):585–609.Crossref, Google Scholar
• Benner MJ, Ranganathan R (2012) Offsetting illegitimacy? How pressures from securities analysts influence incumbents in the face of new technologies. Acad. Management J. 55(1):213–233.Crossref, Google Scholar
• Bergh DD, Connelly BL, Ketchen DJ, Shannon LM (2014) Signalling theory and equilibrium in strategic management research: An assessment and a research agenda. J. Management Stud. 51(8):1334–1360.Crossref, Google Scholar
• Betsch T, Glöckner A (2010) Intuition in judgment and decision making: Extensive thinking without effort. Psych. Inquiry 21(4):279–294.Crossref, Google Scholar
• Bond SR, Hoeffler A, Temple JRW (2001) GMM estimation of empirical growth models. CEPR Discussion Paper No. 3048, Center for Economic and Policy Research, Washington, DC.Google Scholar
• Broekhuizen TLJ, Lampel J, Rietveld J (2013) New horizons or a strategic mirage? Artist-led-distribution versus alliance strategy in the video game industry. Res. Policy 42(4):954–964.Crossref, Google Scholar
• Burtch G, Ghose A, Wattal S (2015) The hidden cost of accommodating crowdfunder privacy preferences: A randomized field experiment. Management Sci. 61(5):949–962.Link, Google Scholar
• Burton GO (2007) Silva rhetoricae. Accessed January 5, 2015, http://rhetoric.byu.edu/.Google Scholar
• Cacioppo JT, Gardner WL, Berntson GG (1999) The affect system has parallel and integrative processing components: Form follows function. J. Personality Soc. Psych. 76(5):839–855.Crossref, Google Scholar
• Cadsby CB, Frank M, Maksimovic V (1990) Pooling, separating, and semiseparating equilibria in financial markets: Some experimental evidence. Rev. Financial Stud. 3(3):315–342.Crossref, Google Scholar
• Calic G, Mosakowski E (2016) Kicking off social entrepreneurship: How a sustainability orientation influences crowdfunding success. J. Management Stud. 53(5):738–767.Crossref, Google Scholar
• Chen M-J, Miller D (2012) Competitive dynamics: Themes, trends, and a prospective research platform. Acad. Management Ann. 6(1):135–210.Crossref, Google Scholar
• Choi J, Wang H (2009) Stakeholder relations and the persistence of corporate financial performance. Strategic Management J. 30(8):895–907.Crossref, Google Scholar
• Chua CEH, Wareham J (2008) Parasitism and internet auction fraud: An exploration. Inform. Organ. 18(4):303–333.Crossref, Google Scholar
• Cicchetti DV (1994) Guidelines, criteria, and rules of thumb for evaluating normed and standardized assessment instruments in psychology. Psych. Assessment 6(4):284–290.Crossref, Google Scholar
• Colombo MG, Franzoni C, Rossi-Lamastra C (2015) Internal social capital and the attraction of early contributions in crowdfunding. Entrepreneurship Theory Practice 39(1):75–100.Crossref, Google Scholar
• Connelly BL, Certo ST, Ireland RD, Reutzel CR (2011) Signaling theory: A review and assessment. J. Management 37(1):39–67.Crossref, Google Scholar
• Cornelissen JP (2012) Sensemaking under pressure: The influence of professional roles and social accountability on the creation of sense. Organ. Sci. 23(1):118–137.Link, Google Scholar
• Cornelissen JP, Durand R, Fiss PC, Lammers JC, Vaara E (2015) Putting communication front and center in institutional theory and analysis. Acad. Management Rev. 40(1):10–27.Crossref, Google Scholar
• Courtney C, Dutta S, Li Y (2017) Resolving information asymmetry: Signaling, endorsement, and crowdfunding success. Entrepreneurship Theory Practice 41(2):265–290.Crossref, Google Scholar
• Damasio A (2010) Self Comes to Mind (Pantheon Books, New York).Google Scholar
• Dane E, Pratt MG (2007) Exploring intuition and its role in managerial decision making. Acad. Management Rev. 32(1):33–54.Crossref, Google Scholar
• Davidson R, Mackinnon JG (1993) Estimation and Inference in Econometrics (Oxford University Press, New York).Google Scholar
• Davis BC, Hmieleski KM, Webb JW, Coombs JE (2017) Funders’ positive affective reactions to entrepreneurs’ crowdfunding pitches: The influence of perceived product creativity and entrepreneurial passion. J. Bus. Venturing 32(1):90–106.Crossref, Google Scholar
• Desai VM (2014) Does disclosure matter? Integrating organizational learning and impression management theories to examine the impact of public disclosure following failures. Strategic Organ. 12(2):85–108.Crossref, Google Scholar
• Donaldson T, Preston LE (1995) The stakeholder theory of the corporation: Concepts, evidence and implications. Acad. Management Rev. 20(1):65–91.Crossref, Google Scholar
• Drover W, Wood MS, Corbett A (2018) Toward a cognitive view of signaling theory: Individual attention and signal set interpretation. J. Management Stud. 55(2):209–231.Crossref, Google Scholar
• Erkama N, Vaara E (2010) Struggles over legitimacy in global organizational restructuring: A rhetorical perspective on legitimation strategies and dynamics in a shutdown case. Organ. Stud. 31(7):813–839.Crossref, Google Scholar
• Evans JSBT (2006) The heuristic-analytic theory of reasoning: Extension and evaluation. Psychonomic Bull. Rev. 13(3):378–395.Crossref, Google Scholar
• Evans JSBT (2008) Dual-processing accounts of reasoning, judgment, and social cognition. Annual Rev. Psych. 59(1):255–278.Crossref, Google Scholar
• Evans JSBT (2010) Intuition and reasoning: A dual-process perspective. Psych. Inquiry 21(4):313–326.Crossref, Google Scholar
• Evans JSBT, Stanovich KE (2013) Dual-process theories of higher cognition: Advancing the debate. Perspect. Psych. Sci. 8(3):223–241.Crossref, Google Scholar
• Farrell J, Rabin M (1996) Cheap talk. J. Econom. Perspect. 10(3):103–118.Crossref, Google Scholar
• Fischer E, Reuber R (2007) The good, the bad, and the unfamiliar: The challenges of reputation formation facing new firms. Entrepreneurship Theory Practice 31(1):53–75.Crossref, Google Scholar
• Foerster K (2014) Do emotions pay off? Effects of media brand emotions on cognitive relief, identification and prestige. Online J. Comm. Media Tech. 4(4):34–57.Google Scholar
• Francis J, Huang A, Rajgopal S, Zang A (2008) CEO reputation and earnings quality. Contemporary Accounting Res. 25(1):109–147.Crossref, Google Scholar
• Freedman A, Medway P (1994) Genre and the New Rhetoric (Taylor & Francis, London).Google Scholar
• Gameindustry.biz (2011) Indie project budgets. Accessed January 12, 2014, http://www.gamesindustry.biz/articles/2011-04-27-indie-project-budgets-article.Google Scholar
• Garud R, Schildt HA, Lant TK (2014) Entrepreneurial storytelling, future expectations, and the paradox of legitimacy. Organ. Sci. 25(5):1479–1492.Link, Google Scholar
• Gephart RP, Topal C, Zhang Z (2010) Future-oriented sensemaking: Temporalities and institutional legitimation. Hernes T, Maitlis S, eds. Process, Sensemaking, and Organizing (Oxford University Press, Oxford, UK), 275–314.Crossref, Google Scholar
• Giorgi S, Weber K (2015) Marks of distinction: Framing and audience appreciation in the context of investment advice. Admin. Sci. Quart. 60(2):333–367.Crossref, Google Scholar
• Gomulya D, Boeker W (2014) How firms respond to financial restatement: CEO successors and external reactions. Acad. Management J. 57(6):1759–1785.Crossref, Google Scholar
• Green SE (2004) A rhetorical theory of diffusion. Acad. Management Rev. 29(4):653–669.Crossref, Google Scholar
• Harmon DJ, Green SE, Goodnight GT (2015) A model of rhetorical legitimation: The structure of communication and cognition underlying institutional maintenance and change. Acad. Management Rev. 40(1):76–95.Crossref, Google Scholar
• Hartelius EJ, Browning LD (2008) The application of rhetorical theory in managerial research. Management Comm. Quart. 22(1):13–39.Crossref, Google Scholar
• Heeley MB, Matusik SF, Jain N (2007) Innovation, appropriability, and the underpricing of initial public offerings. Acad. Management J. 50(1):209–225.Crossref, Google Scholar
• Hill CWL, Jones TM (1992) Stakeholder-agency theory. J. Management Stud. 29(2):131–154.Crossref, Google Scholar
• Hoefer RL, Green SE (2016) A rhetorical model of institutional decision making: The role of rhetoric in the formation and change of legitimacy judgments. Acad. Management Rev. 41(1):130–150.Crossref, Google Scholar
• Holtz-Eakin D, Newey W, Rosen HS (1988) Estimating vector autoregressions with panel data. Econometrica 56(6):1371–1395.Crossref, Google Scholar
• Honorof M (2013) How video game costs could crash the industry. Accessed December 1, 2014, http://www.nbcnews.com/id/51339252/ns/technology_and_science-tech_and_gadgets/t/how-video-game-costs-could-crash-industry.Google Scholar
• Huang L, Pearce JL (2015) Managing the unknowable: The effectiveness of early-stage investor gut feel in entrepreneurial investment decisions. Admin. Sci. Quart. 60(4):634–670.Crossref, Google Scholar
• Iyengar RJ, Zampelli EM (2009) Self-selection, endogeneity, and the relationship between CEO duality and firm performance. Strategic Management J. 30(10):1092–1112.Crossref, Google Scholar
• Jeppesen LB, Frederiksen L (2006) Why do users contribute to firm-hosted user communities? The case of computer-controlled music instruments. Organ. Sci. 17(1):45–63.Link, Google Scholar
• Katila R, Ahuja G (2002) Something old, something new: A longitudinal study of search behavior and new product introduction. Acad. Management J. 45(6):1183–1194.Crossref, Google Scholar
• Khanna R, Guler I, Nerkar A (2016) Fail often, fail big, and fail fast? Learning from small failures and R&D performance in the pharmaceutical industry. Acad. Management J. 59(2):436–459.Crossref, Google Scholar
• Kickstarter (2015) Our rules. Accessed October 7, 2015, https://www.kickstarter.com/rules.Google Scholar
• Kickstarter (2017) Two billion dollars. Accessed April 17, 2017, https://www.kickstarter.com/2billion.Google Scholar
• Kimchi R (2015) The perception of hierarchical structure. Wagemans J, ed. The Oxford Handbook of Perceptual Organization (Oxford University Press, Oxford, UK), 129–149.Google Scholar
• Klingebiel R, Meyer A (2013) Becoming aware of the unknown: Decision making during the implementation of a strategic initiative. Organ. Sci. 24(1):133–153.Link, Google Scholar
• Kovach B, Rosenstiel T (2001) The Elements of Journalism (Three Rivers Press, New York).Google Scholar
• Kurzban R, Duckworth A, Kable JW, Myers J (2013) An opportunity cost model of subjective effort and task performance. Behav. Brain Sci. 36(6):661–679.Crossref, Google Scholar
• Lauby S (2011) What HR won’t tell you about online applications. Accessed October 2, 2017, https://www.hrbartender.com/2011/recruiting/what-hr-wont-tell-you-about-online-applications/.Google Scholar
• Leek S, Christodoulides G (2012) A framework of brand value in b2b markets: The contributing role of functional and emotional components. Indust. Marketing Management 41(1):106–114.Crossref, Google Scholar
• Leung MD, Sharkey AJ (2014) Out of sight, out of mind? Evidence of perceptual factors in the multiple-category discount. Organ. Sci. 25(1):171–184.Link, Google Scholar
• Liakopoulos M (2000) Argumentation analysis. Bauer MW, Gaskell G, eds. Qualitative Researching with Text, Image and Sound: A Practical Handbook for Social Research (Sage, London), 152–171.Google Scholar
• Lipshitz R, Klein GA, Orasanu J, Salas E (2001) Taking stock of naturalistic decision making. J. Behav. Decision Making 14(5):331–352.Crossref, Google Scholar
• Liu Y, Shankar V (2015) The dynamic impact of product-harm crises on brand preference and advertising effectiveness: An empirical analysis of the automobile industry. Management Sci. 61(10):2514–2535.Link, Google Scholar
• Marchant D (2016) Preparing a game demo. Accessed February 9, 2016, http://www.obscure.co.uk/articles-2/preparing-a-game-demo/.Google Scholar
• Marino A, Aversa P, Mesquita L, Anand J (2015) Driving performance via exploration in changing environments: Evidence from formula one racing. Organ. Sci. 26(4):1079–1100.Link, Google Scholar
• McKenny AF, Allison TH, Ketchen DJ, Short JC, Ireland RD (2017) How should crowdfunding research evolve? A survey of the entrepreneurship theory and practice editorial board. Entrepreneurship Theory Practice 41(2):291–304.Crossref, Google Scholar
• Milbourn TT (2003) CEO reputation and stock-based compensation. J. Financial Econom. 68(2):233–262.Crossref, Google Scholar
• Miller GA (1956) The magical number seven, plus or minus two: Some limits on our capacity for processing information. Psych. Rev. 63(2):81–97.Crossref, Google Scholar
• Mollick E (2014) The dynamics of crowdfunding: An exploratory study. J. Bus. Venturing 29(1):1–16.Crossref, Google Scholar
• Monin P, Noorderhaven N, Vaara E, Kroon D (2013) Giving sense to and making sense of justice in postmerger integration. Acad. Management J. 56(1):256–284.Crossref, Google Scholar
• Moss TW, Neubaum DO, Meyskens M (2015) The effect of virtuous and entrepreneurial orientations on microfinance lending and repayment: A signaling theory perspective. Entrepreneurship Theory Practice 39(1):27–52.Crossref, Google Scholar
• Myers SC, Majluf NS (1984) Corporate financing and investment decisions when firms have information that investors do not have. J. Financial Econom. 13(2):187–221.Crossref, Google Scholar
• Negro G, Hannan MT, Fassiotto M (2015) Category signaling and reputation. Organ. Sci. 26(2):584–600.Link, Google Scholar
• Nickell S (1981) Biases in dynamic models with fixed effects. Econometrica 49(6):1417–1426.Crossref, Google Scholar
• Park UD, Borah A, Kotha S (2016) Signaling revisited: The use of signals in the market for IPOs. Strategic Management J. 37(11):2362–2377.Crossref, Google Scholar
• Perkins SJ, Hendry C (2005) Ordering top pay: Interpreting the signals. J. Management Stud. 42(7):1443–1468.Crossref, Google Scholar
• Phelps EA (2006) Emotion and cognition: Insights from studies of the human amygdala. Annual Rev. Psych. 57(1):27–53.Crossref, Google Scholar
• Plummer LA, Allison TH, Connelly BL (2016) Better together? Signaling interactions in new venture pursuit of initial external capital. Acad. Management J. 59(5):1585–1604.Crossref, Google Scholar
• Robinson S (2006) The mission of the j-blog. Journalism 7(1):65–83.Crossref, Google Scholar
• Roodman D (2009a) How to do xtabond2: An introduction to difference and system GMM in stata. Stata J. 9(1):86–136.Crossref, Google Scholar
• Roodman D (2009b) A note on the theme of too many instruments. Oxford Bull. Econom. Statist. 71(1):135–158.Crossref, Google Scholar
• Rowley J (1996) Motivation and academic staff in higher education. Quality Assurance Ed. 4(3):11–16.Crossref, Google Scholar
• Sahlman WA (1990) The structure and governance of venture-capital organizations. J. Financial Econom. 27(2):473–521.Crossref, Google Scholar
• Smith AN (2015) The backer–developer connection: Exploring crowdfunding’s influence on video game production. New Media Soc. 17(2):198–214.Crossref, Google Scholar
• Söllner A, Bröder A, Hilbig BE (2013) Deliberation versus automaticity in decision making: Which presentation format features facilitate automatic decision making? Judgment Decision Making 8(3):278–298.Google Scholar
• Spence M (1973) Job market signaling. Quart. J. Econom. 87(3):355–374.Crossref, Google Scholar
• Spence M (2002) Signaling in retrospect and the informational structure of markets. Amer. Econom. Rev. 92(3):434–459.Crossref, Google Scholar
• Steigenberger N (2017) Why supporters contribute to reward-based crowdfunding. Internat. J. Entrepreneurial Behav. Res. 23(2):336–353.Crossref, Google Scholar
• Suddaby R, Greenwood R (2005) Rhetorical strategies of legitimacy. Admin. Sci. Quart. 50(1):35–67.Crossref, Google Scholar
• Tabachnick BG, Fidell LS (2001) Using Multivariate Statistics (Allyn and Bacon, Boston).Google Scholar
• Taylor JR, Robichaud D (2004) Finding the organization in the communication: Discourse as action and sensemaking. Organization 11(3):395–413.Crossref, Google Scholar
• Vaara E, Monin P (2010) A recursive perspective on discursive legitimation and organizational action in mergers and acquisitions. Organ. Sci. 21(1):3–22.Link, Google Scholar
• Vaara E, Sonenshein S, Boje D (2016) Narratives as sources of stability and change in organizations: Approaches and directions for future research. Acad. Management Ann. 10(1):495–560.Crossref, Google Scholar
• Ward C, Ramachandran V (2010) Crowdfunding the next hit: Microfunding online experience goods. Workshop Comput. Soc. Sci. Wisdom Crowds NIPS2010, Whistler, Canada, 1–5.Google Scholar
• Wash R, Solomon J (2014) Coordinating donors on crowdfunding websites. Proc. 17th ACM Conf. Comput. Supported Cooperative Work Soc. Comput., Baltimore (ACM, New York), 38–48.Google Scholar
• Weick KE, Sutcliffe KM, Obstfeld D (2005) Organizing and the process of sensemaking. Organ. Sci. 16(4):409–421.Link, Google Scholar
• Wooldridge JM (2012) Introductory Econometrics, 5th ed. (Cengage Learning, Mason, OH).Google Scholar
• Zerbini F (2017) CSR initiatives as market signals: A review and research agenda. J. Bus. Ethics 146(1):1–23.Crossref, Google Scholar