{"title":"How signal portfolios affect success in equity-based crowdfunding: Evidence from the Chinese hotel industry","authors":"Liqing La , Seongsoo (Simon) Jang","doi":"10.1016/j.ijhm.2024.103938","DOIUrl":null,"url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":48444,"journal":{"name":"International Journal of Hospitality Management","volume":"123 ","pages":"Article 103938"},"PeriodicalIF":9.9000,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Hospitality Management","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0278431924002500","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"HOSPITALITY, LEISURE, SPORT & TOURISM","Score":null,"Total":0}
引用次数: 0
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.
期刊介绍:
The International Journal of Hospitality Management serves as a platform for discussing significant trends and advancements in various disciplines related to the hospitality industry. The publication covers a wide range of topics, including human resources management, consumer behavior and marketing, business forecasting and applied economics, operational management, strategic management, financial management, planning and design, information technology and e-commerce, training and development, technological developments, and national and international legislation.
In addition to covering these topics, the journal features research papers, state-of-the-art reviews, and analyses of business practices within the hospitality industry. It aims to provide readers with valuable insights and knowledge in order to advance research and improve practices in the field.
The journal is also indexed and abstracted in various databases, including the Journal of Travel Research, PIRA, Academic Journal Guide, Documentation Touristique, Leisure, Recreation and Tourism Abstracts, Lodging and Restaurant Index, Scopus, CIRET, and the Social Sciences Citation Index. This ensures that the journal's content is widely accessible and discoverable by researchers and practitioners in the hospitality field.