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

IF 9.9 1区 管理学 Q1 HOSPITALITY, LEISURE, SPORT & TOURISM International Journal of Hospitality Management Pub Date : 2024-09-25 DOI:10.1016/j.ijhm.2024.103938
Liqing La , Seongsoo (Simon) Jang
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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.
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信号组合如何影响股权众筹的成功:来自中国酒店业的证据
大多数众筹研究主要探讨基于奖励的众筹的成功因素,而本研究则研究复合信号组合的功效。具体而言,我们研究了由产品和公司相关信息组成的实质性信号组合和以语言信息为基础的修辞性信号组合如何影响基于股权的酒店众筹的绩效。通过分析中国酒店业 512 个股权众筹项目的客观数据,我们的研究结果表明,与产品和公司相关的实质性信号(如价格和团队规模)的组合提高了股权众筹的金额和比例。此外,我们的研究结果还揭示出,与产品相关的实质性信号(价格)和修辞性信号(情感诉求)的结合大大有助于股权众筹的成功。这些发现不仅为现有的酒店众筹文献做出了贡献,还为酒店业的股权众筹管理者提供了战略启示。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
International Journal of Hospitality Management
International Journal of Hospitality Management HOSPITALITY, LEISURE, SPORT & TOURISM-
CiteScore
21.20
自引率
9.40%
发文量
218
审稿时长
85 days
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.
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