Resolving Information Asymmetry: Signaling, Endorsement, and Crowdfunding Success
研究了众筹项目中，创业者的信号（如媒体使用和众筹经验）与第三方背书（支持者评论情绪）如何共同影响项目成功，发现信号间会相互抵消，而背书则能验证和补充信号。
This article draws on information economics to examine when signals and endorsements obtained from multiple information sources enhance or diminish one another's effects. We propose that signals through start–up actions (use of media) and characteristics (crowdfunding experience) can mitigate information asymmetry concerns about project quality and founder credibility, enhancing the project's likelihood of attaining funding. Further, we posit that while start–up–originated signals offset each other's effects, third–party endorsements (sentiment expressed in backer comments) validate and complement start–up–originated signals. Empirical analyses based on a comprehensive dataset of crowdfunding projects on the Kickstarter website during 2009–2015 confirm our predictions.