Evolving human capital of entrepreneurs in an equity crowdfunding era
研究了股权众筹中企业家的人力资本特征如何影响融资，发现不同经验（如初创经历、小企业管理经验）对融资有不同影响，且因团队类型而异。
With the emergence of equity crowdfunding, understanding the human capital characteristics needed for running new ventures and the signals they send to prospective investors is of central importance. In focusing on this gap, our results reveal the importance and detrimental impact of specific human capital characteristics on funding (from startup experience for previous ventures and management experience with small organizations to startup experience with ongoing ventures). Further, these relationships differ by entrepreneurial team type (lone versus teams of two-plus). Interestingly, management experience with large organizations does not impact funding. This study highlights the importance of probing more deeply into human capital for understanding equity crowdfunding success.