Flow Signals: How Patterns over Time Affect the Acceptance of Start-Up Firms
研究提出“流动信号”概念，即企业属性随时间变化的模式，并分析其三个特性（位移、倾向、反转）如何影响潜在客户对初创企业产品质量的感知，进而影响销售增长。基于2001-2005年上市的美国风投支持企业面板数据，发现研发支出和自愿披露的位移与倾向正向影响销售增长，而研发支出反转则有负向影响，且对较年轻初创企业影响更强。
This study introduces the concept of flow signals—patterns of a firm's attributes over time—and contrasts them with point signals discussed in the literature to date. Three properties of flow signals are delineated: displacement, propensity, and reversals. The authors illustrate these properties using a start-up's research-and-development (R&D) spending and voluntary disclosure flows. The authors argue that the flow signal properties affect prospective customers’ perceptions of a start-up's current and future product quality, thus influencing their purchase likelihood and, ultimately, the start-up's growth in sales. The findings, obtained from panel data comprised of U.S. venture-backed firms that went public in 2001–2005, suggest that sales growth is positively affected by displacement and propensity of both R&D spending and voluntary disclosures and negatively affected by R&D spending reversals. Furthermore, these effects are stronger for the relatively younger start-ups.