How signal portfolios affect success in equity-based crowdfunding: Evidence from the Chinese hotel industry
研究了实质性信号（产品和企业信息）与修辞性信号（语言信息）的组合如何影响中国酒店业股权众筹的成功，发现产品与企业相关信号组合以及产品与修辞信号组合均能提升众筹金额和成功率。
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. • Hotel equity-based crowdfunding success is investigated. • Bundles of substantive and rhetorical signals affect crowdfunding success. • The combination of product- and firm-related substantive signals is effective. • The combination of product-related substantive and rhetorical signals is effective. • Findings offer strategic guidance for hotel crowdfunding managers.