Cognitive Processes of Signal Set From Entrepreneurs and the Importance of Herds in Equity Crowdfunding
研究投资者在股权众筹中如何根据企业家信号的一致性程度，选择依赖启发式或系统性认知过程，并发现信号弱平衡不一致时更易引发系统性思考，对理解众筹投资决策有参考价值。
Drawing on a theoretical framework associated with the cognitive perspective, we propose that investors will rely on heuristic cognitive processes when signals from entrepreneurs are congruent or imbalanced incongruent. However, when signals are balanced incongruent, investors will engage in systematic cognitive processes that incorporate additional information from the herding behavior of other investors. We find evidence supporting our hypotheses in a sample of campaigns listed on a UK equity crowdfunding platform. Further analysis employing advanced machine learning techniques reveals that investors engage more in systematic processes when signals from entrepreneurs are in a weak form of balanced incongruence rather than a strong form.