LEADER 03366nam 22005415 450 001 9910427058003321 005 20200831162011.0 010 $a3-658-31590-3 024 7 $a10.1007/978-3-658-31590-0 035 $a(CKB)4100000011406873 035 $a(MiAaPQ)EBC6326334 035 $a(DE-He213)978-3-658-31590-0 035 $a(PPN)250213796 035 $a(EXLCZ)994100000011406873 100 $a20200831d2020 u| 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aSignaling Effects of Crowdfunding on Venture Investors? Decision Making$b[electronic resource] /$fby Michael Mödl 205 $a1st ed. 2020. 210 1$aWiesbaden :$cSpringer Fachmedien Wiesbaden :$cImprint: Springer Gabler,$d2020. 215 $a1 online resource (207 pages) 225 1 $aInnovation und Entrepreneurship,$x2627-1168 311 $a3-658-31589-X 327 $aIntroduction -- New Venture Financing Research -- Theory and Hypotheses -- Methods -- Data and Sample Description -- Venture Investors? Perceptions of Entrepreneurs? Financing Hierarchies -- Effects of Crowdfinancing on Subsequent Venture Capital Selection -- Summary, Discussion and Outlook. 330 $aMichael Mödl examines the impact and signaling effects of crowd-based start-up financing on subsequent venture capital funding rounds. The digital era has substantially expanded the entrepreneurial financing landscape and crowdfunding is emerging as a novel way for young innovative firms to secure scarce early-stage funding. As the evaluations of venture capitalists and business angels remain to be consequential for securing critical resources in later stages, questions on the interactions between new and traditional forms of venture financing arise. Drawing on choice experimental research designs the author provides causal empirical evidence that while ?the crowd? is generally seen as a negative signal, it can generate certain positive signals which increase the likelihood of professional venture investors to consider crowdfunded start-ups for investment. The presented findings yield important implications for capital-seeking entrepreneurs, investors and public policy. Dr. Michael Maximilian Mödl completed his dissertation under supervision of Prof. Dietmar Harhoff, Ph.D. at Ludwig-Maximilians-Universität München and at the Max Planck Institute for Innovation and Competition. 410 0$aInnovation und Entrepreneurship,$x2627-1168 606 $aEntrepreneurship 606 $aEconomics 606 $aManagement science 606 $aEntrepreneurship$3https://scigraph.springernature.com/ontologies/product-market-codes/514000 606 $aEconomics, general$3https://scigraph.springernature.com/ontologies/product-market-codes/W00000 615 0$aEntrepreneurship. 615 0$aEconomics. 615 0$aManagement science. 615 14$aEntrepreneurship. 615 24$aEconomics, general. 676 $a658.15224 700 $aMödl$b Michael$4aut$4http://id.loc.gov/vocabulary/relators/aut$0952597 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910427058003321 996 $aSignaling Effects of Crowdfunding on Venture Investors? Decision Making$92153517 997 $aUNINA