APJIS Asia Pacific Journal of Information Systems

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The Journal for Information Professionals

Asia Pacific Journal of Information Systems (APJIS), a Scopus Indexed Journal,
is published by the Korea Society of Management Information Systems (KMIS),
which is the largest professional institute in the field of information systems in Korea.

ISSN 2288-5404 (Print) / ISSN 2288-6818 (Online)

Editor : Hee-Woong Kim

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Current Issue

Date June 2019
Vol. No. Vol. 29 No. 2
DOI https://doi.org/10.14329/apjis.2019.29.2.283
Page 283~307
Title Investigating Signals on Equity Crowdfunding: Human Capital, Earlier Investors, and Social Capital
Author Jungkook An, Hee-Woong Kim
Keyword Equity Crowdfunding, Investing Signal, Human Capital, Earlier Investors, Social Capital
Abstract Although crowdfunding has emerged as a promising route to fundraising success, little is known about the specifics of equity-based crowdfunding. Using a data set of 1,111 start-ups with investment funding totaling over $4.67 billion, we analyzed the association between a start-up’s underlying characteristics and its funding outcome. We found that a start-up’s funding outcome is positively associated with its human capital, but neg-atively associated with earlier investors’ business experience. Furthermore, our analyses revealed that investors have higher levels of social capital are a noise signal to later investors. These findings shed light on the critical role of human capital, investors’ experience, and social capital as credible signals for start-up investment in equity crowdfunding.


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