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Michael Mödl

Signaling Effects of Crowdfunding on Venture Investors‘ Decision Making

Innovation und Entrepreneurship Series Editors Nikolaus Franke, Abt. Entrepreneurship, Wirtschaftsuniversität Wien Abt. Entrepreneurship und, Wien, Austria Dietmar Harhoff, Max-Planck-Institut, München, Germany Joachim Henkel, Dr. Theo Schöller-Stiftungslehrstuhl, TU München, München, Germany Carolin Häussler, Universität Passau, Passau, Germany

Innovative Konzepte und unternehmerische Leistungen sind für Wohlstand und Fortschritt von entscheidender Bedeutung. Diese Schriftenreihe vereint wissenschaftliche Arbeiten zu diesem Themenbereich. Sie beschreiben substanzielle Erkenntnisse auf hohem methodischen Niveau. Innovative concepts and entrepreneurial performance are crucial for prosperity and progress. This publication series brings together scientific contributions on these topics. They describe substantial findings at a high methodological level.

More information about this series at http://www.springer.com/series/12264

Michael Mödl

Signaling Effects of Crowdfunding on Venture Investors’ Decision Making

Michael Mödl Max-Planck-Institut für Innovation und Wettbewerb München, Bayern, Germany Dissertation, Ludwig-Maximilians-Universität, 2018 D 19

ISSN 2627-1168 ISSN 2627-1184  (electronic) Innovation und Entrepreneurship ISBN 978-3-658-31589-4 ISBN 978-3-658-31590-0  (eBook) https://doi.org/10.1007/978-3-658-31590-0 © Springer Fachmedien Wiesbaden GmbH, part of Springer Nature 2020 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Responsible Editor: Carina Reibold This Springer Gabler imprint is published by the registered company Springer Fachmedien ­Wiesbaden GmbH part of Springer Nature. The registered company address is: Abraham-Lincoln-Str. 46, 65189 Wiesbaden, Germany

Foreword

The financing of young firms is a central topic in innovation and entrepreneur