TY - GEN A1 - Kleinert, Simon A1 - Bafera, Julian A1 - Urbig, Diemo A1 - Volkmann, Christine T1 - Access denied: How equity crowdfunding platforms use quality signals to select new ventures T2 - Entrepreneurship, Theory & Practice N2 - Among the new ventures actively seeking funds through equity crowdfunding, only a lucky few seemingly survive the rigorous selection process imposed by equity crowdfunding platforms (ECFPs). With a conjoint experiment involving decision-makers from 50 platforms in 22 countries, this study provides first quantitative evidence regarding how ECFPs actually use quality signals to select new ventures to start fundraising campaigns. The ECFPs interpret signals differently, depending on whether they impose a co-investment requirement or generate revenues from new ventures’ long-term performance. The effectiveness of the signals also is contingent on the applicant’s industry background and the signals’ accessibility in the country where the ECFP operates. KW - Entrepreneurship KW - equity crowdfunding KW - entrepreneurial finance KW - signaling Y1 - 2021 UR - https://opus4.kobv.de/opus4-UBICO/frontdoor/index/index/docId/27611 SN - 1042-2587 VL - 46 (2022) IS - 6 SP - 1626 EP - 1657 ER -