Universität zu Köln

Steigenberger, Norbert ORCID: 0000-0002-8304-5321 and Wilhelm, Hendrik (2018). Extending Signaling Theory to Rhetorical Signals: Evidence from Crowdfunding. Organ Sci., 29 (3). S. 529 - 547. CATONSVILLE: INFORMS. ISSN 1047-7039

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Abstract

Firms often need to acquire external financial resources to maintain and develop their business. To attract these resources, firms employ various substantive and rhetorical signals, such as publishing press releases, showcasing prototypes of new products, and hiring renowned managers. However, despite the relevance of signals, we still know little about how they interact-whether they strengthen, weaken, or neutralize one another-in attracting resources. Traditional signaling theory downplays the importance of rhetoric while management research acknowledges its relevance, creating a disconnect between these two camps and a shortcoming that deserves further investigation. To address this shortcoming, we advance the concept of signal portfolios. Signal portfolios may combine rhetorical signals with substantive signals. We employ this concept to explain how the interaction of the two affects financial resource acquisition in high-noise environments-settings where firms send multiple signals simultaneously. Based on longitudinal data on crowdfunding, an exemplary high-noise environment, we find that rhetorical signals complement substantive signals in certain situations and, thus, strengthen their impact on a firm's financial resource acquisition. Contrary to our expectations, however, we find that under specific conditions, rhetorical signals may also weaken the impact of substantive signals. Our research has implications for signaling theory, crowdfunding research, and management practice.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Steigenberger, Norbert UNSPECIFIED orcid.org/0000-0002-8304-5321 UNSPECIFIED Wilhelm, Hendrik UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-187144
DOI:	10.1287/orsc.2017.1195
Journal or Publication Title:	Organ Sci.
Volume:	29
Number:	3
Page Range:	S. 529 - 547
Date:	2018
Publisher:	INFORMS
Place of Publication:	CATONSVILLE
ISSN:	1047-7039
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language DECISION-MAKING; CEO REPUTATION; INTUITION; COMMUNICATION; LEGITIMATION; COGNITION; MARKET; INFORMATION; PERSPECTIVE; COMPONENTS Multiple languages Management Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/18714