What does this research mean for the field?

Use-of-proceeds disclosures in equity crowdfunding function as signals of strategic intent that significantly influence investor commitment amounts and timing, with investors showing a clear preference for growth-oriented allocations. Novelty: ClaimNovelty.CONFIRMATORY. Consensus alignment: ConsensusAlignment.CHALLENGES_CONSENSUS.

What question did this study set out to answer?

To evaluate how intended use-of-proceeds disclosures influence individual investor commitment, timing, and ticket sizes in equity crowdfunding campaigns, while exploring gender-related behavioral differences.

September 8, 2026Small Business EconomicsOpen Access

Signals of strategic intent: the impact of the disclosure of intended use of proceeds on equity crowdfunding investors’ decision-making

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Authors

DBDaniel Berliner

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Overview

Observational study reveals that growth disclosures increase investment amounts in equity crowdfunding campaigns, indicating that intended capital allocation serves as a key strategic signal.

Key Points

To evaluate how intended use-of-proceeds disclosures influence individual investor commitment, timing, and ticket sizes in equity crowdfunding campaigns, while exploring gender-related behavioral differences.
Analyzed an observational dataset of 7,151 investors across 35 equity crowdfunding campaigns between July 2018 and December 2020.
Conducted primary behavioral analyses on 1,915 repeat investors and compared findings with 5,236 one-time investors to detect experience and gender-based effects.
Categorized capital allocation disclosures into growth-oriented versus overhead-oriented strategies and modeled their association with investor capital commitment, minimum ticket ratio, and investment timing.
Growth-oriented use-of-proceeds disclosures significantly associate with higher capital commitments and earlier investment timing, whereas overhead disclosures show negligible influence on investor decisions.
Female investors commit lower absolute amounts and invest a smaller proportion relative to the campaign minimum ticket compared to male investors.
One-time female investors exhibit an evaluation penalty against ventures with higher female team representation, an effect absent among male investors and attenuated among experienced repeat investors.

Cite This Study

Daniel Berliner (2026) studied this question.

synapsesocial.com/papers/6a9fd7b758e84d0ff5b46ae3 https://doi.org/10.1007/s11187-026-01280-x

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September 8, 2026Small Business EconomicsOpen Access

Signals of strategic intent: the impact of the disclosure of intended use of proceeds on equity crowdfunding investors’ decision-making

View Full Paper

Ask AI

Bookmark

Authors

DBDaniel Berliner

Discussion

Member takes

Overview

Observational study reveals that growth disclosures increase investment amounts in equity crowdfunding campaigns, indicating that intended capital allocation serves as a key strategic signal.

Key Points

To evaluate how intended use-of-proceeds disclosures influence individual investor commitment, timing, and ticket sizes in equity crowdfunding campaigns, while exploring gender-related behavioral differences.
Analyzed an observational dataset of 7,151 investors across 35 equity crowdfunding campaigns between July 2018 and December 2020.
Conducted primary behavioral analyses on 1,915 repeat investors and compared findings with 5,236 one-time investors to detect experience and gender-based effects.
Categorized capital allocation disclosures into growth-oriented versus overhead-oriented strategies and modeled their association with investor capital commitment, minimum ticket ratio, and investment timing.
Growth-oriented use-of-proceeds disclosures significantly associate with higher capital commitments and earlier investment timing, whereas overhead disclosures show negligible influence on investor decisions.
Female investors commit lower absolute amounts and invest a smaller proportion relative to the campaign minimum ticket compared to male investors.
One-time female investors exhibit an evaluation penalty against ventures with higher female team representation, an effect absent among male investors and attenuated among experienced repeat investors.

Cite This Study

Daniel Berliner (2026) studied this question.

synapsesocial.com/papers/6a9fd7b758e84d0ff5b46ae3 https://doi.org/10.1007/s11187-026-01280-x

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