{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,20]],"date-time":"2026-10-20T15:42:14Z","timestamp":1792510934055,"version":"4.5.0"},"reference-count":73,"publisher":"Elsevier BV","issue":"4","license":[{"start":{"date-parts":[[2026,6,1]],"date-time":"2026-06-01T00:00:00Z","timestamp":1780272000000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.elsevier.com\/tdm\/userlicense\/1.0\/"},{"start":{"date-parts":[[2026,6,1]],"date-time":"2026-06-01T00:00:00Z","timestamp":1780272000000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.elsevier.com\/legal\/tdmrep-license"},{"start":{"date-parts":[[2026,6,1]],"date-time":"2026-06-01T00:00:00Z","timestamp":1780272000000},"content-version":"stm-asf","delay-in-days":0,"URL":"https:\/\/doi.org\/10.15223\/policy-017"},{"start":{"date-parts":[[2026,6,1]],"date-time":"2026-06-01T00:00:00Z","timestamp":1780272000000},"content-version":"stm-asf","delay-in-days":0,"URL":"https:\/\/doi.org\/10.15223\/policy-037"},{"start":{"date-parts":[[2026,6,1]],"date-time":"2026-06-01T00:00:00Z","timestamp":1780272000000},"content-version":"stm-asf","delay-in-days":0,"URL":"https:\/\/doi.org\/10.15223\/policy-012"},{"start":{"date-parts":[[2026,6,1]],"date-time":"2026-06-01T00:00:00Z","timestamp":1780272000000},"content-version":"stm-asf","delay-in-days":0,"URL":"https:\/\/doi.org\/10.15223\/policy-029"},{"start":{"date-parts":[[2026,6,1]],"date-time":"2026-06-01T00:00:00Z","timestamp":1780272000000},"content-version":"stm-asf","delay-in-days":0,"URL":"https:\/\/doi.org\/10.15223\/policy-004"}],"funder":[{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["72272075"],"award-info":[{"award-number":["72272075"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["72488101"],"award-info":[{"award-number":["72488101"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":["elsevier.com","sciencedirect.com"],"crossmark-restriction":true},"short-container-title":["Information & Management"],"published-print":{"date-parts":[[2026,6]]},"DOI":"10.1016\/j.im.2026.104335","type":"journal-article","created":{"date-parts":[[2026,3,6]],"date-time":"2026-03-06T19:07:45Z","timestamp":1772824065000},"page":"104335","update-policy":"https:\/\/doi.org\/10.1016\/elsevier_cm_policy","source":"Crossref","is-referenced-by-count":1,"title":["Signal startup quality in syndicate equity crowdfunding: The effect of lead investors\u2019 network centrality and reputation"],"prefix":"10.1016","volume":"63","author":[{"given":"Yuting","family":"Xu","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Lukas Vincent","family":"Tatge","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-4730-7299","authenticated-orcid":false,"given":"Xue","family":"Yang","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-1645-0634","authenticated-orcid":false,"given":"Weiling","family":"Ke","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","reference":[{"issue":"4","key":"10.1016\/j.im.2026.104335_bib0001","article-title":"Difficulties in securing funding from banks: success factors for small and medium enterprises (SMEs) [J]","volume":"1","author":"Zairani","year":"2013","journal-title":"J. Adv. Manag. Sci."},{"key":"10.1016\/j.im.2026.104335_bib0002","doi-asserted-by":"crossref","first-page":"75","DOI":"10.1007\/s11187-018-0081-x","article-title":"Equity crowdfunding: a systematic review of the literature [J]","volume":"54","author":"Mochkabadi","year":"2020","journal-title":"Small Bus. Econ."},{"issue":"2","key":"10.1016\/j.im.2026.104335_bib0003","doi-asserted-by":"crossref","first-page":"444","DOI":"10.1007\/s11747-022-00871-w","article-title":"To exploit or explore? The impact of crowdfunding project descriptions and backers' power states on funding decisions [J]","volume":"51","author":"Zhang","year":"2023","journal-title":"J. Acad. Mark. Sci."},{"key":"10.1016\/j.im.2026.104335_bib0004","doi-asserted-by":"crossref","DOI":"10.1108\/QRFM-07-2014-0021","article-title":"Investor communication in equity-based crowdfunding: a qualitative-empirical study [J]","author":"Moritz","year":"2015","journal-title":"Qual. Res. Financ. Mark."},{"issue":"1","key":"10.1016\/j.im.2026.104335_bib0005","doi-asserted-by":"crossref","first-page":"69","DOI":"10.5465\/amp.2017.0208","article-title":"Equity crowdfunding and governance: toward an integrative model and research agenda [J]","volume":"35","author":"Cumming","year":"2021","journal-title":"Acad. Manag. Perspect."},{"issue":"3","key":"10.1016\/j.im.2026.104335_bib0006","doi-asserted-by":"crossref","DOI":"10.1016\/j.im.2020.103269","article-title":"Exploring the impact of initial herd on overfunding in equity crowdfunding [J]","volume":"59","author":"Li","year":"2022","journal-title":"Inf. Manag."},{"issue":"2","key":"10.1016\/j.im.2026.104335_bib0007","doi-asserted-by":"crossref","first-page":"43","DOI":"10.1177\/0008125617738260","article-title":"Crowd equity investors: an underutilized asset for open innovation in startups [J]","volume":"60","author":"Di Pietro","year":"2018","journal-title":"Calif Manage Rev"},{"issue":"2","key":"10.1016\/j.im.2026.104335_bib0008","doi-asserted-by":"crossref","first-page":"111","DOI":"10.1525\/cmr.2016.58.2.111","article-title":"Are syndicates the killer app of equity crowdfunding? [J]","volume":"58","author":"Agrawal","year":"2016","journal-title":"Calif. Manage Rev."},{"key":"10.1016\/j.im.2026.104335_bib0009","doi-asserted-by":"crossref","DOI":"10.1108\/JSBED-06-2022-0282","article-title":"Equity crowdfunding syndicates and fundraising performance: the effect of human capital and lead investor reputation [J]","author":"Zhang","year":"2023","journal-title":"J. Small Bus. Enterp. Dev."},{"issue":"5","key":"10.1016\/j.im.2026.104335_bib0010","doi-asserted-by":"crossref","first-page":"892","DOI":"10.1287\/mnsc.1110.1459","article-title":"Rational herding in microloan markets [J]","volume":"58","author":"Zhang","year":"2012","journal-title":"Manage Sci."},{"issue":"7","key":"10.1016\/j.im.2026.104335_bib0011","doi-asserted-by":"crossref","DOI":"10.1016\/j.im.2023.103840","article-title":"How to attract low prosocial funders in crowdfunding? Matching among funders, project descriptions, and platform types [J]","volume":"60","author":"Li","year":"2023","journal-title":"Inf. Manag."},{"key":"10.1016\/j.im.2026.104335_bib0012","doi-asserted-by":"crossref","first-page":"632","DOI":"10.3389\/fpsyg.2020.00632","article-title":"I invest by following lead investors!\u201d the role of lead investors in fundraising performance of equity crowdfunding [J]","volume":"11","author":"Shen","year":"2020","journal-title":"Front. Psychol."},{"issue":"2","key":"10.1016\/j.im.2026.104335_bib0013","doi-asserted-by":"crossref","first-page":"203","DOI":"10.1108\/IJEBR-05-2019-0265","article-title":"How lead investors build trust in the specific context of a campaign: a case study of equity crowdfunding in China [J]","volume":"26","author":"Xiao","year":"2020","journal-title":"Int. J. Entrep. Behav. Res."},{"key":"10.1016\/j.im.2026.104335_bib0014","doi-asserted-by":"crossref","DOI":"10.1016\/j.pacfin.2023.101978","article-title":"Lead investors' insider ownership and crowd investors' agency concerns in investor-led equity crowdfunding [J]","volume":"78","author":"Chen","year":"2023","journal-title":"Pac.-Basin Finance J."},{"issue":"3","key":"10.1016\/j.im.2026.104335_bib0015","doi-asserted-by":"crossref","first-page":"241","DOI":"10.1080\/13691061003711438","article-title":"Business angel syndicates: an exploratory study of gatekeepers [J]","volume":"12","author":"Paul","year":"2010","journal-title":"Venture Cap."},{"issue":"3","key":"10.1016\/j.im.2026.104335_bib0016","doi-asserted-by":"crossref","first-page":"301","DOI":"10.1108\/NBRI-01-2016-0002","article-title":"The value of information disclosure and lead investor in equity-based crowdfunding: an exploratory empirical study [J]","volume":"7","author":"Li","year":"2016","journal-title":"Nankai Bus. Rev. Int."},{"issue":"2","key":"10.1016\/j.im.2026.104335_bib0017","doi-asserted-by":"crossref","first-page":"161","DOI":"10.1016\/j.jfineco.2023.05.001","article-title":"Angel investment and first impressions [J]","volume":"149","author":"Huang","year":"2023","journal-title":"J. Financ. Econ."},{"key":"10.1016\/j.im.2026.104335_bib0018","first-page":"90","article-title":"The effect of lead investor's human capital on funding performance: the moderating role of investment ambition [J]","author":"Zhang","year":"2024","journal-title":"J. Int. Financ. Mark. Inst. Money"},{"issue":"3","key":"10.1016\/j.im.2026.104335_bib0019","first-page":"352","article-title":"Overcoming the challenges of impact investing: insights from leading investors [J]","volume":"6","author":"Ormiston","year":"2015","journal-title":"J. Soc. Entrep."},{"key":"10.1016\/j.im.2026.104335_bib0020","doi-asserted-by":"crossref","DOI":"10.1016\/j.najef.2022.101757","article-title":"Venture capital firms\u2019 lead orientation, network position, and selection of familiar syndicate partners [J]","volume":"62","author":"Hu","year":"2022","journal-title":"N. Am. J. Econ. Finance"},{"issue":"12","key":"10.1016\/j.im.2026.104335_bib0021","doi-asserted-by":"crossref","first-page":"3247","DOI":"10.1002\/smj.2722","article-title":"Performance feedback as a cooperation \u201cswitch\u201d: a behavioral perspective on the success of venture capital syndicates among competitors [J]","volume":"39","author":"Makarevich","year":"2018","journal-title":"Strateg. Manag. J."},{"issue":"3","key":"10.1016\/j.im.2026.104335_bib0022","doi-asserted-by":"crossref","first-page":"667","DOI":"10.1007\/s11187-017-9950-y","article-title":"Human capital signals and entrepreneurs' success in equity crowdfunding [J]","volume":"51","author":"Piva","year":"2018","journal-title":"Small Bus. Econ."},{"issue":"4","key":"10.1016\/j.im.2026.104335_bib0023","doi-asserted-by":"crossref","first-page":"488","DOI":"10.1016\/j.im.2014.03.003","article-title":"The role of multidimensional social capital in crowdfunding: a comparative study in China and US [J]","volume":"51","author":"Zheng","year":"2014","journal-title":"Inf. Manag."},{"key":"10.1016\/j.im.2026.104335_bib0024","first-page":"73","article-title":"The effect of lead investors? Trustworthiness on funding performance: the moderating effect of investment-specific human capital [J]","author":"Zhang","year":"2023","journal-title":"Technol. Soc."},{"issue":"9","key":"10.1016\/j.im.2026.104335_bib0025","doi-asserted-by":"crossref","DOI":"10.1016\/j.respol.2025.105290","article-title":"Syndication in equity crowdfunding: performance and the evaluation of experts [J]","volume":"54","author":"Catalini","year":"2025","journal-title":"Res. Policy"},{"issue":"1","key":"10.1016\/j.im.2026.104335_bib0026","doi-asserted-by":"crossref","first-page":"35","DOI":"10.1080\/13691066.2018.1518664","article-title":"Follow-on financing through syndication in the VC industry - a signaling perspective of VC human capital and fund characteristics [J]","volume":"22","author":"Milosevic","year":"2020","journal-title":"Venture Cap."},{"issue":"1","key":"10.1016\/j.im.2026.104335_bib0027","first-page":"39","article-title":"Signaling theory: a review and assessment [J]","volume":"37","author":"Connelly","year":"2011","journal-title":"J. Manage"},{"issue":"4","key":"10.1016\/j.im.2026.104335_bib0028","doi-asserted-by":"crossref","first-page":"729","DOI":"10.1007\/s11187-017-9892-4","article-title":"Quality signaling through ex-ante voluntary information disclosure in entrepreneurial networks: evidence from franchising [J]","volume":"50","author":"Sadeh","year":"2018","journal-title":"Small Bus. Econ."},{"issue":"1","key":"10.1016\/j.im.2026.104335_bib0029","first-page":"24","article-title":"Signaling theory: state of the theory and its future [J]","volume":"51","author":"Connelly","year":"2025","journal-title":"J. Manage"},{"issue":"4","key":"10.1016\/j.im.2026.104335_bib0030","doi-asserted-by":"crossref","first-page":"1583","DOI":"10.5465\/amj.2015.1141","article-title":"A signaling theory of institutional activism: how Norway\u2019s sovereign wealth fund investments affect firms\u2019 foreign acquisitions [J]","volume":"61","author":"Vasudeva","year":"2018","journal-title":"Acad. Manag. J."},{"issue":"3","key":"10.1016\/j.im.2026.104335_bib0031","doi-asserted-by":"crossref","first-page":"355","DOI":"10.1002\/joom.1272","article-title":"Customer base environmental disclosure and supplier greenhouse gas emissions: a signaling theory perspective [J]","volume":"70","author":"Song","year":"2024","journal-title":"J. Oper. Manag."},{"issue":"2","key":"10.1016\/j.im.2026.104335_bib0032","doi-asserted-by":"crossref","first-page":"495","DOI":"10.1108\/JBIM-04-2024-0238","article-title":"How SMEs' supply chain specific investment impacts supply chain financing performance: insights from signaling theory [J]","volume":"40","author":"Lu","year":"2025","journal-title":"J. Bus. Ind. Mark."},{"issue":"1","key":"10.1016\/j.im.2026.104335_bib0033","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.jbusvent.2013.06.005","article-title":"The dynamics of crowdfunding: an exploratory study [J]","volume":"29","author":"Mollick","year":"2014","journal-title":"J. Bus. Ventur."},{"issue":"2","key":"10.1016\/j.im.2026.104335_bib0034","doi-asserted-by":"crossref","DOI":"10.1016\/j.im.2022.103591","article-title":"Linguistic understandability, signal observability, funding opportunities, and crowdfunding campaigns [J]","volume":"59","author":"Wang","year":"2022","journal-title":"Inf. Manag."},{"issue":"3","key":"10.1016\/j.im.2026.104335_bib0035","doi-asserted-by":"crossref","first-page":"432","DOI":"10.2307\/30040731","article-title":"Influencing initial public offering investors with prestige: signaling with board structures [J]","volume":"28","author":"Certo","year":"2003","journal-title":"Acad. Manag. Rev."},{"issue":"2","key":"10.1016\/j.im.2026.104335_bib0036","doi-asserted-by":"crossref","first-page":"370","DOI":"10.1007\/s11747-023-00943-5","article-title":"The time-varying effects of rhetorical signals in crowdfunding campaigns [J]","volume":"52","author":"Moradi","year":"2024","journal-title":"J. Acad. Mark. Sci."},{"issue":"4","key":"10.1016\/j.im.2026.104335_bib0037","doi-asserted-by":"crossref","first-page":"955","DOI":"10.1111\/etap.12157","article-title":"Signaling in equity crowdfunding [J]","volume":"39","author":"Ahlers","year":"2015","journal-title":"Entrep. Theory Pract."},{"key":"10.1016\/j.im.2026.104335_bib0038","first-page":"56","article-title":"Can an early exit mechanism attract more pledges in equity-based crowdfunding? Evidence from China [J]","author":"Bi","year":"2023","journal-title":"Finance Res. Lett."},{"issue":"3","key":"10.1016\/j.im.2026.104335_bib0039","doi-asserted-by":"crossref","first-page":"1271","DOI":"10.25300\/MISQ\/2022\/16620","article-title":"Crowdfunding success effects on financing outcomes for startups: a signaling theory perspective [J]","volume":"47","author":"Ryu","year":"2023","journal-title":"MIS Q."},{"key":"10.1016\/j.im.2026.104335_bib0040","first-page":"69","article-title":"Communication of post-release plans in crowdfunding development initiatives: a signaling perspective [J]","author":"Ghobadi","year":"2023","journal-title":"Int. J. Inf. Manage"},{"key":"10.1016\/j.im.2026.104335_bib0041","first-page":"138","article-title":"Influence of Facebook likes on purchases and recommendations on a linked e-commerce site [J]","author":"Bhattacharyya","year":"2020","journal-title":"Decis. Support Syst."},{"issue":"9","key":"10.1016\/j.im.2026.104335_bib0042","article-title":"Harnessing the science of persuasion [J]","volume":"79","author":"Cialdini","year":"2001","journal-title":"Harv. Bus. Rev."},{"key":"10.1016\/j.im.2026.104335_bib0043","first-page":"84","article-title":"Beyond likes and comments: how social proof influences consumer impulse buying on short-form video platforms [J]","author":"Huang","year":"2025","journal-title":"J. Retail. Consum. Serv."},{"key":"10.1016\/j.im.2026.104335_bib0044","first-page":"98","article-title":"Impact of dark patterns on consumers? Perceived fairness and attitude: moderating effects of types of dark patterns, social proof, and moral identity [J]","author":"Kim","year":"2023","journal-title":"Tour. Manag."},{"key":"10.1016\/j.im.2026.104335_bib0045","doi-asserted-by":"crossref","unstructured":"Lekkas H. W., Antretter T., Shepherd D., et al. Following in the footsteps of others: social proof in angel groups [J]. Entrepreneurship theory and practice, 2025, 49(4): 1037\u201370. https:\/\/doi.org\/10.1177\/10422587251315657.","DOI":"10.1177\/10422587251315657"},{"issue":"2","key":"10.1016\/j.im.2026.104335_bib0046","doi-asserted-by":"crossref","first-page":"933","DOI":"10.1287\/mnsc.2017.2833","article-title":"Complementarity of signals in early-stage equity investment decisions: evidence from a randomized field experiment [J]","volume":"65","author":"Bapna","year":"2019","journal-title":"Manage Sci."},{"issue":"1","key":"10.1016\/j.im.2026.104335_bib0047","doi-asserted-by":"crossref","DOI":"10.1016\/j.im.2023.103889","article-title":"Herding dynamics and multidimensional uncertainty in equity crowdfunding: the impacts of information sources [J]","volume":"61","author":"Dao","year":"2024","journal-title":"Inf. Manag."},{"key":"10.1016\/j.im.2026.104335_bib0048","doi-asserted-by":"crossref","first-page":"579","DOI":"10.1007\/s11187-016-9710-4","article-title":"Equity retention and social network theory in equity crowdfunding [J]","volume":"46","author":"Vismara","year":"2016","journal-title":"Small Bus. Econ."},{"issue":"3","key":"10.1016\/j.im.2026.104335_bib0049","doi-asserted-by":"crossref","first-page":"757","DOI":"10.5465\/amr.2006.21318931","article-title":"Brokerage and closure: an introduction to social capital [J]","volume":"31","author":"Johnson","year":"2006","journal-title":"Acad. Manag. Rev."},{"key":"10.1016\/j.im.2026.104335_bib0050","doi-asserted-by":"crossref","first-page":"153","DOI":"10.1016\/j.socnet.2015.08.003","article-title":"Maintaining the duality of closeness and betweenness centrality [J]","volume":"44","author":"Brandes","year":"2016","journal-title":"Soc. Netw."},{"issue":"1","key":"10.1016\/j.im.2026.104335_bib0051","doi-asserted-by":"crossref","first-page":"21","DOI":"10.1007\/s13278-010-0012-6","article-title":"Social network analysis: developments, advances, and prospects [J]","volume":"1","author":"Scott","year":"2011","journal-title":"Soc. Netw. Anal. Min."},{"issue":"4","key":"10.1016\/j.im.2026.104335_bib0052","first-page":"510","article-title":"Early backers' social and geographic influences on the success of crowdfunding [J]","volume":"17","author":"Ma","year":"2023","journal-title":"J. Res. Interact. Mark."},{"issue":"10","key":"10.1016\/j.im.2026.104335_bib0053","doi-asserted-by":"crossref","DOI":"10.1371\/journal.pone.0077455","article-title":"Identifying influential nodes in large-scale directed networks: the role of clustering [J]","volume":"8","author":"Chen","year":"2013","journal-title":"Plos One"},{"key":"10.1016\/j.im.2026.104335_bib0054","first-page":"63","article-title":"Network centrality and credit risk: a comprehensive analysis of peer-to-peer lending dynamiCs [J]","author":"Liu","year":"2024","journal-title":"Finance Res. Lett."},{"key":"10.1016\/j.im.2026.104335_bib0055","doi-asserted-by":"crossref","DOI":"10.1016\/j.mar.2021.100778","article-title":"Showing off or showing impact? The joint signalling effect of reputation and accountability on social entrepreneurs\u2019 crowdfunding success [J]","volume":"54","author":"Hoos","year":"2022","journal-title":"Manag. Account. Res."},{"key":"10.1016\/j.im.2026.104335_bib0056","doi-asserted-by":"crossref","first-page":"97","DOI":"10.1016\/j.jbusres.2020.08.052","article-title":"Do social network crowds help fundraising campaigns? Effects of social influence on crowdfunding performance [J]","volume":"122","author":"Liu","year":"2021","journal-title":"J. Bus. Res."},{"issue":"3","key":"10.1016\/j.im.2026.104335_bib0057","doi-asserted-by":"crossref","first-page":"372","DOI":"10.1016\/j.jbusvent.2011.02.001","article-title":"Nascent ventures competing for start-up capital: matching reputations and investors [J]","volume":"27","author":"Ebbers","year":"2012","journal-title":"J. Bus. Ventur."},{"issue":"4","key":"10.1016\/j.im.2026.104335_bib0058","doi-asserted-by":"crossref","first-page":"843","DOI":"10.1007\/s11187-011-9389-5","article-title":"How useful is venture capital prestige? Evidence from IPO survivability [J]","volume":"40","author":"Chou","year":"2013","journal-title":"Small Bus. Econ."},{"issue":"3","key":"10.1016\/j.im.2026.104335_bib0059","doi-asserted-by":"crossref","DOI":"10.1016\/j.ipm.2022.102942","article-title":"Does the involvement of charities matter? Exploring the impact of charities\u2019 reputation and social capital on medical crowdfunding performance [J]","volume":"59","author":"Ba","year":"2022","journal-title":"Inf. Process Manag."},{"issue":"1","key":"10.1016\/j.im.2026.104335_bib0060","doi-asserted-by":"crossref","first-page":"18","DOI":"10.1016\/j.jfineco.2009.11.001","article-title":"Performance persistence in entrepreneurship [J]","volume":"96","author":"Gompers","year":"2010","journal-title":"J. Financ. Econ."},{"issue":"3","key":"10.1016\/j.im.2026.104335_bib0061","doi-asserted-by":"crossref","first-page":"1023","DOI":"10.1287\/isre.2021.1096","article-title":"Risk disclosure in crowdfunding [J]","volume":"33","author":"Kim","year":"2022","journal-title":"Inf. Syst. Res."},{"issue":"1","key":"10.1016\/j.im.2026.104335_bib0062","doi-asserted-by":"crossref","first-page":"341","DOI":"10.1007\/s11187-018-0125-2","article-title":"Third-party signals in equity crowdfunding: the role of prior financing [J]","volume":"54","author":"Kleinert","year":"2020","journal-title":"Small Bus. Econ."},{"issue":"5","key":"10.1016\/j.im.2026.104335_bib0063","doi-asserted-by":"crossref","first-page":"1295","DOI":"10.1017\/S0022109011000251","article-title":"Venture Capital reputation, post-IPO performance, and corporate governance [J]","volume":"46","author":"Krishnan","year":"2011","journal-title":"J. Financ. Quant. Anal."},{"key":"10.1016\/j.im.2026.104335_bib0064","doi-asserted-by":"crossref","first-page":"575","DOI":"10.1016\/j.jcorpfin.2017.10.018","article-title":"Does success bring success? The post-offering lives of equity-crowdfunded firms [J]","volume":"50","author":"Signori","year":"2018","journal-title":"J. Corp. Finance"},{"issue":"3","key":"10.1016\/j.im.2026.104335_bib0065","doi-asserted-by":"crossref","first-page":"872","DOI":"10.1287\/isre.2019.0836","article-title":"When a doctor knows, it shows: an empirical analysis of doctors' Responses in a Q&A forum of an online healthcare portal [J]","volume":"30","author":"Khurana","year":"2019","journal-title":"Inf. Syst. Res."},{"issue":"3","key":"10.1016\/j.im.2026.104335_bib0066","doi-asserted-by":"crossref","first-page":"1219","DOI":"10.1007\/s11187-021-00574-6","article-title":"Is there a gender gap in equity-based crowdfunding? [J]","volume":"59","author":"Prokop","year":"2022","journal-title":"Small Bus. Econ."},{"issue":"8","key":"10.1016\/j.im.2026.104335_bib0067","first-page":"2501","article-title":"Local preferences and the allocation of attention in equity-based crowdfunding [J]","volume":"15","author":"Bade","year":"2021","journal-title":"Rev. Manag. Sci."},{"issue":"2","key":"10.1016\/j.im.2026.104335_bib0068","doi-asserted-by":"crossref","first-page":"259","DOI":"10.1007\/s10796-016-9723-1","article-title":"Project description and crowdfunding success: an exploratory study [J]","volume":"20","author":"Zhou","year":"2018","journal-title":"Inf. Syst. Front."},{"issue":"6","key":"10.1016\/j.im.2026.104335_bib0069","doi-asserted-by":"crossref","first-page":"781","DOI":"10.1016\/j.im.2018.03.007","article-title":"My words for your pizza: an analysis of persuasive narratives in online crowdfunding [J]","volume":"55","author":"Majumdar","year":"2018","journal-title":"Inf. Manag."},{"issue":"7","key":"10.1016\/j.im.2026.104335_bib0070","doi-asserted-by":"crossref","DOI":"10.1016\/j.im.2021.103499","article-title":"Informational cues or content? Examining project funding decisions by crowdfunders [J]","volume":"58","author":"Lin","year":"2021","journal-title":"Inf. Manag."},{"issue":"3","key":"10.1016\/j.im.2026.104335_bib0071","doi-asserted-by":"crossref","first-page":"1163","DOI":"10.1257\/aer.100.3.1163","article-title":"The burden of the nondiversifiable risk of entrepreneurship [J]","volume":"100","author":"Hall","year":"2010","journal-title":"Am. Econ. Rev."},{"issue":"8","key":"10.1016\/j.im.2026.104335_bib0072","doi-asserted-by":"crossref","first-page":"707","DOI":"10.1002\/smj.249","article-title":"Do formal contracts and relational governance function as substitutes or complements? [J]","volume":"23","author":"Poppo","year":"2002","journal-title":"Strateg. Manag. J."},{"key":"10.1016\/j.im.2026.104335_bib0073","doi-asserted-by":"crossref","first-page":"348","DOI":"10.1016\/j.jbusres.2019.09.051","article-title":"Exploring the viability of equity crowdfunding as a fundraising instrument: a configurational analysis of contingency factors that lead to crowdfunding success and failure [J]","volume":"115","author":"De Crescenzo","year":"2020","journal-title":"J. Bus. Res."}],"container-title":["Information & Management"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/api.elsevier.com\/content\/article\/PII:S0378720626000352?httpAccept=text\/xml","content-type":"text\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/api.elsevier.com\/content\/article\/PII:S0378720626000352?httpAccept=text\/plain","content-type":"text\/plain","content-version":"vor","intended-application":"text-mining"}],"deposited":{"date-parts":[[2026,10,20]],"date-time":"2026-10-20T14:56:15Z","timestamp":1792508175000},"score":1,"resource":{"primary":{"URL":"https:\/\/linkinghub.elsevier.com\/retrieve\/pii\/S0378720626000352"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026,6]]},"references-count":73,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2026,6]]}},"alternative-id":["S0378720626000352"],"URL":"https:\/\/doi.org\/10.1016\/j.im.2026.104335","relation":{},"ISSN":["0378-7206"],"issn-type":[{"value":"0378-7206","type":"print"}],"subject":[],"published":{"date-parts":[[2026,6]]},"assertion":[{"value":"Elsevier","name":"publisher","label":"This article is maintained by"},{"value":"Signal startup quality in syndicate equity crowdfunding: The effect of lead investors\u2019 network centrality and reputation","name":"articletitle","label":"Article Title"},{"value":"Information & Management","name":"journaltitle","label":"Journal Title"},{"value":"https:\/\/doi.org\/10.1016\/j.im.2026.104335","name":"articlelink","label":"CrossRef DOI link to publisher maintained version"},{"value":"article","name":"content_type","label":"Content Type"},{"value":"\u00a9 2026 Elsevier B.V. All rights are reserved, including those for text and data mining, AI training, and similar technologies.","name":"copyright","label":"Copyright"}],"article-number":"104335"}}