Flow Signals: How Patterns over Time Affect the Acceptance of Start-Up Firms  

Oleh:

DeKinder, Jade S. ; Kohli, Ajay K.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Journal of Marketing (EBSCO) vol. 72 no. 5 (Sep. 2008), page 84-97.
Topik: Market Signals; Start-Up Firms; Flow Signals; Information Asymmetry; Sales Growth

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ94.14 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This study introduces the concept of flow signals-patterns of a firm's attributes over time-and contrasts them with point signals discussed in the literature to date. Three properties of flow signals are delineated: displacement, propensity, and reversals. The authors illustrate these properties using a start-up's research-and-development (R&D) spending and voluntary disclosure flows. The authors argue that the flow signal properties affect prospective customers' perceptions of a start-up's current and future product quality, thus influencing their purchase likelihood and, ultimately, the start-up's growth in sales. The findings, obtained from panel data comprised of U.S. venture-backed firms that went public in 2001-2005, suggest that sales growth is positively affected by displacement and propensity of both R&D spending and voluntary disclosures and negatively affected by R&D spending reversals. Furthermore, these effects are stronger for the relatively younger start-ups.

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