Abstract

Investor decision making in entrepreneurship often relies on signaling theory to explain how signals flow between ventures prospective investors. Extant research, though, focuses on the effects of a single signal in isolation or multiple signals in the same direction. This overlooks the occurrence of incongruent signals—multiple positive and negative signals. At present, there is no explanation regarding how individuals respond to multiple, simultaneous signals that send competing messages. We address this gap by conceptualizing and testing a model of multiple signal sets that include both congruent and incongruent signals.

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