Social media marketing for equity crowdfunding: Which posts trigger investment decisions?

Research output: Contribution to journalResearch articleContributedpeer-review


  • Maik Eisenbeiss - , University of Bremen (Author)
  • Sven A. Hartmann - , Trier University (Author)
  • Lars Hornuf - , University of Bremen (Author)


Based on 26,883 investment decisions, we examine the influence of social media marketing on crowd participation in equity crowdfunding. We distinguish between different types of informative and persuasive posts on Facebook and Twitter. Informative posts provide investors with information about the crowdfunding campaign; persuasive posts do not, but rather aim to directly influence an investor's decision-making process. We find that both types of posts have a positive impact on the number of investments. However, persuasive posts also increase the amount of an investment if they contain a statement about the previous investment success of the campaign and signal to the crowd that they are not investing alone.


Original languageEnglish
Article number103370
JournalFinance Research Letters
Publication statusPublished - Mar 2023
Externally publishedYes

External IDs

Scopus 85139666323
Mendeley b178d7fc-631c-3f82-82b1-70c08a62973f
WOS 000948553000001
ORCID /0000-0002-0576-7759/work/142239311


ASJC Scopus subject areas


  • Entrepreneurial finance, Equity crowdfunding, Investor communication, Social media, Entrepreneurial finance, Equity crowdfunding, Investor communication, Social media

Library keywords