Entrepreneurs have begun to use equity crowdfunding, an early-stage entrepreneurial finance innovation that utilizes social media as a tool to create a new channel for connecting entrepreneurs and investors. However, the occurrence of information asymmetry between entrepreneurs and investors is a major issue of equity crowdfunding campaigns. In order to lessen the information asymmetry problem, entrepreneurs can transfer signals to investors. This research intends to fill a gap in the literature, specifically the lack of studies that address the needs of information asymmetries in equity crowdfunding using signals derived from the company's entrepreneurial qualities.
Two aspects of the entrepreneurial dimension discussed are risk taking which is described by the number of equity given to investors, as well as proactiveness. which is represented by planning actions. Then, we examine each impact to the equity crowdfunding performance using the result of the financing amount. The final sample comprises 65 projects. Data was gathered through equity crowdfunding' online platforms in Indonesia, called Santara. The empirical findings show that the number of equity given to investors has a negative impact on the success of equity crowdfunding projects, while planning actions have a positive impact on the success of crowdfunding projects. The result could benefit entrepreneurs, investors, crowdfunding platform’s managers, as well as policy makers.

Abstract i
Acknowledgement ii
Table of Contents iii
List of Figures iv
List of Tables v
Chapter 1. Introduction 1
1.1 Background 1
1.2 Motivation for studies 5
1.3 Purpose of study 5
Chapter 2. Literature Review 6
2.1 Theoritical Background 6
2.2 Research Hypothesis 7
2.2.1 Risk Taking 8
2.2.2 Proactiveness 9
Chapter 3. Research Methods 12
3.1 Research design 12
3.2 Data collection 12
3.3 Data analysis 13
3.3.1 Dependent Variable 13
3.3.2 Independent Variables 13
3.3.3 Control Variable 14
Chapter 4. Result 15
4.1 Descriptive Statistics 15
4.2 Statistical Analysis 16
4.3 Regression Result 17
4.4 Correlation 18
Chapter 5. Discussion and Conclusion 20
5.1 Case discussion 20
5.2 Conclusion 21
5.3 Research contribution and limitation 22
List of Reference 24

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