Visual cues are increasingly used in financial disclosures to improve information dissemination. While prior research has primarily focused on the informational value of linguistic attributes in financial disclosures, we draw on dual coding theory and investigate how infographics in disclosures affect fundraising success. Exploiting the high level of information asymmetry of Initial Coin Offerings (ICOs), we find that infographics positively influence the amount raised, particularly when the textual content is highly technical. We explore the mechanisms behind this result, showing that infographics are associated with improved third-party analyst ratings and reduced rating dispersion, which suggests that visuals help mitigate information asymmetry. Furthermore, qualitative, status summary, and startup-specific infographics further enhance fundraising efforts. Overall, visual cues significantly enhance the informational value of entrepreneurial financing disclosure, leading to greater funding outcomes.

中文翻译：

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描绘成功：视觉线索在首次代币发行中的信息作用


视觉提示越来越多地用于财务披露，以改善信息传播。虽然之前的研究主要集中在财务披露中语言属性的信息价值，但我们借鉴了双编码理论，并研究了披露中的信息图表如何影响筹款成功。利用首次代币发行 （ICO） 的高度信息不对称性，我们发现信息图表对筹集的金额产生了积极影响，尤其是当文本内容具有高度技术性时。我们探讨了这一结果背后的机制，表明信息图表与第三方分析师评级的提高和评级离散度的降低有关，这表明视觉效果有助于减轻信息不对称。此外，定性、状态摘要和特定于初创公司的信息图表进一步加强了筹款工作。总体而言，视觉线索显着增强了创业融资披露的信息价值，从而带来更大的融资结果。