Diego BARRIO HERREZUELO, Louvain Research Institute in Management and Organizations
James THEWISSEN, Louvain Research Institute in Management and Organizations
Jennifer THEWISSEN, University of Antwerp
Özgür ARSLAN-AYAYDIN, University of Illinois Chicago
Karine CERRADA, Louvain Research Institute in Management and Organizations
This study investigates the impact of inclusive language on fundraising outcomes in Initial Coin Offerings (ICOs), using a dataset of 1,202 ICO white papers issued between 2015 and 2021. Drawing on a lexicon of diversity, equity, and inclusion (DEI) terms published, on March 7, 2025, by The New York Times, we measure how inclusive language influences investor behavior. Our results show a positive relationship between inclusive language and funds raised, marginally decreasing at higher levels of inclusivity. This relationship is significantly stronger when the project shows signals of commitment to inclusion, such as the presence of gender- and ethnically diverse founding teams. The impact is also greater in left-leaning and English-speaking countries and in non-sin industries. Additional experimental and endogeneity-robustness tests support our findings. Overall, the study introduces inclusive language as a novel legitimacy signal in entrepreneurial finance and shows that its financial impact depends on alignment with organizational practices and institutional context.
Keywords: Inclusive language, Legitimacy theory, Initial Coin Offerings
Axelle Dorisse, Louvain Research Institute in Management and Organizations
Karine Charry, Louvain Research Institute in Management and Organizations
Béatrice Parguel, CNRS – Université Paris-Dauphine - PSL
Consumers often encounter overwhelming, conflicting information about food, potentially leading to confusion. However, the mechanisms at play in consumer confusion remain unclear. Using a quantitative study, we therefore investigate how conflicting environmental food labels impact consumer confusion, and any spillover effect (i.e., when confusion related to a product engenders confusion related to other products). We show how cognitive load and skepticism drive consumer confusion, while cognitive dissonance does not, and the existence of a potential spillover effect. As such, we offer insights for consumers, managers, and policymakers and contribute to consumer confusion research.
Keywords: Consumer confusion, information proliferation, cognitive processes
This work is part of Axelle Dorisse’s thesis and is funded by the “entreprendre.wapi” chair in food consumer behaviors, held by Prof. Karine Charry.