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Signaling theory is generally concerned with the reduction of information asymmetry between two market actors.11 Briefly, information asymmetry arises because "different people know different things"; that is, market actors inherently possess idiosyncratic stocks of information, and differences in those stocks give rise to information asymmetry. 12 Management scholars have eagerly adopted signaling theory as an effective mechanism to describe how firms communicate information (e.g., beliefs, competencies, and intentions) through specific behaviors that lend credence to the underlying informational value.13 For example, in his seminal work, Spence suggested that job market candidates pursue higher-education degrees to signal intellectual competency to prospective employers.14 Although the candidate might verbally express his or her intellectual abilities during an interview, possessing a college degree provides more tangible, behavioral evidence of intellectual competency to the prospective employer, thereby lowering information asymmetry. ...
