{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2024,8,19]],"date-time":"2024-08-19T21:12:08Z","timestamp":1724101928609},"reference-count":94,"publisher":"Springer Science and Business Media LLC","issue":"1","license":[{"start":{"date-parts":[[2023,7,20]],"date-time":"2023-07-20T00:00:00Z","timestamp":1689811200000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"},{"start":{"date-parts":[[2023,7,20]],"date-time":"2023-07-20T00:00:00Z","timestamp":1689811200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"}],"funder":[{"DOI":"10.13039\/501100002957","name":"Technische Universit\u00e4t Dresden","doi-asserted-by":"crossref","id":[{"id":"10.13039\/501100002957","id-type":"DOI","asserted-by":"crossref"}]}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Electron Markets"],"published-print":{"date-parts":[[2023,12]]},"abstract":"Abstract<\/jats:title>This article analyzes how the General Data Protection Regulation (GDPR) has affected the privacy practices of FinTech firms. We study the content of 276 privacy statements respectively before and after the GDPR became binding. Using text analysis methods, we find that the readability of the privacy statements has decreased. The texts of privacy statements have become longer and use more standardized language, resulting in worse user comprehension. This calls into question whether the GDPR has achieved its original goal\u2014the protection of natural persons regarding the transparent processing of personal data. We also link the content of the privacy statements to FinTech-specific determinants. Before the GDPR became binding, more external investors and a higher legal capital were related to a higher quantity of data processed and more transparency, but not thereafter. Finally, we document mimicking behavior among FinTech industry peers with regard to the data processed and transparency.<\/jats:p>","DOI":"10.1007\/s12525-023-00622-x","type":"journal-article","created":{"date-parts":[[2023,7,20]],"date-time":"2023-07-20T06:02:06Z","timestamp":1689832926000},"update-policy":"http:\/\/dx.doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":7,"title":["Promise not fulfilled: FinTech, data privacy, and the GDPR"],"prefix":"10.1007","volume":"33","author":[{"given":"Gregor","family":"Dorfleitner","sequence":"first","affiliation":[]},{"given":"Lars","family":"Hornuf","sequence":"additional","affiliation":[]},{"given":"Julia","family":"Kreppmeier","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2023,7,20]]},"reference":[{"key":"622_CR1","doi-asserted-by":"crossref","unstructured":"Acquisti, A. (2004). Privacy in electronic commerce and the economics of immediate gratification. In Proceedings of the 5th ACM Conference on Electronic Commerce (EC \u201904, pp. 21\u201329). New York: Association for Computing Machinery.","DOI":"10.1145\/988772.988777"},{"issue":"6221","key":"622_CR2","doi-asserted-by":"publisher","first-page":"509","DOI":"10.1126\/science.aaa1465","volume":"347","author":"A Acquisti","year":"2015","unstructured":"Acquisti, A., Brandimarte, L., & Loewenstein, G. (2015). Privacy and human behavior in the age of information. Science, 347(6221), 509\u2013514.","journal-title":"Science"},{"issue":"2","key":"622_CR3","doi-asserted-by":"publisher","first-page":"442","DOI":"10.1257\/jel.54.2.442","volume":"54","author":"A Acquisti","year":"2016","unstructured":"Acquisti, A., Taylor, C., & Wagman, L. (2016). The economics of privacy. Journal of Economic Literature, 54(2), 442\u2013492.","journal-title":"Journal of Economic Literature"},{"key":"622_CR4","doi-asserted-by":"publisher","first-page":"131","DOI":"10.1007\/978-3-030-02547-2_8","volume-title":"Privacy Technologies and Policy","author":"S Agarwal","year":"2018","unstructured":"Agarwal, S., Steyskal, S., Antunovic, F., & Kirrane, S. (2018). Legislative compliance assessment: Framework, model and GDPR instantiation. In M. Medina, A. Mitrakas, K. Rannenberg, E. Schweighofer, & N. Tsouroulas (Eds.), Privacy Technologies and Policy (pp. 131\u2013149). Cham: Springer International Publishing."},{"issue":"4","key":"622_CR5","doi-asserted-by":"publisher","first-page":"955","DOI":"10.1111\/etap.12157","volume":"39","author":"GKC Ahlers","year":"2015","unstructured":"Ahlers, G. K. C., Cumming, D., G\u00fcnther, C., & Schweizer, D. (2015). Signaling in equity crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955\u2013980.","journal-title":"Entrepreneurship Theory and Practice"},{"key":"622_CR6","doi-asserted-by":"crossref","unstructured":"Aridor, G., Che, Y.-K., & Salz, T. (2020). The economic consequences of data privacy regulation: Empirical evidence from GDPR. Working Paper 26900, National Bureau of Economic Research.","DOI":"10.2139\/ssrn.3522845"},{"key":"622_CR7","doi-asserted-by":"crossref","unstructured":"Arora, C., Sabetzadeh, M., Briand, L.\u00a0C., & Zimmer, F. (2014). Requirement boilerplates: Transition from manually-enforced to automatically-verifiable natural language patterns. 2014 IEEE 4th International Workshop on Requirements Patterns (RePa) (pp. 1\u20138).","DOI":"10.1109\/RePa.2014.6894837"},{"issue":"1","key":"622_CR8","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1086\/674424","volume":"43","author":"Y Bakos","year":"2014","unstructured":"Bakos, Y., Marotta-Wurgler, F., & Trossen, D. R. (2014). Does anyone read the fine print? Consumer attention to standard-form contracts. The Journal of Legal Studies, 43(1), 1\u201335.","journal-title":"The Journal of Legal Studies"},{"key":"622_CR9","volume-title":"Lesen-Verstehen-Lernen-Schreiben: Die Schwierigkeitsstufen von Texten in deutscher Sprache","author":"R Bamberger","year":"1984","unstructured":"Bamberger, R., & Vanecek, E. (1984). Lesen-Verstehen-Lernen-Schreiben: Die Schwierigkeitsstufen von Texten in deutscher Sprache. Vienna: Jugend und Volk Verlagsgesellschaft."},{"key":"622_CR10","doi-asserted-by":"publisher","first-page":"179","DOI":"10.1007\/978-3-030-49028-7_9","volume-title":"Consumer Law & Economics: Economic Analysis of Law in European Legal Scholarship","author":"SI Becher","year":"2021","unstructured":"Becher, S. I., & Benoliel, U. (2021). Law in books and law in action: The readability of privacy policies and the GDPR. In K. Mathis & T. Avishalom (Eds.), Consumer Law & Economics: Economic Analysis of Law in European Legal Scholarship (Vol. 9, pp. 179\u2013204). New York: Springer."},{"issue":"7","key":"622_CR11","doi-asserted-by":"publisher","first-page":"2845","DOI":"10.1093\/rfs\/hhz099","volume":"33","author":"T Berg","year":"2020","unstructured":"Berg, T., Burg, V., Gombovi\u0107, A., & Puri, M. (2020). On the rise of FinTechs: Credit scoring using digital footprints. The Review of Financial Studies, 33(7), 2845\u20132897.","journal-title":"The Review of Financial Studies"},{"issue":"2","key":"622_CR12","doi-asserted-by":"publisher","first-page":"509","DOI":"10.1111\/jofi.12470","volume":"72","author":"S Bernstein","year":"2017","unstructured":"Bernstein, S., Korteweg, A., & Laws, K. (2017). Attracting early-stage investors: Evidence from a randomized field experiment. The Journal of Finance, 72(2), 509\u2013538.","journal-title":"The Journal of Finance"},{"key":"622_CR13","doi-asserted-by":"publisher","unstructured":"Betzing, J. H., Tietz, M., vom Brocke, J., & Becker, J. (2020). The impact of transparency on mobile privacy decision making. Electronic Markets, 30, 607\u2013625. https:\/\/doi.org\/10.1007\/s12525-019-00332-3.","DOI":"10.1007\/s12525-019-00332-3"},{"key":"622_CR14","unstructured":"Biasiotti, M., Francesconi, E., Palmirani, M., Sartor, G., & Vitali, F. (2008). Legal informatics and management of legislative documents. Working Paper\u00a02, Global Center for ICT in Parliament."},{"issue":"2","key":"622_CR15","doi-asserted-by":"publisher","first-page":"309","DOI":"10.1111\/j.1475-679X.2010.00396.x","volume":"49","author":"SV Brown","year":"2011","unstructured":"Brown, S. V., & Tucker, J. W. (2011). Large-sample evidence on firms\u2019 year-over-year MD &A modifications. Journal of Accounting Research, 49(2), 309\u2013346.","journal-title":"Journal of Accounting Research"},{"key":"622_CR16","doi-asserted-by":"crossref","unstructured":"Cohen, L., Malloy, C., & Nguyen, Q. (2020). Lazy prices. The Journal of Finance, 75(3), 1371\u20131415.","DOI":"10.1111\/jofi.12885"},{"key":"622_CR17","doi-asserted-by":"crossref","unstructured":"Contissa, G., Docter, K., Lagioia, F., Lippi, M., Micklitz, H.-W., Palka, P., Sartor, G., & Torroni, P. (2018). Claudette meets GDPR: Automating the evaluation of privacy policies using artificial intelligence. Working Paper 3208596, Social Science Research Network.","DOI":"10.2139\/ssrn.3208596"},{"issue":"4","key":"622_CR18","doi-asserted-by":"publisher","first-page":"222","DOI":"10.1207\/s15427579jpfm0704_5","volume":"7","author":"M Cudd","year":"2006","unstructured":"Cudd, M., Davis, H. E., & Eduardo, M. (2006). Mimicking behavior in repurchase decisions. Journal of Behavioral Finance, 7(4), 222\u2013229.","journal-title":"Journal of Behavioral Finance"},{"issue":"8","key":"622_CR19","doi-asserted-by":"publisher","DOI":"10.1016\/j.respol.2019.01.014","volume":"48","author":"D Cumming","year":"2019","unstructured":"Cumming, D., Meoli, M., & Vismara, S. (2019). Investors\u2019 choices between cash and voting rights: Evidence from dual-class equity crowdfunding. Research Policy, 48(8), 103740.","journal-title":"Research Policy"},{"key":"622_CR20","doi-asserted-by":"crossref","unstructured":"Cumming, D.\u00a0J., Leboeuf, G., & Schwienbacher, A. (2020). Crowdfunding models: Keep-it-all vs. all-or-nothing. Financial Management, 49(2), 331\u2013360.","DOI":"10.1111\/fima.12262"},{"issue":"5","key":"622_CR21","doi-asserted-by":"publisher","first-page":"374","DOI":"10.1111\/corg.12256","volume":"26","author":"DJ Cumming","year":"2018","unstructured":"Cumming, D. J., & Schwienbacher, A. (2018). Fintech venture capital. Corporate Governance: An International Review, 26(5), 374\u2013389.","journal-title":"Corporate Governance: An International Review"},{"issue":"3","key":"622_CR22","doi-asserted-by":"publisher","first-page":"585","DOI":"10.1111\/j.1467-6486.2007.00747.x","volume":"45","author":"D De Clercq","year":"2008","unstructured":"De Clercq, D., & Dimov, D. (2008). Internal knowledge development and external knowledge access in venture capital investment performance. Journal of Management Studies, 45(3), 585\u2013612.","journal-title":"Journal of Management Studies"},{"key":"622_CR23","doi-asserted-by":"crossref","unstructured":"Degeling, M., Utz, C., Lentzsch, C., Hosseini, H., Schaub, F., & Holz, T. (2019). We value your privacy... now take some cookies: Measuring the GDPR\u2019s impact on web privacy. 26th Annual Network and Distributed System Security Symposium, NDSS 2019. San Diego: The Internet Society.","DOI":"10.14722\/ndss.2019.23378"},{"issue":"1","key":"622_CR24","doi-asserted-by":"publisher","first-page":"61","DOI":"10.1287\/isre.1060.0080","volume":"17","author":"T Dinev","year":"2006","unstructured":"Dinev, T., & Hart, P. (2006). An extended privacy calculus model for e-commerce transactions. Information Systems Research, 17(1), 61\u201380.","journal-title":"Information Systems Research"},{"key":"622_CR25","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-030-31335-7","volume-title":"FinTech and Data Privacy in Germany: An Empirical Analysis with Policy Recommendations","author":"G Dorfleitner","year":"2019","unstructured":"Dorfleitner, G., & Hornuf, L. (2019). FinTech and Data Privacy in Germany: An Empirical Analysis with Policy Recommendations. Cham: Springer International Publishing."},{"key":"622_CR26","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-319-54666-7","volume-title":"FinTech in Germany","author":"G Dorfleitner","year":"2017","unstructured":"Dorfleitner, G., Hornuf, L., Schmitt, M., & Weber, M. (2017). FinTech in Germany. Cham: Springer International Publishing."},{"key":"622_CR27","doi-asserted-by":"publisher","first-page":"26","DOI":"10.1016\/j.jeconbus.2018.04.002","volume":"100","author":"BJ Drasch","year":"2018","unstructured":"Drasch, B. J., Schweizer, A., & Urbach, N. (2018). Integrating the \u2018troublemakers\u2019: A taxonomy for cooperation between banks and fintechs. Journal of Economics and Business, 100, 26\u201342.","journal-title":"Journal of Economics and Business"},{"issue":"5","key":"622_CR28","doi-asserted-by":"publisher","first-page":"297","DOI":"10.1016\/0883-9026(90)90007-G","volume":"5","author":"DA Duchesneau","year":"1990","unstructured":"Duchesneau, D. A., & Gartner, W. B. (1990). A profile of new venture success and failure in an emerging industry. Journal of Business Venturing, 5(5), 297\u2013312.","journal-title":"Journal of Business Venturing"},{"issue":"2","key":"622_CR29","doi-asserted-by":"publisher","first-page":"227","DOI":"10.1109\/TEM.2005.844927","volume":"52","author":"JB Earp","year":"2005","unstructured":"Earp, J. B., Anton, A. I., Aiman-Smith, L., & Stufflebeam, W. H. (2005). Examining internet privacy policies within the context of user privacy values. IEEE Transactions on Engineering Management, 52(2), 227\u2013237.","journal-title":"IEEE Transactions on Engineering Management"},{"key":"622_CR30","doi-asserted-by":"publisher","first-page":"145","DOI":"10.1016\/j.jimonfin.2018.03.017","volume":"85","author":"A Engert","year":"2018","unstructured":"Engert, A., & Hornuf, L. (2018). Market standards in financial contracting: The euro\u2019s effect on debt securities. Journal of International Money and Finance, 85, 145\u2013162.","journal-title":"Journal of International Money and Finance"},{"key":"622_CR31","unstructured":"Ermakova, T., Baumann, A., Fabian, B., & Krasnova, H. (2014). Privacy policies and users\u2019 trust: Does readability matter? Americas Conference on Information Systems. Savannah."},{"key":"622_CR32","doi-asserted-by":"crossref","unstructured":"Fabian, B., Ermakova, T., & Lentz, T. (2017). Large-scale readability analysis of privacy policies. Proceedings of the International Conference on Web Intelligence. (WI \u201917, pp. 18\u201325). New York: Association for Computing Machinery.","DOI":"10.1145\/3106426.3106427"},{"issue":"5","key":"622_CR33","doi-asserted-by":"publisher","first-page":"715","DOI":"10.1177\/1461444807080336","volume":"9","author":"J Fernback","year":"2007","unstructured":"Fernback, J., & Papacharissi, Z. (2007). Online privacy as legal safeguard: the relationship among consumer, online portal, and privacy policies. New Media & Society, 9(5), 715\u2013734.","journal-title":"New Media & Society"},{"key":"622_CR34","first-page":"851","volume":"72","author":"KB Firtel","year":"1999","unstructured":"Firtel, K. B. (1999). Plain English: A reappraisal of the intended audience of disclosure under the securities act of 1933. Southern California Law Review, 72, 851\u2013898.","journal-title":"Southern California Law Review"},{"issue":"3","key":"622_CR35","doi-asserted-by":"publisher","first-page":"221","DOI":"10.1037\/h0057532","volume":"32","author":"R Flesch","year":"1948","unstructured":"Flesch, R. (1948). A new readability yardstick. Journal of Applied Psychology, 32(3), 221.","journal-title":"Journal of Applied Psychology"},{"key":"622_CR36","doi-asserted-by":"publisher","first-page":"236","DOI":"10.1007\/978-3-319-52015-5_24","volume-title":"Smart Computing and Communication","author":"K Gai","year":"2017","unstructured":"Gai, K., Qiu, M., Sun, X., & Zhao, H. (2017). Security and privacy issues: A survey on fintech. In M. Qiu (Ed.), Smart Computing and Communication (pp. 236\u2013247). Cham: Springer International Publishing."},{"key":"622_CR37","doi-asserted-by":"publisher","first-page":"883","DOI":"10.1007\/s11187-020-00331-1","volume":"57","author":"M Gazel","year":"2021","unstructured":"Gazel, M., & Schwienbacher, A. (2021). Entrepreneurial fintech clusters. Small Business Economics, 57, 883\u2013903.","journal-title":"Small Business Economics"},{"key":"622_CR38","unstructured":"Goldberg, S.\u00a0G., Johnson, G.\u00a0A., & Shriver, S.\u00a0K. (2021). Regulating privacy online: An economic evaluation of the GDPR. Working Paper 3421731, Social Science Research Network."},{"key":"622_CR39","unstructured":"Gunning, R. (1952). The Technique of Clear Writing. New York: McGraw-Hill."},{"issue":"2","key":"622_CR40","doi-asserted-by":"publisher","first-page":"57","DOI":"10.31743\/recl.10733","volume":"45","author":"P Hajduk","year":"2021","unstructured":"Hajduk, P. (2021). The powers of the supervisory body in GDPR as a basis for shaping the practices of personal data processing. Review of European and Comparative Law, 45(2), 57\u201375.","journal-title":"Review of European and Comparative Law"},{"key":"622_CR41","unstructured":"Harkous, H., Fawaz, K., Lebret, R., Schaub, F., Shin, K.\u00a0G., & Aberer, K. (2018). Polisis: Automated analysis and presentation of privacy policies using deep learning. In USENIX Security Symposium (pp. 531\u2013548)."},{"issue":"10","key":"622_CR42","doi-asserted-by":"publisher","first-page":"1382","DOI":"10.1108\/IJOPM-02-2014-0098","volume":"36","author":"PM Hartmann","year":"2016","unstructured":"Hartmann, P. M., Zaki, M., Feldmann, N., & Neely, A. (2016). Capturing value from big data - a taxonomy of data-driven business models used by start-up firms. International Journal of Operations & Production Management, 36(10), 1382\u20131406.","journal-title":"International Journal of Operations & Production Management"},{"issue":"1","key":"622_CR43","doi-asserted-by":"publisher","DOI":"10.1016\/j.infoandorg.2023.100452","volume":"33","author":"K Hillebrand","year":"2023","unstructured":"Hillebrand, K., Hornuf, L., M\u00fcller, B., & Vrankar, D. (2023). The social dilemma of big data: Donating personal data to promote social welfare. Information and Organization, 33(1), 100452.","journal-title":"Information and Organization"},{"issue":"3","key":"622_CR44","doi-asserted-by":"publisher","first-page":"509","DOI":"10.1017\/S2071832200022781","volume":"19","author":"L Hornuf","year":"2018","unstructured":"Hornuf, L., Kloehn, L., & Schilling, T. (2018). Financial contracting in crowdinvesting: Lessons from the German market. German Law Journal, 19(3), 509\u2013578.","journal-title":"German Law Journal"},{"key":"622_CR45","doi-asserted-by":"publisher","first-page":"1505","DOI":"10.1007\/s11187-020-00359-3","volume":"57","author":"L Hornuf","year":"2021","unstructured":"Hornuf, L., Klus, M. F., Lohwasser, T. S., & Schwienbacher, A. (2021). How do banks interact with fintech startups? Small Business Economics, 57, 1505\u20131526.","journal-title":"Small Business Economics"},{"key":"622_CR46","doi-asserted-by":"crossref","unstructured":"Hornuf, L., Schilling, T., & Schwienbacher, A. (2021b). The relevance of investor rights in crowdinvesting. Journal of Corporate Finance (pp. 101927).","DOI":"10.1016\/j.jcorpfin.2021.101927"},{"issue":"5","key":"622_CR47","doi-asserted-by":"publisher","first-page":"331","DOI":"10.1111\/corg.12260","volume":"26","author":"L Hornuf","year":"2018","unstructured":"Hornuf, L., Schmitt, M., & Stenzhorn, E. (2018). Equity crowdfunding in Germany and the United Kingdom: Follow-up funding and firm failure. Corporate Governance: An International Review, 26(5), 331\u2013354.","journal-title":"Corporate Governance: An International Review"},{"issue":"2","key":"622_CR48","doi-asserted-by":"publisher","first-page":"204","DOI":"10.1287\/mnsc.1050.0480","volume":"52","author":"DH Hsu","year":"2006","unstructured":"Hsu, D. H. (2006). Venture capitalists and cooperative start-up commercialization strategy. Management Science, 52(2), 204\u2013219.","journal-title":"Management Science"},{"key":"622_CR49","doi-asserted-by":"crossref","unstructured":"Ingram\u00a0Bogusz, C. (2018). Digital traces, ethics, and insight: Data-driven services in FinTech. In R. Teigland, S. Siri, A. Larsson, A.\u00a0M. Puertas, & C. Ingram\u00a0Bogusz (Eds.), The Rise and Development of Fintech: Accounts of Disruption from Sweden and Beyond (pp. 207\u2013222). London: Routledge.","DOI":"10.4324\/9781351183628-12"},{"issue":"4","key":"622_CR50","doi-asserted-by":"publisher","first-page":"713","DOI":"10.2307\/1073747","volume":"83","author":"M Kahan","year":"1997","unstructured":"Kahan, M., & Klausner, M. (1997). Standardization and innovation in corporate contracting (or the economics of boilerplate). Virginia Law Review, 83(4), 713\u2013770.","journal-title":"Virginia Law Review"},{"issue":"5\u20136","key":"622_CR51","first-page":"260","volume":"27","author":"J Kaur","year":"2018","unstructured":"Kaur, J., Dara, R. A., Obimbo, C., Song, F., & Menard, K. (2018). A comprehensive keyword analysis of online privacy policies. Information Security Journal: A Global Perspective, 27(5\u20136), 260\u2013275.","journal-title":"Information Security Journal: A Global Perspective"},{"issue":"5","key":"622_CR52","doi-asserted-by":"publisher","first-page":"743","DOI":"10.1177\/017084069801900502","volume":"19","author":"AZ Kondra","year":"1998","unstructured":"Kondra, A. Z., & Hinings, C. R. (1998). Organizational diversity and change in institutional theory. Organization Studies, 19(5), 743\u2013767.","journal-title":"Organization Studies"},{"issue":"2","key":"622_CR53","doi-asserted-by":"publisher","first-page":"675","DOI":"10.2308\/accr-50883","volume":"90","author":"TR Kubick","year":"2015","unstructured":"Kubick, T. R., Lynch, D. P., Mayberry, M. A., & Omer, T. C. (2015). Product market power and tax avoidance: Market leaders, mimicking strategies, and stock returns. The Accounting Review, 90(2), 675\u2013702.","journal-title":"The Accounting Review"},{"issue":"4","key":"622_CR54","doi-asserted-by":"publisher","first-page":"867","DOI":"10.1016\/j.respol.2013.10.004","volume":"43","author":"K Laursen","year":"2014","unstructured":"Laursen, K., & Salter, A. J. (2014). The paradox of openness: Appropriability, external search and collaboration. Research Policy, 43(4), 867\u2013878.","journal-title":"Research Policy"},{"issue":"2","key":"622_CR55","first-page":"87","volume":"12","author":"SD Lewis","year":"2008","unstructured":"Lewis, S. D., Colvard, R. G., & Adams, C. N. (2008). A comparison of the readability of privacy statements of banks, credit counseling companies, and check cashing companies. Journal of Organizational Culture, Communications and Conflict, 12(2), 87\u201393.","journal-title":"Journal of Organizational Culture, Communications and Conflict"},{"issue":"1","key":"622_CR56","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1080\/1097198X.2019.1569186","volume":"22","author":"H Li","year":"2019","unstructured":"Li, H., Yu, L., & He, W. (2019). The impact of GDPR on global technology development. Journal of Global Information Technology Management, 22(1), 1\u20136.","journal-title":"Journal of Global Information Technology Management"},{"key":"622_CR57","doi-asserted-by":"crossref","unstructured":"Linden, T., Khandelwal, R., Harkous, H., & Fawaz, K. (2020). The privacy policy landscape after the GDPR. Proceedings on Privacy Enhancing Technologies (pp. 47\u201364).","DOI":"10.2478\/popets-2020-0004"},{"key":"622_CR58","doi-asserted-by":"publisher","first-page":"181","DOI":"10.2307\/j.ctvcmxpmp.10","volume-title":"The Handbook of Privacy Studies: An Interdisciplinary Introduction","author":"ER Lindgreen","year":"2018","unstructured":"Lindgreen, E. R. (2018). Privacy from an economic perspective. The Handbook of Privacy Studies: An Interdisciplinary Introduction (pp. 181\u2013208). Amsterdam: Amsterdam University Press."},{"key":"622_CR59","doi-asserted-by":"crossref","unstructured":"Loughran, T., & McDonald, B. (2014). Measuring readability in financial disclosures. The Journal of Finance, 69(4), 1643\u20131671.","DOI":"10.1111\/jofi.12162"},{"issue":"4","key":"622_CR60","doi-asserted-by":"publisher","first-page":"1187","DOI":"10.1111\/1475-679X.12123","volume":"54","author":"T Loughran","year":"2016","unstructured":"Loughran, T., & McDonald, B. (2016). Textual analysis in accounting and finance: A survey. Journal of Accounting Research, 54(4), 1187\u20131230.","journal-title":"Journal of Accounting Research"},{"key":"622_CR61","doi-asserted-by":"publisher","first-page":"357","DOI":"10.1007\/s11187-008-9162-6","volume":"35","author":"C Mac\u00a0an\u00a0Bhaird","year":"2010","unstructured":"Mac\u00a0an\u00a0Bhaird, C., & Lucey, B. (2010). Determinants of capital structure in Irish SMEs. Small Business Economics, 35, 357\u2013375.","journal-title":"Small Business Economics"},{"issue":"3","key":"622_CR62","doi-asserted-by":"publisher","first-page":"447","DOI":"10.1111\/j.1740-1461.2008.00130.x","volume":"5","author":"F Marotta-Wurgler","year":"2008","unstructured":"Marotta-Wurgler, F. (2008). Competition and the quality of standard form contracts: The case of software license agreements. Journal of Empirical Legal Studies, 5(3), 447\u2013475.","journal-title":"Journal of Empirical Legal Studies"},{"key":"622_CR63","doi-asserted-by":"crossref","unstructured":"Marotta-Wurgler, F. and Chen, D.\u00a0L. (2012). Does contract disclosure matter? Journal of Institutional and Theoretical Economics (JITE)\/Zeitschrift f\u00fcr die gesamte Staatswissenschaft, 168(1) 94\u2013123.","DOI":"10.1628\/093245612799440122"},{"issue":"1","key":"622_CR64","doi-asserted-by":"publisher","first-page":"36","DOI":"10.1509\/jm.15.0497","volume":"81","author":"KD Martin","year":"2017","unstructured":"Martin, K. D., Borah, A., & Palmatier, R. W. (2017). Data privacy: Effects on customer and firm performance. Journal of Marketing, 81(1), 36\u201358.","journal-title":"Journal of Marketing"},{"key":"622_CR65","doi-asserted-by":"publisher","first-page":"1307","DOI":"10.1007\/s10796-019-09974-2","volume":"21","author":"N Martin","year":"2019","unstructured":"Martin, N., Matt, C., Niebel, C., & Blind, K. (2019). How data protection regulation affects startup innovation. Information System Frontiers, 21, 1307\u20131324.","journal-title":"Information System Frontiers"},{"issue":"8","key":"622_CR66","first-page":"639","volume":"12","author":"GH McLaughlin","year":"1969","unstructured":"McLaughlin, G. H. (1969). SMOG grading: A new readability formula. Journal of Reading, 12(8), 639\u2013646.","journal-title":"Journal of Reading"},{"issue":"7","key":"622_CR67","doi-asserted-by":"publisher","first-page":"1077","DOI":"10.1287\/mnsc.1090.1014","volume":"55","author":"AR Miller","year":"2009","unstructured":"Miller, A. R., & Tucker, C. (2009). Privacy protection and technology diffusion: The case of electronic medical records. Management Science, 55(7), 1077\u20131093.","journal-title":"Management Science"},{"key":"622_CR68","doi-asserted-by":"crossref","unstructured":"Mohan, J., Wasserman, M., & Chidambaram, V. (2019). Analyzing GDPR compliance through the lens of privacy policy. In V. Gadepally, T. Mattson, M. Stonebraker, F. Wang, G. Luo, Y. Laing & A. Dubovitskaya (Eds.), Heterogeneous Data Management, Polystores, and Analytics for Healthcare (Lecture Notes in Computer Science, pp. 82\u201395. DMAH 2019, Poly 2019). Cham.","DOI":"10.1007\/978-3-030-33752-0_6"},{"issue":"3","key":"622_CR69","doi-asserted-by":"publisher","first-page":"261","DOI":"10.1080\/13600834.2019.1644068","volume":"28","author":"T Mulder","year":"2019","unstructured":"Mulder, T., & Tudorica, M. (2019). Privacy policies, cross-border health data and the GDPR. Information & Communications Technology Law, 28(3), 261\u2013274.","journal-title":"Information & Communications Technology Law"},{"key":"622_CR70","doi-asserted-by":"crossref","unstructured":"M\u00fcller, N.\u00a0M., Kowatsch, D., Debus, P., Mirdita, D., & B\u00f6ttinger, K. (2019). On GDPR compliance of companies\u2019 privacy policies. In K. Ekstein (Ed), Text, speech, and dialogue. TSD 2019. Lecture notes in computer science 11697. (pp. 151\u2013159). Cham: Springer.","DOI":"10.1007\/978-3-030-27947-9_13"},{"issue":"2","key":"622_CR71","doi-asserted-by":"publisher","first-page":"233","DOI":"10.1002\/(SICI)1099-0771(200004\/06)13:2<233::AID-BDM325>3.0.CO;2-U","volume":"13","author":"T O\u2019Donoghue","year":"2000","unstructured":"O\u2019Donoghue, T., & Rabin, M. (2000). The economics of immediate gratification. Journal of Behavioral Decision Making, 13(2), 233\u2013250.","journal-title":"Journal of Behavioral Decision Making"},{"key":"622_CR72","volume-title":"More than you wanted to know: the failure of mandated disclosure","author":"B-S Omri","year":"2014","unstructured":"Omri, B.-S., & Schneider, C. E. (2014). More than you wanted to know: the failure of mandated disclosure. Princeton: Princeton University Press."},{"issue":"6","key":"622_CR73","doi-asserted-by":"publisher","first-page":"619","DOI":"10.1002\/(SICI)1099-1255(199611)11:6<619::AID-JAE418>3.0.CO;2-1","volume":"11","author":"LE Papke","year":"1996","unstructured":"Papke, L. E., & Wooldridge, J. M. (1996). Econometric methods for fractional response variables with an application to 401(k) plan participation rates. Journal of Applied Econometrics, 11(6), 619\u2013632.","journal-title":"Journal of Applied Econometrics"},{"issue":"4","key":"622_CR74","doi-asserted-by":"publisher","first-page":"923","DOI":"10.1093\/isq\/sqz069","volume":"63","author":"C Peacock","year":"2019","unstructured":"Peacock, C., Milewicz, K., & Snidal, D. (2019). Boilerplate in international trade agreements. International Studies Quarterly, 63(4), 923\u2013937.","journal-title":"International Studies Quarterly"},{"issue":"6","key":"622_CR75","doi-asserted-by":"publisher","first-page":"2483","DOI":"10.2308\/accr-51048","volume":"90","author":"K Peterson","year":"2015","unstructured":"Peterson, K., Schmardebeck, R., & Wilks, T. J. (2015). The earnings quality and information processing effects of accounting consistency. The Accounting Review, 90(6), 2483\u20132514.","journal-title":"The Accounting Review"},{"key":"622_CR76","unstructured":"Porter, M.\u00a0E. (1998). Clusters and the new economics of competition. Harvard Business Review, 76(6), 77\u201390."},{"issue":"2","key":"622_CR77","first-page":"405","volume":"71","author":"RA Posner","year":"1981","unstructured":"Posner, R. A. (1981). The economics of privacy. The American Economic Review, 71(2), 405\u2013409.","journal-title":"The American Economic Review"},{"key":"622_CR78","unstructured":"Ramadorai, T., Uettwiller, A., & Walther, A. (2021). The market for data privacy. Working Paper 3352175, Social Science Research Network."},{"issue":"11","key":"622_CR79","doi-asserted-by":"publisher","first-page":"613","DOI":"10.1145\/361219.361220","volume":"18","author":"G Salton","year":"1975","unstructured":"Salton, G., Wong, A., & Yang, C. S. (1975). A vector space model for automatic indexing. Commun. ACM, 18(11), 613\u2013620.","journal-title":"Commun. ACM"},{"key":"622_CR80","doi-asserted-by":"publisher","first-page":"501","DOI":"10.1007\/s10796-010-9228-2","volume":"13","author":"RI Singh","year":"2011","unstructured":"Singh, R. I., Sumeeth, M., & Miller, J. (2011). A user-centric evaluation of the readability of privacy policies in popular web sites. Information Systems Frontiers, 13, 501\u2013514.","journal-title":"Information Systems Frontiers"},{"issue":"1","key":"622_CR81","doi-asserted-by":"publisher","first-page":"109","DOI":"10.1108\/ICS-06-2017-0039","volume":"26","author":"H Stewart","year":"2018","unstructured":"Stewart, H., & J\u00fcrjens, J. (2018). Data security and consumer trust in fintech innovation in Germany. Information and Computer Security, 26(1), 109\u2013128.","journal-title":"Information and Computer Security"},{"issue":"S2","key":"622_CR82","doi-asserted-by":"publisher","first-page":"69","DOI":"10.1086\/689933","volume":"45","author":"LJ Strahilevitz","year":"2016","unstructured":"Strahilevitz, L. J., & Kugler, M. B. (2016). Is privacy policy language irrelevant to consumers? The Journal of Legal Studies, 45(S2), 69\u201395.","journal-title":"The Journal of Legal Studies"},{"issue":"1","key":"622_CR83","doi-asserted-by":"publisher","first-page":"28","DOI":"10.1136\/amiajnl-2013-002605","volume":"22","author":"A Sunyaev","year":"2015","unstructured":"Sunyaev, A., Dehling, T., Taylor, P. L., & Mandl, K. D. (2015). Availability and quality of mobile health app privacy policies. Journal of the American Medical Informatics Association, 22(1), 28\u201333.","journal-title":"Journal of the American Medical Informatics Association"},{"key":"622_CR84","doi-asserted-by":"crossref","unstructured":"Tesfay, W.\u00a0B., Hofmann, P., Nakamura, T., Kiyomoto, S., & Serna, J. (2018). PrivacyGuide: Towards an implementation of the EU GDPR on internet privacy policy evaluation. In IWSPA \u201918 (Ed.), Proceedings of the Fourth ACM International Workshop on Security and Privacy Analytics (pp. 15\u201321). New York: ACM.","DOI":"10.1145\/3180445.3180447"},{"issue":"2","key":"622_CR85","doi-asserted-by":"publisher","first-page":"254","DOI":"10.1287\/isre.1090.0260","volume":"22","author":"JY Tsai","year":"2011","unstructured":"Tsai, J. Y., Egelman, S., Cranor, L., & Acquisti, A. (2011). The effect of online privacy information on purchasing behavior: An experimental study. Information Systems Research, 22(2), 254\u2013268.","journal-title":"Information Systems Research"},{"issue":"2","key":"622_CR86","doi-asserted-by":"publisher","first-page":"266","DOI":"10.1080\/17579961.2018.1527479","volume":"10","author":"S Wachter","year":"2018","unstructured":"Wachter, S. (2018). The GDPR and the internet of things: a three-step transparency model. Law, Innovation and Technology, 10(2), 266\u2013294.","journal-title":"Law, Innovation and Technology"},{"key":"622_CR87","unstructured":"Weesie, J. (1999). Seemingly unrelated estimation and the cluster-adjusted sandwich estimator. Stata Technical Bulletin, 9(52), 231\u2013248."},{"key":"622_CR88","unstructured":"Wild, F. (2007). An LSA package for R. In F. Wild, M. Kalz, J. van Bruggen & R. Koper (Eds.), Mini-Proceedings of the 1st European Workshop on Latent Semantic Analysis in Technology-Enhanced Learning (pp. 11\u201312). Heerlen."},{"key":"622_CR89","doi-asserted-by":"crossref","unstructured":"Wolff, J., & Atallah, N. (2021). Early GDPR penalties: Analysis of implementation and fines through May 2020. Journal of Information Policy, 11(3748837), 63\u2013103.","DOI":"10.5325\/jinfopoli.11.2021.0063"},{"key":"622_CR90","volume-title":"Econometric Analysis of Cross Section and Panel Data","author":"J Wooldridge","year":"2002","unstructured":"Wooldridge, J. (2002). Econometric Analysis of Cross Section and Panel Data. Cambridge: MIT Press."},{"key":"622_CR91","unstructured":"Working Party on the Protection of Individuals with Regard to the Processing of Personal Data (2018). Guidelines on Transparency under Regulation 2016\/679. WP260 rev.01."},{"key":"622_CR92","doi-asserted-by":"publisher","DOI":"10.30875\/6c551ba0-en","volume-title":"World Development Report 2021: Data for Better Lives","author":"World Bank","year":"2021","unstructured":"World Bank. (2021). World Development Report 2021: Data for Better Lives. Washington, D.C.: World Bank."},{"issue":"298","key":"622_CR93","doi-asserted-by":"publisher","first-page":"348","DOI":"10.1080\/01621459.1962.10480664","volume":"57","author":"A Zellner","year":"1962","unstructured":"Zellner, A. (1962). An efficient method of estimating seemingly unrelated regressions and tests for aggregation bias. Journal of the American Statistical Association, 57(298), 348\u2013368.","journal-title":"Journal of the American Statistical Association"},{"issue":"2","key":"622_CR94","doi-asserted-by":"publisher","first-page":"145","DOI":"10.1108\/JIC-05-2019-0113","volume":"21","author":"Y Zhang","year":"2020","unstructured":"Zhang, Y., Wang, T., & Hsu, C. (2020). The effects of voluntary GDPR adoption and the readability of privacy statements on customers\u2019 information disclosure intention and trust. Journal of Intellectual Capital, 21(2), 145\u2013163.","journal-title":"Journal of Intellectual Capital"}],"container-title":["Electronic Markets"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s12525-023-00622-x.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/article\/10.1007\/s12525-023-00622-x\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s12525-023-00622-x.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,12,20]],"date-time":"2023-12-20T09:20:51Z","timestamp":1703064051000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/s12525-023-00622-x"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2023,7,20]]},"references-count":94,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2023,12]]}},"alternative-id":["622"],"URL":"https:\/\/doi.org\/10.1007\/s12525-023-00622-x","relation":{},"ISSN":["1019-6781","1422-8890"],"issn-type":[{"value":"1019-6781","type":"print"},{"value":"1422-8890","type":"electronic"}],"subject":[],"published":{"date-parts":[[2023,7,20]]},"assertion":[{"value":"8 March 2022","order":1,"name":"received","label":"Received","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"6 January 2023","order":2,"name":"accepted","label":"Accepted","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"20 July 2023","order":3,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}}],"article-number":"33"}}