We investigate the degree and duration of the effects of deceptive signaling on globalized digital platforms, vis-à-vis naturally formed organic signaling such as importer review scores and discernible inducing signaling such as banner advertisements. Sponsored listing has emerged as a powerful tool for facilitating Internet-mediated exchanges in internationalization activities. Some digital platforms based in weakly regulated countries provide sponsored listing to exporters without explicitly disclosing that sponsorship. This constitutes a deceptive signal to importers in strongly regulated countries whose governments require sponsorship disclosure. Deceptive signaling is hypothesized to stimulate an institutional hypnosis on importers, with the most immediate and largest enhancing effects on exporter performance of the three types of signaling. Organic signaling is hypothesized to exert the most durable effect. Using transaction-level data from a globalized digital platform assembled with web mining methods, we develop a novel algorithm to detect deceptive signaling. Regression results from generalized method of moments estimation support these hypotheses. Our study is among the first to investigate institutional hypnosis manifested in increasingly widespread and unchecked forms in digitized international business transacting. By discovering and reporting on a dark side of institutional arbitrage, we offer actionable implications for digital platform governance, participants, and regulators.

我们调查了欺骗性信号对全球化数字平台的影响的程度和持续时间，相对于自然形成的有机信号（如进口商评论评分）和可识别的诱导信号（如横幅广告）。赞助商上市已成为促进国际化活动中互联网介导的交流的有力工具。某些监管较弱的国家/地区的数字平台会向出口商提供赞助商清单，而不会明确披露该赞助商。这对受到严格监管的国家（要求政府披露赞助商）的进口商构成欺骗性信号。据推测，欺骗性信号传导会刺激进口商的机构催眠作用，这三种信号传导方式对出口商的绩效具有最直接，最大的增强作用。假设有机信号传导发挥最持久的作用。使用来自集成了Web挖掘方法的全球化数字平台的交易级数据，我们开发了一种新颖的算法来检测欺骗性信号。广义矩估计方法的回归结果支持这些假设。我们的研究是第一个调查机构催眠的研究机构，这种催眠在数字化的国际商业交易中以越来越普遍且不受控制的形式表现出来。通过发现和报告机构套利的阴暗面，我们为数字平台治理，参与者和监管机构提供了可操作的含义。我们开发了一种新颖的算法来检测欺骗性信号。广义矩估计方法的回归结果支持这些假设。我们的研究是第一个调查机构催眠的研究机构，这种催眠在数字化的国际商业交易中以越来越普遍且不受控制的形式表现出来。通过发现和报告机构套利的阴暗面，我们为数字平台治理，参与者和监管机构提供了可操作的含义。我们开发了一种新颖的算法来检测欺骗性信号。广义矩估计方法的回归结果支持这些假设。我们的研究是第一个调查机构催眠的研究机构，这种催眠在数字化的国际商业交易中以越来越普遍且不受控制的形式表现出来。通过发现和报告机构套利的阴暗面，我们为数字平台治理，参与者和监管机构提供了可操作的含义。