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More than a feeling: Investigating the contagious effect of facial emotional expressions on investment decisions in reward-based crowdfunding
Decision Support Systems ( IF 7.5 ) Pub Date : 2020-06-05 , DOI: 10.1016/j.dss.2020.113326
Maximilian Raab , Sebastian Schlauderer , Sven Overhage , Thomas Friedrich

Reward-based crowdfunding provides a unique instrument to acquire capital from small investors for a specific project. To successfully campaign for the desired funds, however, entrepreneurs also need to understand the subconscious factors, which influence the funding behavior of potential investors. In pursuit of that goal, this study examines how facial emotional expressions, which are shown in the pictures of project presentations, affect the funding decision. Building upon the emotional contagion theory and evaluating the emotions displayed on the pictures of 18,696 project webpages with a machine-learning algorithm, we show that facial expressions of happiness and sadness positively affect (i.e., encourage) the funding decision. Other than in venture capital markets, an emotional approach of potential investors might hence be a viable strategy in reward-based crowdfunding. As persuasion tool, emotions should nevertheless be used judiciously since we found high intensities of facial emotional expressions to negatively affect the funding decision.



中文翻译:

不仅仅是一种感觉:研究基于面部表情的情绪对基于奖励的众筹中投资决策的传染性影响

基于奖励的众筹提供了一种独特的工具,可以从小型投资者那里获取特定项目的资金。为了成功筹集所需的资金,企业家还需要了解潜意识因素,这些因素会影响潜在投资者的筹资行为。为了实现该目标,本研究检查了项目演示图片中显示的面部表情如何影响资金的决定。基于情感传染理论,并使用机器学习算法评估18,696个项目网页的图片上显示的情感,我们表明,幸福和悲伤的面部表情对筹资决策产生积极影响(即鼓励)。除了在风险投资市场,因此,在基于奖励的众筹中,潜在投资者的情感态度可能是可行的策略。作为说服工具,仍然应谨慎使用情绪,因为我们发现面部表情的强烈表达会对筹款决策产生负面影响。

更新日期:2020-06-29
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