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Emphasizing the entrepreneur or the idea? The impact of text content emphasis on investment decisions in crowdfunding
Decision Support Systems ( IF 6.7 ) Pub Date : 2020-06-10 , DOI: 10.1016/j.dss.2020.113341
Wei Wang , Wei Chen , Kevin Zhu , Hongwei Wang

The criteria for evaluating a crowdfunding project vary from person to person. Some investors are concerned with the entrepreneurs' profiles, while others are more interested in the creativity behind the project or the idea. Most investors evaluate a project by referring to founder-generated content. Entrepreneurs then face the choice of emphasizing their own profiles or the project creativity within the limited narrative. Our study is thus motivated to examine how the emphasis of the text narratives affect the fundraising outcomes. We propose an improved deep learning model for text content emphasis (TCE) detection from various textual sources, including titles, blurbs, and detailed descriptions, and then estimate the impact of TCE on the success of fundraising campaigns. With data collected from public sources of Kickstarter platform, our empirical analyses demonstrate that TCE matters differently for various textual sources. It is more effective for the title and blurb to emphasize the entrepreneur profile, while the detailed description should highlight the idea creativity. Furthermore, for the detailed description, the entrepreneur profile has a more positive effect when it is placed at the beginning of the narrative. And the effects of entrepreneur-oriented narratives are more pronounced in these projects with more social connections. This study contributes to the understanding of TCE, entrepreneur profile disclosure, and social connection in economic exchanges in online crowdfunding.



中文翻译:

强调企业家还是想法?文字内容对众筹投资决策的影响

评估众筹项目的标准因人而异。一些投资者关注企业家的形象,而另一些投资者则对项目或想法背后的创造力更感兴趣。大多数投资者通过参考创始人创建的内容来评估项目。然后,企业家将面临在有限的叙事中强调自己的个人资料或项目创造力的选择。因此,我们的研究动机是检验文本叙述的重点如何影响筹款结果。我们提出了一种改进的深度学习模型,用于从各种文本源(包括标题,摘要和详细说明)检测文本内容重点(TCE),然后估计TCE对筹款活动成功的影响。利用从Kickstarter平台的公共来源收集的数据,我们的经验分析表明,传统文化表现形式对各种文本来源的重要性不同。标题和标题强调企业家的形象更为有效,而详细的说明应强调创意。此外,为进行详细描述,企业家简介在叙述开始时具有更积极的作用。在具有更多社会联系的这些项目中,以企业家为中心的叙述的效果更加明显。这项研究有助于了解传统文化表现形式,企业家个人资料披露以及在线众筹中经济交易中的社会联系。详细的说明应该强调创意。此外,为进行详细描述,企业家简介在叙述开始时具有更积极的作用。在具有更多社会联系的这些项目中,以企业家为中心的叙述的效果更加明显。这项研究有助于了解传统文化表现形式,企业家个人资料披露以及在线众筹中经济交易中的社会联系。详细的说明应该强调创意。此外,为进行详细描述,企业家简介在叙述开始时具有更积极的作用。在具有更多社会联系的这些项目中,以企业家为中心的叙述的效果更加明显。这项研究有助于了解传统文化表现形式,企业家个人资料披露以及在线众筹中经济交易中的社会联系。

更新日期:2020-07-29
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