Abstract A crowdfunding narrative often has a title, abstract, detailed description, reward statements, and the creators' biographies, which carry elements of subjectivity and objectivity in their wordings. The subjectivity and objectivity facets of an entrepreneurial narrative influence the signal's observability, thus affecting the fundraising outcomes. This study contributes to the understanding of the subjectivity versus objectivity debate in economic exchange in online crowdfunding, by examining how and if the crowdfunding outcomes can be better achieved through the deliberate positioning of the subjectivity versus objectivity claims in the various text sections and through carefully determining the prioritization of the subjective and objective contents. This study employs text mining and Bayesian inference to identify and differentiate the subjective and objective attributes in an entrepreneurial narrative. Taking 328,974 campaigns from Kickstarter, from April 2009 to April 2019, we observe a statistical difference between the text sections in a narrative. Some level of objective appeal should reside in the abstract and the reward statement. To court investors, the title, detailed textual description, and biography should be phrased subjectively. For the detailed textual description, the objective contents should be positioned at the start of the narrative, followed by the subjective statements, to enhance the success of online fundraising. Further, the overall prediction accuracy of funding support in the presence of subjective versus objective factors improves by 1.76%, from 76.37%, as shown through machine learning prediction analytics.

中文翻译：

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众筹创业叙事中的信号说服：主观与客观的辩论

摘要 众筹叙事通常有标题、摘要、详细描述、奖励声明和创作者传记，在措辞中带有主观和客观的元素。创业叙事的主观性和客观性会影响信号的可观察性，从而影响筹款结果。本研究有助于理解在线众筹经济交换中主观与客观的争论，通过检查如何以及是否可以通过在各个文本部分中对主观与客观声明的故意定位以及通过仔细确定来更好地实现众筹结果主客观内容的优先顺序。本研究采用文本挖掘和贝叶斯推理来识别和区分创业叙事中的主观和客观属性。从 2009 年 4 月到 2019 年 4 月，从 Kickstarter 的 328,974 个活动中，我们观察到叙述中文本部分之间的统计差异。一定程度的客观吸引力应该存在于摘要和奖励声明中。为了吸引投资者，标题、详细的文字描述和传记应该主观地措辞。对于详细的文字描述，客观内容应定位在叙述的开头，其次是主观陈述，以提高在线筹款的成功率。此外，在存在主观与客观因素的情况下，资金支持的整体预测准确度从 76.37% 提高了 1.76%，