We build upon theory from evolutionary psychology and emotional expression, including basic emotion theory and the dual threshold model of anger in organizations, to extend knowledge about the influence of facial expressions of emotion in entrepreneurial fundraising. First, we conduct a qualitative analysis to understand the objects of entrepreneurs' facial expressions of four basic emotions in their pitches: happiness, anger, fear, and sadness. This provides a base for our theorizing that the frequency of entrepreneurs' facial expression of each of these emotions exhibits an inverted U-shaped relationship with funding. We also argue that the frequency of changes in entrepreneurs' facial expressions is positively related to funding. We test our predictions with a sample of 489 funding pitches using computer-aided facial expression analysis. Results support inverted U-shaped relationships of the frequency of facial expression of happiness, anger, and fear with funding, but show a negative relationship of sadness with funding. Results further support that the frequency of change in entrepreneurs' facial expressions promotes funding.

我们基于进化心理学和情感表达的理论，包括基本情感理论和组织中愤怒的双重阈值模型，来扩展有关情感面部表情在创业筹款中的影响的知识。首先，我们进行定性分析，以了解企业家面部表情中四种基本情绪的对象：幸福，愤怒，恐惧和悲伤。这为我们的理论基础奠定了基础，即企业家对这些情绪的面部表情的频率与资金呈倒U形关系。我们还认为，企业家面部表情变化的频率与资金成正比。我们使用计算机辅助的面部表情分析，以489个资金募集样本对我们的预测进行了测试。结果支持幸福感，愤怒和恐惧的面部表情频率与资金倒置的U形关系，但显示悲伤与资金筹集呈负相关。结果进一步支持了企业家面部表情变化的频率促进了资金投入。