{"title":"The use of positive language in equity crowdfunding pitches and fundraising success: The moderating role of punctuation","authors":"","doi":"10.1016/j.ribaf.2024.102532","DOIUrl":null,"url":null,"abstract":"<div><p>This paper investigates the relationship between positive language use in equity crowdfunding pitches and fundraising outcomes, with a focus on the moderating role of punctuation. By analyzing 772 campaigns across 25 platforms in France, Israel, Italy, Turkey, and the United Arab Emirates, the study provides evidence of an inverted U-shaped relationship. Results, framed within signaling theory, reveal that while initial positive language boosts equity collection among backers, further use beyond the inflection point leads to worsening fundraising outcomes. Additionally, punctuation dampens the initial positive effects of positive language use and mitigates the negative returns associated with further positive language use. The paper discusses theoretical implications for academia and practical implications for practitioners and policymakers.</p></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":null,"pages":null},"PeriodicalIF":6.3000,"publicationDate":"2024-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in International Business and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0275531924003258","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This paper investigates the relationship between positive language use in equity crowdfunding pitches and fundraising outcomes, with a focus on the moderating role of punctuation. By analyzing 772 campaigns across 25 platforms in France, Israel, Italy, Turkey, and the United Arab Emirates, the study provides evidence of an inverted U-shaped relationship. Results, framed within signaling theory, reveal that while initial positive language boosts equity collection among backers, further use beyond the inflection point leads to worsening fundraising outcomes. Additionally, punctuation dampens the initial positive effects of positive language use and mitigates the negative returns associated with further positive language use. The paper discusses theoretical implications for academia and practical implications for practitioners and policymakers.
期刊介绍：
Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance
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