A comparative analysis of the effect of initiative risk statement versus passive risk disclosure on the financing performance of Kickstarter campaigns

IF 6.7 1区计算机科学 Q1 COMPUTER SCIENCE, ARTIFICIAL INTELLIGENCE

Decision Support Systems Pub Date : 2024-11-09 DOI:10.1016/j.dss.2024.114366

Wei Wang , Ying Li , Jian Mou , Kevin Zhu

{"title":"A comparative analysis of the effect of initiative risk statement versus passive risk disclosure on the financing performance of Kickstarter campaigns","authors":"Wei Wang , Ying Li , Jian Mou , Kevin Zhu","doi":"10.1016/j.dss.2024.114366","DOIUrl":null,"url":null,"abstract":"<div><div>Extending the theory of perceived risk, this study examines how risk perception, a vital factor in determining investment decisions, comprising both initiative risk statement generated by fundraisers and passive risk disclosure published by backers, influences crowdfunding financing performance. Utilizing a corpus of 126,593 innovative projects from Kickstarter, text analytics is employed to classify risks into controllable and uncontrollable types for an empirical comparative examination. The results show that initiative risk statement negatively impacts financing performance, while passive risk disclosure has a positive influence. Comparatively, passive risk disclosure is superior to initiative risk statement. Uncontrollable (controllable) risks in initiative (passive) risk statement are superior to controllable (uncontrollable) ones. Additionally, a textual cognitive load negatively impacted initiative risk statement and passive risk disclosure. Multiple additional tests, including continuous and discrete measurements of risk, endogeneity correction, and dynamic effects over time, demonstrate the robustness of the results. This study contributes to extending the understanding of online financing risks and providing practical implications for fundraisers and backers in innovative online projects.</div></div>","PeriodicalId":55181,"journal":{"name":"Decision Support Systems","volume":"188 ","pages":"Article 114366"},"PeriodicalIF":6.7000,"publicationDate":"2024-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Decision Support Systems","FirstCategoryId":"94","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0167923624001994","RegionNum":1,"RegionCategory":"计算机科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"COMPUTER SCIENCE, ARTIFICIAL INTELLIGENCE","Score":null,"Total":0}

引用次数: 0

Abstract

Extending the theory of perceived risk, this study examines how risk perception, a vital factor in determining investment decisions, comprising both initiative risk statement generated by fundraisers and passive risk disclosure published by backers, influences crowdfunding financing performance. Utilizing a corpus of 126,593 innovative projects from Kickstarter, text analytics is employed to classify risks into controllable and uncontrollable types for an empirical comparative examination. The results show that initiative risk statement negatively impacts financing performance, while passive risk disclosure has a positive influence. Comparatively, passive risk disclosure is superior to initiative risk statement. Uncontrollable (controllable) risks in initiative (passive) risk statement are superior to controllable (uncontrollable) ones. Additionally, a textual cognitive load negatively impacted initiative risk statement and passive risk disclosure. Multiple additional tests, including continuous and discrete measurements of risk, endogeneity correction, and dynamic effects over time, demonstrate the robustness of the results. This study contributes to extending the understanding of online financing risks and providing practical implications for fundraisers and backers in innovative online projects.

查看原文本刊更多论文

主动风险声明与被动风险披露对 Kickstarter 活动融资绩效影响的比较分析

本研究对感知风险理论进行了扩展，探讨了风险感知这一决定投资决策的重要因素如何影响众筹融资绩效，其中包括筹款人生成的主动风险声明和支持者发布的被动风险披露。利用 Kickstarter 上 126593 个创新项目的语料库，采用文本分析法将风险分为可控和不可控类型，进行实证比较研究。结果表明，主动风险声明对融资绩效有负面影响，而被动风险披露则有正面影响。相对而言，被动风险披露优于主动风险声明。主动（被动）风险声明中的不可控（可控）风险优于可控（不可控）风险。此外，文本认知负荷对主动风险声明和被动风险披露有负面影响。其他多项测试，包括风险的连续和离散测量、内生性校正和随时间变化的动态效应，都证明了研究结果的稳健性。本研究有助于扩展对在线融资风险的理解，并为创新在线项目的筹款人和支持者提供实际意义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Decision Support Systems 工程技术-计算机：人工智能

CiteScore

14.70

自引率

6.70%

发文量

119

审稿时长

13 months

期刊介绍： The common thread of articles published in Decision Support Systems is their relevance to theoretical and technical issues in the support of enhanced decision making. The areas addressed may include foundations, functionality, interfaces, implementation, impacts, and evaluation of decision support systems (DSSs).