Naomi Moy , Ho Fai Chan , Felix Septianto , Frank Mathmann , Benno Torgler
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Confidence is Good? too Much, not so Much: Exploring the effects on crowdfunding success
Marketers take major risks to display confidence, based on the assumption that “more is always better”, yet the extant literature lacks adequate support for this notion. The present research proposes a novel conceptualization of the relationship between the confidence expressed in crowdfunding project descriptions and success, which is predicted to take an inverted U-shape. In this regard, the research draws upon the compensation effect identified between perceived competence and warmth, such that expressing high levels of confidence could decrease perceived warmth. As a result, there will be an optimal (moderate) level of confidence that determines successful fundraising outcomes – as measured by the number of contributors and amounts contributed. This prediction is tested by analyzing more than 71,000 Kickstarter projects (Study 1) and 1.3 million Kiva projects (Study 2, preregistered). A follow-up experiment (Study 3, preregistered) then establishes causality, demonstrating the role of perceived warmth and competence as the underlying mechanism.
期刊介绍:
The Journal of Business Research aims to publish research that is rigorous, relevant, and potentially impactful. It examines a wide variety of business decision contexts, processes, and activities, developing insights that are meaningful for theory, practice, and/or society at large. The research is intended to generate meaningful debates in academia and practice, that are thought provoking and have the potential to make a difference to conceptual thinking and/or practice. The Journal is published for a broad range of stakeholders, including scholars, researchers, executives, and policy makers. It aids the application of its research to practical situations and theoretical findings to the reality of the business world as well as to society. The Journal is abstracted and indexed in several databases, including Social Sciences Citation Index, ANBAR, Current Contents, Management Contents, Management Literature in Brief, PsycINFO, Information Service, RePEc, Academic Journal Guide, ABI/Inform, INSPEC, etc.