Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/338579 
Year of Publication: 
2025
Citation: 
[Journal:] Small Business Economics [ISSN:] 1573-0913 [Volume:] 66 [Issue:] 3 [Publisher:] Springer US [Place:] New York [Year:] 2025 [Pages:] 1495-1523
Publisher: 
Springer US, New York
Abstract: 
Investment decisions in reward-based crowdfunding are often shaped by intuitive impressions such as the emotional appeal of the project presentation. Yet, it remains unclear how emotional project presentations should be to optimally influence funding decisions. Building on Dual Coding Theory and Emotions as Social Information (EASI) theory, we conducted regression and fuzzy-set qualitative analyses (fsQCA) to examine the effect of emotional expressions in the texts, pictures, and pitch videos of 16,967 Kickstarter project presentations. The results indicate that the intensity of the conveyed emotional expressions has an inverted u-shaped effect on investment behavior, meaning that high intensities of emotional expressions have a negative impact. Our findings also suggest that only specific combinations of modalities need to be used to effectively convey emotional expressions. For an optimal impact, a moderate approach should be chosen, both in terms of the intensity of emotional expressions and the number of modalities to convey them.
Subjects: 
Reward-based crowdfunding
Non-linear regression analyses
FsQCA
Emotional cues
Multi-modal emotional expressions
EASI theory
Persistent Identifier of the first edition: 
Additional Information: 
G23;G41;L26;M31
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version
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