How Crowdfunders Are Influenced by Entrepreneurial Passion: A Dual Information-Processing Perspective

C Franzoni, Francesca Tenca

Risultato della ricerca: Contributo su rivistaArticolo in rivistapeer review

Abstract

We incorporate entrepreneurial passion into a dual theory of information-processing, theorizing that passion can be used as information in analytical thinking, and as a heuristic in intuitive thinking. We find that passion is generally associated with an increase in crowdfunding success rates (+1%). Its effect becomes more powerful (+16% increase in success) when exhibited in conditions of coherence/fluency, that is, with high levels of preparedness, while it disappears in conditions of incoherence/disfluency and when the judgment is important. This conceptual framework reconciles contradictory findings of previous studies, suggesting that affective cues have the power to influence decisions in contexts characterized by large numbers of non-professional investors.
Lingua originaleInglese
pagine (da-a)1760-1787
Numero di pagine28
RivistaEntrepreneurship Theory and Practice
Volume47
Numero di pubblicazione5
DOI
Stato di pubblicazionePubblicato - 2023

Keywords

  • affect
  • crowd wisdom
  • crowdfunding
  • entrepreneurial passion
  • preparedness

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