The time-varying effects of rhetorical signals in crowdfunding campaigns

Masoud Moradi (), Mayukh Dass (), Dennis Arnett () and Vishag Badrinarayanan ()
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Masoud Moradi: Texas State University
Mayukh Dass: Texas Tech University
Dennis Arnett: Texas Tech University
Vishag Badrinarayanan: Texas State University

Journal of the Academy of Marketing Science, 2024, vol. 52, issue 2, No 6, 370-398

Abstract: Abstract As crowdfunding success relies heavily on designing campaigns that attempt to influence potential backers within a fixed time frame, this study leverages signaling theory to explore the time-varying direct and interactive effects of rhetorical (i.e., emotional tone, cognitive tone, communal language style, and linguistic style match) and substantive (i.e., backer support) signals employed in project descriptions on funding formation. Using linguistic inquiry and word count (LIWC) and functional data analysis (FDA), we analyze data on 1245 projects from a rewards-based crowdfunding platform (Kickstarter) and demonstrate that (a) the four rhetorical signals are positively related to funding formation, (b) emotional and cognitive tone exert stronger effects in early phases of projects, whereas linguistic style match and communal language style exert stronger effects in later phases, and (c) the dynamic effects of rhetorical signals on funding formation are greater when the number of backers increases. We conclude with implications for crowdfunding research and insights for improving campaign success.

Keywords: Crowdfunding; Signaling theory; Rhetorical and substantive signals; Functional data Analysis; Time-varying effects model (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s11747-023-00943-5

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