The power of positivity? The influence of positive psychological capital language on crowdfunding performance |
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| Authors: | Aaron H Anglin Jeremy C Short Will Drover Regan M Stevenson Aaron F McKenny Thomas H Allison |
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| Institution: | 1. Department of Management, Entrepreneurship, and Leadership, Neeley School of Business, Texas Christian University, 2900 Lubbock Avenue, Fort Worth, TX 76109, United States;2. Division of Entrepreneurship and Economic Development, Price College of Business, 307 W. Brooks Ave., University of Oklahoma, Norman, OK 73019-0450, United States;3. Department of Management & Entrepreneurship, Kelley School of Business, 1275 E. 10th Street, Indiana University, Bloomington, IN 47405, United States;4. Department of Management, UCF College of Business Administration, PO Box 161400, Orlando, FL 32816-1400, United States;5. Department of Management, Information Systems, & Entrepreneurship, Carson College of Business, 442 Todd Hall, Washington State University, Pullman, WA 99164, United States |
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| Abstract: | We extend the entrepreneurship literature to include positive psychological capital — an individual or organization's level of psychological resources consisting of hope, optimism, resilience, and confidence — as a salient signal in crowdfunding. We draw from the costless signaling literature to argue that positive psychological capital language usage enhances crowdfunding performance. We examine 1726 crowdfunding campaigns from Kickstarter, finding that entrepreneurs conveying positive psychological capital experience superior fundraising performance. Human capital moderates this relationship while social capital does not, suggesting that costly signals may, at times, enhance the influence of costless signals. Post hoc analyses suggest findings generalize across crowdfunding types, but not to IPOs. |
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| Keywords: | Corresponding author at: 307 West Brooks Room 206 Norman OK 73019-4004 United States |
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