Entrepreneurs' facial trustworthiness, gender, and crowdfunding success

Yang Duan*, Tien-Shih Hsieh, Ray R. Wang, Zhihong Wang

*Corresponding author for this work

    Research output: Contribution to journalJournal articlepeer-review

    31 Citations (Scopus)


    This study examines whether and how entrepreneurs' facial trustworthiness is associated with the success of their crowdfunding campaigns. We adopt a novel dataset extracted from the Kickstarter crowdfunding platform and employ machine learning-based facial detection techniques to construct a comprehensive index that measures facial trustworthiness for our investigation. Our results suggest that entrepreneurs' facial trustworthiness is positively associated with crowdfunding campaign success. Specifically, trustworthy-looking entrepreneurs receive a 13.1% greater pledge amount and attract 4.8% more backers in their crowdfunding campaign as compared to those who are untrustworthy-looking. We also find that the facial trustworthiness of female entrepreneurs plays a more prominent role in determining project success than that of male entrepreneurs. Our results are robust to a series of additional analyses and sensitivity checks. Overall, the results of our study suggest that entrepreneurs' facial trustworthiness is an important factor that affects funders' decision-making process in reward-based crowdfunding.

    Original languageEnglish
    Article number101693
    Number of pages24
    JournalJournal of Corporate Finance
    Early online date17 Jul 2020
    Publication statusPublished - Oct 2020

    Scopus Subject Areas

    • Business and International Management
    • Finance
    • Economics and Econometrics
    • Strategy and Management

    User-Defined Keywords

    • Crowdfunding
    • Facial trustworthiness perception
    • Gender


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