Entrepreneur's Facial Trustworthiness, Gender, and Crowdfunding Success

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

    Research output: Contribution to conferenceConference paperpeer-review


    This study examines whether facial trustworthiness mitigates information asymmetry in crowdfunding. Using photos of entrepreneurs who launched campaigns on Kickstarter, we construct a comprehensive facial trustworthiness index by employing machine learning-based facial detection techniques. We find that entrepreneurs who look more trustworthy are more likely to have their campaigns funded, as they receive more in the amount pledged and attract more funders. We also find that the effect of facial trustworthiness is more prominent for female entrepreneurs. Moreover, these results are not driven by facial attractiveness. Overall, our findings suggest that facial trustworthiness alleviates funders’ concerns about uncertainty in crowdfunding.
    Original languageEnglish
    Number of pages42
    Publication statusPublished - 12 Jul 2019
    Event2019 FMA Asia/Pacific Conference - Ton Duc Thang University, Ho Chi Minh City, Viet Nam
    Duration: 10 Jul 201912 Jul 2019


    Conference2019 FMA Asia/Pacific Conference
    Country/TerritoryViet Nam
    CityHo Chi Minh City
    Internet address


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