%A Chen Jun,Liang Hao,Qian Chen %T Studying Investment Decisions of Rewarded Crowdfunding Users with Emotional Distance and Text Analysis %0 Journal Article %D 2021 %J Data Analysis and Knowledge Discovery %R 10.11925/infotech.2096-3467.2020.0751 %P 60-71 %V 5 %N 4 %U {https://manu44.magtech.com.cn/Jwk_infotech_wk3/CN/abstract/article_4967.shtml} %8 2021-04-25 %X

[Objective] This study explores the key factors that influence the investment decision-making behaviors of rewarded crowdfunding users. [Methods] First, we applied psychological distance theory to define text emotional distance and its three dimensions. Then, we developed a measurement index for the distance based on text analysis. Third, we constructed an econometric model to investigate the influence of text emotional distance on user’s investment decisions. Finally, we conducted an empirical analysis with 161,279 project-descriptions from Kickstarter. [Results] The positive emotional tendency, affinity and interactivity of the texts have significant positive impacts on the users’ investment decisions. Negative emotional tendency poses significant negative effects on investors. Influences of text emotional distance change with different project categories. [Limitations] Findings from our study may not be applied to other crowdfunding business. Also, the qualitative research on text language in psychology and sociology is limited due to technical issues. [Conclusions] The rewarded crowdfunding projects could improve their financing rates with positive emotional tendency and affinity in their descriptions.