This paper examines how reward-based crowdfunding backers respond to risk disclosures. Combining theoretical frameworks from financial accounting with the risk perception literature, we adopt an abductive research approach to explore various nuances that influence backers' tolerance for risk information. In addition to identifying the general dynamics in backers' risk interpretation, we highlight the complexities introduced by differences in the disclosure's semantic content, expressed feelings, and the discloser's background attributes. Relying on a hierarchical Bayesian mixture model, we first identify a positive curvilinear relationship between risk information quantity and crowdfunding success. We then demonstrate the influences of what is disclosed, how it is disclosed, and who discloses it, while emphasizing the context-bound specificities of individual project types.

中文翻译：

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风险意识：对众筹风险披露的回应

本文研究了基于奖励的众筹支持者如何应对风险披露。将财务会计的理论框架与风险认知文献相结合，我们采用溯因研究方法来探索影响支持者对风险信息容忍度的各种细微差别。除了确定支持者风险解释的一般动态之外，我们还强调了披露的语义内容、表达的感受和披露者背景属性的差异所带来的复杂性。依靠分层贝叶斯混合模型，我们首先确定风险信息量与众筹成功之间的正曲线关系。然后，我们展示了披露内容、披露方式以及披露者的影响，同时强调各个项目类型的上下文相关特殊性。