Extending the theory of perceived risk, this study examines how risk perception, a vital factor in determining investment decisions, comprising both initiative risk statement generated by fundraisers and passive risk disclosure published by backers, influences crowdfunding financing performance. Utilizing a corpus of 126,593 innovative projects from Kickstarter, text analytics is employed to classify risks into controllable and uncontrollable types for an empirical comparative examination. The results show that initiative risk statement negatively impacts financing performance, while passive risk disclosure has a positive influence. Comparatively, passive risk disclosure is superior to initiative risk statement. Uncontrollable (controllable) risks in initiative (passive) risk statement are superior to controllable (uncontrollable) ones. Additionally, a textual cognitive load negatively impacted initiative risk statement and passive risk disclosure. Multiple additional tests, including continuous and discrete measurements of risk, endogeneity correction, and dynamic effects over time, demonstrate the robustness of the results. This study contributes to extending the understanding of online financing risks and providing practical implications for fundraisers and backers in innovative online projects.

中文翻译：

---

倡议风险声明与被动风险披露对 Kickstarter 活动融资绩效影响的比较分析


本研究扩展了感知风险理论，研究了风险感知是决定投资决策的重要因素，包括筹款人生成的主动风险声明和支持者发布的被动风险披露，如何影响众筹融资业绩。利用来自 Kickstarter 的 126,593 个创新项目的语料库，采用文本分析将风险分为可控和不可控类型，以进行实证比较检查。结果表明，主动风险声明对融资绩效产生负面影响，而被动风险披露具有积极影响。相比之下，被动风险披露优于主动风险声明。主动（被动）风险陈述中的不可控（可控）风险优于可控（uncontrollable）风险。此外，文本认知负荷对计划风险声明和被动风险披露产生了负面影响。多个附加测试，包括风险的连续和离散测量、内生性校正和随时间推移的动态效应，证明了结果的稳健性。本研究有助于扩展对在线融资风险的理解，并为创新在线项目中的筹款人和支持者提供实际意义。