Crowdfunding has emerged as an alternative financing method for startups in the foodservice industry. To identify determinants of crowdfunding performance and thus develop attractive foodservice project proposals, this study investigated 1363 project proposals between 2011 and 2022, focusing on their linguistic features such as time orientation, length, readability, and tone. For robust and efficient analysis, Feasible Generalized Least Squares estimation was employed. The findings indicate that past-oriented descriptions increased crowdfunding amount while length and readability had a quadratic relationship. This study also examined two communication tools—project creators’ responses to comments and updates—and found their significant effects on crowdfunding amount. To understand the impact of these linguistic and communication factors on crowdfunding, this study adopted two overarching theories: the framing effect and social presence theory. In addition to the discussion on the theoretical background, this study provides practical implications for foodservice project creators.

中文翻译：

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投资者对众筹项目中语言和沟通因素的反应：对餐饮服务初创公司的调查


众筹已成为餐饮服务行业初创公司的替代融资方式。为了确定众筹绩效的决定因素，从而制定有吸引力的餐饮服务项目提案，本研究调查了 2011 年至 2022 年间的 1363 个项目提案，重点关注它们的语言特征，例如时间导向、长度、可读性和语气。为了实现稳健和高效的分析，采用了可行的广义最小二乘估计。研究结果表明，面向过去的描述增加了众筹金额，而长度和可读性呈二次方关系。本研究还检查了两种通信工具——项目创建者对评论和更新的回应——并发现它们对众筹金额的显着影响。为了了解这些语言和通信因素对众筹的影响，本研究采用了两个总体理论：框架效应和社会存在理论。除了对理论背景的讨论外，本研究还为餐饮服务项目创建者提供了实际意义。