SEEING IS BELIEVING: A VISUAL SOURCE CREDIBILITY PERSPECTIVE OF CROWDFUNDING PERFORMANCE

Abstract

Crowdfunding campaigns increasingly utilize visual media in their funding appeals to potential backers. Prior research shows that inclusion of visual media positively relates to successful funding outcomes, yet what specific visual content drives backer decision making and the mechanisms behind why it does so remain largely unknown. This dissertation contends that crowdfunding performance is not influenced by whether the campaign simply includes visual media, but rather how backers respond to the specific visual content presented. Drawing from source credibility theory and research on visual heuristics, I propose that use of specific visual content can help entrepreneurs establish the credibility with potential crowdfunding backers needed to secure funding. To test my hypothesized relationships, I draw from a sample of 1000 Kickstarter campaigns and complement this approach by also utilizing an experimental design to further explore the theoretical mechanisms underlying how potential backers interpret visual cues in crowdfunding campaigns. Results show that visual cues indicative of the dimensions of source credibility, when present in campaigns, have a positive influence on crowdfunding performance. Such findings offer needed clarity regarding the specific visual cues that influence crowdfunding outcomes and provide an underlying mechanism for why visuals matter in crowdfunding.