Does Facial Expression Matter Even Online? An Empirical Analysis of Facial Expression of Emotion and Crowdfunding Success

Abstract

Facial expression elicits vicarious emotion in observers and is an important means by which relationships are build and maintained. Does facial expression matter even online? This study examines the effects of creator’s face disclosure and facial expression of emotion in his/her profile on crowdfunding success. We employ a machine learning approach to recognize faces and its facial expression from the profile images. Using project-level data from a leading rewards-based crowdfunding platform, we find that the disclosure of creator’s face appears to decrease the funding amount in general. However, this effect is different by facial expression of emotion. The disclosure of smiling faces is associated with the 5% increase in the funding amount, whereas crowdfunding projects seem to be penalized by the disclosure of neutral faces or negative emotional expressions. Our findings imply that smiling faces, but not neutral ones, can serve as a significant signal of project quality and trust.