Persuading Investors: A Video‐Based Study
研究用机器学习分析创业路演视频，发现积极表达（如热情、温暖）能提高融资概率，但获得融资后这些初创企业表现较差；女性在单一性别团队中更受表达方式影响，在混合团队中则被忽视。
ABSTRACT Persuasive communication functions through not only content but also delivery—facial expression, tone of voice, and diction. This paper examines the persuasiveness of delivery in startup pitches. Using machine learning algorithms to process full pitch videos, we quantify persuasion in visual, vocal, and verbal dimensions. We find that positive (i.e., passionate, warm) pitches increase funding probability. However, conditional on funding, startups with higher levels of pitch positivity underperform. Women are more heavily judged on delivery when evaluated in single‐gender teams, but they are neglected when copitching in mixed‐gender teams. Using an experiment, we show that persuasion delivery works mainly through leading investors to form inaccurate beliefs.