The power of expressed humility: Early stage investors' reaction to humble entrepreneurs
研究了企业家在路演中表达谦逊如何影响早期投资者的投资意愿，发现谦逊既提升人际信任和团队建设感知，又可能引发对快速决策能力的疑虑，但投资者更看重正面信号。
Abstract Research Summary We examine how entrepreneur‐expressed humility affects early stage investors' willingness to fund new ventures. In pitching contexts where investors rely on relational cues and implicit prototypes of entrepreneurs, we theorize three distinct pathways through which expressed humility shapes funding decisions. First, building on research regarding interpersonal signals in early stage valuation, we propose that humility fosters perceptions of interpersonal affect and trust and team‐building qualities, increasing investors' willingness to fund. Second, drawing on implicit leadership theories, we argue that humility may trigger negative perceptions regarding the entrepreneur's ability to make rapid and risky decisions. Across a videometric analysis of 140 real‐world pitches and a randomized experiment with French early stage investors, we show that expressed humility elicits both pathways, but investors prioritize positive attributions. Managerial Summary Although humility is often regarded as a positive leadership trait, it contradicts implicit prototypes of successful entrepreneurs, who are typically seen as dominant and assertive. We examine how early stage investors perceive and respond to displays of humility during pitches. We propose that entrepreneur‐expressed humility produces ambiguous effects: It enhances perceptions of interpersonal affect and trust and team‐building qualities, but raises doubts about the entrepreneur's ability to make rapid and risky decisions. Using a videometric analysis of 140 pitches from the French version of Shark Tank and a randomized experiment with venture capital investors, we find evidence for these competing pathways. Overall, investors prioritize the positive attributions of interpersonal skills, suggesting that entrepreneurs benefit from expressing humility when pitching.