This study investigates the impact of the cover image content orientation of crowdfunding campaigns on funding performance. Considering 19,611 projects from Indiegogo as corpus, cover image content orientation was categorized into three cases using the classical grounded theory coding process. A deep learning model was employed to classify the images. Linguistic inquiry and word count and naïve Bayes were used to quantify the emotion of the project narratives and a logit model was adopted to estimate the impact of cover image content orientation on funding performance. Both visual and nonvisual signals were incorporated into a model based on signaling theory. The results suggest that product-oriented images have a more positive effect on funding performance than other images, and narratives’ emotions promote campaign success. Furthermore, cover image content orientations with emotional narratives have a greater impact on funding performance than those with neutral narratives. Additionally, cover image content orientation has a stronger impact on funding performance for technological and innovative campaigns. This study informs the application of signaling theory in the field of crowdfunding from a visual perspective and provides practical implications for entrepreneurs seeking to create effective campaigns.
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