Abstract
Investors rely on a wide range of signals to assess ventures. This paper investigates how the tone and sound of a speaker's voice (pitch level, melodic variability, speech tempo, and others) affect venture evaluation. Through an exploratory quantitative approach in three consecutive studies, we investigate the effect of speech-melody on venture funding. In study 1, we use 175 pitches from TechCrunch events to explore in the field which aspects of a speaker's voice affect funding likelihood and amount. In study 2a, we replicate our findings in an online vignette experiment in which 256 participants evaluate six venture ideas spoken by six different speakers (1,356 evaluations). Across both studies, we find that the speakers' pitch level and variability and their projected body size (smallness) significantly affect funding. In study 2b, we build on the vignette experiment's data and investigate potential mechanisms that drive our findings, specifically passion/preparedness, competence/warmth, and charisma. Charisma is the mediator which best explains our results.
Published Version
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