Million dollar personality: a systematic literature review on personality in crowdfunding

Expressed personality traits can play a pivotal role in convincing investors in crowdfunding. Our study answers the research question: What is the current body of knowledge regarding the relationship between personality factors and crowdfunding success and where are knowledge gaps where the literature is silent? In our literature review, we therefore analyze and categorize (1) the results provided by quantitative studies on the relationship between the personality of entrepreneurs and crowdfunding success and (2) the research gaps identified by the authors investigating personality in crowdfunding. We find that studies investigating the entrepreneur's personality, i.e. the Big Five, other baseline personality traits (self-efficacy, innovativeness, locus of control, and need for achievement) and the Dark Triad, find positive relationships between openness and crowdfunding success, while narcissism shows an inverted u-shaped relationship with crowdfunding success across articles. However, the effects of other personality traits on crowdfunding success are largely inconclusive. Further, we identify four main gaps in the literature. First, future studies should examine non-linear relationships between expressed personality traits and crowdfunding success. Second, there is a need for more studies that employ different methods like qualitative or mixed-method approaches. Third, replication studies in similar and different contexts are urgently needed. Fourth, a plurality of personality perspectives would strengthen future research (e.g., investor perspective, third party perspective). To our knowledge this is the first literature review of personality traits in crowdfunding. Our work aims to enrich our understanding of individual-level components in the underexplored alternative finance market.