Opposing effects of authentic pride and hubristic pride on funding outcomes in new venture pitches: The mediating role of competence and warmth

We investigate how entrepreneurs’ pride expressions influence funding outcomes in new venture pitches. Drawing on Social Functional Theory of emotions, we argue that authentic and hubristic pride have opposing effects on investors’ decisions through perceptions of competence and warmth. Across three experimental studies with crowdfunders (N1 = 196, N2 = 593, N3 = 159), we examined verbal and bodily pride expressions. Verbal expressions of authentic pride indirectly increased funding intentions via perceived competence, whereas hubristic pride indirectly decreased funding through reduced perceptions of both competence and warmth. These effects did not vary across variations in campaign size and technological innovation. Bodily expressions replicated the negative indirect effect of hubristic pride compared to authentic pride. Our findings suggest entrepreneurs should convey authentic pride during pitches, as hubristic pride may undermine success by signaling arrogance and diminishing perceived competence and warmth.