From: Crowdfunding innovative but risky new ventures: the importance of less ambiguous tone
 | (1) | (2) | (3) | (4) |
---|---|---|---|---|
Success | Success | Money pledged | Money pledged | |
Uncertain | −0.094* |  | −0.075 |  |
 | (−1.73) |  | (−0.65) |  |
Uncertain × High comment quantity | −0.066 |  | −0.329*** |  |
 | (−1.19) |  | (−2.98) |  |
Weak modal |  | −0.103 |  | −0.155 |
 |  | (−1.48) |  | (−0.73) |
Weak modal × High comment quantity |  | −0.202** |  | −0.786*** |
 |  | (−2.51) |  | (−3.72) |
Comment quantity | 0.095*** | 0.099*** | 0.359*** | 0.372*** |
 | (9.45) | (10.99) | (13.29) | (13.62) |
Funding goal | −0.120*** | −0.125*** | 0.611*** | 0.589*** |
 | (−10.58) | (−11.06) | (12.71) | (12.40) |
Duration | −0.070* | −0.066 | 0.407*** | 0.379*** |
 | (−1.75) | (−1.60) | (2.78) | (2.60) |
Rewards | 0.130*** | 0.130*** | 0.229** | 0.241*** |
 | (5.21) | (5.25) | (2.48) | (2.65) |
Quick updates | 0.086*** | 0.081*** | 0.157** | 0.134** |
 | (4.51) | (4.19) | (2.54) | (2.15) |
Backer sentiment | 0.075*** | 0.071*** | 0.189*** | 0.180*** |
 | (4.32) | (4.11) | (3.29) | (3.28) |
Total words | 0.008 | 0.021 | 0.026 | 0.063 |
 | (0.38) | (1.05) | (0.41) | (1.03) |
Featured | 0.216*** | 0.209*** | 0.135* | 0.131* |
 | (7.92) | (7.62) | (1.86) | (1.82) |
Social network | 0.034*** | 0.034*** | 0.010 | 0.016 |
 | (3.18) | (3.12) | (0.36) | (0.59) |
ARI | −0.003 | −0.001 | −0.015 | −0.015 |
 | (−0.67) | (−0.30) | (−0.98) | (−1.03) |
Net positive | 0.032*** | 0.036*** | 0.090** | 0.089** |
 | (3.11) | (3.45) | (2.56) | (2.54) |
Risk index | −0.010 | −0.012 | −0.067 | −0.066 |
 | (−0.83) | (−0.94) | (−1.58) | (−1.60) |
Video | 0.028*** | 0.028*** | 0.041 | 0.037 |
 | (3.35) | (3.25) | (1.23) | (1.08) |
Image | 0.040*** | 0.037*** | 0.033 | 0.024 |
 | (3.84) | (3.51) | (0.92) | (0.68) |
Constant | Â | Â | 1.257* | 1.359* |
 |  |  | (1.69) | (1.82) |
Subcategory control | Yes | Yes | Yes | Yes |
Year controls | Yes | Yes | Yes | Yes |
Location controls | Yes | Yes | Yes | Yes |
Observations | 1172 | 1172 | 434 | 434 |
Adjusted R2 | Â | Â | 0.736 | 0.741 |
Chi square | 301.326 | 332.053 | Â | Â |