From: Crowdfunding innovative but risky new ventures: the importance of less ambiguous tone
 | Cleantech sample | Matched non-cleantech sample | ||
---|---|---|---|---|
(1) | (2) | (3) | (4) | |
Completion ratio | Completion ratio | Completion ratio | Completion ratio | |
Uncertain | −0.011*** |  | −0.004*** |  |
 | (−4.80) |  | (−3.16) |  |
Weak modal |  | −0.013*** |  | −0.001 |
 |  | (−5.12) |  | (−0.48) |
Funding goal | −0.004*** | −0.004*** | −0.003*** | −0.003*** |
 | (−6.27) | (−6.38) | (−9.54) | (−9.53) |
Duration | 0.005* | 0.005* | 0.008*** | 0.008*** |
 | (1.73) | (1.78) | (5.64) | (5.73) |
Rewards | 0.002 | 0.003* | 0.001 | 0.001 |
 | (1.51) | (1.67) | (0.94) | (1.02) |
Quick updates | 0.004*** | 0.004*** | 0.002*** | 0.002*** |
 | (3.36) | (3.47) | (3.32) | (3.55) |
Comment quantity | 0.009*** | 0.009*** | 0.003*** | 0.003*** |
 | (11.82) | (11.61) | (14.82) | (16.89) |
Backer sentiment | 0.010*** | 0.010*** | 0.003*** | 0.003*** |
 | (5.89) | (5.98) | (3.49) | (3.46) |
Total words | 0.002 | 0.002* | 0.001** | 0.002*** |
 | (1.51) | (1.85) | (2.36) | (2.60) |
Featured | 0.007** | 0.007** | 0.005*** | 0.005*** |
 | (2.44) | (2.44) | (3.17) | (3.30) |
Social network | −0.001 | −0.001 | 0.000 | 0.000 |
 | (−1.31) | (−1.11) | (0.90) | (0.95) |
ARI | −0.001* | −0.001* | −0.000 | −0.000 |
 | (−1.93) | (−1.71) | (−1.52) | (−1.58) |
Net positive | 0.000 | 0.001 | 0.000 | 0.000 |
 | (0.66) | (0.95) | (0.08) | (0.56) |
Risk index | 0.000 | −0.000 | 0.000 | 0.000 |
 | (0.06) | (−0.05) | (0.75) | (0.73) |
Video | 0.000 | 0.000 | −0.000 | −0.000 |
 | (0.15) | (0.06) | (−0.58) | (−0.59) |
Image | −0.000 | −0.000 | −0.000 | 0.000 |
 | (−0.58) | (−0.62) | (−0.09) | (0.00) |
Constant | 0.012 | 0.007 | −0.009 | −0.012* |
 | (0.93) | (0.57) | (−1.33) | (−1.84) |
Subcategory control | Yes | Yes | Yes | Yes |
Year controls | Yes | Yes | Yes | Yes |
Location controls | Yes | Yes | Yes | Yes |
Observations | 1172 | 1172 | 4798 | 4798 |
Adjusted R2 | 0.377 | 0.372 | 0.277 | 0.275 |
SUEST test on the difference of the coefficients (Chi square) | ||||
 | (1)−(3) |  | (2)−(4) |  |
Uncertain | 5.730** | Â | Â | Â |
Weak modal | Â | Â | 17.543*** | Â |