From: Signals in equity-based crowdfunding and risk of failure
Parameters | Full model | No industry dummies | Minimal AIC | Logit |
---|---|---|---|---|
Degree | 0.89 (0.81) | 0.49 (0.66) | 0.54 (0.51) | 0.052 (0.12) |
Equity offered | 0.80*** (0.06) | 0.82*** (0.05) | 0.84*** (0.05) | − 0.03*** (0.01) |
Reputable investor backing | 0.39 (0.72) | 0.43 (0.64) | 0.41* (0.55) | − 0.27** (0.13) |
#Invest5k | 1.05 (0.03) | 1.04 (0.02) | 1.05*** (0.01) | 0.01** (0.005) |
#Upd. campaign development | 1.41** (0.14) | 1.48*** (0.14) | 1.37*** (0.12) | 0.11*** (0.03) |
#Upd. business developments | 0.69 (0.24) | 0.70 (0.24) | 0.66** (0.17) | − 0.05 (0.04) |
#Upd. new funding | 0.92 (0.36) | 0.94 (0.34) | ||
#Upd. cooperation projects | 0.62 (0.30) | 0.68 (0.24) | 0.78 (0.19) | − 0.06* (0.04) |
#Upd. ext. certification | 2.11*** (0.27) | 1.98*** (0.23) | 2.11*** (0.21) | 0.11** (0.04) |
#Upd. team | 1.99 (0.44) | 2.02* (0.38) | 2.14** (0.32) | − 0.035 (0.08) |
#Upd. business model | 0.29** (0.51) | 0.31*** (0.44) | 0.34*** (0.35) | − 0.11* (0.06) |
#Upd. product development | 1.26 (0.21) | 1.19 (0.16) | ||
#Upd. promotions | 1.31 (0.19) | 1.26 (0.18) | 1.26* (0.14) | 0.04 (0.03) |
#Upd. others | 0.69 (0.34) | 0.82 (0.29) | ||
Start campaign | 1.38 (0.21) | 1.18 (0.18) | − 0.08*** (0.04) | |
Venture age | 0.98 (0.18) | 0.99 (0.16) | ||
Positive sales | 2.26 (0.74) | 2.63 (0.67) | 2.36 (0.56) | 0.31** (0.14) |
#Investors | 1.00 (0.00) | 1.00 (0.00) | ||
Funding amount | 0.64 (1.71) | 1.14 (1.52) | ||
Target attainment | 0.13** (0.81) | 0.12*** (0.74) | 0.13*** (0.59) | − 0.48*** (0.13) |
Big city | 1.41 (0.73) | 1.64 (0.69) | ||
Business value | 0.79** (0.10) | 0.79*** (0.09) | 0.81*** (0.06) | − 0.04** (0.02) |
Industry experience | 0.28** (0.58) | 0.37** (0.49) | 0.44* (0.43) | − 0.23** (0.10) |
Management size | 0.99 (0.19) | 0.94 (0.18) | ||
Entrepreneurial company | 1.45 (0.87) | 1.50 (0.80) | ||
Follow-up campaign | 5.99* (1.05) | 6.71* (1.07) | 6.53** (0.78) | 0.26 (0.17) |
Observations | 88 | 88 | 88 | 88 |
Concordance | 0.846 | 0.846 | 0.824 | 0.888 |
R2 | 0.189 | 0.192 | 0.176 | 0.449 |