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Table 3 Descriptive statistics

From: Signals in equity-based crowdfunding and risk of failure

   Mean SD Minimum Maximum t-test
  Dependent variable
  Failure 0.43 0.5 0 1 -
  Explanatory variables
H1 Degree 0.8 0.41 0 1 − 0.06
H2 Equity offered 12.53 6.96 2 38 − 0.25
H3 Reputable investor backing 0.74 0.44 0 1 − 0.14
  BA backing 0.64 0.48 0 1 − 0.05
  VC backing 0.17 0.38 0 1 0.07
  Other investor backing 0.22 0.41 0 1 − 0.1
  #BA 2.2 3.65 0 30 1.03
  #VC 0.32 0.84 0 4 0.09
  #Other investors 0.28 0.59 0 2 − 0.04
  #Corporate Investments 8.95 5.58 0 26 1.84
H4 #Invest5k 20.85 27.62 0 143 2.25
  #Invest5k corporate 1.26 1.54 0 6 0.19
  #Invest5k private 19.63 26.83 0 137 2.01
H5 #Updates 8.43 4.63 2 26 − 0.76
  #Updates business development 1.77 1.91 0 12 − 1.04***
  #Updates business model 0.66 0.79 0 5 − 0.23
  #Updates campaign development 1.53 1.49 0 7 0.68**
  #Updates cooperation projects 0.93 1.21 0 6 0.07
  #Updates external certification 0.5 0.96 0 4 0.23
  #Updates new funding 0.35 0.77 0 4 − 0.11
  #Updates product development 0.9 1.36 0 6 − 0.05
  #Updates promotions 0.9 1.39 0 9 0.09
  #Updates team 0.27 0.56 0 2 0.17
  #Updates other 0.61 1.15 0 7 − 0.57**
  Control variables
  Start campaign 3.24 1.88 0 6.5 − 1.2***
Venture age 2.98 3.43 0.07 17.3 − 1.23*
Positive sales 0.84 0.37 0 1 0
#Investors 727.8 393.2 204 2276 88.5
Funding amount 0.55 0.77 0.04 5 − 0.08
Target attainment 0.88 0.45 0.08 2.5 − 0.12
Big city 0.66 0.48 0 1 0.09
Business value 4.65 7.71 0.65 50 − 0.84
Industry experience 0.48 0.5 0 1 − 0.19*
Management size 4.23 1.73 2 10 − 0.08
Entrepreneurial company 0.08 0.27 0 1 0.09
Follow-up campaign 0.08 0.27 0 1 0
  1. This table presents mean, standard deviation (SD), minimum and maximum of each of the variables in the sample. The column “t-test” contains the difference of means of startups that fails and startups that did not fail during the observation period. The stars indicate the significance of this difference according to Welch’s t-test (*p < 0.1; **p < 0.05; ***p < 0.01). For #Invest5k corporate and #Invest5k corporate 87 observations were available. The number of observations of all other variables is 88. The categorization of updates is taken from Block et al. (2018a)