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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)