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 |