From: Signals in equity-based crowdfunding and risk of failure
Parameters | Full model | No industry dummies | Minimal AIC | Logit |
---|---|---|---|---|
Degree (H1) | 0.40 (0.64) | 0.31** (0.56) | 0.32** (0.48) | − 0.13 (0.12) |
Equity offered (H2) | 0.89*** (0.04) | 0.90*** (0.04) | 0.90*** (0.04) | − 0.02** (0.009) |
Reputable investor backing (H3) | 0.65 (0.53) | 0.53 (0.47) | 0.47 (0.46) | − 0.25** (0.12) |
#Invest5k (H4) | 1.04** (0.02) | 1.04*** (0.01) | 1.04*** (0.01) | 0.01** (0.005) |
#Updates (H5) | 1.02 (0.05) | 1.02 (0.05) | 1.01 (0.04) | 0.006 (0.01) |
Start campaign | 1.09 (0.16) | 0.97 (0.14) | − 0.09*** (0.03) | |
Venture age | 0.85 (0.13) | 0.89 (0.12) | ||
Positive sales | 1.00 (0.56) | 1.07 (0.51) | ||
#Investors | 1.00 (0.00) | 1.00 (0.00) | ||
Funding amount | 0.77 (0.97) | 0.94 (0.80) | ||
Target attainment | 0.54 (0.57) | 0.43 (0.52) | 0.35** (0.47) | − 0.29** (0.13) |
Big city | 0.69 (0.55) | 0.68 (0.52) | ||
Business value | 0.94 (0.08) | 0.94 (0.07) | 0.90** (0.05) | − 0.029* (0.02) |
Industry experience | 0.51* (0.39) | 0.56 (0.38) | 0.52* (0.37) | − 0.22** (0.09) |
Management size | 0.92 (0.15) | 0.91 (0.14) | ||
Entrepreneurial company | 2.75* (0.60) | 3.03* (0.58) | 3.09** (0.55) | 0.35* (0.19) |
Follow-up campaign | 5.09** (0.81) | 4.64* (0.81) | 3.03 (0.72) | 0.14 (0.16) |
Industry dummies | Yes | No | Yes | Yes |
Observations | 88 | 88 | 88 | 88 |
Concordance | 0.750 | 0.715 | 0.716 | 0.809 |
R2 | 0.105 | 0.089 | 0.083 | 0.288 |