Skip to main content

Table 7 Model including backing by different reputable investor types

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

Parameters

Full model

No industry dummies

Minimal AIC

Logit

Degree

0.33 (0.69)

0.27** (0.59)

0.37* (0.53)

− 0.01 (0.12)

Equity offered

0.89** (0.05)

0.91** (0.04)

0.92** (0.03)

− 0.01 (0.008)

BA backing

0.85 (0.51)

0.69 (0.48)

0.82 (0.48)

− 0.14 (0.11)

VC backing

3.14** (0.58)

2.08 (0.54)

3.22** (0.53)

0.25** (0.12)

Other investors backing

0.98 (0.65)

0.83 (0.59)

0.87 (0.59)

− 0.03 (0.13)

#Invest5k

1.04** (0.02)

1.04*** (0.01)

1.02*** (0.01)

0.005** (0.003)

#Updates

0.99 (0.05)

1.00 (0.05)

0.99 (0.05)

0.0008 (0.01)

Start campaign

1.07 (0.16)

0.94 (0.15)

 

− 0.07*** (0.03)

Venture age

0.81 (0.15)

0.88 (0.13)

0.80* (0.12)

− 0.04 (0.025)

Positive sales

0.93 (0.58)

0.98 (0.52)

  

#Investors

1.00 (0.00)

1.00 (0.00)

  

Funding amount

0.67 (1.09)

0.81 (0.84)

  

Target attainment

0.76 (0.55)

0.52 (0.51)

  

Big city

0.61 (0.55)

0.61 (0.54)

  

Business value

0.95 (0.08)

0.95 (0.07)

  

Industry experience

0.55 (0.39)

0.62 (0.37)

0.55 (0.37)

− 0.21** (0.09)

Management size

0.89 (0.13)

0.91 (0.13)

  

Entrepreneurial company

3.36* (0.63)

3.60** (0.59)

2.55* (0.55)

0.27 (0.17)

Follow-up campaign

3.64 (0.85)

3.08 (0.87)

  

Industry dummies

Yes

No

Yes

Yes

Observations

88

88

88

88

Concordance

0.776

0.720

0.752

0.812

R2

0.116

0.090

0.096

0.291

  1. The values in the first three models of the table are the estimated hazard ratios, the standard errors of the natural logarithm of the hazard ratios are given in parentheses. The full model includes all variables. In “no industry dummies” industry dummies are excluded. “Minimal AIC” represents a model obtained by stepwise exclusion of variables, so that the AIC is minimized but all variables of interest for our hypotheses are included. “Logit” contains the estimated AMEs (standard errors in parentheses) using a logit model and the variables of Minimal AIC plus Start campaign. We use McFadden’s R-squared for the Cox models and Tjur’s R-squared for the logit model. Number of events: 38 failures
  2. *p < 0.1; **p < 0.05; ***p < 0.01