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 |