From: Signals in equity-based crowdfunding and risk of failure
Parameters | Full model | No industry dummies | Minimal AIC | Logit |
---|---|---|---|---|
Degree | 0.35* (0.62) | 0.25** (0.55) | 0.28*** (0.48) | − 0.19 (0.12) |
Equity offered | 0.86*** (0.06) | 0.89** (0.05) | 0.88*** (0.04) | − 0.02** (0.009) |
#BA | 0.93 (0.05) | 0.97 (0.04) | 0.98 (0.04) | 0.02 (0.03) |
#VC | 1.58 (0.30) | 1.34 (0.27) | 1.38 (0.26) | 0.08 (0.06) |
#Other investors | 1.57 (0.40) | 1.33 (0.37) | 1.45 (0.36) | 0.08 (0.08) |
#Invest5k | 1.05*** (0.02) | 1.04*** (0.01) | 1.04*** (0.01) | 0.01** (0.005) |
#Updates | 0.97 (0.06) | 0.99 (0.05) | 0.99 (0.05) | − 0.0025 (0.01) |
Start campaign | 1.10 (0.17) | 0.94 (0.15) | − 0.07*** (0.03) | |
Venture age | 0.72* (0.19) | 0.85 (0.14) | 0.85 (0.13) | − 0.02 (0.03) |
Positive sales | 1.00 (0.58) | 1.09 (0.52) | ||
#Investors | 1.00 (0.00) | 1.00 (0.00) | ||
Funding amount | 1.09 (1.07) | 1.00 (0.87) | ||
Target attainment | 0.48 (0.64) | 0.40 (0.56) | 0.48 (0.54) | − 0.26** (0.13) |
Big city | 0.57 (0.55) | 0.60 (0.54) | ||
Business value | 0.89 (0.09) | 0.90 (0.08) | 0.90 (0.06) | − 0.03 (0.02) |
Industry experience | 0.50* (0.39) | 0.62 (0.36) | 0.56 (0.36) | − 0.20** (0.09) |
Management size | 0.90 (0.15) | 0.91 (0.14) | ||
Entrepreneurial company | 2.97* (0.61) | 3.51** (0.58) | 2.96* (0.57) | 0.37** (0.18) |
Follow-up campaign | 6.04** (0.82) | 4.51* (0.79) | 4.26** (0.73) | 0.09 (0.18) |
Industry dummies | Yes | No | Yes | Yes |
Observations | 88 | 88 | 88 | 88 |
Concordance | 0.773 | 0.731 | 0.757 | 0.815 |
R2 | 0.120 | 0.091 | 0.104 | 0.306 |