Table 9 Model with differentiation between large private and corporate investments
From: Signals in equity-based crowdfunding and risk of failure
Parameters | Full model | No industry dummies | Minimal AIC | Logit |
|---|---|---|---|---|
Degree | 0.41 (0.65) | 0.31** (0.56) | 0.35** (0.47) | − 0.11 (0.13) |
Equity offered | 0.89*** (0.04) | 0.90*** (0.04) | 0.91** (0.04) | − 0.02** (0.01) |
Reputable investor backing | 0.66 (0.53) | 0.53 (0.47) | 0.51 (0.45) | − 0.23* (0.12) |
#Invest5k private | 1.04** (0.02) | 1.04** (0.02) | 1.04*** (0.01) | 0.01** (0.006) |
#Invest5k corporate | 1.05 (0.18) | 1.01 (0.16) | 1.04 (0.14) | 0.02 (0.04) |
#Updates | 1.01 (0.05) | 1.02 (0.05) | 0.99 (0.04) | 0.003 (0.01) |
Start campaign | 1.11 (0.16) | 0.97 (0.14) | − 0.08*** (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 | 0.76 (0.98) | 0.91 (0.81) | ||
Target attainment | 0.55 (0.57) | 0.44 (0.52) | 0.41** (0.46) | − 0.29** (0.13) |
Big city | 0.70 (0.55) | 0.69 (0.52) | ||
Business value | 0.94 (0.08) | 0.94 (0.07) | 0.92* (0.05) | − 0.03* (0.02) |
Industry experience | 0.50* (0.40) | 0.56 (0.38) | 0.51* (0.37) | − 0.22** (0.09) |
Management size | 0.91 (0.15) | 0.91 (0.14) | ||
Entrepreneurial company | 2.69 (0.62) | 2.96* (0.59) | 2.85* (0.55) | 0.34* (0.19) |
Follow-up campaign | 4.99** (0.81) | 4.68* (0.82) | ||
Industry dummies | Yes | No | Yes | Yes |
Observations | 87 | 87 | 87 | 87 |
Concordance | 0.750 | 0.720 | 0.707 | 0.807 |
R2 | 0.105 | 0.089 | 0.075 | 0.275 |