Skip to main content
Financial Innovation

Table 10 Heterogenous analysis based on different sectors of cleantech

From: Crowdfunding innovative but risky new ventures: the importance of less ambiguous tone

 

Agriculture and Food sample

Energy and Power sample

Other cleantech sectors sample

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

Success

Success

Money pledged

Money pledged

Success

Success

Money pledged

Money pledged

Success

Success

Money pledged

Money pledged

Uncertain

−0.135

 

−0.446*

 

−0.137***

 

−0.125

 

−0.183***

 

−0.628***

 
 

(−1.51)

 

(−1.87)

 

(−3.29)

 

(−0.80)

 

(−2.86)

 

(−3.05)

 

Weak modal

 

−0.447***

 

−1.082*

 

−0.260***

 

−0.549*

 

−0.258***

 

−0.795***

  

(−3.73)

 

(−1.76)

 

(−3.90)

 

(−1.79)

 

(−2.95)

 

(−2.72)

Funding goal

−0.171***

−0.193***

0.707***

0.669***

−0.111***

−0.112***

0.519***

0.517***

−0.123***

−0.134***

0.772***

0.735***

 

(−4.00)

(−5.21)

(6.28)

(5.31)

(−8.76)

(−9.11)

(7.48)

(7.51)

(−3.85)

(−4.15)

(9.75)

(8.78)

Duration

0.118

0.171

0.803*

0.938**

−0.077

−0.079

0.271

0.253

−0.055

−0.035

0.596**

0.537**

 

(0.81)

(1.30)

(1.99)

(2.17)

(−1.64)

(−1.64)

(1.40)

(1.29)

(−0.60)

(−0.39)

(2.36)

(2.07)

Rewards

0.226***

0.279***

0.560**

0.532**

0.132***

0.128***

0.113

0.134

0.071

0.071

0.165

0.167

 

(3.84)

(4.29)

(2.48)

(2.16)

(4.59)

(4.54)

(0.92)

(1.09)

(1.27)

(1.26)

(1.12)

(1.16)

Quick updates

0.148***

0.132***

0.241

0.244

0.092***

0.088***

0.267***

0.253***

0.051

0.060

0.002

−0.001

 

(3.54)

(3.51)

(1.30)

(1.32)

(4.17)

(3.89)

(2.87)

(2.75)

(1.19)

(1.37)

(0.02)

(−0.01)

Comment quantity

0.069**

0.076***

0.329***

0.302***

0.083***

0.082***

0.337***

0.345***

0.106***

0.102***

0.312***

0.314***

 

(2.55)

(3.33)

(5.10)

(5.18)

(12.10)

(12.11)

(10.67)

(11.43)

(6.90)

(7.11)

(7.50)

(7.59)

Backer sentiment

0.033

0.062

0.082

0.114

0.091***

0.088***

0.306***

0.291***

0.045

0.037

0.037

0.044

 

(0.78)

(1.36)

(0.51)

(0.75)

(4.10)

(3.96)

(3.60)

(3.53)

(1.25)

(1.01)

(0.41)

(0.48)

Total words

0.034

0.072

−0.189

−0.101

−0.010

−0.000

0.039

0.033

0.000

0.020

0.063

0.202

 

(0.66)

(1.47)

(−1.12)

(−0.56)

(−0.43)

(−0.01)

(0.41)

(0.34)

(0.00)

(0.35)

(0.49)

(1.66)

Featured

0.334***

0.339***

−0.108

−0.212

0.163***

0.160***

0.277***

0.282***

0.287***

0.292***

−0.286**

−0.271*

 

(4.95)

(6.13)

(−0.42)

(−0.80)

(5.51)

(5.45)

(2.71)

(2.80)

(4.35)

(4.30)

(−2.18)

(−1.93)

Social network

0.044*

0.041*

0.061

0.025

0.006

0.005

0.004

0.003

0.069***

0.077***

0.031

0.056

 

(1.85)

(1.81)

(0.74)

(0.28)

(0.53)

(0.39)

(0.09)

(0.07)

(2.63)

(2.88)

(0.59)

(1.08)

ARI

0.004

0.008

−0.012

−0.014

−0.007*

−0.006

−0.019

−0.020

0.007

0.006

−0.008

−0.015

 

(0.55)

(1.26)

(−0.29)

(−0.30)

(−1.73)

(−1.41)

(−0.92)

(−0.97)

(0.64)

(0.53)

(−0.34)

(−0.59)

Net positive

0.036

0.035

0.023

0.032

0.039***

0.042***

0.089*

0.080

0.010

0.014

0.023

0.058

 

(1.51)

(1.54)

(0.27)

(0.35)

(3.27)

(3.64)

(1.71)

(1.54)

(0.39)

(0.51)

(0.39)

(0.98)

Risk index

−0.067**

−0.082***

−0.135

−0.125

0.010

0.008

−0.079

−0.080

−0.012

−0.013

−0.039

−0.017

 

(−2.10)

(−2.82)

(−1.20)

(−1.12)

(0.71)

(0.60)

(−1.25)

(−1.30)

(−0.47)

(−0.49)

(−0.53)

(−0.22)

Video

0.083***

0.103***

0.003

0.034

0.027**

0.028***

0.043

0.037

0.025

0.024

0.025

0.025

 

(2.93)

(3.60)

(0.03)

(0.37)

(2.54)

(2.64)

(0.68)

(0.58)

(1.62)

(1.54)

(0.79)

(0.72)

Image

0.054**

0.060**

0.162*

0.156*

0.038***

0.037***

−0.002

−0.006

0.065***

0.058**

−0.056

−0.088

 

(2.20)

(2.53)

(1.81)

(1.86)

(2.77)

(2.67)

(−0.04)

(−0.12)

(2.79)

(2.50)

(−0.90)

(−1.43)

Constant

  

−0.287

−0.968

  

2.878**

3.114***

  

−0.422

−0.818

   

(−0.15)

(−0.49)

  

(2.55)

(2.72)

  

(−0.29)

(−0.54)

Year controls

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Location controls

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Observations

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Adjusted R2

198

198

72

72

685

685

238

238

289

289

124

124

Chi square

  

0.727

0.725

  

0.723

0.726

  

0.729

0.718

  1. This table provides the heterogeneous analysis based on different sectors of cleantech. Specifically, using the cleantech sector classification provided by Cleantech Group, we divided the cleantech sample in Table 4 into three subsamples: Agriculture & Food sector, Energy & Power sector, and other cleantech sectors. Then, we used subsamples to estimate Eq. (3). The left, middle and right panel reports the results for the agriculture & food sector, energy and power sector and other cleantech sector, respectively. In columns (1) and (2), (5) and (6) and (9) and (10), the dependent variable is Success. We performed the logit regression and provided the marginal effect instead of the coefficients. In columns (3) and (4), (7) and (8) and (11) and (12), the dependent variable is Money pledged. We performed the OLS regression and provided the coefficients. The t statistics adjusted for heteroscedasticity are reported in parentheses
  2. *, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively
Back to article page