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Table 11 The interaction between tone ambiguity and comment quantity

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

 

(1)

(2)

(3)

(4)

Success

Success

Money pledged

Money pledged

Uncertain

−0.094*

 

−0.075

 
 

(−1.73)

 

(−0.65)

 

Uncertain × High comment quantity

−0.066

 

−0.329***

 
 

(−1.19)

 

(−2.98)

 

Weak modal

 

−0.103

 

−0.155

  

(−1.48)

 

(−0.73)

Weak modal × High comment quantity

 

−0.202**

 

−0.786***

  

(−2.51)

 

(−3.72)

Comment quantity

0.095***

0.099***

0.359***

0.372***

 

(9.45)

(10.99)

(13.29)

(13.62)

Funding goal

−0.120***

−0.125***

0.611***

0.589***

 

(−10.58)

(−11.06)

(12.71)

(12.40)

Duration

−0.070*

−0.066

0.407***

0.379***

 

(−1.75)

(−1.60)

(2.78)

(2.60)

Rewards

0.130***

0.130***

0.229**

0.241***

 

(5.21)

(5.25)

(2.48)

(2.65)

Quick updates

0.086***

0.081***

0.157**

0.134**

 

(4.51)

(4.19)

(2.54)

(2.15)

Backer sentiment

0.075***

0.071***

0.189***

0.180***

 

(4.32)

(4.11)

(3.29)

(3.28)

Total words

0.008

0.021

0.026

0.063

 

(0.38)

(1.05)

(0.41)

(1.03)

Featured

0.216***

0.209***

0.135*

0.131*

 

(7.92)

(7.62)

(1.86)

(1.82)

Social network

0.034***

0.034***

0.010

0.016

 

(3.18)

(3.12)

(0.36)

(0.59)

ARI

−0.003

−0.001

−0.015

−0.015

 

(−0.67)

(−0.30)

(−0.98)

(−1.03)

Net positive

0.032***

0.036***

0.090**

0.089**

 

(3.11)

(3.45)

(2.56)

(2.54)

Risk index

−0.010

−0.012

−0.067

−0.066

 

(−0.83)

(−0.94)

(−1.58)

(−1.60)

Video

0.028***

0.028***

0.041

0.037

 

(3.35)

(3.25)

(1.23)

(1.08)

Image

0.040***

0.037***

0.033

0.024

 

(3.84)

(3.51)

(0.92)

(0.68)

Constant

  

1.257*

1.359*

   

(1.69)

(1.82)

Subcategory control

Yes

Yes

Yes

Yes

Year controls

Yes

Yes

Yes

Yes

Location controls

Yes

Yes

Yes

Yes

Observations

1172

1172

434

434

Adjusted R2

  

0.736

0.741

Chi square

301.326

332.053

  
  1. This table tests whether the negative relationship between tone ambiguity and crowdfunding success in cleantech samples will be strengthened by the presence of high value of comment quantity. In columns (1) and (2), the dependent variable is Success. We performed the logit regression and provided the marginal effect instead of the coefficients. In columns (3) and (4), 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