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

Financial Innovation

Table 3 Correlation matrix

	Uncertain	Weak modal	Funding goal	Duration	Rewards	Quick updates	Comment quantity	Backer sentiment
Uncertain	1.000
Weak modal	0.759***	1.000
Funding goal	0.039	0.023	1.000
Duration	0.001	0.007	0.133***	1.000
Rewards	−0.090**	−0.041	−0.006	0.018	1.000
Quick updates	−0.027	−0.025	−0.052	−0.043	0.251***	1.000
Comment quantity	−0.012	0.018	−0.014	0.091**	0.378***	0.415***	1.000
Backer sentiment	0.012	0.020	−0.023	0.046	0.316***	0.271***	0.556***	1.000
Featured	−0.016	−0.018	0.039	−0.012	0.243***	0.231***	0.368***	0.202***
Social network	−0.073*	−0.067*	−0.008	0.033	0.206***	0.128***	0.239***	0.156***
ARI	−0.041	−0.018	−0.021	0.008	0.033	0.008	0.054	0.057*
Total words	−0.054	0.020	0.186***	0.019	0.440***	0.142***	0.307***	0.240***
Net positive	−0.142***	−0.119***	−0.054	0.032	0.158***	0.099***	0.128***	0.089**
Risk index	−0.031	−0.052	0.000	−0.065*	0.206***	0.015	−0.016	−0.023
Video	−0.042	−0.052	0.044	−0.029	0.259***	0.102***	0.171***	0.157***
Image	−0.091**	−0.077**	−0.043	0.020	0.362***	0.165***	0.307***	0.226***

This table provides the correlations among independent variables
*, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively