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Financial Innovation

Table 4 Baseline results

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

Variable

Unmatched (U)

Cleantech

Non-cleantech

mean diff. test

Matched (M)

Mean

Mean

t-value

Funding goal

U

10.529

10.121

1.95*

 

M

10.529

10.633

−0.35

ARI

U

9.107

9.506

−0.69

 

M

9.107

9.359

−0.35

Total words

U

6.780

6.380

2.70***

 

M

6.780

6.768

0.07

Net positive

U

1.023

0.590

1.80*

 

M

1.023

1.033

−0.05

Risk index

U

1.833

2.129

−1.98**

 

M

1.833

1.753

0.43

Video

U

4.769

3.969

2.24**

 

M

4.769

4.653

0.33

Image

U

2.537

1.753

3.00***

 

M

2.537

2.499

0.11

 

Cleantech sample

Matched non-cleantech sample

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

Success

Success

Money pledged

Money pledged

Success

Success

Money pledged

Money pledged

Uncertain

−0.143***

 

−0.327***

 

−0.036**

 

−0.290***

 
 

(−4.51)

 

(−2.99)

 

(−2.10)

 

(−3.81)

 

Weak modal

 

−0.240***

 

−0.765***

 

−0.034

 

−0.167*

  

(−5.14)

 

(−4.23)

 

(−1.54)

 

(−1.87)

Funding goal

−0.119***

−0.124***

0.611***

0.593***

−0.116***

−0.116***

0.554***

0.551***

 

(−10.61)

(−11.11)

(12.64)

(12.39)

(−22.96)

(−23.02)

(24.01)

(23.77)

Duration

−0.067*

−0.063

0.405***

0.387***

−0.009

−0.009

0.515***

0.525***

 

(−1.69)

(−1.54)

(2.74)

(2.62)

(−0.49)

(−0.48)

(6.83)

(6.90)

Rewards

0.129***

0.130***

0.223**

0.239***

0.116***

0.116***

0.100**

0.106**

 

(5.17)

(5.24)

(2.43)

(2.63)

(10.23)

(10.27)

(2.12)

(2.22)

Quick updates

0.088***

0.086***

0.162***

0.142**

0.107***

0.107***

0.266***

0.271***

 

(4.68)

(4.57)

(2.61)

(2.28)

(12.30)

(12.37)

(7.51)

(7.62)

Comment quantity

0.086***

0.083***

0.327***

0.329***

0.048***

0.046***

0.146***

0.130***

 

(13.18)

(13.51)

(14.73)

(15.30)

(23.55)

(29.95)

(18.59)

(19.91)

Backer sentiment

0.075***

0.073***

0.202***

0.199***

0.025***

0.025***

0.093***

0.095***

 

(4.33)

(4.25)

(3.49)

(3.63)

(3.15)

(3.07)

(3.64)

(3.69)

Total words

0.011

0.025

0.029

0.057

0.066***

0.067***

0.100***

0.112***

 

(0.54)

(1.23)

(0.45)

(0.92)

(7.21)

(7.48)

(2.81)

(3.14)

Featured

0.214***

0.210***

0.129*

0.131*

0.154***

0.155***

0.297***

0.302***

 

(7.86)

(7.60)

(1.77)

(1.82)

(12.60)

(12.69)

(7.49)

(7.59)

Social network

0.034***

0.035***

0.009

0.015

0.012**

0.012**

0.003

0.002

 

(3.20)

(3.22)

(0.34)

(0.56)

(2.38)

(2.39)

(0.19)

(0.13)

ARI

−0.003

−0.002

−0.017

−0.019

−0.001

−0.001

−0.011

−0.012*

 

(−0.78)

(−0.43)

(−1.14)

(−1.26)

(−0.79)

(−0.81)

(−1.63)

(−1.79)

Net positive

0.032***

0.036***

0.082**

0.081**

0.020***

0.021***

0.023

0.029

 

(3.09)

(3.40)

(2.32)

(2.29)

(4.14)

(4.32)

(1.13)

(1.45)

Risk index

−0.010

−0.012

−0.068

−0.071*

−0.011*

−0.011**

−0.028

−0.031

 

(−0.82)

(−1.00)

(−1.59)

(−1.70)

(−1.94)

(−1.98)

(−1.35)

(−1.51)

Video

0.028***

0.029***

0.037

0.033

0.014***

0.014***

−0.002

−0.001

 

(3.38)

(3.29)

(1.08)

(0.94)

(3.73)

(3.71)

(−0.15)

(−0.07)

Image

0.040***

0.037***

0.032

0.023

0.008**

0.009**

0.022

0.023

 

(3.83)

(3.57)

(0.89)

(0.66)

(2.08)

(2.12)

(1.39)

(1.45)

Constant

  

1.401*

1.532**

  

1.633***

1.451***

   

(1.85)

(2.03)

  

(3.92)

(3.48)

Subcategory control

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Year controls

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Location controls

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Observations

1172

1172

434

434

4798

4798

1800

1800

Adjusted R2

  

0.734

0.737

  

0.689

0.686

Chi square

299.872

321.343

  

1162.676

1172.134

  

SUEST test on the difference of the coefficients (Chi square)

 

(1)−(5)

 

(2)−(6)

 

(3)−(7)

 

(4)−(8)

 

Uncertain

7.420**

   

0.824

   

Weak modal

  

14.283***

   

9.264***

 
  1. Panel A: Balance test
  2. This table shows the t-tests for equality of the means between the cleantech and non-cleantech projects samples before and after propensity score matching for matched variables (Funding goal, ARI, Total words, Net positive, Risk index, Video, Image).
  3. *, **, *** indicate significance at the 10%, 5%, and 1% levels, respectively
  4. Panel B: Regression using PSM samples
  5. This table examines the relationship between tone ambiguity and crowdfunding success based on various samples. We perform 1:5 propensity score matching to select non-cleantech samples. In columns (1) and (4), we used the cleantech sample to estimate Eq. (3). Specifically, in columns (1) and (2), we used the full cleantech sample and the dependent variable is Success. We performed the logit regression and provided the marginal effect instead of the coefficients. In columns (3) and (4), we used the successful cleantech sample and the dependent variable is Money pledged. We performed the ordinary least squares (OLS) regression and provided the coefficients. In columns (5)–(8), we used the matched non-cleantech sample to re-estimate Eq. (3). Specifically, in columns (5) and (6), we used the full matched non-cleantech sample and performed the logit regression. In columns (7) and (8), we used the successful matched non-cleantech sample and performed the OLS regression. The t statistics adjusted for heteroscedasticity are reported in parentheses.
  6. *, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively
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