Skip to main content
Financial Innovation

Table 5 Regression using alternative measurement for crowdfunding success

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

 

Cleantech sample

Matched non-cleantech sample

(1)

(2)

(3)

(4)

Completion ratio

Completion ratio

Completion ratio

Completion ratio

Uncertain

−0.011***

 

−0.004***

 
 

(−4.80)

 

(−3.16)

 

Weak modal

 

−0.013***

 

−0.001

  

(−5.12)

 

(−0.48)

Funding goal

−0.004***

−0.004***

−0.003***

−0.003***

 

(−6.27)

(−6.38)

(−9.54)

(−9.53)

Duration

0.005*

0.005*

0.008***

0.008***

 

(1.73)

(1.78)

(5.64)

(5.73)

Rewards

0.002

0.003*

0.001

0.001

 

(1.51)

(1.67)

(0.94)

(1.02)

Quick updates

0.004***

0.004***

0.002***

0.002***

 

(3.36)

(3.47)

(3.32)

(3.55)

Comment quantity

0.009***

0.009***

0.003***

0.003***

 

(11.82)

(11.61)

(14.82)

(16.89)

Backer sentiment

0.010***

0.010***

0.003***

0.003***

 

(5.89)

(5.98)

(3.49)

(3.46)

Total words

0.002

0.002*

0.001**

0.002***

 

(1.51)

(1.85)

(2.36)

(2.60)

Featured

0.007**

0.007**

0.005***

0.005***

 

(2.44)

(2.44)

(3.17)

(3.30)

Social network

−0.001

−0.001

0.000

0.000

 

(−1.31)

(−1.11)

(0.90)

(0.95)

ARI

−0.001*

−0.001*

−0.000

−0.000

 

(−1.93)

(−1.71)

(−1.52)

(−1.58)

Net positive

0.000

0.001

0.000

0.000

 

(0.66)

(0.95)

(0.08)

(0.56)

Risk index

0.000

−0.000

0.000

0.000

 

(0.06)

(−0.05)

(0.75)

(0.73)

Video

0.000

0.000

−0.000

−0.000

 

(0.15)

(0.06)

(−0.58)

(−0.59)

Image

−0.000

−0.000

−0.000

0.000

 

(−0.58)

(−0.62)

(−0.09)

(0.00)

Constant

0.012

0.007

−0.009

−0.012*

 

(0.93)

(0.57)

(−1.33)

(−1.84)

Subcategory control

Yes

Yes

Yes

Yes

Year controls

Yes

Yes

Yes

Yes

Location controls

Yes

Yes

Yes

Yes

Observations

1172

1172

4798

4798

Adjusted R2

0.377

0.372

0.277

0.275

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

 

(1)−(3)

 

(2)−(4)

 

Uncertain

5.730**

   

Weak modal

  

17.543***

 
  1. This table provides the robustness test for the results in Table 4 by using the completion ratio as alternative dependent variable. Specifically, we defined a variable Completion ratio as the ratio of the money pledged over the funding goal. The left panel provides the results for the full cleantech sample. The right panel provides the results for the full matched non-cleantech sample. 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