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Table 9 The association between tone ambiguity and delayed delivery

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

 

Cleantech sample

Matched non-cleantech sample

(1)

(2)

(3)

(4)

Delayed delivery

Delayed delivery

Delayed delivery

Delayed delivery

Uncertain

0.172***

 

0.109***

 
 

(3.00)

 

(3.03)

 

Weak modal

 

0.363***

 

0.181***

  

(3.09)

 

(4.34)

Funding goal

0.064***

0.076***

0.063***

0.066***

 

(3.04)

(3.70)

(6.16)

(6.47)

Duration

0.097

0.103

0.115***

0.120***

 

(1.38)

(1.45)

(3.06)

(3.24)

Rewards

−0.062

−0.071

0.034

0.032

 

(−1.32)

(−1.42)

(1.33)

(1.29)

Quick updates

−0.014

−0.005

0.029

0.029

 

(−0.37)

(−0.12)

(1.47)

(1.45)

Comment quantity

0.057***

0.059***

0.014***

0.015***

 

(4.44)

(4.60)

(4.07)

(4.97)

Backer sentiment

0.034

0.035

0.013

0.013

 

(1.21)

(1.18)

(1.10)

(1.09)

Total words

−0.069

−0.096**

−0.046***

−0.049***

 

(−1.60)

(−2.28)

(−2.59)

(−2.78)

Featured

−0.038

−0.032

−0.039**

−0.042**

 

(−0.86)

(−0.74)

(−2.00)

(−2.15)

Social network

0.006

0.002

−0.001

−0.002

 

(0.34)

(0.11)

(−0.16)

(−0.22)

ARI

0.011

0.011

−0.000

0.001

 

(1.18)

(1.29)

(−0.02)

(0.22)

Net positive

−0.011

−0.010

−0.015

−0.016

 

(−0.46)

(−0.39)

(−1.55)

(−1.59)

Risk index

−0.007

−0.003

−0.010

−0.009

 

(−0.26)

(−0.11)

(−0.85)

(−0.81)

Video

−0.002

−0.000

−0.011

−0.012*

 

(−0.10)

(−0.01)

(−1.60)

(−1.80)

Image

0.031

0.035

0.017**

0.018**

 

(1.42)

(1.58)

(2.29)

(2.43)

Subcategory control

Yes

Yes

Yes

Yes

Year controls

Yes

Yes

Yes

Yes

Location controls

Yes

Yes

Yes

Yes

Observations

434

434

1800

1800

Chi square

88.606

101.006

318.384

317.323

  1. This table examines the association between tone ambiguity and significantly delayed delivery. The dummy variable Delayed delivery takes the value of 1 if backers’ comments made one year after the end date of the project’s funding period include the words "delay" or "refund". Otherwise, it takes the value of 0. The left panel provides the results for the successful cleantech sample. The right panel provides the results for the successful matched non-cleantech sample. We performed the logit regression and provided the marginal effect instead of the coefficients. The t statistics adjusted for heteroscedasticity are reported in parentheses
  2. *, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively