Notes on variables and data sources
| Variable | Description | Data sources |
|---|---|---|
| Dependent Variable | ||
| Project success | Dummy variable equals to 1 if crowdfunding project succeeds, and 0 otherwise | Platforms* |
| Number of investors | The number of investors at the end of the campaign | Platforms |
| Average pledge (in USD) | The total amount raised at the end of the campaign divided by the number of investors | Platforms |
| Percentage raised | The total amount raised at the end of the campaign divided by the target amount | Platforms |
| Explanatory Variables | ||
| All Female | Binary variable equals 1 for teams composed of all-female or a single female entrepreneur, and 0 otherwise | Platforms |
| All Male | Binary variable equals 1 for teams composed of all-male or a single male entrepreneur, and 0 otherwise | Platforms |
| Both | Binary variable equals 1 for teams that have at least one female, and equal to 0 if the team is all male or all female | Platforms |
| Firm age | The company age expressed in years at the time of the crowdfunding campaign | Orbis/platforms |
| Industry | The Standard Industrial Classification (US-SIC-code) | Orbis |
| Country | The country in which the platform operates (Brazil, Chile, or Mexico) | Platforms |
| Advisor | Binary variable equals 1 if the company has an advisor, and 0 otherwise | Platforms |
| LinkedIn founders’ connections | The average number of founders’ LinkedIn connections | |
| Equity offered (%) | The percentage of equity offered to investors | Platforms |
| Video | The number of video’s viewings on YouTube or Vimeo | Platforms |
| Financial info | Binary variable equals 1 if the company give financial information, and 0 otherwise | Platforms |
| Fundraising goal | The amount that founders seek to raise using crowdfunding in million USD | Platforms |
| Variable | Description | Data sources |
|---|---|---|
| Project success | Dummy variable equals to 1 if crowdfunding project succeeds, and 0 otherwise | Platforms* |
| Number of investors | The number of investors at the end of the campaign | Platforms |
| Average pledge (in USD) | The total amount raised at the end of the campaign divided by the number of investors | Platforms |
| Percentage raised | The total amount raised at the end of the campaign divided by the target amount | Platforms |
| All Female | Binary variable equals 1 for teams composed of all-female or a single female entrepreneur, and 0 otherwise | Platforms |
| All Male | Binary variable equals 1 for teams composed of all-male or a single male entrepreneur, and 0 otherwise | Platforms |
| Both | Binary variable equals 1 for teams that have at least one female, and equal to 0 if the team is all male or all female | Platforms |
| Firm age | The company age expressed in years at the time of the crowdfunding campaign | Orbis/platforms |
| Industry | The Standard Industrial Classification (US-SIC-code) | Orbis |
| Country | The country in which the platform operates (Brazil, Chile, or Mexico) | Platforms |
| Advisor | Binary variable equals 1 if the company has an advisor, and 0 otherwise | Platforms |
| LinkedIn founders’ connections | The average number of founders’ LinkedIn connections | |
| Equity offered (%) | The percentage of equity offered to investors | Platforms |
| Video | The number of video’s viewings on YouTube or Vimeo | Platforms |
| Financial info | Binary variable equals 1 if the company give financial information, and 0 otherwise | Platforms |
| Fundraising goal | The amount that founders seek to raise using crowdfunding in million USD | Platforms |
Notes:
(*) Platforms: Broota.com.br, Eqseed, Start Me Up, and Eusocio from Brazil, Broota.cl from Chile, and Crowdfunder.mx and Play Business from Mexico
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