Table 5 Comparison of regression...

Table 5

Comparison of regression analyses

	Model 1			Model 2			Model 3
	Capital raised			Relative success of campaign			Success of campaign
Variables (measure)	(Log of euro)			(Log of percent)			(Binary)
	Estimate	Standard error	p-value	Estimate	Standard error	p-value	Estimate	Standard error	p-value
Platform features
Size (log of count)	0.9	0.754	0.234	−0.463	4.08	0.556	0.004	0.011	0.707
Variety (index, 0 to 100)	0.313	0.001	0.006***	0.232	0.782	0.033**	0.047	0.019	0.016***
Variety²	−0.003	0.001	0.006***	−0.002	0.108	0.016**	0	0	0.003***
Balance (index, 0 to 100)	0.079	0.034	0.021**	−0.015	0.001	0.735	0	0.007	0.986
Track record (log of count)	−0.012	0.251	0.962	−0.023	0.216	0.279	−0.003	0.005	0.568
Issuer features
Geographical distance (Km)	0.071	0.082	0.392	0.065	0.054	0.228	0.003	0.003	0.318
Shareholders (count)	0.008	0.005	0.072*	0.018	0.007	0.008***	0.009	0.021	0.667
Board members (count)	0.093	0.093	0.093	0.058	0.079	0.462	0.005	0.003	0.163
Industrial shareholders (binary)	0.913	0.285	0.002***	0.863	0.306	0.005***	0.102	0.061	0.093*
Campaign features
Business angels (binary)	0.228	0.35	0.515	0.263	0.239	0.273	0.04	0.056	0.47
Prize for subscription (binary)	0.669	0.488	0.172	0.137	0.419	0.774	0.181	0.072	0.011***
Equity retention (log of percent)	0.139	0.189	0.464	0.03	0.096	0.751	0.005	0.006	0.456
Fork width (percent)	0.004	0.01	0.683	–	–	–	0.004	0.002	0.018**
Maximum target (log of €)	0.083	0.332	0.803	–	–	–	−0.001	0	0.022**
Minimum investment (log of €)	0.389	0.192	0.045**	0.03	0.232	0.899	0.000	0	0.31
Share premium (log of €)	0.07	0.15	0.642	0.013	0.027	0.619	−0.009	0.023	0.695
Take-it-all (binary)	0.567	1.07	0.595	–	–	–	−0.124	0.092	0.175

	Model 1			Model 2			Model 3
	Capital raised			Relative success of campaign			Success of campaign
Variables (measure)	(Log of euro)			(Log of percent)			(Binary)
	Estimate	Standard error	p-value	Estimate	Standard error	p-value	Estimate	Standard error	p-value
Platform features
Size (log of count)	0.9	0.754	0.234	−0.463	4.08	0.556	0.004	0.011	0.707
Variety (index, 0 to 100)	0.313	0.001	0.006***	0.232	0.782	0.033**	0.047	0.019	0.016***
Variety²	−0.003	0.001	0.006***	−0.002	0.108	0.016**	0	0	0.003***
Balance (index, 0 to 100)	0.079	0.034	0.021**	−0.015	0.001	0.735	0	0.007	0.986
Track record (log of count)	−0.012	0.251	0.962	−0.023	0.216	0.279	−0.003	0.005	0.568
Issuer features
Geographical distance (Km)	0.071	0.082	0.392	0.065	0.054	0.228	0.003	0.003	0.318
Shareholders (count)	0.008	0.005	0.072*	0.018	0.007	0.008***	0.009	0.021	0.667
Board members (count)	0.093	0.093	0.093	0.058	0.079	0.462	0.005	0.003	0.163
Industrial shareholders (binary)	0.913	0.285	0.002***	0.863	0.306	0.005***	0.102	0.061	0.093*
Campaign features
Business angels (binary)	0.228	0.35	0.515	0.263	0.239	0.273	0.04	0.056	0.47
Prize for subscription (binary)	0.669	0.488	0.172	0.137	0.419	0.774	0.181	0.072	0.011***
Equity retention (log of percent)	0.139	0.189	0.464	0.03	0.096	0.751	0.005	0.006	0.456
Fork width (percent)	0.004	0.01	0.683	–	–	–	0.004	0.002	0.018**
Maximum target (log of €)	0.083	0.332	0.803	–	–	–	−0.001	0	0.022**
Minimum investment (log of €)	0.389	0.192	0.045**	0.03	0.232	0.899	0.000	0	0.31
Share premium (log of €)	0.07	0.15	0.642	0.013	0.027	0.619	−0.009	0.023	0.695
Take-it-all (binary)	0.567	1.07	0.595	–	–	–	−0.124	0.092	0.175

Note(s): The table shows estimated average partial effects. Effects of explanatory variables with marginal probability values of 10% or less are typed as italic face and significance is encoded as: “***” 0.01 “**” 0.05 “*” 0.10. The sample size in Models 1 and 3 is 233 cases, since 9 cases were excluded because of missing values on some explanatory variables and 2 more outlying influential cases were dropped from the 244 cases original data set. In Model 2 the sample size is reduced to 211 cases when the response variable is relative success, because in this case only all-or-nothing campaigns are considered

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