Variables used for the study
| Variable | Description | Related studies |
|---|---|---|
| Dependent Variables | ||
| Fully founded (FULLFUND) | Dichotomous variable (0/1) indicating whether a project has received the full target amount | Ahlers et al. (2015) |
| Number of lenders (nLEND) | Number of lenders which have subscribed the project | Saiedi et al. (2022) |
| LOAM | Total amount of the loan | Bruner et al. (2004) |
| ToP | Number of hours that the project has been showed on the platform | Xia et al. (2022) |
| Independent Variables | ||
| Level of uncertainty | ||
| Z-Score | Continuous variable indicating the Altman Z-score of the firm | Cornaggia and Cornaggia (2013) |
| Loan Characteristics | ||
| IR | Interest rate of the loan | Kgoroeadira et al. (2019) |
| MAT | Maturity of the loan | Bruner et al. (2004) |
| Venture Quality | ||
| Human capital (HUCAP) | Continuous variable indicating the percentage of board’s member with an MBA. | Unger et al. (2011) |
| Social capital (SOCCAP) | Continuous variable indicating percentage of nonexecutive directors on the venture’s board | Colombo et al. (2014) |
| Intellectual capital (INTCAP) | Dichotomous indicating if the firm own a patent | Šebestová and Popescu (2022) |
| Control Variables | ||
| EBIT/tot assets | Ratio between EBIT and total asset of the borrower | Dietrich (2016) |
| WoCap/tot asset | Ratio between working capital and total asset of the borrower | Saiedi et al. (2022) |
| AGE | Age of the borrower measured in years | Ölvedi (2022) |
| NACE | Sector of the borrower | Kgoroeadira et al. (2019) |
| tLIAB | Total liabilities of the borrower | Ölvedi (2022) |
| SIZE | Number of employees of the borrower | Saiedi et al. (2022) |
| EARNING/tot asset | Ratio between earning and total asset of the borrower | Zhang et al. (2018) |
| GEOG | Country of the borrower | Nigmonov et al. (2022) |
| SAVINGS | Gross domestic savings (% of GDP) of the country | Fasano and Cappa (2022) |
| REDEXP | Research and development expenditure (% of GDP) | Einav et al. (2016) |
| Variable | Description | Related studies |
|---|---|---|
| Fully founded (FULLFUND) | Dichotomous variable (0/1) indicating whether a project has received the full target amount | |
| Number of lenders (nLEND) | Number of lenders which have subscribed the project | |
| LOAM | Total amount of the loan | |
| ToP | Number of hours that the project has been showed on the platform | |
| Z-Score | Continuous variable indicating the Altman Z-score of the firm | |
| IR | Interest rate of the loan | |
| MAT | Maturity of the loan | |
| Human capital (HUCAP) | Continuous variable indicating the percentage of board’s member with an MBA. | |
| Social capital (SOCCAP) | Continuous variable indicating percentage of nonexecutive directors on the venture’s board | |
| Intellectual capital (INTCAP) | Dichotomous indicating if the firm own a patent | |
| EBIT/tot assets | Ratio between EBIT and total asset of the borrower | |
| WoCap/tot asset | Ratio between working capital and total asset of the borrower | |
| AGE | Age of the borrower measured in years | |
| NACE | Sector of the borrower | |
| tLIAB | Total liabilities of the borrower | |
| SIZE | Number of employees of the borrower | |
| EARNING/tot asset | Ratio between earning and total asset of the borrower | |
| GEOG | Country of the borrower | |
| SAVINGS | Gross domestic savings (% of GDP) of the country | |
| REDEXP | Research and development expenditure (% of GDP) | |
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.