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Small Business Economics

12.01.2019 | Correction

Correction to: Third-party signals in equity crowdfunding: the role of prior financing

verfasst von: Simon Kleinert, Christine Volkmann, Marc Grünhagen

Erschienen in: Small Business Economics

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Excerpt

Correction to: Small Bus Econ
Table 1
Descriptives and correlation statistics
   
Mean
SD
Min
Max
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
1
No_Investors
352
414
10
2873
1
                                       
2
Funded
0.56
0.50
0
1
0.53*
                                       
3
Prior_Funding
0.47
0.50
0
1
0.35*
0.31*
                                     
4
One_Investor
0.33
0.47
0
1
0.15*
0.2*
0.74*
                                   
5
Multiple_Investors
0.14
0.35
0
1
0.3*
0.18*
0.43*
-0.28*
                                 
6
Business_Angel
0.30
0.46
0
1
0.26*
0.14*
0.69*
0.36*
0.51*
                               
7
Venture_Capital
0.15
0.36
0
1
0.29*
0.17*
0.44*
0.03
0.6*
0.23*
                             
8
Cf_Success
0.14
0.35
0
1
0.26*
0.2*
0.43*
0.19*
0.36*
0.02
0.09
                           
9
Grant
0.09
0.28
0
1
0.11
0.18*
0.33*
-0.04
0.53*
0.26*
0.1
0.2*
                         
10
Age
3.71
3.28
0
20
0.2*
0.08
0.14*
0.02
0.18*
0.02
0.14*
0.22*
0.1
                       
11
NED
0.17
0.38
0
1
0.07
0.04
0.07
-0.01
0.13
-0.01
0.18*
0.09
0.03
0.23*
                     
12
Patent
0.10
0.29
0
1
0.05
0.01
0.07
0
0.09
-0.01
0.04
0.09
0.18*
0.18*
0.1
                   
13
Market_Access
0.63
0.48
0
1
0.17*
0.18*
0.12
0.08
0.07
0.05
0.09
0.15*
-0.03
0.32*
0.1
-0.07
                 
14
Education
0.22
0.42
0
1
0.23*
0.17*
0.17*
0.16*
0.04
0.08
0.2*
-0.06
-0.01
-0.01
-0.01
0.16*
-0.06
               
15
Serial_Founder
0.41
0.49
0
1
0.17*
0.08
0.1
0.06
0.06
0.08
0.11
0.01
0.01
-0.08
0.06
-0.05
-0.08
0.04
             
16
Technology
0.59
0.49
0
1
0.05
-0.03
0.2*
0.04
0.23*
0.22*
0.22*
0.05
0.13
-0.13
0.11
0.15*
-0.32*
0.18*
0.08
           
17
Exit_Plan
0.65
0.48
0
1
0.04
0.11
0.02
0.07
-0.06
0
-0.01
-0.01
-0.05
0
0.06
0.08
-0.09
-0.07
0.09
-0.03
         
18
Goal/(100,000)
0.37
0.29
0.05
2.19
0.55*
0.14*
0.33*
0.12
0.31*
0.3*
0.37*
0.16*
0.03
0.28*
0.12
0.02
0.15*
0.07
0.15*
0.1
-0.01
       
19
Equity_Offered
0.12
0.08
0.01
0.53
-0.24*
-0.17*
-0.23*
-0.12
-0.16*
-0.12
-0.15*
-0.18*
-0.07
-0.17*
-0.04
-0.01
-0.24*
-0.17*
-0.12
-0.1
0.12
-0.09
     
20
Seed
0.28
0.45
0
1
-0.15*
-0.18*
-0.2*
-0.09
-0.16*
-0.12
-0.15*
-0.19*
-0.04
-0.39*
-0.17*
0.01
-0.8*
0.06
0.04
0.25*
0.09
-0.18*
0.23*
   
21
Early
0.42
0.49
0
1
-0.13
0.02
-0.01
-0.03
0.03
0.06
-0.02
-0.08
0.1
-0.07
0.02
0.1
0.28*
-0.06
-0.1
-0.05
0.01
-0.22*
0.11
-0.53*
 
22
Growth
0.30
0.46
0
1
0.29*
0.15*
0.21*
0.12
0.13
0.04
0.17*
0.27*
-0.06
0.46*
0.14*
-0.11
0.49*
0
0.07
-0.19*
-0.1
0.41*
-0.35*
-0.41*
-0.56*
Significant correlation at the 95% interval
Table 3
Regression analyses for main effects
Model
DV=No_Investors
DV=Funded
1
2
3
4
5
6
Age
0 (0.02)
-0.01 (0.02)
-0.01 (0.02)
-0.01 (0.06)
-0.03 (0.06)
-0.01 (0.06)
NED
0.07 (0.15)
0.04 (0.14)
0.06 (0.14)
0.1 (0.49)
0.11 (0.5)
0.1 (0.49)
Patent
0.1 (0.2)
0.02 (0.2)
0.05 (0.2)
-0.14 (0.62)
-0.4 (0.65)
-0.19 (0.62)
Market_Access
0.2 (0.13)
0.18 (0.13)
0.2 (0.13)
0.68* (0.38)
0.77** (0.39)
0.69* (0.38)
Education
0.51*** (0.13)
0.62*** (0.13)
0.56*** (0.13)
0.83** (0.4)
1.04*** (0.4)
0.89** (0.42)
Serial_Founder
0.13 (0.11)
0.14 (0.11)
0.13 (0.11)
0.22 (0.32)
0.23 (0.32)
0.22 (0.32)
Technology
-0.19 (0.12)
-0.25** (0.12)
-0.21* (0.12)
-0.3 (0.33)
-0.34 (0.33)
-0.37 (0.34)
Exit_Plan
0.24** (0.12)
0.28** (0.12)
0.27** (0.12)
0.63** (0.32)
0.75** (0.33)
0.66** (0.32)
Ln(Goal)
0.51*** (0.08)
0.47*** (0.08)
0.48*** (0.08)
-0.13 (0.22)
-0.08 (0.23)
-0.17 (0.22)
Equity_Offered
-1.04 (0.74)
-0.92 (0.73)
-0.96 (0.74)
-1.91 (2.26)
-1.81 (2.24)
-1.75 (2.24)
Prior_Funding
0.49*** (0.11)
   
1.24*** (0.33)
   
Cf_Success
 
0.52*** (0.13)
   
1.14** (0.53)
 
Venture_Capital
 
0.37** (0.17)
   
0.67 (0.55)
 
Business_Angel
 
0.22* (0.12)
   
0.38 (0.37)
 
Grant
 
0.23 (0.16)
   
1.56** (0.74)
 
One_Investor
   
0.43*** (0.11)
   
1.09*** (0.34)
Multiple_Investors
   
0.7*** (0.19)
   
1.79*** (0.6)
Constant
-0.03 (0.77)
0.43 (0.8)
0.25 (0.77)
0.3 (2.04)
-0.17 (2.2)
0.73 (2.06)
(Pseudo) R2
0.039
0.04
0.04
0.13
0.14
0.13
Wald chi2
142***
149***
149***
30***
29***
29***
Note: Negative binomial regression in models 1-3; logit regression in models 4-6. Robust standard errors in parentheses. *** p<0.01, ** p<0.05, * p<0.1
Table 4
Regression analyses for moderation effects with human and social capital
Model
DV=No_Investors
DV=Funded
 
7
8
9
10
11
12
13
14
Age
0 (0.02)
-0.02 (0.02)
0 (0.02)
-0.01 (0.02)
-0.01 (0.06)
-0.04 (0.06)
0.01 (0.06)
-0.02 (0.06)
NED
0.07 (0.15)
0.05 (0.14)
0.3 (0.22)
0.23 (0.21)
0.11 (0.49)
0.12 (0.5)
0.99 (0.64)
0.76 (0.62)
Patent
0.13 (0.21)
0.08 (0.21)
0.05 (0.21)
-0.07 (0.2)
-0.1 (0.62)
-0.36 (0.66)
-0.31 (0.61)
-0.51 (0.62)
Market_Access
0.21* (0.13)
0.2 (0.13)
0.18 (0.13)
0.19 (0.13)
0.71* (0.38)
0.91** (0.39)
0.62 (0.39)
0.75* (0.4)
Education
0.68*** (0.2)
0.84*** (0.19)
0.51*** (0.13)
0.64*** (0.13)
1.25** (0.55)
1.72*** (0.53)
0.87** (0.41)
1.07*** (0.41)
Serial_Founder
0.14 (0.11)
0.13 (0.11)
0.15 (0.11)
0.14 (0.11)
0.2 (0.32)
0.16 (0.33)
0.25 (0.33)
0.25 (0.33)
Technology
-0.19* (0.12)
-0.25** (0.12)
-0.19 (0.12)
-0.24** (0.11)
-0.32 (0.33)
-0.35 (0.34)
-0.34 (0.33)
-0.41 (0.32)
Exit_Plan
0.25** (0.12)
0.31*** (0.11)
0.24** (0.12)
0.31*** (0.11)
0.64** (0.32)
0.83** (0.34)
0.64** (0.32)
0.8** (0.34)
Ln(Goal)
0.5*** (0.08)
0.45*** (0.08)
0.52*** (0.08)
0.47*** (0.08)
-0.13 (0.22)
-0.11 (0.24)
-0.1 (0.22)
-0.09 (0.24)
Equity_Offered
-0.94 (0.75)
-0.86 (0.75)
-1.13 (0.73)
-1.08 (0.72)
-1.84 (2.3)
-1.85 (2.38)
-2.37 (2.35)
-2.36 (2.31)
Prior_Funding
0.56*** (0.13)
 
0.56*** (0.12)
 
1.41*** (0.38)
 
1.54*** (0.36)
 
*Education
-0.29 (0.25)
     
-0.8 (0.76)
     
*NED
   
-0.44 (0.31)
     
-1.77** (0.87)
 
Cf_Success
 
0.5*** (0.15)
 
0.6*** (0.14)
 
0.98* (0.57)
 
1.72** (0.69)
*Education
 
-0.04 (0.25)
           
*NED
     
-0.63** (0.32)
     
-2.35** (1.08)
Venture_Capital
 
0.67*** (0.2)
 
0.5** (0.2)
 
1.63** (0.79)
 
1.08 (0.72)
*Education
 
-0.87*** (0.32)
     
-2.17** (1.01)
   
*NED
     
-0.86** (0.34)
     
-1.61 (1.15)
Business_Angel
 
0.19 (0.14)
 
0.2 (0.13)
 
0.41 (0.43)
 
0.37 (0.4)
*Education
 
-0.08 (0.27)
     
-0.37 (0.8)
   
*NED
     
0.21 (0.35)
     
0.28 (1.09)
Grant
 
0.27 (0.18)
 
0.17 (0.18)
 
2.08*** (0.79)
 
1.58** (0.8)
*Education
 
-0.21 (0.35)
     
-1.91 (1.38)
   
*NED
     
0.69 (0.48)
       
Constant
-0.04 (0.77)
0.58 (0.82)
-0.14 (0.76)
0.36 (0.81)
0.3 (2.06)
0.04 (2.34)
0.02 (2.11)
-0.05 (2.31)
(Pseudo) R2
0.04
0.04
0.04
0.04
0.13
0.16
0.14
0.15
Wald chi2
145***
348***
149***
159***
31***
35***
34***
33***
Note: Negative binomial regression in models 7-10; logit regression in models 11-14. Moderation groups CF_Success and Education; Grant and NED have a small number of observations, resulting in no variation in dependent variable Funded. These moderation effects were therefore excluded in models 12 and 14, respectively. Robust standard errors in parentheses. *** p<0.01, ** p<0.05, * p<0.1
Table 5
Regression analyses for moderation effect with seed
Model
DV=No_Investors
DV=Funded
 
15
16
17
18
19
20
NED
0.08 (0.16)
0.06 (0.15)
0.01 (0.15)
0.05 (0.48)
0.01 (0.46)
-0.07 (0.49)
Patent
0.12 (0.22)
0.07 (0.21)
-0.08 (0.2)
-0.19 (0.57)
-0.21 (0.56)
-0.37 (0.61)
Education
0.52*** (0.15)
0.51*** (0.15)
0.65*** (0.15)
0.85** (0.4)
0.89** (0.41)
1.06*** (0.4)
Serial_Founder
0.24* (0.13)
0.25* (0.13)
0.24* (0.12)
0.17 (0.31)
0.21 (0.31)
0.23 (0.31)
Technology
-0.02 (0.14)
0 (0.14)
-0.11 (0.13)
-0.35 (0.33)
-0.31 (0.32)
-0.37 (0.34)
Exit_Plan
0.27** (0.14)
0.26* (0.14)
0.31** (0.12)
0.64** (0.31)
0.62** (0.31)
0.74** (0.32)
Equity_Offered
-0.24 (0.79)
-0.06 (0.8)
0.23 (0.8)
-2.02 (2.22)
-1.71 (2.22)
-1.5 (2.22)
Seed
-0.25 (0.17)
-0.5** (0.2)
-0.52*** (0.2)
-0.55 (0.38)
-1.16** (0.47)
-0.91** (0.43)
Growth
0.45*** (0.16)
0.48*** (0.16)
0.36** (0.15)
0.13 (0.38)
0.2 (0.37)
0.17 (0.39)
Prior_Funding
0.66*** (0.13)
0.5*** (0.15)
 
1.14*** (0.32)
0.73** (0.36)
 
*Seed
 
0.63** (0.27)
   
1.7** (0.77)
 
Cf_Success
   
0.52*** (0.17)
   
1.03* (0.54)
* Seed
   
0.45 (0.4)
     
Venture_Capital
   
0.44** (0.21)
   
0.66 (0.54)
* Seed
   
0.89** (0.4)
     
Business_Angel
   
0.33** (0.16)
   
-0.02 (0.39)
* Seed
   
0.53* (0.3)
   
1.38 (0.86)
Grant
   
0.12 (0.21)
   
1.4* (0.83)
* Seed
   
0.32 (0.39)
   
0.32 (1.64)
Constant
4.94*** (0.18)
5.01*** (0.18)
5*** (0.18)
-0.35 (0.48)
-0.25 (0.49)
-0.32 (0.48)
(Pseudo) R2
0.029
0.03
0.035
0.123
0.141
0.143
Wald chi2
92***
102***
153***
30***
35***
32***
Note: Negative binomial regression in models 15-17; logit regression in models 18-20. Moderation groups Cf_Success and Seed; Venture_Capital and Seed have a small number of observations, resulting in no variation in dependent variable Funded. These moderation effects were therefore excluded in model 20. Robust standard errors in parentheses. *** p<0.01, ** p<0.05, * p<0.1
Table 6
Timing of last funding round
Model
DV=No_Investors
DV=Funded
21
22
Age
0.01 (0.02)
-0.01 (0.07)
NED
0.09 (0.16)
0.05 (0.53)
Patent
-0.02 (0.22)
-0.31 (0.67)
Market_Access
0.2 (0.13)
0.7* (0.39)
Education
0.53*** (0.13)
0.8** (0.4)
Serial_Founder
0.16 (0.11)
0.15 (0.34)
Technology
-0.2 (0.12)
-0.25 (0.35)
Exit_Plan
0.29** (0.12)
0.81** (0.34)
Ln(Goal)
0.5*** (0.08)
-0.01 (0.22)
Equity_Offered
-1.03 (0.77)
-2.85 (2.51)
Last_Funding_t0
0.66*** (0.2)
1.42** (0.63)
Last_Funding_t1
0.41*** (0.13)
0.92** (0.4)
Last_Funding_t2
0.45* (0.23)
1.05 (0.69)
Last_Funding_t>2
0.28 (0.21)
1.93* (1.13)
Constant
-0.02 (0.77)
-0.81 (2.11)
(Pseudo) R2
0.04
0.14
Wald chi2
153***
29***
Note: Negative binomial regression in model 21; logit regression in model 22. Robust standard errors in parentheses. *** p<0.01, ** p<0.05, * p<0.1
Note: The graphs are based on predicted values of our observations using the estimation models shown in Table 5
…

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Metadaten
Titel
Correction to: Third-party signals in equity crowdfunding: the role of prior financing
verfasst von
Simon Kleinert
Christine Volkmann
Marc Grünhagen
Publikationsdatum
12.01.2019
Verlag
Springer US
Erschienen in
Small Business Economics
Print ISSN: 0921-898X
Elektronische ISSN: 1573-0913
DOI
https://doi.org/10.1007/s11187-018-00132-7

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