Table 2 List of variables

From: Local preferences and the allocation of attention in equity-based crowdfunding

Variable name Description
Investment Equals 1 if an investor invests in a campaign; 0 otherwise
Local Equals 1 if investor location is not more than 50 km away from the venture; 0 otherwise
Age Age of the venture at the start of the campaign in years
# investments two days before Number of investments made in the two days before the investment considered
Update previous day Equals 1 if there has been an update the day before
Update previous week Equals 1 if there has been an update within seven days before
# updates Number of updates posted before the investment considered
Manufacturing Equals 1 if the SIC-code for the venture’s industry is D (manufacturing)
Wholesale trade Equals 1 if the SIC-code for the venture’s industry is F (wholesale trade)
Retail trade Equals 1 if the SIC-code for the venture’s industry is G (retail trade)
Finance Equals 1 if the SIC-code for the venture’s industry is H (finance, insurance and real estate)
Services Equals 1 if the SIC-code for the venture’s industry is I (services)
Early Equals 1 if investment decision is during the first three days of the campaign; 0 otherwise
# previous investments Number of all investments in the venture made before
# potential investors Number of active investors (those who have invested before) on the platform
Project month count The number of months a campaign has been available on the platform by the considered month
Campaign Berlin Equals 1 if the venture’s location is Berlin
Goal type Equals 1 if the campaign’s goal type is “target”; 0 if the goal type is “limit”
Goal amount Requested amount of capital by the venture (in EUR million)
Co-financing Equals 1 if the campaign has been co-financed by an institutional investor; 0 otherwise
Equity stake offered Percentage of Equity offered
Friends & family Equals 1 if an investor is a friend or family member using the method described in Agrawal et al. (2015); 0 otherwise
  1. Note: This table provides an overview of variables used in the regressions