Table 8 Robustness tests (3/3)

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

  Dependent variable:
Investment
(7)
Manufacturing − 0.0006** (0.0003)
Wholesale trade − 0.0044*** (0.0010)
Finance 0.0083*** (0.0007)
Services − 0.0019*** (0.0003)
Campaign Berlin 0.0036*** (0.0002)
Goal type 0.0080*** (0.0002)
Goal amount 0.0027*** (0.0002)
Equity stake offered 0.0001*** (0.00002)
Co-financing − 0.0159*** (0.0005)
# potential investors − 0.00001*** (0.000000)
Age − 0.0006*** (0.00003)
Local 0.0059*** (0.0008)
# previous investments 0.0001*** (0.000000)
# investments two days before 0.0007*** (0.00001)
Project month count 0.0038*** (0.0001)
Early 0.0664*** (0.0005)
# updates − 0.0006*** (0.00003)
Update previous day 0.0111*** (0.0006)
# updates * Update previous day − 0.0012*** (0.0001)
Local * Age − 0.0004*** (0.0001)
Local * # investments two days before 0.0002*** (0.00002)
Local * # updates − 0.00003 (0.0001)
Local * Update previous day 0.0049*** (0.0018)
Local * # updates * Update previous day − 0.0001 (0.0002)
Local * Early 0.0090*** (0.0014)
Local * Manufacturing 0.0006 (0.0008)
Local * Wholesale trade − 0.0071** (0.0034)
Local * Finance − 0.0198*** (0.0021)
Local * Services 0.0025*** (0.0008)
Observations 4,838,429
R2 0.2306
Adjusted R2 0.2280
Residual Std. Error 0.1699 (df = 4,821,915)
  1. Dependent variable: Investment. Regression type: Linear probability model with investor fixed effects. Standard errors in parentheses. *p < 0.1; **p < 0.05; ***p < 0.01. Model 7: Robustness test with campaign variables instead of campaign fixed effects