ABSTRACT
These results are generally robust to the inclusion of additional control variables. For instance, including funds targeted (in italic) into the regression of Table 4 does not affect our diagnostics on differences (or the lack thereof) between nonprofits and for-profits. However, the variable is positive and significant, in line with intuition. Indeed, this variable is likely to capture financial needs of the entrepreneur. Age of the firm (captured by the variable age) does not affect amounts raised nor success of the crowdfunding initiative.17 This suggests that delaying the crowdfunding campaign from the establishment date of the entrepreneurial activity has no effect on the amount collected. Finally, the choice of crowdfunding model (equity-based model and reward-based model) seems to affect success rate of the initiative (Table 5), but not the amount raised (Table 4). Compared with donation-based models (captured by the constant term), we therefore conclude that the effect of model choice on outcome is unclear in our analysis, or at best weakly against donation-based models.
