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

  • Simon Kleinert
  • Christine Volkmann
  • Marc Grünhagen
Correction
  • 56 Downloads
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

  https://doi.org/10.1007/s11187-018-0125-2

Unfortunately, the original version of this article was published online with error. The data in Tables 1, 3, 4, 5 and 6 were incorrectly displayed and aligned by the Springer proofreaders/or in the proofread stage of Springer.

The corrected Tables 1, 3, 4, 5 and 6 are shown in the next page.

Further, in Table 6 the authors mistakenly numbered the models "25" and "26," this should be "21" and "22," respectively; including in the footnotes to this table.

The original article has been corrected.

Notes

Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  • Simon Kleinert
    • 1
  • Christine Volkmann
    • 1
  • Marc Grünhagen
    • 1
  1. 1.Bergische Universität WuppertalWuppertalGermany

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