Research Article
The Nearer, the Better? The Impact of Cultural and Geographic Distance on Crowdfunding Project Attractiveness
Table 3
The effects of cultural and geographic distance on crowdfunding project attractiveness.
| | | | | | | | DV, success or failure | DV, the average fund per backer |
| | Cultural distance | −0.131 (0.054) | −1.446 (0.813) | −7.397 (5.781) | −241.640 (67.189) | | Cultural distance2 | — | 0.0113 (0.562) | — | 2.087 (0.596) | | Log (geographic distance) | −0.023 (0.099) | −0.030 (0.099) | 3.871 (10.043) | 6.326 (9.839) | | Requested amount | −3.93e^(−5) (7.10e^(−6)) | −4.33e^(−5) (8.25e^(−6)) | 0.004 (0.0005) | 0.004 (0.0005) | | Fundraising cycle | −0.006 (0.005) | −0.006 (0.005) | −0.001 (0.512) | −0.219 (0.500) | | Historical projects | 0.185 (0.086) | 0.176 (0.086) | −0.322 (3.045) | −0.219 (2.975) | | Historical success | 0.011 (0.009) | 0.011 (0.009) | −0.150 (0.325) | −0.109 (0.318) | | Total backers | 0.004 (0.002) | 0.005 (0.002) | −0.085 (0.044) | −0.077 (0.043) | | New backers | 0.033 (0.008) | 0.032 (0.008) | 0.047 (0.113) | −0.030 (0.111) | | Constant | 7.356 (3.271) | 45.606 (29.291) | 459.033 (340.880) | 7002.579 (1899.579) | | | Prob > chi2 = 0.000
Pseudo R2 = 0.385 | Prob > chi2 = 0.000
Pseudo R2 = 0.390 | Adjusted R2 = 0.170 | Adjusted R2 = 0.2067 |
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Significant at 0.01. Significant at 0.05. Significant at 0.10. |
