Research Article
The Nearer, the Better? The Impact of Cultural and Geographic Distance on Crowdfunding Project Attractiveness
Table 4
The effect of cultural and geographic distance on backer composition.
| | | | | | | | | | DV, the total number of backers | DV, the number of experienced backers | DV, the number of new backers |
| | Cultural distance | −0.062 (0.042) | −0.459 (0.565) | −0.048 (0.041) | −0.994 (0.341) | 0.006 (0.029) | −0.063 (0.381) |
| | Cultural distance2 | — | −4.58e^(−3) (4.97e^(−3)) | — | 0.009 (0.003) | — | −5.14e^(−4) (3.45e^(−3)) |
| | Log (geographic distance) | 0.235 (0.059) | 0.227 (0.059) | 0.147 (0.046) | 0.140(0.045) | −0.319 (0.053) | −0.321 (0.054) |
| | Requested amount | 2.76e^(−5) (5.09e^(−6)) | 2.79e^(−5) (5.14e^(−6)) | 4.72e^(−6) (2.57e^(−6)) | 5.04e^(−6) (2.59e^(−6)) | 9.84e^(−6) (3.52e^(−6)) | 9.91e^(−6) (3.56e^(−6)) |
| | Fundraising cycle | −2.97e^(−3) (4.79e^(−3)) | −2.62e^(−3) (4.94e^(−3)) | −5.51e^(−3) (4.12e^(−3)) | −5.63e^(−3) (4.00e^(−3)) | 3.14e^(−3) (3.26e^(−3)) | 3.15e^(−3) (3.26e^(−3)) |
| | Historical projects | 8.66e^(−4) (1.50e^(−2)) | 7.24e^(−4) (0.015) | 0.052 (0.023) | 0.052 (0.023) | −0.014 (0.011) | −0.014 (0.011) |
| | Historical success | 1.16e^(−3) (2.39e^(−3)) | 1.16e^(−3) (2.38e^(−3)) | 4.26e^(−3) (2.30e^(−3)) | 4.09e^(−3) (2.24e^(−3)) | −4.10e^(−3) (1.52e^(−3)) | −4.10e^(−3) (1.52e^(−3)) |
| | Total # of backers | — | — | 2.77e^(−3) (3.00e^(−4)) | 2.74e^(−3) (2.97e^(−4)) | 1.96e^(−3) (2.27e^(−4)) | 1.96e^(−3) (2.27e^(−4)) |
| | Constant | 6.430 (2.512) | −8.320 (16.044) | 5.112 (2.328) | −24.35 (9.71) | 4.898 (1.692) | 3.351 (10.488) |
| | | Prob > chi2 = 0.000
Pseudo R2 = 0.0291 | Prob > chi2 = 0.000
Pseudo R2 = 0.0294 | Prob > chi2 = 0.000
Pseudo R2 = 0.1037 | Prob > chi2 = 0.000
Pseudo R2 = 0.1061 | Prob > chi2 = 0.000
Pseudo R2 = 0.1032 | Prob > chi2 = 0.000
Pseudo R2 = 0.1035 |
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Significant at 0.01. Significant at 0.05. Significant at 0.10. |
