Crowdfunding: cross-country analysis



Appendix 3

ROC-curves for country-specific probit model (0 - more than 0% but less than 100% pledged, 1 - 100% and more pledged).



Appendix 4

Average marginal effects for country-specific probit model (0 - less than 100%, but more than 0% pledged, 1 - 100% and more pledged).

Average marginal effects for country-specific probit model (0 - less than 100%, but more than 0% pledged, 1 - 100% and more pledged) for squared logarithm of targeted sum variable for Russia



Average marginal effects for country-specific probit model (0 - less than 100%, but more than 0% pledged, 1 - 100% and more pledged) for squared logarithm of targeted sum variable for Russia

Average marginal effects for country-specific probit model (0 - less than 100%, but more than 0% pledged, 1 - 100% and more pledged) for squared logarithm of targeted sum variable for Australia



Average marginal effects for country-specific probit model (0 - less than 100%, but more than 0% pledged, 1 - 100% and more pledged) for squared logarithm of targeted sum variable for Canada

Average marginal effects for country-specific probit model (0 - less than 100%, but more than 0% pledged, 1 - 100% and more pledged) for squared logarithm of targeted sum variable for Great Britain



Average marginal effects for country-specific probit model (0 - less than 100%, but more than 0% pledged, 1 - 100% and more pledged) for squared logarithm of targeted sum variable for USA



Appendix 5

ROC-curves for boomstarter probit models



Appendix 6

Average marginal effects for boomstarter probit models.

Average marginal effects for Boomstarter probit model with the dependent variable = 0 if the percentage collected = 0%, 1 if the percentage is more than 0% and less than 100% without author-specific variables



Average marginal effects for Boomstarter probit model with the dependent variable = 0 if the percentage collected = 0%, 1 if percentage is more than 0% and less than 100% with author-specific variables



Average marginal effects for Boomstarter probit model with the dependent variable = 0 if the percentage collected = 0%, 1 if percentage is more than or equal to 100% without author-specific variables

Average marginal effects for Boomstarter probit model with the dependent variable = 0 if the percentage collected = 0%, 1 if percentage is more than or equal to 100% with author-specific variables



Average marginal effects for Boomstarter probit model with the dependent variable = 0 if percentage is more than 0% and less than 100%, 1 if percentage is more than or equal to 100% without author-specific variables



Average marginal effects for Boomstarter probit model with the dependent variable = 0 if percentage is more than 0% and less than 100%, 1 if percentage is more than or equal to 100% with author-specific variables



Appendix 7

STATA do-file code.

Importing dataset, installing packages and generating variables:

import excel "C:\Users\maliv\OneDrive - НИУ Высшая школа экономики\diploma\data\Boomstarter data -- копия.xlsx", sheet("BoomVK") firstrow

ssc install asdoc

ssc install outreg

ssc install margins

cd C:\Users\user\Documents

gen ln_percentage=ln(percentage+0.0001)

gen ln_goal=ln(goal+0.0001)

gen ln_goal2=ln_goal*ln(goal)

destring alcohol, replace

destring people_main, replace

gen ln_biography_length=ln(biography_length+0.0001)

gen ln_followers_number=ln(followers_number+0.0001)

gen per_category = 0 if percentage ==0

replace per_category = 1 if 0<percentage<1

replace per_category = 0 if percentage==0

gen per_category2 = 0 if percentage ==0

replace per_category2 = 1 if percentage>=1

gen per_category3 = 0 if percentage >0

replace per_category3 = 1 if percentage>=1

gen ln_backers = ln(backers +0.001)

gen ln_backers2 = ln_backers*ln_backers

gen ln_biography_length2 = ln_biography_length*ln_biography_length

gen ln_age = ln(age+0.0001)

gen ln_age2 = ln_age*ln_age

gen percent = 0 if percentage == 0 /* for two datasets

replace percent = 1 if percentage>0

replace percent = 2 if percentage>=1

replace percent =. if au ==. & ca ==. & gb ==. & us ==.

For Kickstarter:

asdoc by percent, sort: sum goal0 backers if percent !=. & cat_num2 !=., append

esttab using "1000.xls", wide nonumber mtitle("diff01")

estpost ttest goal0 backers if percent !=. & cat_num2!=. & ca == 1, by(per_category3)

esttab using "2000.xls", wide nonumber mtitle("diff02")

estpost ttest goal0 backers if percent !=. & cat_num2!=. & gb == 1, by(per_category3)

esttab using "3000.xls", wide nonumber mtitle("diff03")

estpost ttest goal0 backers if percent !=. & cat_num2!=. & us == 1, by(per_category3)

esttab using "4000.xls", wide nonumber mtitle("diff04")

asdoc pwcorr percentage goal0 backers if nomiss ==1, star(.05) obs

asdoc by percent, sort: sum goal0 biography_length followers_count age sex sites facebook if nomiss ==1, replace

For Boomstarter:

estpost ttest goal0 biography_length followers_count age sex sites facebook if nomiss ==1, by(per_category)

esttab using "hren1.xls", wide nonumber mtitle("diff01")

estpost ttest goal0 biography_length followers_count age sex sites facebook if nomiss ==1, by(per_category2)

esttab using "hren2.xls", wide nonumber mtitle("diff01")

estpost ttest goal0 biography_length followers_count age sex sites facebook if nomiss ==1, by(per_category3)

esttab using "hren3.xls", wide nonumber mtitle("diff01")

Cross-country regression models:

outreg2 using my.xls: probit per_category2 ln_goal i.cat_num2 , r /*Boomstarter

outreg2 using my.xls: probit per_category2 ln_goal ln_goal2 i.cat_num2 if au == 1 & cat_num2 !=., r /*Kickstarter

outreg2 using my.xls: probit per_category2 ln_goal ln_goal2 i.cat_num2 if ca == 1 & cat_num2 !=., r /*Kickstarter

outreg2 using my.xls: probit per_category2 ln_goal ln_goal2 i.cat_num2 if gb == 1 & cat_num2 !=., r /*Kickstarter

outreg2 using my.xls: probit per_category2 ln_goal ln_goal2 i.cat_num2 if us == 1 & cat_num2 !=., r /*Kickstarter

estat gof /* for all regressions above

lroc per_category2, name gr1..5 /* for all regressions above

gr combine gr1 gr2 gr3 gr4 gr5

margins, dydx(*) /* for all regressions above

outreg using myy.xls, stat(b_dfdx se_dfdx) bdec(3) nocons for all margins above

outreg2 using my.xls: probit per_category3 ln_goal i.cat_num2 , r /*Boomstarter

outreg2 using my.xls: probit per_category3 ln_goal ln_goal2 i.cat_num2 if au == 1 & cat_num2 !=., r /*Kickstarter

outreg2 using my.xls: probit per_category3 ln_goal ln_goal2 i.cat_num2 if ca == 1 & cat_num2 !=., r /*Kickstarter

outreg2 using my.xls: probit per_category3 ln_goal ln_goal2 i.cat_num2 if gb == 1 & cat_num2 !=., r /*Kickstarter

outreg2 using my.xls: probit per_category3 ln_goal ln_goal2 i.cat_num2 if us == 1 & cat_num2 !=., r /*Kickstarter

estat gof /* for all regressions above

lroc per_category2, name gr1..5 /* for all regressions above

gr combine gr1 gr2 gr3 gr4 gr5

margins, dydx(*) /* for all regressions above

Boomstarter regression models:

probit per_category ln_goal ln_biography_length ln_followers_count c.ln_age##c.ln_age sex sites facebook i.city_num b3.cat_num, r

estat sum

probit per_category c.ln_goal##c.ln_goal c.ln_biography_length##c.ln_biography_length sites facebook i.city_num b2.cat_num, r

estat sum

probit per_category2 ln_goal ln_biography_length ln_followers_count c.ln_age##c.ln_age sex sites facebook i.city_num b2.cat_num, r

estat sum

probit per_category2 ln_goal ln_biography_length sites facebook i.city_num b2.cat_num, r

probit per_category3 ln_goal ln_biography_length sites facebook i.city_num b2.cat_num, r

probit per_category3 c.ln_goal##c.ln_goal ln_biography_length ln_followers_count c.ln_age##c.ln_age sex sites facebook i.city_num b1.cat_num, r

estat gof /* for all regressions above

lroc per_category2, name gr1..5 /* for all regressions above

gr combine gr1 gr2 gr3 gr4 gr5

margins, dydx(*) /* for all regressions above

Marginplots for all regressions both for Kickstarter and Boomstarter:

margins, at(ln_age=(3.0 (0.5) 5.0))

marginsplot

margins, at(ln_age2=(7 (1.5) 22))

marginsplot

margins, at(ln_goal = (7(2) 23))

marginsplot

margins, at(ln_goal2 = (18(50) 500))

marginsplot

margins, at(ln_biography_length = (-10(2) 10))

marginsplot

margins, at(ln_biography_length2 = (7(1.5) 23))

marginsplot

margins, at(ln_followers_count = (1.5(1.5) 13.5))

marginsplot

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