Page 145 - 臺大管理論叢第32卷第2期

NTU Management Review Vol. 32 No. 2 Aug. 2022

Table 1 Variable Definition
Variables Definitions
The total amount of pledges that a crowdfunding project
Pledge Amount received at the end of each day. We take the logarithm
value of this variable.
The ratio of the daily number of bystanders over the daily
Bystander Ratio
number of backers
Coded 1 if a project is initiated by an incumbent firm and 0 if
Project Legitimacy
initiated by non-incumbent firms
The number of days for which a project creator chooses to
Project Duration
accept pledges. We take the logarithm value of this variable.
The cumulative number of pledges until day t-1 divided by
Cumulative Pledge Amount
the funding goal
The ratio of the number of previous successful projects to
Perceived Project Quality
the total number of projects launched by the project creator

ence group.
Model 1 examines the effects of the bystander ratio on the daily aggregate amount
of capital received. Model 2 tests the moderating effects of project legitimacy on the
daily amount of fundraising. Model 3 examines the moderating effects of project funding

duration on the daily amount of fundraising. For the robustness tests, we also examine our
three main hypotheses at the project level.

3.4 Results

Table 2 shows the descriptive statistics, Pearson, and Spearman rank correlations
among variables. Since a moderate level of correlation among variables is observed, we
further used Variance Inflation Factor (VIF) to examine the multicollinearity problem. Our
results show that the VIF scores for all independent variables are less than 1.6, suggesting

no severe concerns about multicollinearity (Bowerman and O’Connell, 1990).
Table 2 shows that the average bystander ratio is 0.45 in our sample, suggesting that
approximately 45% of followers do not pledge funds to the campaign. Approximately

39.2% of campaigns are initiated by incumbent firms. Each campaign has 55.7 (= e 4.02 )
days of funding duration. The average cumulative pledge amount is 0.934. Moreover, we
also find that some campaigns receive almost 100 times more than the amount required

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