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Table 5 Preference for a crowdfunding model

From: Determinants and preferences for a crowdfunding project

  Equity-based CF Debt-based CF
(1) (2) (3) (4)
Perceived attractiveness of lending in crowdfunding (Ref: Advantage of a new form of investment)     
 Higher financial return 0.064
(0.026)
0.074
(0.033)
0.261
(0.395)
0.201
(0.224)
 Interest about specific companies or start-ups − 0.147
(0.143)
− 0.230
(0.339)
0.534
(1.871)
0.562
(1.993)
 Disappointment of traditional finance − 0.102
(0.062)
− 0.202
(0.231)
− 0.252
(0.307)
− 0.206
(0.197)
Perceived development and innovation of crowdfunding (Ref: offer better interest rate compare to the existing financing)     
 Become an alternative source of financing for start-ups and SME in various sectors 0.306
(0.523)
0.378
(0.757)
0.005
(0.000)
0.037
(0.008)
 Islamic-compliant financing option 0.152
(0.059)
0.253
(0.156)
0.427
(0.538)
0.494
(0.690)
An easy investment process 0.523
(1.371)
0.474
(1.080)
− 0.358
(0.589)
− 0.261
(0.299)
 A strong investor protection 0.060
(0.018)
− 0.063
(0.019)
0.015
(0.001)
0.060
(0.019)
Perceived risk of crowdfunding − 0.047
(0.144)
− 0.039
(0.092)
0.022
(0.031)
0.036
(0.071)
Financial training 0.418
(0.681)
0.477
(0.807)
− 0.076
(0.027)
− 0.101
(0.043)
Managing a bank account − 0.136
(0.057)
− 0.169
(0.084)
1.800*
(2.930)
1.758*
(2.744)
Demographic controls     
 Gender   0.066
(0.056)
  − 0.517*
(3.297)
 Age   0.068
(0.177)
  − 0.055
(0.118)
 Ethnicity     
  Malay   − 0.815**
(4.101)
  0.534
(1.397)
  Chinese   − 0.458
(1.346)
  0.185
(0.170)
 Education level   − 0.316
(1.389)
  0.233
(0.751)
 Regional residence     
  A city   − 0.275
(0.258)
  0.058
(0.010)
  A town   − 0.002
(0.000)
  0.195
(0.101)
 − 2 Log likelihood 342.185 336.637 331.582 325.612
 R-square (Nagelkerke) 0.019 0.045 0.060 0.088
 Observations 297 297 297 297
  1. Other types of crowdfunding (donation and reward based) are used as reference category
  2. Wald t-statistics are reported in parentheses
  3. ***, **, and * denote statistical significance at the 1%, 5%, and 10% level, respectively