The COVID-19 impact on crowdfunding performance: evidence from a peer to-peer lending platform

Figures & data

Table 1. Descriptive statistics and t-test results before and during pandemic COVID-19.

	Mean (obs. 767,112)	Mean before (obs. 458,407)	Mean during (obs. 308,705)	t statistic	Min	Max
Success	0.96	0.94	0.99	−119.25***	0.00	1.00
Pandemic	0.40	0	1	n.a.	0.00	1.00
Vaccine	0.22	0	0.54	−731.20***	0.00	1.00
Rating	3.41	3.32	3.55	−93.90***	1.00	4.50
Female	0.80	0.79	0.83	−52.05***	0.00	1.00
Group	0.11	0.12	0.09	51.45***	0.00	1.00
Ln(Project size)	6.10	6.18	5.98	93.15***	3.22	9.62
Ln(Maturity)	2.48	2.50	2.44	64.95***	0.69	4.97
Ln(Length)	4.65	4.68	4.61	85.10***	0.00	5.85

Note: Check Table A.1 for description of variables. “Mean before” the World Health Organization (WHO) declaration of the COVID-19 pandemic on 11 March 2020. “Mean during” corresponds to the follow-up period. t test compares the mean before and during COVID-19 pandemic. n.a. – not applicable ***p < 0.01.

Figure 1. Relationship between new COVID-19 cases and the number of unsuccessful campaigns.

Note: The figure shows daily aggregated data with total unsuccessful campaigns between 1 January 2018 and 24 November 2021 on the left axis, and the total number of new cases both worldwide (237 countries) and in our sample (66 countries). The WHO new cases line marks the beginning of the WHO counting new cases. The Pandemic line represents the WHO declaration of the pandemic with the vaccine delivery line identifying the COVAX announcement.

Table 2. Estimation results. Dependent variable: success.

	Full period				COVID-19 subsample
	(1)	(2)	(3)	(4)	(5)
COVID-19 variables
Pandemic		2.050***		2.087***
		(0.020)		(0.029)
Vaccine			2.016***	0.348***	0.165***
			(0.030)	(0.042)	(0.039)
New cases					−0.056***
					(0.003)
Control variables
Rating	0.091***			0.055***	0.048***
	(0.007)			(0.007)	(0.019)
Female	1.312***			1.335***	1.330***
	(0.014)			(0.014)	(0.038)
Group	0.902***			0.912***	0.036
	(0.029)			(0.028)	(0.083)
Ln(Project size)	−1.045***			−1.131***	−0.443***
	(0.008)			(0.009)	(0.019)
Ln(Maturity)	−1.536***			−1.737***	−2.018***
	(0.016)			(0.017)	(0.040)
Ln(Length)	0.145***			0.308***	0.212***
	(0.019)			(0.020)	(0.060)
Intercept	12.519***	3.882***	4.153***	12.677***	10.579***
	(0.103)	(0.028)	(0.028)	(0.114)	(0.303)
Observations	767,112	767,112	767,112	767,112	340,795
McFadden R^2	0.231	0.133	0.103	0.298	0.195
χ^2-test	56,227	22,253	17,528	49,590	11,679
p-value	0.000	0.000	0.000	0.000	0.000

Note:Check Table A.1 for description of variables. Robust standard errors *** p<0.01; ** p<0.05; * p<0.1. Regional, month, and industry effects were included, but unreported.

Figure 2. Effect of new cases on the probability of funding success.