The effects of investor types on investees’ performance: Focusing on the seed accelerator

Figures & data

Figure 1. Research model.

Table 1. Descriptive statistics: total

Variables	Mean	Max	Min	Std
Firm age (day)	1,097.26	33,815.00	0.00	1,322.41
Days between foundation and the first investment	679.95	33,815.00	0.00	1,142.66
Days between present investment and previous investment	469.87	5,404.00	1.00	417,17
Days between present investment and post investment	403.06	2,291.00	1.00	293.32
Mean funding amount of funded firm (USD)	2,844,644.45	750,000,000.00	3.00	10,625,888.81
Mean funding amount of investor (USD)	7,995,399.81	1,041,186,161.00	12.00	18,188,432.53
Previous funding amount of funded firm (USD)	7,461,466.90	4,907,450,000.00	.00	54,112,499.58
Number of investor (previous)	5.73	55.00	1.00	6.24

Table 2. Descriptive statistics: investment of accelerators

Variables	Mean	Max	Min	Std
Firm age (day)	535.74	15,793.00	0.00	643.60
Days between foundation and the first investment	403.73	15,793.00	0.00	605.85
Days between present investment and previous investment	301.92	4,074.00	1.00	277.17
Days between present investment and post investment	306.00	2,198.00	1.00	243.56
Mean funding amount of funded firm (USD)	357,993.20	79,000,000.00	17.00	1,752,765.65
Mean funding amount of investor (USD)	579,577.33	3,043,281.25	1,424.20	596,939.89
Previous funding amount of funded firm (USD)	243,612.37	86,000,000.00	0.00	1,989,853.50
Number of investor (previous)	3.27	40.00	1.00	4.16

Table 3. Descriptive statistics: investment of angels

Variables	Mean	Max	Min	Std
Firm age (day)	596.89	8,968.00	0.00	624.39
Days between foundation and the first investment	467.56	8,968.00	0.00	601.85
Days between present investment and previous investment	335.47	3,718.00	2.00	279.25
Days between present investment and post investment	387.40	2,008.00	1.00	283.24
Mean funding amount of funded firm (USD)	1,529,508.46	128,241,406.25	3.00	8,945,720.49
Mean funding amount of investor (USD)	3,015,850.49	496,262,626.17	12.00	11,818,170.37
Previous funding amount of funded firm (USD)	286,724.26	132,000,000.00	0.00	3,468,342.61
Number of investor (previous)	3.15	53.00	1.00	4.66

Table 4. Descriptive statistics: venture capital investments

Variables	Mean	Max	Min	Std
Firm age (day)	1,433.39	33,815.00	0.00	1,518.24
Days between foundation and the first investment	835.56	33,815.00	0.00	1,355.15
Days between present investment and previous investment	522.55	5,404.00	1.00	443.39
Days between present investment and post investment	439.17	2,291.00	1.00	303.37
Mean funding amount of funded firm (USD)	4,053,297.40	750,000,000.00	3.00	12,454,818.27
Mean funding amount of investor (USD)	12,154,932.77	1,041,186,161.00	3,000.00	21,514,860.28
Previous funding amount of funded firm (USD)	12,301,174.12	4,907,450,000.00	0.00	73,426,511.18
Number of investor (previous)	6.60	55.00	1.00	6.54

Table 5. Results of multiple regression analysis of firms’ age (days) depending on investor type

Variables	B	ß	t(p)	F(p)	Adj-R^2
(Constant)	674.94		30.715*** (0.000)	175.932*** (0.000)	0.129
Angel	11.59	0.003	0.477 (0.633)
Venture Capital	777.58	0.288	40.223*** (0.000)

Note. * p < 0.1, ** p < 0.05, *** p < 0.01

Table 6. Results of multiple regression analysis of previous funding amount depending on investor type

Variables	B	ß	t(p)	F(p)	Adj-R^2
(Constant)	9,858,867.70		4.425*** (0.000)	10.115*** (0.000)	0.018
Angel	−1,936,556.88	−0.009	−0.786 (0.432)
Venture Capital	14,887,343.03	0.086	7.595*** (0.000)

Note. * p < 0.1, ** p < 0.05, *** p < 0.01

Table 7. Results of multiple regression analysis of present funding amount depending on investor type

Variables	B	ß	t(p)	F(p)	Adj-R^2
(Constant)	3,185,728.28		4.534*** (0.000)	43.135*** (0.000)	0.041
Angel	−732,214.47	−0.007	−0.943 (0.346)
Venture Capital	12,182,598.41	0.153	19.710*** (0.000)

Note. * p < 0.1, ** p < 0.05, *** p < 0.01

Table 8. Results of multiple regression analysis of funded firms’ performances depending on investment behavior

Variables	B	ß	t(p)	F(p)	Adj-R^2
(Constant)	315.72		28.186*** (0.000)	10.985*** (0.000)	0.046
Firm age (day)	0.018	0.081	5.708*** (0.000)
Previous funding amount of funded firm (USD)	−1.499E-7	−0.043	−2.649** (0.008)
Present funding amount of investor (USD)	−1.051E-7	−0.014	−0.841 (0.401)

Note. * p < 0.1, ** p < 0.05, *** p < 0.01

Table 9. Results of multiple regression analysis in post funding timing (days) depending on investor type

Variables	B	ß	t(p)	F(p)	Adj-R^2
(Constant)	315.72		28.186*** (0.000)	10.985*** (0.000)	0.046
Angel	69.72	0.091	5.732*** (0.000)
Venture Capital	101.39	0.169	10.122*** (0.000)

Note. * p < 0.1, ** p < 0.05, *** p < 0.01

Table 10. Results of survival analysis

Variables	B	Wald	p	Exp(ß)	Chi-square(p)
Accelerator	0.280	5.428	0.020	1.323***	158.643*** (0.000)
Venture Capital	−0.655	30.085	0.000	0.519***

Note. * p < 0.1, ** p < 0.05, *** p < 0.01

Figure 2. Survivability.

Table 11. Hypothesis test results

Hypothesis	Result	Note
H1. Investment behaviors differ depending on investor type. H1-1. Funded firm’s age differs depending on investor type. H1-2. Funded firm’s previous funding amount differs depending on investor type. H1-3. Present funding amount toward funded firm differs depending on investor type.	Supported Supported Supported	Only between Accelerator and VC
H2. Funded firms’ performances differ depending on investment behaviors. H2-1. Post funding timing differs due to the funded firm’s age. H2-2. Post funding timing differs due to previous funding amount of the funded firm. H2-3. Post funding timing differs due to the present funding amount of the funded firm.	Supported Supported Rejected
H3. Funded firms’ performances differ depending on investor type. H3-1. Post funding timing differs based on investor type. H3-2. Funded firm’s survivability differs based on investor type.	Supported Supported	Opposite Result