Determinación de la brecha en la industria editorial

The second sub-research question associated with RQ2 was as follows: Is there a statistically significant relationship between SMEs’ reliance on crowdfunding and SMEs’ reliance on startup funding?

The null hypothesis for the second sub-research question associated with RQ2 is that there is not a statistically significant relationship between SMEs’ reliance on crowdfunding and SMEs’ reliance on startup funding. The alternative hypothesis for the second sub-research question associated with RQ2 is that there is a statistically significant relationship between SMEs’ reliance on crowdfunding and SMEs’ reliance on startup funding. The second sub-research question associated with RQ2 was analysed by means of an ordinary least squares (OLS) regression of SMEs’ reliance on crowdfunding on SMEs’ reliance on startup funding. The OLS regression of SMEs’ reliance on crowdfunding on SMEs’ reliance on startup funding was a base model; this base model was expanded by adding the company’s status as a technology company to the syntax provided in Table 5. Table 7 below contains the syntax utilized to add the predictor of technology company to the second sub-research question associated with RQ2. The addition of the predictor of technology company made it possible to determine the predictive power of an SME’s reliance on startup funding on an SME’s reliance on crowdfunding after the company’s industry was considered; as being a technology company was associated with higher levels of reliance on crowdfunding, the covariate of being a technology company was necessary to add to the second sub- research question associated with RQ2.

Table 7: Stata Syntax, RQ2.2 (Source: Author)

Code for Data Structure Code for

Statistical Procedures Code for Graphics set obs 1000 gen year = 0 replace year = 2008 in 1/100 replace year = 2009 in 101/200 forval i=2008/2017 { graph twoway (lfitci cfund su) (scatter cfund su),

Ph.D. Research - Doctoral Research Programme in Business Page 107 replace year = 2010 in 201/300 replace year = 2011 in 301/400 replace year = 2012 in 401/500 replace year = 2013 in 501/600 replace year = 2014 in 601/700 replace year = 2015 in 701/800 replace year = 2016 in 801/900 replace year = 2017 in 901/1000 gen ind = 0

label define ind 1 "Tech" 2 "Manufacturing" 3 "Financial Services" 4 "Retail" 5 "Entertainment" 6 "Education"

label value ind

label variable ind "Industry" replace ind = 1 in 1/12 replace ind = 1 in 101/112 replace ind = 1 in 201/212 replace ind = 1 in 301/312 replace ind = 1 in 401/412 replace ind = 1 in 501/512 replace ind = 1 in 601/612 replace ind = 1 in 701/712 replace ind = 1 in 801/812 replace ind = 1 in 901/912 gen cfund = 0

label variable cfund "Crowdfunding %" gen seed = 0

label variable seed "Seed Funding %" gen su = 0

label variable su "Startup Funding %" ren ri = 0

label variable ri "Round 1 %" gen rii = 0

label variable rii "Round 2 %" gen riii = 0

label variable riii "Round 2 %" gen techtype = 0

label variable techtype "Technology Company?" label define techtype 1 "Tech Company" 0 "Non-Tech Company"

label value techtype

gen tnonc = seed+su+ri+rii+riii

label variable tnonc “Total Non-Crowdfunding”

regress cfund su i.techtype if year==`i' } regress cfund su hettest

regress cfund su, vce(robust)

scheme(s1color) name(g7)

The null hypothesis for the second sub-research question associated with RQ2 will only be rejected if the p values of the startup predictor are < .05 in both the OLS and RSE regression models. If there is disagreement in the results of the OLS and RSE regression models for the second sub-research question associated with RQ2, it will be noted as a limitation of the study in Chapter 5. In addition, the second sub-research question associated with RQ2 will be graphically illustrated by means of a scatterplot of the relationship between the variables of SME reliance on crowdfunding and SME reliance on start-up funding.

3.7.2.3 RQ 2.3 design

The third sub-research question associated with RQ2 was as follows: Is there a statistically significant relationship between SMEs’ reliance on crowdfunding and SMEs’ reliance on Round 1 funding? The null hypothesis for the third sub-research question associated with RQ2 is that there is not a statistically significant relationship

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between SMEs’ reliance on crowdfunding and SMEs’ reliance on Round 1 funding. The alternative hypothesis for the third sub-research question associated with RQ2 is that there is a statistically significant relationship between SMEs’ reliance on crowdfunding and SMEs’ reliance on Round 1 funding. The third sub-research question associated with RQ2 was analysed by means of an ordinary least squares (OLS) regression of SMEs’ reliance on crowdfunding on SMEs’ reliance on Round 1 funding. The OLS regression of SMEs’ reliance on crowdfunding on SMEs’ reliance on Round 1 funding was a base model; this base model was expanded by adding the company’s status as a technology company to the syntax provided in Table 5. Table 8 below contains the syntax utilized to add the predictor of technology company to the third sub-research question associated with RQ2. The addition of the predictor of technology company made it possible to determine the predictive power of an SME’s reliance on Round 1 funding on an SME’s reliance on crowdfunding after the company’s industry was considered; as being a technology company was associated with higher levels of reliance on crowdfunding, the covariate of being a technology company was necessary to add to the third sub-research question associated with RQ2.

Table 8: Stata Syntax, RQ2.3 (Source: Author)

Code for Data Structure Code for

Statistical Procedures Code for Graphics set obs 1000 gen year = 0 replace year = 2008 in 1/100 replace year = 2009 in 101/200 replace year = 2010 in 201/300 replace year = 2011 in 301/400 replace year = 2012 in 401/500 replace year = 2013 in 501/600 replace year = 2014 in 601/700 replace year = 2015 in 701/800 replace year = 2016 in 801/900 replace year = 2017 in 901/1000 gen ind = 0

label define ind 1 "Tech" 2 "Manufacturing" 3 "Financial Services" 4 "Retail" 5

"Entertainment" 6 "Education" label value ind

label variable ind "Industry" replace ind = 1 in 1/12 replace ind = 1 in 101/112 replace ind = 1 in 201/212 replace ind = 1 in 301/312 replace ind = 1 in 401/412 replace ind = 1 in 501/512 replace ind = 1 in 601/612 replace ind = 1 in 701/712 replace ind = 1 in 801/812 replace ind = 1 in 901/912 gen cfund = 0 forval i=2008/2017 { regress cfund ri i.techtype if year==`i' } regress cfund ri hettest

regress cfund ri, vce(robust)

graph twoway (lfitci cfund ri) (scatter cfund ri), scheme(s1color) name(g8)

Ph.D. Research - Doctoral Research Programme in Business Page 109 label variable cfund "Crowdfunding %"

gen seed = 0

label variable seed "Seed Funding %" gen su = 0

label variable su "Startup Funding %" ren ri = 0

label variable ri "Round 1 %" gen rii = 0

label variable rii "Round 2 %" gen riii = 0

label variable riii "Round 2 %" gen techtype = 0

label variable techtype "Technology Company?" label define techtype 1 "Tech Company" 0 "Non- Tech Company"

label value techtype

gen tnonc = seed+su+ri+rii+riii

label variable tnonc “Total Non-Crowdfunding”

The null hypothesis for the third sub-research question associated with RQ2 will only be rejected if the p values of the Round 1 predictor are < .05 in both the OLS and RSE regression models. If there is disagreement in the results of the OLS and RSE regression models for the third sub-research question associated with RQ2, it will be noted as a limitation of the study in Chapter 6. In addition, the third sub-research question associated with RQ2 will be graphically illustrated by means of a scatterplot of the relationship between the variables of SME reliance on crowdfunding and SME reliance on Round 1 funding.

3.7.2.4 RQ 2.4 design

The fourth sub-research question associated with RQ2 was as follows: Is there a statistically significant relationship between SMEs’ reliance on crowdfunding and SMEs’ reliance on Round 2 funding? The null hypothesis for the fourth sub-research question associated with RQ2 is that there is not a statistically significant relationship between SMEs’ reliance on crowdfunding and SMEs’ reliance on Round 2 funding. The alternative hypothesis for the fourth sub-research question associated with RQ2 is that there is a statistically significant relationship between SMEs’ reliance on crowdfunding and SMEs’ reliance on Round 2 funding. The fourth sub-research question associated with RQ2 was analysed by means of an ordinary least squares (OLS) regression of SMEs’ reliance on crowdfunding on SMEs’ reliance on Round 2 funding. The OLS regression of SMEs’ reliance on crowdfunding on SMEs’ reliance on Round 2 funding was a base model; this base model was expanded by adding the company’s status as a technology company to the syntax provided in Table 5. Table 9 below contains the syntax utilized to add the predictor of technology company to the fourth sub-research question associated with RQ2. The addition of the predictor of

Ph.D. Research - Doctoral Research Programme in Business Page 110

technology company made it possible to determine the predictive power of an SME’s reliance on Round 2 funding on an SME’s reliance on crowdfunding after the company’s industry was considered; as being a technology company was associated with higher levels of reliance on crowdfunding, the covariate of being a technology company was necessary to add to the fourth sub-research question associated with RQ2.

Table 9: Stata Syntax, RQ2.4 (Source: Author)

Code for Data Structure Code for

Statistical Procedures Code for Graphics set obs 1000 gen year = 0 replace year = 2008 in 1/100 replace year = 2009 in 101/200 replace year = 2010 in 201/300 replace year = 2011 in 301/400 replace year = 2012 in 401/500 replace year = 2013 in 501/600 replace year = 2014 in 601/700 replace year = 2015 in 701/800 replace year = 2016 in 801/900 replace year = 2017 in 901/1000 gen ind = 0

label define ind 1 "Tech" 2 "Manufacturing" 3 "Financial Services" 4 "Retail" 5

"Entertainment" 6 "Education" label value ind ind

label variable ind "Industry" replace ind = 1 in 1/12 replace ind = 1 in 101/112 replace ind = 1 in 201/212 replace ind = 1 in 301/312 replace ind = 1 in 401/412 replace ind = 1 in 501/512 replace ind = 1 in 601/612 replace ind = 1 in 701/712 replace ind = 1 in 801/812 replace ind = 1 in 901/912 gen cfund = 0

label variable cfund "Crowdfunding %" gen seed = 0

label variable seed "Seed Funding %" gen su = 0

label variable su "Startup Funding %" ren ri = 0

label variable ri "Round 1 %" gen rii = 0

label variable rii "Round 2 %" gen riii = 0

label variable riii "Round 2 %" gen techtype = 0

label variable techtype "Technology Company?" label define techtype 1 "Tech Company" 0 "Non- Tech Company"

label value techtype techtype gen tnonc = seed+su+ri+rii+riii

label variable tnonc “Total Non-Crowdfunding”

forval i=2008/2017 {

regress cfund rii i.techtype if year==`i' }

regress cfund rii hettest

regress cfund rii, vce(robust)

graph twoway (lfitci cfund rii) (scatter cfund rii),

scheme(s1color) name(g9)

The null hypothesis for the fourth sub-research question associated with RQ2 will only be rejected if the p values of the Round 2 predictor are < .05 in both the OLS and RSE

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regression models. If there is disagreement in the results of the OLS and RSE regression models for the fourth sub-research question associated with RQ2, it will be noted as a limitation of the study in Chapter 5. In addition, the fourth sub-research question associated with RQ2 will be graphically illustrated by means of a scatterplot of the relationship between the variables of SME reliance on crowdfunding and SME reliance on Round 2 funding.

3.7.2.5 RQ 2.5 design

The fifth sub-research question associated with RQ2 was as follows: Is there a statistically significant relationship between SMEs’ reliance on crowdfunding and SMEs’ reliance on Round 3 funding? The null hypothesis for the fifth sub-research question associated with RQ2 is that there is not a statistically significant relationship between SMEs’ reliance on crowdfunding and SMEs’ reliance on Round 3 funding. The alternative hypothesis for the fifth sub-research question associated with RQ2 is that there is a statistically significant relationship between SMEs’ reliance on crowdfunding and SMEs’ reliance on Round 3 funding. The fifth sub-research question associated with RQ2 was analysed by means of an ordinary least squares (OLS) regression of SMEs’ reliance on crowdfunding on SMEs’ reliance on Round 3 funding. The OLS regression of SMEs’ reliance on crowdfunding on SMEs’ reliance on Round 3 funding was a base model; this base model was expanded by adding the company’s status as a technology company to the syntax provided in Table 5. Table 10 below contains the syntax utilized to add the predictor of technology company to the fifth sub- research question associated with RQ2. The addition of the predictor of technology company made it possible to determine the predictive power of an SME’s reliance on Round 3 funding on an SME’s reliance on crowdfunding after the company’s industry was taken into account; as being a technology company was associated with higher levels of reliance on crowdfunding, the covariate of being a technology company was necessary to add to the fifth sub-research question associated with RQ2.

Ph.D. Research - Doctoral Research Programme in Business Page 112 Table 10: Stata Syntax, RQ2.5 (Source: Author)

Code for Data Structure Code for

Statistical Procedures Code for Graphics set obs 1000 gen year = 0 replace year = 2008 in 1/100 replace year = 2009 in 101/200 replace year = 2010 in 201/300 replace year = 2011 in 301/400 replace year = 2012 in 401/500 replace year = 2013 in 501/600 replace year = 2014 in 601/700 replace year = 2015 in 701/800 replace year = 2016 in 801/900 replace year = 2017 in 901/1000 gen ind = 0

label define ind 1 "Tech" 2 "Manufacturing" 3 "Financial Services" 4 "Retail" 5

"Entertainment" 6 "Education" label value ind ind

label variable ind "Industry" replace ind = 1 in 1/12 replace ind = 1 in 101/112 replace ind = 1 in 201/212 replace ind = 1 in 301/312 replace ind = 1 in 401/412 replace ind = 1 in 501/512 replace ind = 1 in 601/612 replace ind = 1 in 701/712 replace ind = 1 in 801/812 replace ind = 1 in 901/912 gen cfund = 0

label variable cfund "Crowdfunding %" gen seed = 0

label variable seed "Seed Funding %" gen su = 0

label variable su "Startup Funding %" ren ri = 0

label variable ri "Round 1 %" gen rii = 0

label variable rii "Round 2 %" gen riii = 0

label variable riii "Round 2 %" gen techtype = 0

label variable techtype "Technology Company?" label define techtype 1 "Tech Company" 0 "Non- Tech Company"

label value techtype techtype gen tnonc = seed+su+ri+rii+riii

label variable tnonc “Total Non-Crowdfunding”

forval i=2008/2017 {

regress cfund riii i.techtype if year==`i' }

regress cfund riii hettest

regress cfund rii, vce(robust)

graph twoway (lfitci cfund riii) (scatter cfund riii),

scheme(s1color) name(g10)

The null hypothesis for the fifth sub-research question associated with RQ2 will only be rejected if the p values of the Round 3 predictor are < .05 in both the OLS and RSE regression models. If there is disagreement in the results of the OLS and RSE regression models for the fifth sub-research question associated with RQ2, it will be noted as a limitation of the study in Chapter 5. In addition, the fifth sub-research question associated with RQ2 will be graphically illustrated by means of a scatterplot of the relationship between the variables of SME reliance on crowdfunding and SME reliance on Round 3 funding.

Ph.D. Research - Doctoral Research Programme in Business Page 113

3.7.2.6 RQ 2.6 design

The sixth sub-research question associated with RQ2 was as follows: Is there a statistically significant relationship between SMEs’ reliance on crowdfunding and SMEs’ reliance on total non-crowdfunding? The null hypothesis for the sixth sub- research question associated with RQ2 is that there is not a statistically significant relationship between SMEs’ reliance on crowdfunding and SMEs’ reliance on total non- crowdfunding. The alternative hypothesis for the sixth sub-research question associated with RQ2 is that there is a statistically significant relationship between SMEs’ reliance on crowdfunding and SMEs’ reliance on total non-crowdfunding. The sixth sub-research question associated with RQ2 was analysed by means of an ordinary least squares (OLS) regression of SMEs’ reliance on crowdfunding on SMEs’ reliance on total non-crowdfunding. The OLS regression of SMEs’ reliance on crowdfunding on SMEs’ reliance on total non-crowdfunding was a base model; this base model was expanded by adding the company’s status as a technology company to the syntax provided in Table 5. Table 11 below contains the syntax utilized to add the predictor of technology company to the sixth sub-research question associated with RQ2. The addition of the predictor of technology company made it possible to determine the predictive power of an SME’s reliance on total non-crowdfunding on an SME’s reliance on crowdfunding after the company’s industry was considered; as being a technology company was associated with higher levels of reliance on crowdfunding, the covariate of being a technology company was necessary to add to the sixth sub-research question.

Table 11: Stata Syntax, RQ2.6 (Source: Author)

Code for Data Structure Code for

Statistical Procedures Code for Graphics set obs 1000 gen year = 0 replace year = 2008 in 1/100 replace year = 2009 in 101/200 replace year = 2010 in 201/300 replace year = 2011 in 301/400 replace year = 2012 in 401/500 replace year = 2013 in 501/600 replace year = 2014 in 601/700 replace year = 2015 in 701/800 replace year = 2016 in 801/900 replace year = 2017 in 901/1000 gen ind = 0

label define ind 1 "Tech" 2 "Manufacturing" 3 "Financial Services" 4 "Retail" 5

"Entertainment" 6 "Education"

forval i=2008/2017 {

regress cfund tnonc i.techtype if year==`i' }

regress cfund tnonc hettest regress cfund tnonc, vce(robust) graph twoway (lfitci cfund tnonc) (scatter cfund tnonc), scheme(s1color) name(g11)

Ph.D. Research - Doctoral Research Programme in Business Page 114 label value ind ind

label variable ind "Industry" replace ind = 1 in 1/12 replace ind = 1 in 101/112 replace ind = 1 in 201/212 replace ind = 1 in 301/312 replace ind = 1 in 401/412 replace ind = 1 in 501/512 replace ind = 1 in 601/612 replace ind = 1 in 701/712 replace ind = 1 in 801/812 replace ind = 1 in 901/912 gen cfund = 0

label variable cfund "Crowdfunding %" gen seed = 0

label variable seed "Seed Funding %" gen su = 0

label variable su "Startup Funding %" ren ri = 0

label variable ri "Round 1 %" gen rii = 0

label variable rii "Round 2 %" gen riii = 0

label variable riii "Round 2 %" gen techtype = 0

label variable techtype "Technology Company?" label define techtype 1 "Tech Company" 0 "Non- Tech Company"

label value techtype techtype gen tnonc = seed+su+ri+rii+riii

label variable tnonc “Total Non-Crowdfunding”

The null hypothesis for the sixth sub-research question associated with RQ2 will only be rejected if the p values of the total non-crowdfunding predictor are < .05 in both the OLS and RSE regression models. If there is disagreement in the results of the OLS and RSE regression models for the sixth sub-research question associated with RQ2, it will be noted as a limitation of the study in Chapter 5. In addition, the sixth sub- research question associated with RQ2 will be graphically illustrated by means of a scatterplot of the relationship between the variables of SME reliance on crowdfunding and SME reliance on total non-crowdfunding.