CROWDFUNDING SYSTEMS: evaluation and government regulation in the conditions of reengineering

For each variable, the basic and modified models were compiled (Table 2.2). Table 2.2 The formation of the basic and modified models. Dependent variable Basic and modified models Numerical model Notation keys Number of crowdfunding platforms ܻ ௧ ௤ = ܾ ଴ ൅ ܾ ଵ ݐ כ ൅ ݁ ܻ ௧ ௤ = െͲǡͲͷͶ͸ ൅ ൅Ͳǡʹ͸͸͸ ݐ כ ൅ ݁ ܻ ௧ ௤ — the number of crowdfunding platforms. ݐ — time factor (year) ܾ ଴ , ܾ ଵ — the parameters of the model e — deviation of the empirical values from the theoretical values of the variable ݔ = ͳȀ ݐ ݖ = ξ ݐ Ž ܻ ௧ ௤ = ܾ ଴ ൅ ܾ ଵ ݐ כ ൅ e Ž ܻ ௧ ௤ = ͷǡͲͻ ൅ ൅ͲǡͶͶ͹ͷ ݐ כ ൅ ݁ ܻ ௧ ௤ = ܾ ଴ ൅ ܾ ଵ ݔ כ ൅ e ܻ ௧ ௤ = 1,2901– 1,1932 * ݔ כ ൅ ݁ ܻ ௧ ௤ = ܾ ଴ ൅ ܾ ଵ ݖ כ ൅ e ܻ ௧ ௤ = – 0,7055 ൅ ൅ 0,8653 ݖ כ ൅ ݁ Amount of funds raised through crowdfunding ($) ܻ ௧ ௩ = ܾ ଴ ൅ ܾ ଵ ݐ כ ൅ ݁ , ܻ ௧ ௩ = െͳͳǡͷ͵ ൅ ͹ǡͺ͹ כ ݐ כ ൅ ݁ ܻ ௧ ௩ — amount of funds raised through crowdfunding ݐ — time factor (year) ܾ ଴ , ܾ ଵ — the parameters of the model e — deviation of the empirical values from the theoretical values of the variable ݔ = ͳȀ ݐ ݖ = ξ ݐ Ž ܻ ௧ ௩ = ܾ ଴ ൅ ܾ ଵ ݐ כ ൅ ݁ Ž ܻ ௧ ௩ = ͸ǡ͵Ͷ͸ ൅ ൅ Ͳǡͺͳ͹ʹ ݐ כ ൅ ݁ ܻ ௧ ௩ = ܾ ଴ ൅ ܾ ଵ ݔ כ ൅ ݁ ܻ ௧ ௩ = 25,045 – – 28,391 ݔ כ ൅ ݁ ܻ ௧ ௩ = ܾ ଴ ൅ ܾ ଵ ݖ כ ൅ ݁ ܻ ௧ ௩ = –28,538 ൅ ൅ 24,228 ݖ כ ൅ ݁ Amount of funds raised through 1 crowdfunding platform ($) ܻ ௧ ௠ = ܾ ଴ ൅ ܾ ଵ ݐ כ ൅ ݁ ܻ ௧ ௠ = െʹǡ͵͹͵ͷ ൅ ൅ͷǡͲ͵͵ͷ ݐ כ ൅ ݁ ܻ ௧ ௠ Amount of funds raised through 1 crowdfunding platform ݐ — time factor (year) ܾ ଴ , ܾ ଵ — the parameters of the model e — deviation of the empirical values from the theoretical values of the variable ݔ = ͳȀ ݐ ݖ = ξ ݐ Ž ܻ ௧ ௠ = ܾ ଴ ൅ ܾ ଵ ݐ כ ൅ ݁ Ž ܻ ௧ ௠ = ͳǡʹͷ͸ ൅ ൅Ͳǡ͵͸ͻ͹ ݐ כ ൅ ݁ ܻ ௧ ௠ = ܾ ଴ ൅ ܾ ଵ ݔ כ ൅ ݁ ܻ ௧ ௠ = 20,475 – – 16,966 ݔ כ ൅ ݁ ܻ ௧ ௠ = ܾ ଴ ൅ ܾ ଵ ݖ כ ൅ ݁ ܻ ௧ ௠ = –12,912 ൅ ൅ 15,293 ݖ כ ൅ ݁ Note: formed and calculated by the authors based on statistical data 55