Table 3 Results of logit regression with...

Table 3

Results of logit regression with fixed effects

	Model 1		Model 2		Model 3
	Estimate	SE	Estimate	SE	Estimate	SE
(Intercept)	−0.409	0.856	−0.281	0.864	−2.197	3.845
Goal	−14.503^***	1.178	−14.434^***	1.156	−4.395^***	1.237
Duration	−0.237^***	0.059	−0.239^***	0.059	−0.461^***	0.118
Backers	7.596^***	0.475	7.514^***	0.471	0.570^***	0.138
Readability	0.316^**	0.099	−0.309	0.189	−2.852^***	0.650
Hemmingway App Score	0.151^**	0.051	−0.123	0.088	−1.473^***	0.273
Environmental Value Orientation	0.073	0.080	0.060	0.078	−0.284	0.273
Social Value Orientation	0.053	0.082	0.027	0.085	−0.178	0.197
Tone Positivity	−0.021	0.095	−0.078	0.105	−0.256	0.301
Tone Negativity	−0.098	0.080	−0.127	0.081	0.359′	0.189
Information Volume			1.578^***	0.401	7.043^***	1.127
Information Volume Squared			−0.912^***	0.262	−4.527^***	0.710
Operational Transparency					−0.186	0.179
Perceived Project Authenticity					0.363′	0.190
Perceived Product Quality					−0.210	0.343
Crowdfunding Experience					−5.078^***	0.287
Operational Transparency * Total Info					−0.932^**	0.349
Operational Transparency * Total Info * Total Info					1.127^***	0.322
Perceived Project Authenticity * Total Info					1.333^**	0.445
Perceived Project Authenticity * Total Info * Total Info					−1.318^**	0.422
Perceived Product Quality * Total Info					1.184^***	0.330
Perceived Product Quality * Total Info * Total Info					−1.027^***	0.261
Crowdfunding Experience * Total Info					−6.756^***	0.540
Crowdfunding Experience * Total Info * Total Info					7.085^***	0.547
Year Fixed Effects	Yes		Yes		Yes
Category Fixed Effects	Yes		Yes		Yes
Akaike information criterion (AIC)	2240		2230.5		544.3
Pseudo R-Squared	0.375		0.378		0.669
Null deviance	3482.2 on 2680 df		3482.2 on 2680 df		3482.2 on 2680 df
Residual deviance	2178.0 on 2650 df		2164.5 on 2648 df		454.3 on 2636 df
Fisher Score Iteration	25		25		9
Model Wald Chi-square	χ² = 285.5^*** (df = 3, p < 0.001)		χ² = 288.7^*** (df = 3, p < 0.001)		χ² = 36.2^*** (df = 3, p < 0.001)

	Model 1		Model 2		Model 3
	Estimate	SE	Estimate	SE	Estimate	SE
(Intercept)	−0.409	0.856	−0.281	0.864	−2.197	3.845
Goal	−14.503^***	1.178	−14.434^***	1.156	−4.395^***	1.237
Duration	−0.237^***	0.059	−0.239^***	0.059	−0.461^***	0.118
Backers	7.596^***	0.475	7.514^***	0.471	0.570^***	0.138
Readability	0.316^**	0.099	−0.309	0.189	−2.852^***	0.650
Hemmingway App Score	0.151^**	0.051	−0.123	0.088	−1.473^***	0.273
Environmental Value Orientation	0.073	0.080	0.060	0.078	−0.284	0.273
Social Value Orientation	0.053	0.082	0.027	0.085	−0.178	0.197
Tone Positivity	−0.021	0.095	−0.078	0.105	−0.256	0.301
Tone Negativity	−0.098	0.080	−0.127	0.081	0.359′	0.189
Information Volume			1.578^***	0.401	7.043^***	1.127
Information Volume Squared			−0.912^***	0.262	−4.527^***	0.710
Operational Transparency					−0.186	0.179
Perceived Project Authenticity					0.363′	0.190
Perceived Product Quality					−0.210	0.343
Crowdfunding Experience					−5.078^***	0.287
Operational Transparency * Total Info					−0.932^**	0.349
Operational Transparency * Total Info * Total Info					1.127^***	0.322
Perceived Project Authenticity * Total Info					1.333^**	0.445
Perceived Project Authenticity * Total Info * Total Info					−1.318^**	0.422
Perceived Product Quality * Total Info					1.184^***	0.330
Perceived Product Quality * Total Info * Total Info					−1.027^***	0.261
Crowdfunding Experience * Total Info					−6.756^***	0.540
Crowdfunding Experience * Total Info * Total Info					7.085^***	0.547
Year Fixed Effects	Yes		Yes		Yes
Category Fixed Effects	Yes		Yes		Yes
Akaike information criterion (AIC)	2240		2230.5		544.3
Pseudo R-Squared	0.375		0.378		0.669
Null deviance	3482.2 on 2680 df		3482.2 on 2680 df		3482.2 on 2680 df
Residual deviance	2178.0 on 2650 df		2164.5 on 2648 df		454.3 on 2636 df
Fisher Score Iteration	25		25		9
Model Wald Chi-square	χ² = 285.5^*** (df = 3, p < 0.001)		χ² = 288.7^*** (df = 3, p < 0.001)		χ² = 36.2^*** (df = 3, p < 0.001)

Note(s): Significance codes: 0 “^***” 0.001 “^**” 0.01 “^*” 0.05 “'” 0.1 “ ” 1; SE = Standard Error

Source(s): Results from the authors’ own analyses

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