The Influence of Language Style and Brand Name on Crowdfunding Performance of Environmental Protection Enterprises

Table 3

Estimated values of main effect test parameters.

Variable			Coefficient	Standard error	Wald	Significance	OR value
Dependent variable	Crowdfunding performance	Y = 1 (unfinished)	−6.042	2.123	8.1	0.004	0.002
		Y = 2 (low financing performance)	−1.749	2.066	0.716	0.397	0.174
		Y = 3 (medium financing performance)	0.253	2.059	0.015	0.902	1.288
Independent variable	Detailed language; Succinct language	X1 = 1 (1–189 words)	−1.718	0.664	6.7	0.01	0.179
		X1 = 2 (190–379 words)	−1.457	0.627	5.395	0.02	0.233
		X1 = 3 (380–569 words)	−1.222	0.672	3.308	0.069	0.295
		X1 = 4 (>569 words)	0^a
		X2 = 1 (0 words)	−0.329	0.52	0.4	0.527	0.720
		X2 = 2 (1–34 words)	2.067	0.746	7.679	0.006	7.901
		X2 = 3 (35–69 words)	0.679	0.628	1.17	0.279	1.972
		X2 = 4 (>69 words)	0^a
	Interactive language	X3 = 1 (0 words)	−1.078	1.418	0.578	0.447	0.340
		X3 = 2 (1–59 words)	−1.618	1.403	1.329	0.249	0.198
		X3 = 3 (60–119 words)	−0.287	1.66	0.03	0.863	0.751
		X3 = 4 (>119 words)	0^a
	Low psychological distance language	X4 = 1 (0 words)	−1.138	0.943	1.457	0.227	0.320
		X4 = 2 (1–94 words)	0.152	0.515	0.087	0.768	1.164
		X4 = 3 (95–189 words)	−1.436	0.605	5.645	0.018	0.238
		X4 = 4 (>189 words)	0^a
	Brand name	X5 = 1 (no brand name)	−1.796	0.489	13.521	<.001	0.166
		X5 = 2 (with brand name)	0^a
Control variable	Update times	X6 = 1 (1–9 times)	−3.191	1.18	7.319	0.007	0.041
		X6 = 2 (10–19 times)	−0.564	1.17	0.232	0.63	0.569
		X6 = 3 (>19 times)	0^a
	Duration	X7 = 1 (1–31 days)	2.001	1.038	3.713	0.054	7.396
		X7 = 2 (32–62 days)	1.132	1.016	1.242	0.265	3.102
		X7 = 3 (>62 days)	0^a
	Video introduction	X8 = 1 (no introduction)	−0.5	0.407	1.509	0.219	0.607
		X8 = 2 (with video introduction)	0^a
	Number of unlock benefit files	X9 = 1 (0 gear)	−1.662	0.75	4.912	0.027	0.190
		X9 = 2 (1st−4th gear)	−0.354	0.616	0.33	0.566	0.702
		X9 = 3 (>4th gear)	0^a
	Financing target amount	X10 = 1 (≤20000 yuan)	2.141	0.93	5.302	0.021	8.508
		X10 = 2 (20001–40000 yuan)	0.023	1.233	0	0.985	1.023
		X10 = 3 (>40000 yuan)	0^a

① The data are marked with at 0.1 level, at 0.05 level, and at 0.01 level; ② ^athis parameter is redundant, so it is set to zero.