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

Table 4

Estimated values of interaction effect test parameters.

variable			Model 2		Model 3		Model 4		Model 5
			Coefficient	OR value	Coefficient	OR value	Coefficient	OR value	Coefficient	OR value
Dependent variable	Crowdfunding performance	Y = 1 (unfinished)	−6.158	0.002	−6.297	0.002	−6.017	0.002	−6.708	0.001
		Y = 2 (low financing performance)	−1.864	0.155	−1.987	0.137	−1.709	0.181	−2.265	0.104
		Y = 3 (medium financing performance)	0.151	1.163	0.015	1.015	0.301	1.351	−0.202	0.817
Independent variable	Detailed language	X1 = 1 (1–189 words)	−1.442	0.236	−1.792	0.167	−1.655	0.191	−1.645	0.193
		X1 = 2 (190–379 words)	−1.054	0.349	−1.517	0.219	−1.393	0.248	−1.223	0.294
		X1 = 3 (380–569 words)	−0.923	0.397	−1.329	0.265	−1.184	0.306	−1.047	0.351
		X1 = 4 (>569 words)	0^a		0^a		0^a		0^a
	Succinct language	X2 = 1 (0 words)	−0.336	0.715	−0.165	0.848	−0.292	0.747	−0.418	0.658
		X2 = 2 (1–34 words)	2.058	7.830	2.202	9.043	2.002	7.404	2.387	10.881
		X2 = 3 (35–69 words)	0.667	1.948	0.789	2.201	0.672	1.958	0.575	1.777
		X2 = 34 (>69 words)	0^a		0^a		0^a		0^a
	Interactive language	X3 = 1 (0 words)	−1.077	0.341	−1.085	0.338	−0.722	0.486	−1.614	0.199
		X3 = 2 (1–59 words)	−1.599	0.202	−1.544	0.214	−1.061	0.346	−2.337	0.097
		X3 = 3 (60–119 words)	−0.34	0.712	−0.198	0.820	−0.243	0.784	−1.026	0.358
		X3 = 4 (>119 words)	0^a		0^a		0^a		0^a
	Low psychological distance language	X4 = 1 (0 words)	−1.128	0.324	−1.165	0.312	−1.107	0.331	−0.435	0.647
		X4 = 2 (1–94 words)	0.189	1.208	0.256	1.292	0.084	1.088	1.252	3.497
		X4 = 3 (95–189 words)	−1.395	0.248	−1.461	0.232	−1.497	0.224	−0.42	0.657
		X4 = 4 (>189 words)	0^a		0^a		0^a		0^a
	Brand name	X5 = 1 (without brand name)	−1.727	0.178	−1.704	0.182	−1.855	0.156	−1.294	0.274
		X5 = 2 (reflecting brand name)	0^a		0^a		0^a		0^a
Control variable	Update times	X6 = 1 (1–9 times)	−3.155	0.043	−3.221	0.040	−3.154	0.043	−2.9	0.055
		X6 = 2 (10–19 times)	−0.522	0.593	−0.621	0.537	−0.496	0.609	−0.282	0.754
		X6 = 3 (>19 times)	0^a		0^a		0^a		0^a
	Duration	X7 = 1 (1–31 days)	2.04	7.691	1.971	7.178	1.978	7.228	2.384	10.848
		X7 = 2 (32–62 days)	1.11	3.034	1.047	2.849	1.085	2.959	1.38	3.975
		X7 = 3 (>62 days)	0^a		0^a		0^a		0^a
	Video introduction	X8 = 1 (no video introduction)	−0.481	0.618	−0.474	0.623	−0.505	0.604	−0.516	0.597
		X8 = 2 (with video introduction)	0^a		0^a		0^a		0^a
	Number of unlock benefit files	X9 = 1 (0 gear)	−1.601	0.202	−1.693	0.184	−1.756	0.173	−1.913	0.148
		X9 = 2 (1st−4th gear)	−0.351	0.704	−0.331	0.718	−0.44	0.644	−0.549	0.578
		X9 = 3 (>4th gear)	0^a		0^a		0^a		0^a
	Financing target amount	X10 = 1 (≤20000 yuan)	2.054	7.799	2.211	9.125	2.264	9.621	2.371	10.708
		X10 = 2 (20001–40000 yuan)	−0.133	0.875	0.02	1.020	0.141	1.151	0.076	1.079
		X10 = 3 = (>40000 yuan)	0^a		0^a		0^a		0^a
Interaction item	Brand name x detailed language	X11 = 1 (≤400)	−0.423	0.655
		X11 = 2 (401−800)	−0.627	0.534
		X11 = 3 (801–1200)	−0.256	0.774
		X11 = 4 (>1200)	0^a
	Brand name x refined language	X12 = 1 (≤400)			−0.411	0.663
		X12 = 2 (401–800)			−0.026	0.974
		X12 = 3 (801–1200)			−0.898	0.407
		X12 = 4 (>1200)			0^a
	Brand name x interactive language	X13 = 1 (≤40)					−0.372	0.689
		X13 = 2 (41–80)					−0.7	0.497
		X13 = 3 (81 = 120)					−1.356	0.258
		X13 = 4 (>120)					0^a
	Brand name x low psychological distance language	X14 = 1 (≤200)						−1.969	0.140
		X14 = 2 (201–400)							−2.06	0.127
		X14 = 3 (401–800)							−1.212	0.298
		X14 = 4 (>800)							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.