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 |
X 1 = 1 (1–189 words) | −1.718∗∗ | 0.664 | 6.7 | 0.01 | 0.179∗∗ |
| X 1 = 2 (190–379 words) | −1.457∗∗ | 0.627 | 5.395 | 0.02 | 0.233∗∗ | ||
| X 1 = 3 (380–569 words) | −1.222∗ | 0.672 | 3.308 | 0.069 | 0.295∗ | ||
| X 1 = 4 (>569 words) | 0a | ||||||
| X 2 = 1 (0 words) | −0.329 | 0.52 | 0.4 | 0.527 | 0.720 | ||
| X 2 = 2 (1–34 words) | 2.067∗∗∗ | 0.746 | 7.679 | 0.006 | 7.901∗∗∗ | ||
| X 2 = 3 (35–69 words) | 0.679 | 0.628 | 1.17 | 0.279 | 1.972 | ||
| X 2 = 4 (>69 words) | 0a | ||||||
| Interactive language | X 3 = 1 (0 words) | −1.078 | 1.418 | 0.578 | 0.447 | 0.340 | |
| X 3 = 2 (1–59 words) | −1.618 | 1.403 | 1.329 | 0.249 | 0.198 | ||
| X 3 = 3 (60–119 words) | −0.287 | 1.66 | 0.03 | 0.863 | 0.751 | ||
| X 3 = 4 (>119 words) | 0a | ||||||
| Low psychological distance language | X 4 = 1 (0 words) | −1.138 | 0.943 | 1.457 | 0.227 | 0.320 | |
| X 4 = 2 (1–94 words) | 0.152 | 0.515 | 0.087 | 0.768 | 1.164 | ||
| X 4 = 3 (95–189 words) | −1.436∗∗ | 0.605 | 5.645 | 0.018 | 0.238∗∗ | ||
| X 4 = 4 (>189 words) | 0a | ||||||
| Brand name | X 5 = 1 (no brand name) | −1.796∗∗∗ | 0.489 | 13.521 | <.001 | 0.166∗∗∗ | |
| X 5 = 2 (with brand name) | 0a | ||||||
|
| |||||||
| Control variable | Update times | X 6 = 1 (1–9 times) | −3.191∗∗∗ | 1.18 | 7.319 | 0.007 | 0.041∗∗∗ |
| X 6 = 2 (10–19 times) | −0.564 | 1.17 | 0.232 | 0.63 | 0.569 | ||
| X 6 = 3 (>19 times) | 0a | ||||||
| Duration | X 7 = 1 (1–31 days) | 2.001∗ | 1.038 | 3.713 | 0.054 | 7.396∗ | |
| X 7 = 2 (32–62 days) | 1.132 | 1.016 | 1.242 | 0.265 | 3.102 | ||
| X 7 = 3 (>62 days) | 0a | ||||||
| Video introduction | X 8 = 1 (no introduction) | −0.5 | 0.407 | 1.509 | 0.219 | 0.607 | |
| X 8 = 2 (with video introduction) | 0a | ||||||
| Number of unlock benefit files | X 9 = 1 (0 gear) | −1.662∗∗ | 0.75 | 4.912 | 0.027 | 0.190∗∗ | |
| X 9 = 2 (1st−4th gear) | −0.354 | 0.616 | 0.33 | 0.566 | 0.702 | ||
| X 9 = 3 (>4th gear) | 0a | ||||||
| Financing target amount | X 10 = 1 (≤20000 yuan) | 2.141∗∗ | 0.93 | 5.302 | 0.021 | 8.508∗∗ | |
| X 10 = 2 (20001–40000 yuan) | 0.023 | 1.233 | 0 | 0.985 | 1.023 | ||
| X 10 = 3 (>40000 yuan) | 0a | ||||||
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.