TABLE 2.

Regression results.

Meanings	Variables	Model 1	Model 2
The firm’s feedbacks frequency received by focal user.	lnfirm_fknum	−0.020 (0.040)	0.222* (0.117)
The firm’s feedbacks text length received by focal user.	lnfirm_fklen	−0.001 (0.018)	−0.152** (0.060)
The sentimental mean of all the posts of focal user.	ptemo	0.068 (0.043)	−0.200 (0.125)
The text length of all the posts of focal user.	lnptlen	0.006 (0.019)	−0.050* (0.026)
The number of posts produced by focal user.	lnculpt	−0.002 (0.045)	−0.011 (0.046)
The number of the feedbacks given by focal user.	lncomt_given	−0.008 (0.013)	−0.003 (0.013)
The LSM score of focal user’s posts and the firm’s feedbacks.	past_lsmf	0.028 (0.055)	0.031 (0.056)
The sentimental mean of the firm’s feedbacks received by focal user.	firm_fkemo	0.039 (0.032)	0.036 (0.032)
The LSM score of focal user’s posts and other users’ feedbacks.	past_lsmu	0.046 (0.071)	0.036 (0.070)
The other users’ feedbacks frequency received by focal user.	lnuser_fknum	−0.049 (0.038)	−0.043 (0.038)
The other users’ feedbacks text length received by focal user.	lnuser_fklen	0.044** (0.021)	0.041* (0.021)
The sentimental mean of other users’ feedbacks received by focal user.	us_fkemo	−0.026 (0.046)	−0.028 (0.045)
The interaction of focal user’s sentiment and firm’s feedbacks frequency.	ptemo×lnfirm_fknum		−0.086 (0.068)
The interaction of focal user’s sentiment and firm’s feedbacks length.	ptemo×lnfirm_fklen		0.083** (0.038)
The interaction of focal user’s text length and firm’s feedbacks frequency.	lnptlen×lnfirm_fknum		−0.034** (0.016)
The interaction of focal user’s text length and firm’s feedbacks length.	lnptlen×lnfirm_fklen		0.021** (0.009)
–	_cons	0.341*** (0.110)	0.763*** (0.189)
–	Individual FE	Yes	Yes
–	Time FE	Yes	Yes
–	N	1,752	1,752
–	R2	0.050	0.063

*p < 0.1, **p < 0.05, ***p < 0.001.

SE in brackets, FE means fixed effect, ln prefix means that the variable takes the logarithm, the same as below.