Table 5.

Main model results (Study 1)

Dependent Var: log(1 + Number of reviews)	Model 1	Model 2	Model 3	Model 4
Independent Variables1:
Complementary NF emoji presence (${\mathrm{\beta }}_1)$		0.215*** (0.026)	0.200*** (0.033)	0.234*** (0.038)
Substitutive NF emoji presence (${\mathrm{\beta }}_2)$		0.126* (0.051)	0.145** (0.052)	0.194** (0.075)
Complementary NF emoji presence*Complementary Number (${\mathrm{\beta }}_3)$			0.022 (0.043)	0.071 (0.047)
Substitutive NF emoji presence*Substitutive Number (${\mathrm{\beta }}_4)$			-0.432** (0.147)	-0.514*** (0.131)
Complementary NF emoji presence* Superhost (${\mathrm{\beta }}_5)$				-0.074 (0.065)
Substitutive NF emoji presence*Superhost (${\mathrm{\beta }}_6)$				-0.124 (0.098)
Complementary NF emoji presence*Complementary Number*Superhost (${\mathrm{\beta }}_7)$				-0.145* (0.073)
Substitutive NF emoji presence*Substitutive Number*Superhost (${\mathrm{\beta }}_8)$				0.193 (0.287)
Superhost (${\mathrm{\beta }}_9)$	0.369*** (0.001)	0.369*** (0.008)	0.369*** (0.008)	0.372*** (0.008)
Control Variables
Listing Title Characteristics1	✓	✓	✓	✓
Time-Variant Listing Features1	✓	✓	✓	✓
Exogenous Listing Features	✓	✓	✓	✓
Host Characteristics	✓	✓	✓	✓
Fixed-Effects:
City-Property Type-Month	✓	✓	✓	✓
Neighborhood	✓	✓	✓	✓
Observations	2,189,224	2,189,224	2,189,224	2,189,224
Durbin-Wu-Hausman test of endogeneity	65.3***	66.9***	68.4***	69.8***
Within-R2	0.248	0.249	0.249	0.249
BIC	3,967,425	3,964,611	3,964,570	3,964,173
Likelihood Ratio Test Statistic (compared to Model 1)		2,842***	2,913***	3,369***

Numbers in parentheses denote standard errors. Standard errors clustered by neighbourhood

Significance codes—***:0.001, **0.01, *0.05

1 – Second stage IV GMM results reported for endogenous variables