. 2023 Jan 20;51(3):570–597. doi: 10.1007/s11747-022-00917-z

Table 7.

Full model results

Dependent Var: log(1 + Number of reviews)	Model 1	Model 2	Model 3	Model 4
Independent Variables ¹ :
Complementary NF emoji presence ( $β_{1})$		0.215***	0.200***	0.234***
		(0.026)	(0.033)	(0.038)
Substitutive NF emoji presence ( $β_{2})$		0.126* (0.051)	0.145** (0.052)	0.194** (0.075)
Complementary NF emoji presence*Complementary Number ( $β_{3})$			0.022 (0.043)	0.071 (0.047)
Substitutive NF emoji presence*Substitutive Number ( $β_{4})$			-0.432** (0.147)	-0.514*** (0.131)
Complementary NF emoji presence* Superhost ( $β_{5})$				-0.074 (0.065)
Substitutive NF emoji presence*Superhost ( $β_{6})$				-0.124 (0.098)
Complementary NF emoji presenceComplementary NumberSuperhost ( $β_{7})$				-0.145* (0.073)
Substitutive NF emoji presenceSubstitutive NumberSuperhost ( $β_{8})$				0.193 (0.287)
Superhost ( $β_{9})$	0.369*** (0.001)	0.369*** (0.008)	0.369*** (0.008)	0.372*** (0.008)
Listing Title Characteristics ¹ :
# Face Emojis	0.029	0.003	0.002	-0.008
	(0.044)	(0.049)	(0.049)	(0.051)
# Textual attention markers	0.014***	0.014***	0.014***	0.014***
	(0.002)	(0.002)	(0.002)	(0.002)
Listing title word length	0.009***	0.009***	0.009***	0.009***
	(0.002)	(0.002)	(0.002)	(0.002)
Listing title word length^2	-0.001***	-0.001***	-0.001***	-0.001***
	(1.3e-4)	(1.3e-4)	(1.3e-4)	(1.3e-4)
Time-Variant Listing Features ¹ :
Rating Quality Score	0.003***	0.003***	0.003***	0.003***
	(1.1e-4)	(1.1e-4)	(1.1e-4)	(1.1e-4)
Price*10 (10 s of $)	-0.006***	-0.006***	-0.006***	-0.006***
	(3.3e-4)	(4.1e-5)	(4.1e-5)	(4.1e-5)
Security Deposit*10 (10 s of $)	-0.001***	-0.001***	-0.001***	-0.001***
	(1.6e-4)	(2.5e-5)	(2.5e-5)	(2.5e-5)
Cleaning Fee*10 (10 s of $)	-0.012***	-0.012***	-0.012***	-0.012***
	(0.001)	(8.3e-5)	(8.3e-5)	(8.3e-5)
Instant Bookable	0.228***	0.227***	0.227***	0.227***
	(0.007)	(0.001)	(0.001)	(0.001)
Listing description word length	4.0e-4***	4.1e-4***	4.1e-4***	4.1e-4***
	(2.7e-5)	(2.7e-5)	(2.7e-5)	(2.7e-5)
Listing description word length^2	-1.4e-7***	-1.4e-7***	-1.4e-7***	-1.4e-7***
	(2.9e-8)	(2.8e-8)	(2.8e-8)	(2.8e-8)
Description topic category: 2	0.013	0.012	0.012	0.011
	(0.007)	(0.007)	(0.007)	(0.007)
Description topic category: 3	-0.011	-0.013	-0.013	-0.014
	(0.027)	(0.007)	(0.027)	(0.027)
Description topic category: 4	-0.241***	-0.236***	-0.236***	-0.236***
	(0.018)	(0.018)	(0.018)	(0.018)
Description topic category: 5	0.048***	0.047***	0.047***	0.046***
	(0.009)	(0.009)	(0.009)	(0.009)
Description topic category: 6	0.100***	0.098***	0.098***	0.098***
	(0.007)	(0.008)	(0.008)	(0.008)
Description topic category: 7	0.035***	0.034***	0.034***	0.034***
	(0.008)	(0.008)	(0.008)	(0.008)
Accommodation capacity	0.040*** (0.002)	0.046*** (3.3e-4)	0.046*** (3.3e-4)	0.046*** (3.3e-4)
Number of amenities	0.007***	0.008***	0.008***	0.008***
	(3.1e-4)	(5.1e-5)	(5.1e-5)	(5.1e-5)
Cancellation Policy: Moderate	0.074***	0.074***	0.074***	0.074***
	(0.006)	(0.006)	(0.006)	(0.006)
Cancellation Policy: Strict	0.040***	0.040***	0.040***	0.040***
	(0.007)	(0.007)	(0.007)	(0.007)
Exogenous Listing Features
Listing age	-0.003***	-0.003***	-0.003***	-0.003***
	(1.3e-4)	(1.3e-4)	(1.3e-4)	(1.3e-4)
Time since last scrape (days)	0.001***	0.001***	0.001***	0.001***
	(7.3e-5)	(7.3e-5)	(7.3e-5)	(7.3e-5)
Host Characteristics:
# Host Verifications	0.001	2.7e-4	2.7e-4	2.6e-4
	(0.001)	(0.001)	(0.001)	(0.001)
Is Professional Host	0.012	0.010	0.010	0.009
	(0.011)	(0.011)	(0.011)	(0.011)
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)		2842***	2913***	3369***

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