Research Article
An Empirical Study on Response to Online Customer Reviews and E-Commerce Sales: From the Mobile Information System Perspective
Table 3
Regression results of the main effect.
| | | SYS-GMM model | Fixed effect of panel data | | Model 1 | Model 2 | Model 3 | Model 4 |
| | Positive review rate | 0.157 (0.012) | 0.157 (0.012) | 0.156 (0.012) | 0.154 (0.013) | | Number of reviews | 0.176 (0.006) | 0.171 (0.006) | 0.175 (0.006) | 0.170 (0.006) | | Trading volume in history | 0.299 (0.007) | 0.311 (0.007) | 0.301 (0.007) | 0.310 (0.007) | | Operation months | 0.003 (0.003) | 0.004 (0.003) | 0.003 (0.003) | 0.003 (0.003) | | Product price | 0.128 (0.045) | 1.175 (0.209) | 0.101 (0.043) | 0.143 (0.051) | | Product heterogeneity | 1.131 (0.204) | 1.142 (0.177) | 1.231 (0.201) | 1.732 (0.304) | | Ratio of response to negative review | | 0.798 (0.102) | | 0.819 (0.229) | | Ratio of response to positive review | | 0.239 (0.075) | | 0.197 (0.043) | | Wald test value ( value) | | 4.56 (0.000) | | 4.77 (0.000) | | Region dummy variable | Included | Included | Included | Included | | Season dummy variable | Included | Included | Included | Included | | Industry dummy variable | Included | Included | Included | Included | | Wald chi2 | 242.52 | 248.09 | | | | Sargan test ( value) | 21.230 (0.730) | 17.723 (0.854) | | | | AR2 ( value) | 0.710 (0.478) | 0.181 (0.856) | | | | R2 | | | 0.222 | 0.206 | | F value | | | 229.12 | 114.11 | | Number of observed values | 25798 | 25798 | 25798 | 25798 |
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Note. The dependent variable is the sales volume. “∗∗∗” in the table means that z-statistics are significant at the level of 1%.
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