Research Article
An Empirical Study on Response to Online Customer Reviews and E-Commerce Sales: From the Mobile Information System Perspective
Table 6
Results of robustness test (subsample from July 2018 to November 2018).
| | SYS-GMM model | Fixed effect of panel data | Model 1 | Model 2 | Model 3 | Model 4 |
| Ratio of response to negative review | 0.509 (0.115) | 0.596 (0.097) | 0.396 (0.088) | 0.259 (0.086) | Ratio of response to positive review | 0.128 (0.030) | 0.094 (0.011) | 0.109 (0.034) | 0.083 (0.011) | Wald test value ( value) | 3.93 (0.000) | 3.51 (0.000) | 2.98 (0.000) | 3.27 (0.000) | Ratio of response to negative review × product price | | 0.069 (0.018) | | 0.055 (0.019) | Ratio of response to positive review × product price | | 0.277 (0.089) | | 0.210 (0.036) | Ratio of response to negative review × product heterogeneity | | 0.089 (0.014) | | 0.149 (0.048) | Ratio of response to positive review × product heterogeneity | | 0.137 (0.055) | | 0.153 (0.022) | Other control variable | Included | Included | Included | Included | Wald chi2 | 996.73 | 2,115.69 | | | Sargan test ( value) | 15.771 (1.101) | 19.932 (1.175) | | | AR2 ( value) | 0.939 (0.195) | 1.101 (0.139) | | | R2 | | | 0.202 | 0.227 | F value | | | 89.93 | 110.72 | Number of observed values | 13951 | 13951 | 13951 | 13951 |
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Note. The dependent variable is the sales volume. “ ” and “ ” in the table mean that z-statistics are significant at the levels of 5% and 1%. |