Appendix C. Output of Ordered Logistic Regression for “Rating Level”
Model1 Model2 Model3 Model4 Model5 Model6 Model7 Model8 Model9 Model10 Model11 Model12 Model13 Model14 Model15 Model16 Model17 Model18
Topic1 20.91*** 6.28*** 3.52* 3.57*
(14.86) (4.08) (2.29) (2.44)
Topic2 0.20 3.15*
(0.21) (2.57)
Topic3 -10.00*** -2.17 -4.96*** -4.66***
(-12.72) (-1.83) (-4.63) (-5.14)
Topic4 4.96*** 6.45*** 3.70** 3.86***
(4.66) (5.38) (3.22) (3.73)
Topic5 33.24*** 17.41*** 14.67*** 14.87***
(19.69) (10.41) (9.31) (9.87)
Topic6 19.72*** 9.72*** 6.92*** 7.24***
(13.68) (6.89) (4.86) (5.42)
Topic7 20.87*** 2.21 -0.51
(14.70) (1.44) (-0.33)
Topic8 -12.52*** -4.21*** -6.96*** -6.72***
(-17.04) (-3.74) (-7.10) (-8.01)
Topic9 27.52*** 16.19*** 13.51*** 13.69***
(18.46) (10.80) (9.46) (10.08)
Topic10 -0.19 2.30
(-0.19) (1.86)
Topic11 -6.14*** 0.93 -1.81
(-6.78) (0.72) (-1.60)
Topic12 8.04*** 4.83*** 2.08
(6.17) (3.49) (1.56)
Topic13 34.79*** 18.77*** 16.05*** 16.38***
(22.52) (11.50) (9.56) (10.23)
Topic14 -29.26*** -21.20*** -23.91*** -23.91***
(-41.08) (-20.26) (-24.99) (-29.58)
Topic15 -10.39*** 0.00 -2.73** -2.79**
(-14.17) (.) (-2.67) (-3.09)
Business_1 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.) (.)
Business_2 0.68*** 0.66*** 1.22*** 0.69*** 0.54*** 1.13*** 0.55*** 0.67*** 0.69*** 0.65*** 0.59*** 0.66*** 0.66*** 0.50** 0.92*** 1.08*** 1.09*** 1.10***
(4.36) (4.26) (7.39) (4.45) (3.50) (7.15) (3.54) (4.32) (4.43) (4.20) (3.77) (4.28) (4.24) (3.12) (5.89) (5.97) (6.04) (6.19)
Business_3 1.13*** 1.09*** 0.94*** 0.69*** 1.04*** 1.54*** 1.20*** 1.12*** 1.00*** 1.08*** 1.06*** 1.15*** 1.01*** 1.11*** 1.05*** 0.66*** 0.68*** 0.67***
(7.26) (7.04) (6.06) (3.95) (6.67) (9.73) (7.68) (7.20) (6.40) (6.83) (6.81) (7.39) (6.46) (6.87) (6.77) (3.47) (3.56) (3.55)
Business_4 1.13*** 1.33*** 1.30*** 1.34*** 1.22*** 1.09*** 1.12*** 1.21*** 1.12*** 1.33*** 1.31*** 1.37*** 1.18*** 1.00*** 1.27*** 0.60*** 0.61*** 0.60***
(6.60) (7.80) (7.61) (7.85) (7.12) (6.34) (6.55) (7.08) (6.52) (7.75) (7.68) (8.02) (6.86) (5.73) (7.44) (3.37) (3.42) (3.35)
Business_5 0.29* 0.37** 0.25 0.30* 0.36* 0.85*** 0.50*** 0.30* 0.16 0.37* 0.46** 0.42** 0.28* 1.23*** 0.43** 1.02*** 1.04*** 1.00***
(2.08) (2.65) (1.79) (2.16) (2.54) (5.88) (3.55) (2.13) (1.13) (2.57) (3.29) (3.02) (1.99) (7.78) (3.08) (5.91) (6.12) (5.96)
Business_6 0.87*** 0.90*** 0.82*** 0.93*** 0.94*** 1.35*** 1.09*** 0.90*** 0.84*** 0.90*** 0.91*** 0.46* 0.81*** 0.90*** 0.93*** 0.86*** 0.88*** 1.04***
(4.36) (4.56) (4.11) (4.68) (4.70) (6.70) (5.46) (4.49) (4.19) (4.47) (4.59) (2.19) (4.05) (4.32) (4.66) (3.67) (3.79) (4.79)
Business_7 0.10 0.18 0.36** 0.20 0.13 0.68*** 0.07 0.09 0.26* 0.19 0.15 0.23 0.23 -0.04 0.35** 0.35* 0.34* 0.34*
(0.80) (1.45) (2.82) (1.57) (1.04) (5.23) (0.53) (0.72) (2.09) (1.45) (1.20) (1.83) (1.80) (-0.29) (2.75) (2.46) (2.40) (2.45)
Business_8 1.10*** 1.11*** 1.26*** 1.14*** -0.08 1.60*** 0.97*** 1.14*** 1.03*** 1.10*** 1.01*** 1.19*** 0.86*** 1.18*** 1.25*** 0.65*** 0.66*** 0.65***
(7.90) (7.98) (9.02) (8.21) (-0.53) (11.22) (6.99) (8.17) (7.37) (7.75) (7.25) (8.52) (6.17) (8.19) (8.92) (3.86) (3.94) (3.95)
Business_9 1.07*** 1.03*** 1.65*** 1.05*** 0.92*** 1.42*** 0.77*** 1.04*** 1.05*** 1.02*** 0.95*** 1.10*** 0.97*** 0.82*** 1.12*** 1.35*** 1.36*** 1.34***
(6.57) (6.34) (9.54) (6.51) (5.65) (8.67) (4.74) (6.39) (6.45) (6.30) (5.88) (6.76) (5.94) (4.94) (6.88) (7.31) (7.35) (7.36)
Business_10 0.92*** 1.02*** 0.93*** 1.07*** 1.13*** 1.67*** 1.21*** 1.07*** 0.96*** 1.03*** 1.03*** 1.11*** 1.10*** 1.50*** 1.15*** 1.72*** 1.77*** 1.77***
(6.03) (6.06) (6.10) (6.97) (7.36) (10.52) (7.89) (6.97) (6.26) (6.64) (6.71) (7.25) (7.11) (9.04) (7.48) (8.80) (9.78) (10.03)
Busines_11 0.79*** 0.95*** 0.81*** 1.01*** 1.07*** 1.58*** 1.15*** 0.97*** 0.86*** 0.96*** 0.98*** 1.04*** 0.96*** 1.27*** 1.10*** 1.46*** 1.51*** 1.50***
(5.68) (6.11) (5.82) (7.28) (7.72) (10.93) (8.26) (7.00) (6.22) (6.78) (7.09) (7.54) (6.90) (8.71) (7.91) (7.89) (9.13) (9.36)
Business_12 1.28*** 1.39*** 1.41*** 1.40*** 1.28*** 1.80*** 1.14*** 1.40*** 1.33*** 1.39*** 1.37*** 1.38*** 1.36*** 1.19*** 1.40*** 1.28*** 1.28*** 1.29***
(7.28) (7.91) (7.98) (7.94) (7.23) (10.09) (6.43) (7.93) (7.53) (7.91) (7.80) (7.83) (7.69) (6.65) (7.97) (6.90) (6.89) (6.99)
Business_13 0.52*** 0.57*** 0.43** 0.53*** 0.52*** 1.07*** 0.66*** 0.48** -0.29 0.57*** 0.63*** 0.63*** 0.61*** 0.47** 0.65*** 0.10 0.12 0.09
(3.57) (3.85) (2.91) (3.59) (3.49) (7.11) (4.47) (3.28) (-1.90) (3.76) (4.31) (4.32) (4.14) (3.06) (4.41) (0.55) (0.71) (0.52)
Business_14 0.93*** 1.02*** 0.93*** 1.02*** 1.11*** 1.44*** 1.17*** 0.97*** 0.73** 1.03*** 1.04*** 1.07*** 0.93*** 1.51*** 1.06*** 1.41*** 1.45*** 1.43***
(3.87) (4.20) (3.88) (4.26) (4.60) (5.95) (4.87) (4.06) (3.01) (4.25) (4.34) (4.45) (3.86) (5.60) (4.41) (4.90) (5.15) (5.13)
Business_15 1.35*** 1.26*** 1.20*** 1.21*** 1.28*** 0.94*** 1.33*** 1.28*** 1.36*** 1.25*** 1.21*** 1.13*** 1.31*** 1.31*** 1.33*** 1.06*** 1.07*** 1.13***
(7.76) (7.25) (6.90) (7.00) (7.35) (5.36) (7.67) (7.37) (7.81) (7.13) (7.00) (6.51) (7.48) (7.23) (7.65) (5.55) (5.64) (6.04)
Business_16 1.06*** 1.12*** 1.04*** 1.11*** 1.05*** 0.97*** 1.06*** 1.12*** 1.02*** 1.12*** 1.09*** 1.10*** 1.12*** 0.85*** 1.09*** 0.61** 0.62*** 0.62***
(5.97) (6.34) (5.90) (6.31) (5.93) (5.42) (6.01) (6.30) (5.77) (6.31) (6.16) (6.25) (6.29) (4.71) (6.14) (3.29) (3.34) (3.38)
Business_17 0.48*** 0.64*** 0.62*** 0.66*** 0.59*** 1.06*** 0.66*** 0.54*** 0.63*** 0.64*** 0.65*** 0.70*** 0.56*** 0.74*** 0.70*** 0.81*** 0.80*** 0.78***
(3.59) (4.78) (4.64) (4.93) (4.40) (7.74) (4.92) (4.01) (4.72) (4.73) (4.89) (5.25) (4.14) (5.31) (5.21) (5.39) (5.37) (5.33)
Business_18 0.62*** 0.78*** 0.87*** 0.80*** 0.44** 1.23*** 0.68*** 0.79*** 0.33* 0.78*** 0.73*** 0.80*** 0.59*** 0.54*** 0.83*** 0.22 0.23 0.24
(4.48) (5.68) (6.29) (5.81) (3.18) (8.75) (4.93) (5.72) (2.36) (5.57) (5.32) (5.82) (4.24) (3.83) (6.02) (1.46) (1.52) (1.56)
Business_19 -0.17 0.47*** 0.38** 0.46*** 0.36** 1.01*** 0.56*** 0.64*** 0.32* 0.47*** 0.43** 0.51*** 0.42** 0.55*** 0.57*** 0.56*** 0.58*** 0.58***
(-1.23) (3.54) (2.85) (3.48) (2.65) (7.33) (4.17) (4.76) (2.40) (3.45) (3.26) (3.85) (3.15) (3.93) (4.24) (3.41) (3.56) (3.60)
Business_20 0.75*** 0.64*** 0.46*** 0.19 0.78*** 1.01*** 0.80*** 0.66*** 0.55*** 0.63*** 0.60*** 0.69*** 0.72*** 0.79*** 0.60*** 0.49** 0.51** 0.50**
(5.49) (4.72) (3.41) (1.20) (5.71) (7.35) (5.86) (4.88) (4.02) (4.49) (4.47) (5.10) (5.25) (5.54) (4.42) (2.59) (2.70) (2.69)
Business_21 0.72*** 0.76*** 0.77*** 0.78*** 0.52*** 0.51*** 0.76*** 0.75*** 0.51*** 0.76*** 0.71*** 0.80*** 0.61*** 0.69*** 0.73*** 0.23 0.24 0.24
(4.93) (5.21) (5.28) (5.35) (3.54) (3.41) (5.17) (5.12) (3.42) (5.11) (4.83) (5.44) (4.11) (4.56) (4.98) (1.44) (1.50) (1.49)
Business_22 0.99*** 0.98*** 1.30*** 1.01*** 0.73*** 1.33*** 0.93*** 1.05*** 0.90*** 0.98*** 0.93*** 0.98*** 0.91*** 0.85*** 1.01*** 0.98*** 0.98*** 0.99***
(4.86) (4.83) (6.31) (4.96) (3.56) (6.49) (4.55) (5.13) (4.41) (4.81) (4.56) (4.83) (4.43) (4.04) (4.98) (4.44) (4.46) (4.51)
Business_23 -0.14 -0.19 -0.13 -0.19 -0.20 0.22 -0.09 -0.09 -0.64** -0.19 -0.10 -0.18 -0.19 -0.29 -0.22 -0.34 -0.32 -0.34
(-0.66) (-0.89) (-0.62) (-0.92) (-0.95) (1.03) (-0.44) (-0.44) (-2.97) (-0.89) (-0.46) (-0.87) (-0.89) (-1.32) (-1.07) (-1.48) (-1.41) (-1.48)
Business_24 1.36*** 1.35*** 1.60*** 1.38*** 0.81*** 1.78*** 1.27*** 1.45*** 0.95*** 1.35*** 1.28*** 1.41*** 1.06*** 1.18*** 1.36*** 0.87*** 0.88*** 0.88***
(7.84) (7.81) (9.12) (7.96) (4.64) (10.15) (7.34) (8.35) (5.43) (7.69) (7.37) (8.13) (6.05) (6.63) (7.86) (4.56) (4.62) (4.61)
Business_25 0.61*** 0.52*** 0.47*** 0.53*** 0.36* 0.98*** 0.67*** 0.60*** 0.58*** 0.52*** 0.45** 0.06 0.47*** 0.59*** 0.53*** 0.49** 0.50** 0.71***
(4.36) (3.77) (3.35) (3.82) (2.56) (6.91) (4.76) (4.27) (4.14) (3.67) (3.27) (0.39) (3.31) (4.00) (3.82) (2.67) (2.73) (4.57)
cut1 -4.26*** -5.50*** -6.19*** -5.22*** -3.66*** -3.95*** -4.18*** -6.40*** -3.98*** -5.53*** -5.95*** -4.99*** -3.46*** -7.94*** -6.18*** -2.44** -5.17*** -5.02***
(-24.31) (-33.19) (-37.56) (-31.34) (-20.37) (-20.94) (-23.48) (-38.74) (-22.83) (-31.04) (-35.21) (-28.30) (-19.47) (-45.77) (-37.96) (-3.16) (-8.06) (-12.58)
cut2 -3.63*** -4.86*** -5.56*** -4.59*** -3.03*** -3.32*** -3.55*** -5.77*** -3.35*** -4.89*** -5.32*** -4.35*** -2.83*** -7.29*** -5.55*** -1.77* -4.50*** -4.35***
(-24.10) (-34.95) (-40.21) (-32.69) (-19.45) (-19.99) (-23.07) (-41.59) (-22.39) (-31.83) (-37.14) (-28.71) (-18.42) (-49.35) (-40.85) (-2.31) (-7.09) (-11.22)
cut3 -2.36*** -3.60*** -4.29*** -3.32*** -1.75*** -2.05*** -2.28*** -4.49*** -2.08*** -3.63*** -4.05*** -3.09*** -1.56*** -5.94*** -4.28*** -0.35 -3.08*** -2.94***
(-18.55) (-31.76) (-38.31) (-28.94) (-13.18) (-14.10) (-17.39) (-40.08) (-16.49) (-27.73) (-34.29) (-24.04) (-11.90) (-49.53) (-39.25) (-0.46) (-4.91) (-7.79)
cut4 -0.75*** -1.99*** -2.68*** -1.72*** -0.14 -0.43** -0.67*** -2.87*** -0.46*** -2.02*** -2.45*** -1.48*** 0.07 -4.19*** -2.67*** 1.49 -1.24* -1.09**
(-6.25) (-19.17) (-26.21) (-16.23) (-1.07) (-3.14) (-5.39) (-28.17) (-3.88) (-16.46) (-22.42) (-12.30) (0.55) (-39.17) (-26.96) (1.95) (-1.98) (-2.93)
N 30817 30817 30817 30817 30817 30817 30817 30817 30817 30817 30817 30817 30817 30817 30817 30817 30817 30817
pseudo R-sq 0.031 0.016 0.025 0.017 0.047 0.030 0.030 0.031 0.044 0.016 0.019 0.019 0.054 0.116 0.027 0.173 0.173 0.173
AIC 15738.82 15982.40 15840.15 15958.95 15484.04 15763.02 15750.05 15739.94 15533.70 15982.41 15940.21 15941.15 15368.52 14368.32 15806.09 13465.08 13463.46 13464.62
BIC 15980.56 16224.14 16081.89 16200.69 15725.78 16004.76 15991.78 15981.68 15775.44 16224.15 16181.94 16182.89 15610.26 14610.06 16047.83 13815.18 13805.23 13781.38
Note: * p < 0.05; ** p < 0.01; *** p < 0.001. t statistics in parentheses.