Appendix D. Output of Ordered Probit Regression for “Rating Level”
Model1 Model2 Model3 Model4 Model5 Model6 Model7 Model8 Model9 Model10 Model11 Model12 Model13 Model14 Model15 Model16 Model17 Model18
Topic1 9.53*** 3.40*** 1.91* 1.91**
(15.02) (4.48) (2.57) (2.70)
Topic2 0.35 1.72**
(0.77) (2.76)
Topic3 -4.77*** -0.94 -2.46*** -2.40***
(-11.94) (-1.53) (-4.49) (-5.14)
Topic4 2.19*** 3.15*** 1.66** 1.67**
(4.76) (5.19) (2.90) (3.23)
Topic5 13.60*** 8.47*** 6.98*** 7.04***
(19.33) (10.69) (9.56) (10.16)
Topic6 8.68*** 4.81*** 3.30*** 3.38***
(13.94) (6.98) (4.79) (5.26)
Topic7 9.60*** 1.55* 0.07
(14.91) (2.07) (0.10)
Topic8 -6.42*** -2.21*** -3.71*** -3.66***
(-17.21) (-3.80) (-7.41) (-8.54)
Topic9 11.52*** 7.86*** 6.40*** 6.43***
(18.31) (10.95) (9.49) (10.12)
Topic10 0.38 1.22
(0.80) (1.93)
Topic11 -2.60*** 0.71 -0.77
(-5.89) (1.07) (-1.33)
Topic12 3.96*** 2.48*** 0.99
(6.78) (3.53) (1.49)
Topic13 15.71*** 9.29*** 7.82*** 7.94***
(22.54) (11.86) (9.83) (10.48)
Topic14 -15.17*** -11.17*** -12.63*** -12.70***
(-41.32) (-20.38) (-25.75) (-30.46)
Topic15 -4.94*** 0.00 -1.48** -1.58***
(-13.45) (.) (-2.81) (-3.41)
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 0.33*** 0.33*** 0.57*** 0.34*** 0.28*** 0.54*** 0.27*** 0.32*** 0.34*** 0.33*** 0.30*** 0.33*** 0.33*** 0.26** 0.45*** 0.50*** 0.51*** 0.52***
(4.42) (4.35) (7.22) (4.48) (3.72) (7.01) (3.50) (4.17) (4.52) (4.39) (3.94) (4.38) (4.32) (3.29) (5.85) (5.76) (5.84) (6.01)
Business_3 0.53*** 0.52*** 0.45*** 0.33*** 0.50*** 0.72*** 0.56*** 0.52*** 0.49*** 0.53*** 0.51*** 0.55*** 0.48*** 0.52*** 0.50*** 0.34*** 0.34*** 0.34***
(7.33) (7.16) (6.20) (4.08) (6.81) (9.71) (7.67) (7.11) (6.67) (7.15) (6.96) (7.51) (6.47) (6.83) (6.85) (3.68) (3.79) (3.78)
Business_4 0.55*** 0.64*** 0.64*** 0.64*** 0.61*** 0.53*** 0.54*** 0.57*** 0.56*** 0.65*** 0.64*** 0.66*** 0.59*** 0.49*** 0.62*** 0.31*** 0.31*** 0.31***
(7.04) (8.22) (8.14) (8.24) (7.77) (6.70) (6.87) (7.29) (7.16) (8.25) (8.16) (8.44) (7.40) (6.07) (7.88) (3.68) (3.74) (3.70)
Business_5 0.14* 0.18* 0.12 0.15* 0.18* 0.40*** 0.24*** 0.14* 0.09 0.19** 0.22** 0.21** 0.14* 0.55*** 0.21** 0.45*** 0.46*** 0.45***
(2.02) (2.50) (1.76) (2.09) (2.53) (5.50) (3.35) (2.03) (1.31) (2.68) (3.10) (2.93) (1.99) (7.24) (2.92) (5.41) (5.62) (5.47)
Business_6 0.43*** 0.45*** 0.41*** 0.46*** 0.49*** 0.66*** 0.53*** 0.43*** 0.43*** 0.46*** 0.46*** 0.22* 0.40*** 0.47*** 0.46*** 0.45*** 0.46*** 0.52***
(4.58) (4.79) (4.38) (4.90) (5.10) (6.88) (5.64) (4.59) (4.54) (4.88) (4.86) (2.20) (4.20) (4.66) (4.91) (3.90) (4.04) (4.92)
Business_7 0.06 0.09 0.19** 0.10 0.08 0.33*** 0.04 0.04 0.15* 0.09 0.08 0.12 0.12 0.00 0.17** 0.19** 0.19** 0.19**
(0.94) (1.47) (2.91) (1.56) (1.22) (4.92) (0.66) (0.68) (2.26) (1.32) (1.23) (1.87) (1.88) (0.01) (2.65) (2.66) (2.59) (2.64)
Business_8 0.52*** 0.52*** 0.60*** 0.53*** -0.00 0.74*** 0.45*** 0.52*** 0.50*** 0.53*** 0.48*** 0.56*** 0.41*** 0.56*** 0.58*** 0.31*** 0.32*** 0.32***
(7.88) (7.97) (9.02) (8.13) (-0.07) (10.98) (6.79) (7.91) (7.57) (7.93) (7.34) (8.50) (6.17) (8.16) (8.77) (3.89) (3.98) (4.03)
Business_9 0.53*** 0.51*** 0.79*** 0.52*** 0.48*** 0.69*** 0.39*** 0.50*** 0.53*** 0.51*** 0.48*** 0.55*** 0.49*** 0.40*** 0.55*** 0.64*** 0.65*** 0.64***
(6.84) (6.68) (9.71) (6.79) (6.18) (8.87) (5.00) (6.52) (6.89) (6.70) (6.29) (7.10) (6.34) (5.12) (7.13) (7.36) (7.41) (7.47)
Business_10 0.47*** 0.49*** 0.48*** 0.53*** 0.56*** 0.80*** 0.60*** 0.52*** 0.50*** 0.53*** 0.51*** 0.55*** 0.55*** 0.74*** 0.56*** 0.84*** 0.86*** 0.86***
(6.39) (6.17) (6.53) (7.26) (7.67) (10.62) (8.20) (7.07) (6.73) (7.15) (7.04) (7.60) (7.40) (9.30) (7.70) (8.94) (9.91) (10.10)
Busines_11 0.39*** 0.44*** 0.40*** 0.49*** 0.53*** 0.75*** 0.56*** 0.46*** 0.45*** 0.48*** 0.48*** 0.51*** 0.48*** 0.64*** 0.53*** 0.72*** 0.75*** 0.74***
(5.89) (5.96) (5.99) (7.36) (7.91) (10.78) (8.35) (6.85) (6.65) (7.11) (7.27) (7.69) (7.02) (8.98) (7.90) (8.09) (9.30) (9.43)
Business_12 0.63*** 0.67*** 0.69*** 0.67*** 0.64*** 0.86*** 0.56*** 0.67*** 0.66*** 0.67*** 0.66*** 0.67*** 0.67*** 0.60*** 0.68*** 0.66*** 0.66*** 0.67***
(7.77) (8.40) (8.57) (8.42) (7.94) (10.56) (6.87) (8.31) (8.18) (8.39) (8.30) (8.35) (8.25) (7.19) (8.47) (7.48) (7.47) (7.57)
Business_13 0.25*** 0.27*** 0.21** 0.25*** 0.27*** 0.50*** 0.31*** 0.23** -0.09 0.29*** 0.31*** 0.31*** 0.29*** 0.24** 0.31*** 0.05 0.06 0.05
(3.51) (3.72) (2.96) (3.53) (3.71) (6.75) (4.34) (3.14) (-1.24) (3.93) (4.23) (4.26) (3.90) (3.14) (4.34) (0.56) (0.73) (0.56)
Business_14 0.40*** 0.43*** 0.41*** 0.44*** 0.50*** 0.63*** 0.52*** 0.42*** 0.34** 0.46*** 0.45*** 0.47*** 0.40*** 0.65*** 0.47*** 0.58*** 0.60*** 0.60***
(3.73) (3.99) (3.79) (4.13) (4.58) (5.82) (4.81) (3.86) (3.06) (4.27) (4.24) (4.38) (3.68) (5.44) (4.33) (4.57) (4.83) (4.78)
Business_15 0.66*** 0.62*** 0.59*** 0.59*** 0.64*** 0.45*** 0.64*** 0.61*** 0.68*** 0.63*** 0.60*** 0.55*** 0.63*** 0.63*** 0.64*** 0.53*** 0.53*** 0.56***
(8.18) (7.73) (7.39) (7.41) (7.82) (5.46) (7.99) (7.55) (8.35) (7.73) (7.50) (6.85) (7.77) (7.44) (8.02) (5.84) (5.93) (6.29)
Business_16 0.51*** 0.53*** 0.51*** 0.53*** 0.52*** 0.45*** 0.51*** 0.52*** 0.51*** 0.54*** 0.53*** 0.53*** 0.54*** 0.40*** 0.52*** 0.30*** 0.30*** 0.30***
(6.17) (6.55) (6.18) (6.51) (6.29) (5.43) (6.16) (6.31) (6.17) (6.60) (6.46) (6.46) (6.49) (4.81) (6.37) (3.41) (3.47) (3.50)
Business_17 0.27*** 0.33*** 0.33*** 0.34*** 0.33*** 0.53*** 0.34*** 0.28*** 0.34*** 0.32*** 0.34*** 0.37*** 0.31*** 0.37*** 0.36*** 0.42*** 0.41*** 0.40***
(3.97) (5.04) (4.99) (5.15) (4.88) (7.75) (5.17) (4.14) (5.14) (4.80) (5.15) (5.52) (4.53) (5.39) (5.42) (5.57) (5.53) (5.46)
Business_18 0.31*** 0.39*** 0.44*** 0.40*** 0.25*** 0.60*** 0.33*** 0.38*** 0.20** 0.40*** 0.37*** 0.40*** 0.30*** 0.28*** 0.41*** 0.13 0.13 0.14
(4.65) (5.86) (6.48) (5.94) (3.72) (8.69) (4.93) (5.69) (2.90) (5.91) (5.58) (5.99) (4.44) (4.08) (6.10) (1.72) (1.80) (1.85)
Business_19 -0.07 0.22*** 0.19** 0.22** 0.18** 0.47*** 0.26*** 0.29*** 0.17* 0.23*** 0.21** 0.25*** 0.20** 0.28*** 0.27*** 0.26** 0.27*** 0.27***
(-0.99) (3.32) (2.84) (3.28) (2.75) (6.83) (3.89) (4.34) (2.53) (3.47) (3.16) (3.70) (2.91) (3.96) (4.01) (3.28) (3.43) (3.45)
Business_20 0.36*** 0.31*** 0.23*** 0.10 0.39*** 0.49*** 0.39*** 0.33*** 0.29*** 0.33*** 0.30*** 0.34*** 0.35*** 0.40*** 0.29*** 0.28** 0.29** 0.28**
(5.45) (4.75) (3.49) (1.22) (5.77) (7.16) (5.82) (4.89) (4.27) (4.78) (4.52) (5.13) (5.13) (5.64) (4.41) (2.96) (3.09) (3.09)
Business_21 0.37*** 0.39*** 0.40*** 0.40*** 0.29*** 0.27*** 0.38*** 0.37*** 0.29*** 0.40*** 0.37*** 0.40*** 0.31*** 0.36*** 0.38*** 0.14 0.14 0.14
(5.12) (5.47) (5.56) (5.55) (4.04) (3.74) (5.31) (5.17) (3.95) (5.51) (5.19) (5.66) (4.32) (4.82) (5.24) (1.76) (1.83) (1.82)
Business_22 0.48*** 0.47*** 0.62*** 0.48*** 0.37*** 0.63*** 0.44*** 0.48*** 0.44*** 0.47*** 0.44*** 0.47*** 0.44*** 0.40*** 0.48*** 0.48*** 0.48*** 0.48***
(5.05) (4.98) (6.48) (5.07) (3.87) (6.58) (4.66) (5.06) (4.64) (4.99) (4.72) (4.97) (4.60) (4.11) (5.10) (4.59) (4.60) (4.67)
Business_23 -0.09 -0.12 -0.09 -0.12 -0.13 0.07 -0.08 -0.05 -0.33** -0.11 -0.09 -0.12 -0.11 -0.15 -0.14 -0.15 -0.13 -0.14
(-0.86) (-1.14) (-0.84) (-1.13) (-1.15) (0.63) (-0.72) (-0.47) (-2.97) (-0.99) (-0.84) (-1.14) (-1.01) (-1.28) (-1.28) (-1.20) (-1.11) (-1.17)
Business_24 0.61*** 0.61*** 0.72*** 0.62*** 0.39*** 0.81*** 0.57*** 0.65*** 0.44*** 0.62*** 0.59*** 0.64*** 0.48*** 0.53*** 0.62*** 0.39*** 0.40*** 0.40***
(7.89) (7.91) (9.20) (8.00) (4.90) (10.24) (7.33) (8.30) (5.59) (7.91) (7.54) (8.23) (6.03) (6.57) (7.95) (4.44) (4.51) (4.52)
Business_25 0.29*** 0.26*** 0.23*** 0.25*** 0.19** 0.46*** 0.32*** 0.27*** 0.29*** 0.26*** 0.23*** 0.01 0.23** 0.30*** 0.26*** 0.26** 0.27** 0.35***
(4.25) (3.73) (3.35) (3.72) (2.74) (6.56) (4.57) (3.92) (4.12) (3.79) (3.32) (0.14) (3.24) (4.10) (3.73) (2.93) (3.00) (4.51)
cut1 -1.99*** -2.52*** -2.87*** -2.42*** -1.79*** -1.87*** -1.95*** -3.06*** -1.90*** -2.51*** -2.72*** -2.29*** -1.64*** -3.91*** -2.87*** -1.14** -2.61*** -2.61***
(-28.19) (-38.79) (-43.65) (-37.25) (-25.04) (-24.36) (-27.07) (-44.56) (-27.38) (-34.95) (-40.61) (-32.63) (-22.62) (-52.91) (-44.46) (-2.85) (-8.19) (-13.45)
cut2 -1.78*** -2.31*** -2.66*** -2.21*** -1.58*** -1.66*** -1.74*** -2.83*** -1.69*** -2.30*** -2.52*** -2.08*** -1.43*** -3.67*** -2.66*** -0.88* -2.35*** -2.35***
(-27.16) (-38.86) (-44.17) (-37.18) (-23.78) (-22.98) (-25.93) (-45.56) (-26.35) (-34.34) (-40.62) (-31.94) (-21.15) (-54.75) (-45.09) (-2.20) (-7.41) (-12.29)
cut3 -1.31*** -1.86*** -2.20*** -1.75*** -1.11*** -1.19*** -1.27*** -2.35*** -1.23*** -1.84*** -2.06*** -1.62*** -0.95*** -3.10*** -2.20*** -0.27 -1.75*** -1.75***
(-21.61) (-34.27) (-40.29) (-32.45) (-18.06) (-17.49) (-20.38) (-42.47) (-20.78) (-29.47) (-36.23) (-26.84) (-15.20) (-53.14) (-41.32) (-0.68) (-5.55) (-9.32)
cut4 -0.61*** -1.17*** -1.51*** -1.06*** -0.40*** -0.49*** -0.57*** -1.64*** -0.52*** -1.16*** -1.37*** -0.93*** -0.24*** -2.30*** -1.50*** 0.59 -0.88** -0.88***
(-10.32) (-22.46) (-28.86) (-20.51) (-6.74) (-7.31) (-9.36) (-31.27) (-9.09) (-19.00) (-25.08) (-15.86) (-3.87) (-42.50) (-29.67) (1.50) (-2.81) (-4.74)
N 30817 30817 30817 30817 30817 30817 30817 30817 30817 30817 30817 30817 30817 30817 30817 30817 30817 30817
pseudo R-sq 0.032 0.016 0.025 0.018 0.045 0.030 0.031 0.034 0.042 0.016 0.019 0.019 0.054 0.121 0.027 0.178 0.178 0.177
AIC 15731.49 15974.59 15839.69 15951.79 15518.85 15757.66 15739.59 15697.15 15559.22 15974.55 15941.51 15926.97 15371.74 14276.27 15805.54 13392.11 13390.64 13390.35
BIC 15973.23 16216.33 16081.42 16193.53 15760.59 15999.39 15981.33 15938.89 15800.96 16216.29 16183.25 16168.71 15613.48 14518.01 16047.28 13742.21 13732.41 13707.11
Note: * p < 0.05; ** p < 0.01; *** p < 0.001. t statistics in parentheses.