Page 152 - 臺大管理論叢第32卷第2期

The More, the Merrier? The Bystander Effect on Crowdfunding Platforms

Table 5 Regression Results for the Effect of Bystander Ratio on Pledge Amount
Model 1 Model 2 Model 3 Model 4
Bystander ratio Pledge amount Pledge amount Pledge amount
1st stage 2nd stage 2nd stage 2nd stage
Perceived Project Quality -0.092*** 0.677* 0.661* 0.906**
(0.031) (0.351) (0.352) (0.365)
Bystander Ratio (Residual) -4.311*** -4.569*** -8.373***
(0.161) (0.212) (1.131)
Bystander Ratio (Residual) * 0.708**
Project Legitimacy
(0.298)
Bystander Ratio (Residual) * 1.015***
Project Duration
(0.287)
Project Legitimacy 0.020** -0.643*** -0.644*** -0.662***
(0.009) (0.098) (0.098) (0.098)
Project Duration 0.006 -0.648*** -0.675*** -0.725***
(0.015) (0.140) (0.141) (0.139)
Cumulative Pledge Amount -0.003*** 0.069*** 0.069*** 0.069***
(0.001) (0.003) (0.003) (0.003)
Constant 0.391*** 5.371*** 5.465*** 5.679***
(0.065) (0.601) (0.604) (0.597)
N 5,773 5,773 5,773 5,773
Adjusted R-squared 0.017 0.224 0.224 0.225
F-statistic 27.71 114.01 109.19 112.25
P-value 0.001 0.001 0.001 0.001
Note: Robust standard errors are shown in parentheses. * significant at 0.1 level; ** significant at 0.05
level; *** significant at 0.01 level. Year, month-of-year, day-of-week and category fixed effects
included in the regression models but not shown in the table.

Model 2 to 4 of Table 5 report our second-stage results. As shown in Model 2 of
Table 5, we find that the coefficient of bystander ratio (residual) is significantly negative
(B = -4.311, p < 0.01), indicating that the bystander ratio is negatively associated with

daily pledge amount. Our findings continue to hold when we add our interaction terms.
Specifically, project legitimacy and project duration weaken the negative relationship
between the bystander ratio and daily pledge amount, respectively (B = 0.708, p < 0.05;

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