Table 15 Conditional logit split-sample analysis: Early (pre-2003) vs. late (post-2002) members

Participation

− 0.063

(0.144)

0.052

(0.037)

Voting rights

0.455***

(0.121)

0.259***

(0.032)

Renewable energy

 0% (reference)

 33%

2.334***

(0.329)

2.240***

(0.087)

 66%

3.934***

(0.378)

3.589***

(0.096)

 100%

2.528***

(0.274)

2.390***

(0.069)

Price

− 0.617***

(0.164)

− 0.675***

(0.045)

Impact

− 0.338**

(0.112)

− 0.335***

(0.028)

Scaling

− 0.008

(0.117)

0.110***

(0.032)

Diversification

 None (reference)

 Some

− 0.056

(0.124)

− 0.097**

(0.033)

 Much

− 0.398*

(0.168)

− 0.304***

(0.044)

Profit

 To production projects (reference)

 To members

0.652**

(0.234)

0.769***

(0.065)

 To societal projects

0.163

(0.166)

0.326***

(0.045)

Participants

69

957

Observations

1932

26,796

Log likelihood

− 436.82

− 6349.1

AIC

897.65

12,722.18