Table 3 Conditional logit regression results

Participation

0.056^†

(0.032)

0.056^†

(0.032)

− 0.093

(0.060)

Voting rights

0.263***

(0.028)

0.263***

(0.028)

0.216***

(0.055)

Renewable energy [RE]

 0% (reference)

 33%

2.244***

(0.075)

 66%

3.607***

(0.083)

 100%

2.388***

(0.060)

RE

2.116***

(0.126)

1.550***

(0.139)

RE²

0.412***

(0.089)

0.129

(0.093)

RE³

− 0.284***

(0.022)

− 0.217***

(0.023)

Price

− 0.666***

(0.039)

− 0.666***

(0.039)

− 0.335***

(0.047)

Impact

− 0.330***

(0.024)

− 0.330***

(0.024)

− 0.283***

(0.051)

Scaling

0.102***

(0.027)

0.102***

(0.027)

0.224***

(0.055)

Diversification

 None (reference)

 Some

− 0.083**

(0.028)

− 0.083*

(0.028)

− 0.120***

(0.029)

 Much

− 0.294***

(0.038)

− 0.294***

(0.038)

− 0.359***

(0.072)

Profit

 To production projects (reference)

 To members

0.773***

(0.056)

0.773***

(0.056)

0.213**

(0.071)

 To societal projects

0.338***

(0.037)

0.338***

(0.037)

0.232***

(0.060)

Ecological motives \(\times\) RE

0.021***

(0.001)

Ecological motives \(\times\) much diversification

0.000

(0.001)

Social motives \(\times\) participation

0.007**

(0.002)

Social motives \(\times\) voting rights

0.003

(0.002)

Social motives \(\times\) impact

0.000

(0.002)

Social motives \(\times\) scaling

− 0.005*

(0.002)

Social motives \(\times\) profit to societal projects

0.003

(0.002)

Societal motives \(\times\) participation

0.003

(0.002)

Societal motives \(\times\) voting rights

0.001

(0.002)

Societal motives \(\times\) impact

− 0.002

(0.002)

Societal motives \(\times\) scaling

− 0.004*

(0.002)

Societal motives \(\times\) profit to societal projects

0.005*

(0.002)

Financial motives \(\times\) price

− 0.016***

(0.001)

Financial motives \(\times\) profit to members

0.025***

(0.002)

Participants

1295

1295

1295

Observations

36,260

36,260

36,260

Log likelihood

− 8576.4

− 8576.4

− 8100.8

AIC

17,176.85

17,176.85

16,253.64