Variable

(1)

(2)

(3)

(4)

(5)

Model 1

Model 2

Model 3

Model 4

Model 5

Ratio

−2.374^***

−1.635^*

−2.153^**

(−2.71)

(−1.78)

(−2.10)

W_Risks

−0.422

−0.560^*

−0.654^**

(−1.56)

(−1.94)

(−2.02)

z2Update

1.784^***

1.100^***

1.586^***

(5.72)

(2.85)

(3.45)

z2Hudong

5.309^***

6.957^***

3.291^**

4.279^***

(3.96)

(4.29)

(2.49)

(2.64)

Days

−0.031^**

−0.016

−0.041^***

−0.031^*

(−2.36)

(−1.16)

(−2.73)

(−1.85)

Backed

0.062^***

0.061^***

0.047^**

0.047^**

(2.79)

(2.60)

(2.24)

(2.01)

Media

0.771^**

0.845^**

0.498

0.579

(2.52)

(2.51)

(1.53)

(1.58)

Creator

0.843^**

0.655^*

(2.34)

(1.68)

Reward

0.088^**

0.074^**

(2.57)

(2.06)

ln_Goal

−0.645^***

−0.861^***

(−4.60)

(−5.34)

Constant

0.896^***

1.956^***

6.101^***

2.640^***

9.071^***

(3.59)

(2.95)

(4.51)

(3.71)

(5.58)

N

300

298

286

298

286

Chi2

88.63

98.80

122.18

117.38

146.53

P

0.0000

0.0000

0.0000

0.0000

0.0000

Pseudo R2

0.2132

0.2392

0.3082

0.2842

0.3696