Variable	(1)	(2)	(3)	(4)	(5)
Variable	Model 1	Model 2	Model 3	Model 4	Model 5
Ratio	−2.374^**			−1.635^*	−2.153^**
	(−2.57)			(−1.75)	(−2.24)
W_Risks	−0.422			−0.560^**	−0.654^**
	(−1.61)			(−1.97)	(−2.08)
z2Update	1.784^***			1.100^**	1.586^**
	(4.21)			(2.01)	(2.22)
z2Hudong		5.309^**	6.957^***	3.291^*	4.279^*
		(2.63)	(2.59)	(1.85)	(1.73)
Days		−0.031^***	−0.016	−0.041^***	−0.031^**
		(−2.63)	(−1.34)	(−2.91)	(−1.98)
Backed		0.062^**	0.061^*	0.047^**	0.047
		(2.25)	(1.88)	(2.13)	(1.46)
Media		0.771^**	0.845^***	0.498	0.579
		(2.57)	(2.63)	(1.57)	(1.63)
Creator			0.843^**		0.655
			(2.18)		(1.53)
Reward			0.088^***		0.074^**
			(3.15)		(2.61)
ln_Goal			−0.645^***		−0.861^***
			(−4.82)		(−5.61)
_Cons	0.896^***	1.956^**	6.101^***	2.640^***	9.071^***
	(3.65)	(2.25)	(4.04)	(3.24)	(5.27)
N	300	298	286	298	286
Chi2	34.72	25.69	36.86	43.17	51.14
P	0.0000	0.0000	0.0000	0.0000	0.0000
Pseudo R2	0.2132	0.2392	0.3082	0.2842	0.3696