Table 4.

Robustness results.

Variables	Model 4	Model 5	Model 6
Constant	0.215 *** (0.141)	0.232 *** (0.114)	0.272 *** (0.098)
Rank	−0.013 ** (0.015)	−0.036 *** (0.008)	−0.027 *** (0.005)
Phy_Exp	0.029 * (0.007)	0.012 * (0.004)	0.011 ** (0.004)
New	0.008 ** (0.019)	0.015 *** (0.034)	0.021 ** (0.026)
Online reputation		1.115 ** (0.014)	1.109 * (0.015)
Offline reputation		0.041 (0.025)	0.071 (0.027)
Online effort		0.057 *** (0.024)	0.065 *** (0.024)
Risk		0.219 * (0.059)	0.219 ** (0.137)
Online reputation × Risk			0.114 * (0.071)
Offline reputation × Risk			0.021 (0.017)
Online effort × Risk			0.026 (0.029)
Adjusted-R2	0.241	0.262	0.291
N	821	821	821

Note: Standard errors are in parentheses. * p < 0.05; ** p < 0.01; *** p < 0.001.