Table 5.

The estimated results of the PSM for crowdfunding projects and pre-order items.

Performance variable	Sample	Treated	Controls	Difference	S.E.	T-test
Success	ATT	0.8141	0.5098	0.3043 ***	0.0338	9.00
RA	ATT	10.9620	2.7985	8.1635 ***	1.3995	5.83
BA	ATT	1556.9919	453.3716	1103.6204 ***	193.7079	5.70
PL	ATT	298.4163	207.0236	91.3927	62.5688	1.46

^*p ≤ 0.05;

^**p ≤ 0.01;

^***p ≤ 0.001.

ATT refers to the average treatment effect on the treated. ATT is estimated using the bootstrapping method (N = 500). The value of bold means significant.