| Variable | Definition |
| Sf | Dummy variable indicates whether the project was successfully funded (1 = success, 0 = failure). |
| Ratio | The ratio of the number of words of text information between “Risk & Challenge” and the total project description. |
| W_risks | Dummy variable indicates whether the expected risk was pointed out by refined key words in the “Risk and Challenge” board (1 = yes, 0 = no). |
| Update | The number of updates reflect the latest progress of the project and the interactions between sponsors and investors. |
| Backed | The number of times sponsor supports other projects as funder before the deadline of his/her project. |
| Hudong | The number of times sponsor interacts with others during the period of project financing. |
| Media | Dummy variable indicates whether there is positive evaluation about the project from third-party authoritative media platform (1 = yes, 0 = no). |
| Days | Refers to the pre-set duration of project financing. |
| Creator | Dummy variable indicates whether there is non-Chinese member in the team (1 = yes, 0 = no). |
| Goal | The amount founders seek to raise using crowdfunding. |
| Reward | The number of investment options set according to different levels of reward. |