| Variable characteristics | Variable symbol | Definition |
| Dependent Variable | Con_Finali | The crowdfunding level of crowdfunding project i is the ratio of the final investment commitment to the target amount of crowdfunding |
| Independent Variables |
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| Variables about crowdfunding platforms | Hmpag_ifi | Whether the crowd-funding project i is recommended on the homepage of the crowd-funding website. A dummy variable takes on values of either 0 or 1 |
| Only_Hmpagi | Is crowd-funding project i only recommended by the homepage of the crowdfunding website without any recommendation from Weibo or Wechat. A dummy variable takes on values of either 0 or 1. | |
| LnHmpagi | The logarithm of the number of times the crowdfunding project i was recommended on the home page of the crowdfunding website | |
| Upadati_dumi | Whether there is any announcement update for crowdfunding project i, A dummy variable takes on values of either 0 or 1. | |
| LnUpdatii | The logarithm of the number of announcements of crowdfunding project i | |
| LnFocusi | The logarithm of the number of followers of crowdfunding project i | |
| LnTopicsi | The logarithm of the number of topics discussed for crowd-funding project i | |
| weibo and wechat variables | SocialMedia_ifi | Is there any recommendation from Weibo or wechat for the crowd-funding project i? A dummy variable takes on values of either 0 or 1. |
| weibo variables | weibo_ifi | Weibo_ if i crowdfunding project i is recommended on Weibo? A dummy variable takes on values of either 0 or 1. |
| Only_weiboi | Is crowd-funding project i recommended by Weibo but not by wechat? A dummy variable takes on values of either 0 or 1. | |
| Lnweibo_Totali | Logarithm of the total number of tweets recommended for crowdfunding project i | |
| Lnweibo_commenti | Logarithm of the number of recommended micro-blog comments for crowdfunding project i | |
| Lnweibo_resharei | Logarithm of the forwarding number of recommended micro-blog of crowdfunding project i | |
| Lnweibo_fansi | The logarithm of the number of microblog followers of the initiator of the crowdfunding project i | |
| wechat variables | wechat_ifi | Whether the crowdfunding project i is recommended by wechat?A dummy variable takes on values of either 0 or 1. |
| Only_wechati | Is crowd-funding project i recommended only by wechat but not by any Weibo? A dummy variable takes on values of either 0 or 1. | |
| Lnwechat_Totali | Logarithm of the total number of wechat articles recommended for crowdfunding project i | |
| Lnwechat_viewsi | Logarithm of reading number of wechat articles of crowd-funding project i | |
| Characteristics of crowdfunding projects | LnTargeti | Logarithm of crowdfunding target amount of crowdfunding project i |
| LnTotal_Daysi | Logarithm of crowdfunding duration of crowdfunding project i | |
| Videoi | Does the crowdfunding project i have a video introduction?A dummy variable takes on values of either 0 or 1 | |
| Brandi | Whether the crowdfunding project i has a clear brand = 1, otherwise = 0 | |
| Patenti | Whether crowdfunding project i has patent or certificate proof A dummy variable takes on values of either 0 or 1 | |
| Startupsi | Whether the initiator of crowdfunding project i is a newly established enterprise (within 3 years) A dummy variable takes on values of either 0 or 1 |