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.