Influencing Factors and Implications of Charitable Crowdfunding Projects from the Attention Allocation Perspective: A Case Study of the "Voluntary Donation" Online Fundraising Platform of Tencent Public Welfare in China

Abstract: Crowdfunding has garnered widespread attention as a common fundraising method for charitable organisations in the People's Republic of China. However, with frequent fraud cases exposed in recent years, crowdfunding has tended to lose public trust, resulting in difficulties raising money. Thus, questions have been raised: What factors influence the success of crowdfunding? What are the specific impacts of these factors on the results of crowdfunding? To answer these questions, this article adopts a content analysis approach based on the attention allocation theory and analyses 9,589 projects launched in 2020 on the "Voluntary Donation" (lejuan) crowdfunding platform of Tencent Public Welfare (Tengxun gongyi). The analysis examines the impact of attention allocation on the amount raised for the projects from the perspectives of transparency, authority and emotion. The findings are: first, compared to negative emotions, expressing positive emotions can more effectively promote an increase in fundraising; second, in terms of project transparency, projects that disclose more information can attract more attention and achieve better fundraising results; and third, in terms of the authority of the initiating organisation, projects with higher authority often garner more attention and trust from crowdfunding participants, thus raising more funds.