ESG and crowdfunding platforms

IF 7.7 1区管理学 Q1 BUSINESS

Journal of Business Venturing Pub Date : 2023-10-06 DOI:10.1016/j.jbusvent.2023.106362

Douglas Cumming , Michele Meoli , Alice Rossi , Silvio Vismara

引用次数: 0

Abstract

We hypothesize that environmental, social, and governance (ESG) goals enable crowdfunding platforms to attract more investors and thus survive longer. Using data on the population of 508 security-based platforms established in the 38 OECD countries between 2007 and 2020, we document that platforms with higher levels of ESG selection criteria are more likely to survive over time. The importance of ESG criteria is more pronounced for platforms operating in countries with lower power distance. In decomposing ESG, we find that governance is the most significant component of the three, while environmental criteria have increased in importance for platform survival in recent years.

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ESG和众筹平台

我们假设，环境、社会和治理(ESG)目标使众筹平台能够吸引更多的投资者，从而存活得更久。利用2007年至2020年间在38个经合组织国家建立的508个基于安全的平台的人口数据，我们证明，随着时间的推移，ESG选择标准水平较高的平台更有可能生存下来。对于在权力距离较短的国家运营的平台，ESG标准的重要性更为明显。在分解ESG时，我们发现治理是三者中最重要的组成部分，而近年来环境标准对平台生存的重要性也有所增加。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Venturing BUSINESS-

CiteScore

16.70

自引率

6.90%

发文量

审稿时长

77 days

期刊介绍： The Journal of Business Venturing: Entrepreneurship, Entrepreneurial Finance, Innovation and Regional Development serves as a scholarly platform for the exchange of valuable insights, theories, narratives, and interpretations related to entrepreneurship and its implications. With a focus on enriching the understanding of entrepreneurship in its various manifestations, the journal seeks to publish papers that (1) draw from the experiences of entrepreneurs, innovators, and their ecosystem; and (2) tackle issues relevant to scholars, educators, facilitators, and practitioners involved in entrepreneurship. Embracing diversity in approach, methodology, and disciplinary perspective, the journal encourages contributions that contribute to the advancement of knowledge in entrepreneurship and its associated domains.