Investment crowdfunding has little faith in sustainability! At least for the moment

IF 2.8 4区管理学 Q2 BUSINESS, FINANCE

Venture Capital Pub Date : 2022-10-12 DOI:10.1080/13691066.2022.2129510

C. Mendoza, Isabel María Parra Oller, Madrid Álvaro Rezola, Nuria Suárez

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Abstract

ABSTRACT We analyze the influence of sustainability on the probability of achieving successful investment crowdfunding offerings. We use a sample of 1,741 investment crowdfunding offerings launched by 1,569 firms in the US during the period May 2016–September 2019 under the Form-C requirements of the JOBS Act. After accounting for potential endogeneity concerns affecting the degree of sustainability of each offering, results show that sustainability-related factors do not boost the chances of successful investment crowdfunding offerings. This result is not homogeneous across firms, operations, or financial environments. We obtain evidence on the influence of firm characteristics and on how offering affects the extent to which sustainability impacts success. Moreover, alternative funding sources and the market structure for funding portals also shape the influence of sustainability on offering success. Results are robust to considering both firm- and offering-level factors traditionally linked with success, as well as to different specifications of the econometric model, and to additional robustness tests.

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投资众筹对可持续性缺乏信心!至少目前是这样

摘要本文分析了可持续性对成功投资众筹产品概率的影响。我们使用了2016年5月至2019年9月期间由美国1569家公司根据JOBS法案的Form-C要求推出的1,741项投资众筹产品的样本。在考虑了影响每个产品可持续性程度的潜在内生性问题后，结果表明，与可持续性相关的因素并没有提高投资众筹产品成功的机会。这一结果在不同的公司、业务或金融环境中并不相同。我们获得了企业特征影响的证据，以及提供如何影响可持续性对成功的影响程度的证据。此外，筹资门户的替代资金来源和市场结构也影响可持续性对筹资成功的影响。考虑到传统上与成功相关的公司和提供水平因素，以及计量经济模型的不同规格，以及额外的稳健性测试，结果都是稳健的。

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

Venture Capital BUSINESS, FINANCE-

CiteScore

4.10

自引率

16.70%

发文量

期刊介绍： Venture Capital publishes cutting edge research-based papers from academics and practitioners on all aspects of private equity finance such as: •institutional venture capital •informal venture capital •corporate venture capital •public sector venture capital •community venture capital It also covers all aspects of the venture capital process from investment decision to exit, including studies on: •investment patterns •investment decision-making •investment performance •realisation of investment value exit routes (including the relationship with junior capital markets such as NASDAQ, EASDAQ, AIM and Nouvelle March). •economic impact and public policy