气候政策冲击和可再生能源技术活动的众筹成功

IF 2.1 3区经济学 Q2 BUSINESS, FINANCE

European Financial Management Pub Date : 2024-10-21 DOI:10.1111/eufm.12523

Sirui Cheng, Xiuping Hua, Jiadong Peng, Huayi Zhang

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引用次数: 0

摘要

本研究将特朗普退出《巴黎协定》作为外生政策冲击，考察其对众筹结果的影响。我们发现，这一重大政策变化对可再生能源技术活动的融资成功产生了负面影响。机制检验表明，社会信任和可得性偏差传递了气候政策冲击对众筹者决策的影响。进一步分析表明，拜登相应的政策逆转恢复了投资者对可再生能源技术的支持。总体而言，特朗普政府的气候政策冲击导致小投资者的消费偏好发生重大变化，并对众筹市场的可再生能源技术产生负外部性。

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Climate policy shocks and crowdfunding success of renewable technology campaigns

This study uses Trump's withdrawal from the Paris Accord as an exogenous policy shock and investigates its impact on crowdfunding outcomes. We find that this major policy change negatively affects the funding success of renewable technology campaigns. Mechanism tests suggest that social trust and availability bias transmit the influence of climate policy shock on crowd backers' decisions. Further analyses indicate that Biden's consequential policy reversal recovers the investors' support towards renewable technology. Overall, the Trump administration's climate policy shock induces significant shifts in the consumption preferences of small investors and incurs negative externalities upon renewable technology in crowdfunding markets.

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来源期刊

European Financial Management BUSINESS, FINANCE-

CiteScore

4.30

自引率

18.20%

发文量

期刊介绍： European Financial Management publishes the best research from around the world, providing a forum for both academics and practitioners concerned with the financial management of modern corporation and financial institutions. The journal publishes signficant new finance research on timely issues and highlights key trends in Europe in a clear and accessible way, with articles covering international research and practice that have direct or indirect bearing on Europe.