可持续创业融资:ESG测量、评估和绩效

IF 7.7 1区管理学 Q1 BUSINESS Journal of Business Venturing Pub Date : 2022-11-01 DOI:10.1016/j.jbusvent.2022.106258

Sasan Mansouri , Paul P. Momtaz

{"title":"可持续创业融资:ESG测量、评估和绩效","authors":"Sasan Mansouri , Paul P. Momtaz","doi":"10.1016/j.jbusvent.2022.106258","DOIUrl":null,"url":null,"abstract":"<div><p>Sustainability orientation has a positive effect on startups' initial valuation and a negative effect on their post-funding financial performance. All else equal, improving sustainability orientation by one standard deviation increases startups' funding amount by 28 % and decreases investors' abnormal returns per post-funding year by 16 %. The results hold in a large sample of blockchain-based crowdfunding campaigns, also known as Initial Coin Offerings (ICOs) or token offerings. A key contribution is a machine-learning approach to assess startups' Environment, Society and Governance (ESG) properties from textual data, which we make readily available at <span>www.SustainableEntrepreneurship.org</span><svg><path></path></svg>.</p></div>","PeriodicalId":51348,"journal":{"name":"Journal of Business Venturing","volume":null,"pages":null},"PeriodicalIF":7.7000,"publicationDate":"2022-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0883902622000702/pdfft?md5=45e63ff17f999d7a114ffed76d27fd2f&pid=1-s2.0-S0883902622000702-main.pdf","citationCount":"0","resultStr":"{\"title\":\"Financing sustainable entrepreneurship: ESG measurement, valuation, and performance\",\"authors\":\"Sasan Mansouri , Paul P. Momtaz\",\"doi\":\"10.1016/j.jbusvent.2022.106258\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Sustainability orientation has a positive effect on startups' initial valuation and a negative effect on their post-funding financial performance. All else equal, improving sustainability orientation by one standard deviation increases startups' funding amount by 28 % and decreases investors' abnormal returns per post-funding year by 16 %. The results hold in a large sample of blockchain-based crowdfunding campaigns, also known as Initial Coin Offerings (ICOs) or token offerings. A key contribution is a machine-learning approach to assess startups' Environment, Society and Governance (ESG) properties from textual data, which we make readily available at <span>www.SustainableEntrepreneurship.org</span><svg><path></path></svg>.</p></div>\",\"PeriodicalId\":51348,\"journal\":{\"name\":\"Journal of Business Venturing\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":7.7000,\"publicationDate\":\"2022-11-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S0883902622000702/pdfft?md5=45e63ff17f999d7a114ffed76d27fd2f&pid=1-s2.0-S0883902622000702-main.pdf\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Business Venturing\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0883902622000702\",\"RegionNum\":1,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Business Venturing","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0883902622000702","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}

引用次数: 0

摘要

可持续性取向对创业公司初始估值有正向影响，对融资后财务绩效有负向影响。在其他条件相同的情况下，可持续发展导向每提高一个标准差，创业公司的融资额就会增加28%，每个融资后年度投资者的异常回报就会减少16%。这一结果在基于区块链的众筹活动(也称为首次代币发行(ico)或代币发行)的大量样本中得到了证实。一个关键的贡献是一种机器学习方法，可以从文本数据中评估初创公司的环境、社会和治理(ESG)属性，我们可以在www.SustainableEntrepreneurship.org上随时获得这些数据。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文

微信好友朋友圈 QQ好友复制链接

本刊更多论文

Financing sustainable entrepreneurship: ESG measurement, valuation, and performance

Sustainability orientation has a positive effect on startups' initial valuation and a negative effect on their post-funding financial performance. All else equal, improving sustainability orientation by one standard deviation increases startups' funding amount by 28 % and decreases investors' abnormal returns per post-funding year by 16 %. The results hold in a large sample of blockchain-based crowdfunding campaigns, also known as Initial Coin Offerings (ICOs) or token offerings. A key contribution is a machine-learning approach to assess startups' Environment, Society and Governance (ESG) properties from textual data, which we make readily available at www.SustainableEntrepreneurship.org.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

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.