Financing sustainable entrepreneurship: ESG measurement, valuation, and performance
研究发现可持续导向提升初创企业初始估值但降低后续财务绩效，基于区块链众筹数据，并提供从文本评估ESG的机器学习方法。
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.