Geopolitical risk and crowdfunding performance
研究了地缘政治风险对发展中国家奖励型众筹成功率的影响，发现风险越高成功率越低，但创业者可通过信号披露缓解这种负面效应。
The most pronounced risk that fund providers assume in rewards-based crowdfunding is reward delivery. Developing markets around the world exhibit geopolitical risks (GPR) that impact the likelihood that the rewards will be delivered. Hence, this points towards a potential association between GPR and the likelihood of successful crowdfunding financing. This paper examines 1,672 fundraising attempts from the 19 developing countries listed in the GPR index. The data indicate that GPR is negatively associated with the likelihood of crowdfunding success. Further, the evidence shows that entrepreneurs can moderate the costs of GPR via signaling and campaign disclosures. Implications for policymakers and entrepreneurs are discussed.