ESG and crowdfunding platforms
研究了环境、社会和治理（ESG）目标如何帮助众筹平台吸引投资者并延长生存时间，发现ESG筛选标准高的平台更易存活，且治理因素最为关键。
We hypothesize that environmental, social, and governance (ESG) goals enable crowdfunding platforms to attract more investors and thus survive longer. Using data on the population of 508 security-based platforms established in the 38 OECD countries between 2007 and 2020, we document that platforms with higher levels of ESG selection criteria are more likely to survive over time. The importance of ESG criteria is more pronounced for platforms operating in countries with lower power distance. In decomposing ESG, we find that governance is the most significant component of the three, while environmental criteria have increased in importance for platform survival in recent years.