Internationalization of equity crowdfunding platforms
研究了股权众筹平台国际化对绩效的影响，发现国际化平台因更关注ESG问题而吸引更多投资者，表现优于国内平台。
Equity crowdfunding platforms are expanding globally, heralded for their capacity to connect entrepreneurs and investors transcending geographic boundaries. These platforms alleviate the distance-related frictions typical of traditional early-stage finance. Despite their global breadth, however, our knowledge of the internationalization of equity crowdfunding platforms remains limited. Drawing upon an international longitudinal dataset of 317 equity crowdfunding platforms observed over a 15-year period, our study investigates the impact of their internationalization on performance. Our findings reveal that international platforms outperform domestic ones as they mobilize a larger pool of investors. This result stems from their stronger engagement with environmental, social, and governance (ESG) issues, which enhances their attractiveness to investors.