Sustainability-Oriented Institutions and the Success of Green Reward-Based Crowdfunding Campaigns
研究发现，国家层面的环境制度会调节支持者对绿色众筹活动的响应，更强的环境制度反而降低了绿色活动的成功率，可能因制度支持挤出了个人支持。
Previous research has produced mixed evidence on the success of green crowdfunding campaigns. We investigate whether country-level environmental institutions help explain these inconsistencies by moderating backers’ responses. While such institutions may enhance campaign legitimacy, they can also reduce the perceived urgency to contribute by offering alternative support channels. Analyzing a large Kickstarter dataset with machine learning, we find that green campaigns are less likely to succeed, particularly in countries with stronger environmental institutions. Post-hoc analyses point to a crowding-out effect of institutional support, which dampens individual backing, and suggest that omitted variable bias may partly account for prior conflicting results.