TY  - JOUR
A1  - Mansouri, Sasan
A1  - Momtaz, Paul P.
T1  - Financing sustainable entrepreneurship: ESG measurement, valuation, and performance
T2  - Journal of business venturing
N2  - 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.
KW  - Sustainable entrepreneurship
KW  - Sustainability orientation
KW  - ESG
KW  - Token offering
KW  - Initial coin offering (ICO)
KW  - Blockchain-based crowdfunding
KW  - Entrepreneurial finance
KW  - Machine learning
Y1  - 2022
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/78452
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-784520
SN  - 0883-9026
VL  - 37
IS  - 6, art. 106258
PB  - Elsevier
CY  - Amsterdam
ER  -