Econ Papers Daily / 期刊论文
环境信息披露政策对融资获取的作用：来自众筹的证据
Role of environmental disclosure policy on access to finance: evidence from crowdfunding
摘要
We study the impact of an online market’s policy (environmental policy) offering entrepreneurs the option to disclose their environmental engagement on entrepreneurship outcomes, using Kickstarter as a laboratory. Following the policy’s implementation, 32.4% of entrepreneurs opted to disclose their environmental commitments. Using the passage of the environmental policy as an instrument, we show that environmental commitment improves funding outcomes, with the funding success rate increasing by 13.2% and the pledged funding ratio by 8.7%. Environmental commitment also attracts more environmentally conscious backers and brings in new backers, which likely contributes to these improved outcomes. However, environmental commitment does not have a material impact on the ultimate project success rate and significantly delays project delivery. Overall, the evidence suggests that Kickstarter’s nudge policy encourages entrepreneurs’ environmental engagement and helps them expand access to environmentally conscious backers by internalizing backers’ environmental preferences.
中文摘要
我们以Kickstarter为实验平台，研究在线市场的一项政策（环境政策）——即允许创业者选择披露其环保参与情况——对创业成果的影响。该政策实施后，32.4%的创业者选择披露其环保承诺。以该环境政策的实施作为工具变量，我们发现环保承诺改善了融资结果，融资成功率提高了13.2%，承诺融资比例提高了8.7%。环保承诺还吸引了更多具有环保意识的资助者，并带来了新的资助者，这很可能促进了上述改善。然而，环保承诺对最终项目成功率并无实质性影响，且显著延迟了项目交付。总体而言，证据表明Kickstarter的助推政策鼓励了创业者的环保参与，并通过内化资助者的环保偏好，帮助其扩大了对环保意识资助者的接触范围。