Role of environmental disclosure policy on access to finance: evidence from crowdfunding

• 成果类型: Article
• 署名作者: Bai, John (Jianqiu); Cao, Yi; Martin, Xiumin; Wan, Chi
• 署名单位: Hong Kong Polytechnic University; George Mason University; Washington University (WUSTL); California State University System; San Diego State University
• 刊物名称: REVIEW OF ACCOUNTING STUDIES
• ISSN/ISSBN: 1380-6653; 1573-7136
• DOI: 10.1007/s11142-026-09982-z
• 发表日期: 2026-09
• 页码: 2587-2628
• 关键词: Crowdfunding; ESG; environmental policy; Environmental commitment; sustainability; Q20; Q40; Q50; G30; H23; performance; money

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.