Attention to Global Warming and the Success of Environmental Initial Coin Offerings: Empirical Evidence

Alexander Guzmán, Cristian Pinto-Gutierrez () and María-Andrea Trujillo
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Alexander Guzmán: CESA School of Business, Colegio de Estudios Superiores de Administración, 110311 Bogotá, Colombia
María-Andrea Trujillo: CESA School of Business, Colegio de Estudios Superiores de Administración, 110311 Bogotá, Colombia

Sustainability, 2020, vol. 12, issue 23, 1-16

Abstract: We analyze the effects of attention to global warming on the success of environmental initial coin offerings (ICOs) measured by the total funding amount raised in the actual ICOs and the long-term survival of the projects. Using a database featuring 324 environmental initial coin offerings between 2017 and 2019, we find that attention to global warming increases the total funding raised in an environmental ICO. Moreover, we find that environmental offerings that occur during periods of greater attention to global warming are significantly less likely to fail in the long term. Our results are consistent with the idea that investor attention as a market-discipline mechanism increases the likelihood of survival for environmental ICOs.

Keywords: initial coin offering; blockchain; global warming; climate change (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:12:y:2020:i:23:p:9885-:d:451451

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