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

Author

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  • Alexander Guzmán

    (CESA School of Business, Colegio de Estudios Superiores de Administración, 110311 Bogotá, Colombia)

  • Cristian Pinto-Gutiérrez

    (Faculty of Business and Economics, Universidad de Talca, 3460000 Talca, Chile)

  • María-Andrea Trujillo

    (CESA School of Business, Colegio de Estudios Superiores de Administración, 110311 Bogotá, Colombia)

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.

Suggested Citation

  • Alexander Guzmán & Cristian Pinto-Gutiérrez & María-Andrea Trujillo, 2020. "Attention to Global Warming and the Success of Environmental Initial Coin Offerings: Empirical Evidence," Sustainability, MDPI, vol. 12(23), pages 1-16, November.
    • Handle: RePEc:gam:jsusta:v:12:y:2020:i:23:p:9885-:d:451451
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    Cited by:

    1. Alexander Guzmán & Cristian Pinto-Gutiérrez & María-Andrea Trujillo, 2021. "Signaling Value through Gender Diversity: Evidence from Initial Coin Offerings," Sustainability, MDPI, vol. 13(2), pages 1-19, January.
    2. Chitsazan, Hasti & Bagheri, Afsaneh & Tajeddin, Mahdi, 2022. "Initial coin offerings (ICOs) success: Conceptualization, theories and systematic analysis of empirical studies," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
    3. Alessandro Bitetto & Paola Cerchiello, 2024. "Initial Coin Offerings: can ESG mitigate Underpricing?," DEM Working Papers Series 221, University of Pavia, Department of Economics and Management.
    4. Bitetto, Alessandro & Cerchiello, Paola, 2023. "Initial coin offerings and ESG: Allies or enemies?," Finance Research Letters, Elsevier, vol. 57(C).
    5. Florentina Șoiman & Jean-Guillaume Dumas & Sonia Jimenez-Garces, 2022. "The return of (I)DeFiX [Le rendement de (I)DeFiX]," Working Papers hal-03625891, HAL.
    6. Florentina c{S}oiman & Guillaume Dumas & Sonia Jimenez-Garces, 2022. "The return of (I)DeFiX," Papers 2204.00251, arXiv.org.
    7. Mansouri, Sasan & Momtaz, Paul P., 2022. "Financing sustainable entrepreneurship: ESG measurement, valuation, and performance," Journal of Business Venturing, Elsevier, vol. 37(6).

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