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Open AccessArticle

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

1
CESA School of Business, Colegio de Estudios Superiores de Administración, 110311 Bogotá, Colombia
2
Faculty of Business and Economics, Universidad de Talca, 3460000 Talca, Chile
*
Author to whom correspondence should be addressed.
Sustainability 2020, 12(23), 9885; https://doi.org/10.3390/su12239885
Received: 19 October 2020 / Revised: 18 November 2020 / Accepted: 24 November 2020 / Published: 26 November 2020
(This article belongs to the Special Issue Corporate/Entrepreneurial Finance and Sustainability)
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. View Full-Text
Keywords: initial coin offering; blockchain; global warming; climate change initial coin offering; blockchain; global warming; climate change
MDPI and ACS Style

Guzmán, A.; Pinto-Gutiérrez, C.; Trujillo, M.-A. Attention to Global Warming and the Success of Environmental Initial Coin Offerings: Empirical Evidence. Sustainability 2020, 12, 9885. https://doi.org/10.3390/su12239885

AMA Style

Guzmán A, Pinto-Gutiérrez C, Trujillo M-A. Attention to Global Warming and the Success of Environmental Initial Coin Offerings: Empirical Evidence. Sustainability. 2020; 12(23):9885. https://doi.org/10.3390/su12239885

Chicago/Turabian Style

Guzmán, Alexander; Pinto-Gutiérrez, Cristian; Trujillo, María-Andrea. 2020. "Attention to Global Warming and the Success of Environmental Initial Coin Offerings: Empirical Evidence" Sustainability 12, no. 23: 9885. https://doi.org/10.3390/su12239885

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