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Journal of Business Venturing

Financing Sustainable Entrepreneurship: ESG Measurement, Valuation, and Performance in Token Offerings*

Sustainable Entrepreneurship (SE) seeks to attain profitability and sustainability goals. A major research gap concerns the economic attractiveness of SE for entrepreneurs and investors. The question is ambiguous because sustainability orientation creates costly constraints, while startups cannot fully appropriate their positive externalities. We relate startups’ Environment, Society and Governance (ESG) properties obtained from a machine-learning …

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Entrepreneurial Finance and Moral Hazard: Evidence from Token Offerings

This paper provides the first evidence of a moral hazard in signaling in an entrepreneurial finance context, by examining token offerings or Initial Coin Offerings (ICOs). Entrepreneurs ability to signal quality is crucial to succeeding in the competition for growth capital. However, the absence of institutions that verify endogenous signals may induce a moral hazard …

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