We hypothesize that environmental, social, and governance (ESG) goals enable crowdfunding platforms to attract more investors and thus survive longer. Using data on the population of 508 security-based platforms established in the 38 OECD countries between 2007 and 2020, we document that platforms with higher levels of ESG selection criteria are more likely to survive over time. The importance of ESG criteria is more pronounced for platforms operating in countries with lower power distance. In decomposing ESG, we find that governance is the most significant component of the three, while environmental criteria have increased in importance for platform survival in recent years.

我们假设环境、社会和治理 (ESG) 目标使众筹平台能够吸引更多投资者，从而生存更长时间。利用 2007 年至 2020 年间在 38 个 OECD 国家建立的 508 个基于安全的平台的数据，我们发现，随着时间的推移，ESG 选择标准水平较高的平台更有可能生存下来。对于在权力差距较小的国家运营的平台来说，ESG 标准的重要性更为明显。在分解 ESG 时，我们发现治理是三者中最重要的组成部分，而近年来环境标准对于平台生存的重要性日益增加。