Purpose
This paper aims to explore whether crowdfunding creators can learn from previous experiences to have a better financing performance of future crowdfunding projects.
Design/methodology/approach
This paper uses Python to capture the data of 6,267 crowdfunding projects from one of the largest crowdfunding platforms in China (JingDong Crowdfunding) and the author use the negative binomial regression model and the OLS model in this empirical study.
Findings
The empirical results show that both the early-stage experience of creating a crowdfunding project and the early-stage experience of supporting projects of other crowdfunding creators can improve the financing performance of their newly launched projects. The social network of the previous projects and the “Blockbuster” projects initiated before can also make the newly initiated projects obtain better financing performance.
Originality/value
Current research on entrepreneurial experience shows that serial entrepreneurs have significantly different success rates than novice or inexperienced entrepreneurs but there is limited literature on the learning effect of crowdfunding creators. This study adds to the literature on entrepreneurial learning and provides suggestions to crowdfunding creators.
PurposePromoting enterprises' green innovation is vital to realize the sustainable growth of cities and environmental protection and the rise of urban housing prices might affect the green innovation of enterprises to a certain extent. This study aims to discuss the aforementioned objective.Design/methodology/approachBased on the data of listed companies and urban housing prices of main cities in China from 2011 to 2019, this paper examines the impact of housing prices on enterprises' green innovation and analyzes the mechanism of rising housing prices on enterprises' green innovation.FindingsThe rise of urban housing prices can significantly promote the quality of green innovation of enterprises, but it has no significant impact on the quantity of green innovation. The heterogeneity test results show that the rising house prices have a more significant role in promoting the green innovation of non-state-owned enterprises, enterprises listed on the main board, enterprises in the central and western regions, and enterprises in non-first-tier cities. The mechanism research finds that the rise of urban housing prices has a financing relief effect and cost-pushing effect on the green innovation of enterprises.Originality/valueFirstly, it thoroughly examines the influence of housing prices on corporate green innovation. Second, it explores the differential impact of housing prices on enterprises' green innovation based on variations among enterprises and regions, offering valuable insights for the government to formulate proper policy. Lastly, it elucidates the influencing mechanism of housing prices on enterprise green innovation from the perspectives of corporate financing and costs, providing empirical support for enterprises to appropriately perceive the opportunities and challenges posed by rising housing prices and actively promote green innovation.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.