New Research Publications on Green Ventures

We are pleased to announce that the article “Venture Funding: Signals of Environmental Orientation and Their Interplay with Investor- and Country-Level Characteristics” by David Flore, Corinna Vera Hedwig Schmidt, and Steffen Strese has been published in Business Strategy and the Environment.

The study draws on signaling theory to examine how ventures’ communication of an environmental orientation influences funding outcomes. Analyzing over 5,000 ventures from the US and Europe, the authors show that signaling environmental orientation is positively related to funding, especially when investors share a similar orientation and when ventures operate in countries with higher emissions. The findings highlight the importance of contextual fit between ventures, investors, and their institutional environment.
The article is published open access and can be accessed via the following link:
https://onlinelibrary.wiley.com/doi/10.1002/bse.70529

We are also excited to share the publication “Certified Sustainability: Third-Party Certification of Sustainable Ventures and Its Relationship to Venture Funding” by Dominik Schmelter, Corinna Vera Hedwig Schmidt, and Steffen Strese in the Journal of Business Ethics.

This study investigates how third-party sustainability certifications, such as B Corp certification, affect venture funding across different venture stages. Using a matched sample of certified and non-certified sustainable ventures, the authors show that certification serves as a powerful signal that increases funding, particularly in earlier stages, while its effect weakens as ventures mature. The results underline the strategic importance of timing sustainability signals in venture financing.
The article can be accessed via the following link:
https://link.springer.com/article/10.1007/s10551-025-06241-0