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B corp certification and its impact on funding rounds over time
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This paper studies the impact of B Corp certification and its interaction with the B Impact Assessment score on companies' funding rounds over time. The results reveal that these factors are associated with an increase in organizations' ability to raise capital. Traditional VCs and impact investors have both a role in generating additional investment in B Corps. Moreover, we explore the reverse causality issue and find that most of the increase in companies' funding happens right before the certification. We conclude that firms use part of their financing to pay the internal re-organization costs required to be come B Corps.
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B corp certification Funding rounds Capital raised