Are sustainability-oriented investors different? Evidence from equity crowdfunding

Publikation: Beitrag in FachzeitschriftForschungsartikelBeigetragenBegutachtung

Beitragende

  • Lars Hornuf - , Universität Bremen, Max Planck Institute for Innovation and Competition (Autor:in)
  • Eliza Stenzhorn - , Universität Bremen (Autor:in)
  • Tim Vintis - , Universität Bremen (Autor:in)

Abstract

In this article, we examine how investor motives affect investment behavior in equity crowdfunding. In particular, we compare the investment behavior of sustainability-oriented with ordinary crowd investors on six leading equity crowdfunding platforms in Austria and Germany and investigate whether they suffer from a default shock that was recently identified by Dorfleitner et al. (2019). In general, we find evidence of a default shock in equity crowdfunding that occurs immediately after the event or if investors experience more than two insolvencies. Moreover, we find that sustainability-oriented investors pledge larger amounts of money and invest in more campaigns than ordinary crowd investors. The results also suggest that sustainability-oriented crowd investors care about non-financial returns, as they react more sensitively after experiencing a default in their equity crowdfunding portfolios, which indicates that they suffer beyond the pure financial loss. These findings contribute to recent literature on equity crowdfunding, socially responsible investing, and how individual investment motives and personal experiences affect investment decisions.

Details

OriginalspracheEnglisch
Seiten (von - bis)1662-1689
Seitenumfang28
FachzeitschriftJournal of Technology Transfer
Jahrgang47
Ausgabenummer6
PublikationsstatusVeröffentlicht - Dez. 2022
Peer-Review-StatusJa
Extern publiziertJa

Externe IDs

WOS 000707839700001
Scopus 85117278645
ORCID /0000-0002-0576-7759/work/142239292

Schlagworte

Schlagwörter

  • Entrepreneurial finance, Environmental investing, Equity crowdfunding, Ethical, Individual investor behavior, Social, Socially responsible investing

Bibliotheksschlagworte