Nội dung được dịch bởi AI, chỉ mang tính chất tham khảo
Các nhà đầu tư hướng đến bền vững có khác biệt không? Bằng chứng từ gọi vốn vốn cổ phần
Tóm tắt
Trong bài viết này, chúng tôi xem xét cách thức động lực của nhà đầu tư ảnh hưởng đến hành vi đầu tư trong gọi vốn cổ phần. Cụ thể, chúng tôi so sánh hành vi đầu tư của các nhà đầu tư hướng đến tính bền vững với các nhà đầu tư đám đông thông thường trên sáu nền tảng gọi vốn cổ phần hàng đầu tại Áo và Đức và điều tra xem liệu họ có bị ảnh hưởng bởi cú sốc vỡ nợ mà Dorfleitner và cộng sự (2019) vừa xác định hay không. Tổng thể, chúng tôi tìm thấy bằng chứng về cú sốc vỡ nợ trong gọi vốn cổ phần xảy ra ngay lập tức sau sự kiện hoặc nếu nhà đầu tư trải qua hơn hai vụ vỡ nợ. Hơn nữa, chúng tôi nhận thấy rằng các nhà đầu tư hướng đến tính bền vững cam kết các khoản tiền lớn hơn và đầu tư vào nhiều chiến dịch hơn so với các nhà đầu tư đám đông thông thường. Kết quả cũng cho thấy rằng các nhà đầu tư đám đông hướng đến tính bền vững quan tâm đến lợi nhuận phi tài chính, vì họ phản ứng nhạy cảm hơn sau khi trải qua một vụ vỡ nợ trong danh mục gọi vốn cổ phần của họ, cho thấy họ bị ảnh hưởng nhiều hơn ngoài tổn thất tài chính thuần túy. Những phát hiện này đóng góp vào tài liệu gần đây về gọi vốn cổ phần, đầu tư có trách nhiệm xã hội, và cách thức động lực đầu tư cá nhân và kinh nghiệm cá nhân ảnh hưởng đến quyết định đầu tư.
Từ khóa
#gọi vốn cổ phần #đầu tư có trách nhiệm xã hội #động lực đầu tư #tổn thất tài chínhTài liệu tham khảo
Agrawal, A., Catalini, C., & Goldfarb, A. (2016). Are syndicates the killer app of equity crowdfunding? California Management Review, 58(2), 111–124.
Ahlers, G. K., Cumming, D., Günther, C., & Schweizer, D. (2015). Signaling in equity crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955–980.
Aktiendepot. (2020). Nachhaltiges Invest mit Crowdinvesting – Über Crowdinvesting nachhaltige Projekte finanzieren!. Retrieved from https://www.aktiendepot.com/nachhaltiges-invest-mit-crowdinvesting/ " \l "fazit-mit-crowdinvesting-nachhaltig-investieren-zahlt-sich-fur-alle-beteiligten-aus. Last accessed 12 May 2020.
Andersen, S., Hanspal, T., & Nielsen, K. M. (2019). Once bitten, twice shy: The power of personal experiences in risk taking. Journal of Financial Economics, 132(2), 97–117.
Beal, D., & Goyen, M. (1998). Putting your money where your mouth is: A profile of ethical investors. Financial Services Review, 7(2), 129–144.
Beal, D. J., Goyen, M., & Philips, P. (2005). Why do we invest ethically? Journal of Investing, 14(3), 66–77.
Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: Tapping the right crowd. The Journal of Business Venturing, 29(5), 585–609.
Berger, I. E., & Corbin, M. R. (1992). Perceived consumer effectiveness and faith in others as moderators of environmentally responsible behaviors. Journal of Public Policy & Marketing, 11(2), 79–100.
Biallo. (2019). Nachhaltiges Crowdinvesting: Mehr als nur gute Rendite. Retrieved from https://www.biallo.de/geldanlage/ratgeber/nachhaltiges-crowdinvesting. Last accessed 12 May 2020.
Block, J., Colombo, M. G., Cumming, D. J., & Vismara, S. (2018a). New players in entrepreneurial finance and why they are there. Small Business Economics, 50(2), 239–250.
Block, J., Hornuf, L., & Moritz, A. (2018b). Which updates during an equity crowdfunding campaign increase crowd participation? Small Business Economics, 50(1), 3–27.
Bollen, N. P. B. (2007). Mutual fund attributes and investor behavior. Journal of Financial and Quantitative Analysis, 42(3), 683–708.
Butticè, V., Di Pietro, F., & Tenca, F. (2021). They do not look alike: What kind of private investors do equity crowdfunded firms attract? The Journal of Technology Transfer (forthcoming).
Byrne, K. (2005). How do consumers evaluate risk in financial products? Journal of Financial Services Marketing, 10(1), 21–36.
Calic, G., & Mosakowski, E. (2016). Kicking off social entrepreneurship: How a sustainability orientation influences crowdfunding success. Journal of Management Studies, 53(5), 738–767.
Chiang, Y. M., Hirshleifer, D., Qian, Y., & Sherman, A. E. (2011). Do investors learn from experience? Evidence from frequent IPO investors. Rev. Financ. Stud., 24(5), 1560–1589.
Choi, J. J., Laibson, D., Madrian, B. C., & Metrick, A. (2009). Reinforcement learning and savings behavior. The Journal of Finance, 64(6), 2515–2534.
Cholakova, M., & Clarysse, B. (2015). Does the possibility to make equity investments in crowdfunding projects crowd out reward-based investments? Entrepreneurship Theory and Practice, 39(1), 145–172.
Coakley, J. (2021). Strategic entrepreneurial choice between competing crowdfunding platforms. The Journal of Technology Transfer (forthcoming).
Cullis, J. G., Lewis, A., & Winnett, A. (1992). Paying to be good: UK ethical investments. Kyoklos, 45(1), 3–24.
Dorfleitner, G., Hornuf, L., & Weber, M. (2019). Paralyzed by shock: The portfolio formation behavior of peer-to-business lending investors. CESifo working papers 7092.
Ellen, P. S., Wiener, J. L., & Cobb-Walgren, C. (1991). The role of perceived consumer effectiveness in motivating environmentally conscious behaviors. Journal of Public Policy & Marketing, 10(2), 102–117.
Freear, J., Sohl, J. E., & Wetzel, W. E., Jr. (1994). Angels and non-angels: Are there differences? The Journal of Business Venturing, 9(2), 109–123.
Geld-bewegt. (2020). Nachhaltig investieren mit der Crowd? Retrieved from https://www.geld-bewegt.de/wissen/geld-versicherungen/nachhaltige-geldanlage/nachhaltig-investieren-mit-der-crowd-16773. Last accessed 12 May 2020.
Gevlin, K. (2007). The coming of age of socially responsible investing. Financial Planning, 37(8), 56.
Goethner, M., Hornuf, L., & Regner, T. (2021). Protecting investors in equity crowdfunding: An empirical analysis of the small investor protection act. Technological Forecasting and Social Change, 162, 120352.
Günther, C., Johan, S., & Schweizer, D. (2018). Is the crowd sensitive to distance? How investment decisions differ by investor type. Small Business Economics, 50(2), 289–305.
Hainz, C., & Hornuf, L. (2019). Praxiserfahrungen mit den Befreiungsvorschriften des Kleinanlegerschutzgesetzes: Eine aktuelle Bestandsaufnahme. ifo Forschungsberichte 102, Munich, ifo Institute.
Hainz, C., Hornuf, L., Nagel, L., Reiter, S., & Stenzhorn, E. (2019). Exemption provisions of the German small investor protection act: A follow-up study. ifo DICE Report, 17(2), 41–51.
Heeb, F., Kölbel, J., Paetzold, F., & Zeisberger, S. (2021). Do investors care about impact? SSRN Working Paper. Retrieved from https://ssrn.com/abstract=3765659. Last accessed 10 March 2021.
Hörisch, J. (2015). Crowdfunding for environmental ventures: An empirical analysis of the influence of environmental orientation on the success of crowdfunding initiatives. Journal of Cleaner Production, 107, 636–645.
Hornuf, L., Schmitt, M., & Stenzhorn, E. (2020). Does a local bias exist in equity crowdfunding? Max Planck Institute for Innovation & Competition Research Paper No. 16–07.
Hornuf, L., Schilling, T., & Schwienbacher, A. (2021). The relevance of investor rights in crowdinvesting. Journal of Corporate Finance (forthcoming).
Hornuf, L., Klöhn, L., & Schilling, T. (2018a). Financial contracting in crowdinvesting-lessons from the German market. German Law Journal, 19(3), 509–578.
Hornuf, L., Schmitt, M., & Stenzhorn, E. (2018b). Equity crowdfunding in Germany and the United Kingdom: Follow-up funding and firm failure. Corp. Gov. Int. Rev., 26(5), 331–354.
Hornuf, L., & Schwienbacher, A. (2018a). Internet-based entrepreneurial finance: Lessons from Germany. California Management Review, 60(2), 150–175.
Hornuf, L., & Schwienbacher, A. (2018b). Market mechanisms and funding dynamics in equity crowdfunding. Journal of Corporate Finance, 50, 556–574.
Hudson, R. (2005). Ethical investing: Ethical investors and managers. J. Ethics q., 15(4), 641–657.
Hummels, H., & Timmer, D. (2004). Investors in need of social, ethical, and environmental information. Journal of Business Ethics, 52(1), 73–84.
Jansson, M., & Biel, A. (2011). Motives to engage in sustainable investment: A comparison between institutional and private investors. Sustainable Development, 19, 135–142.
Johan, S., & Zhang, Y. (2021). Investors’ industry preference in equity crowdfunding. The Journal of Technology Transfer (forthcoming).
Kahnemann, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. In L. MacLean & W. T. Ziemba (Eds.), Handbook of the fundamentals of financial decision making. London: World Scientific. https://doi.org/10.1142/8557
Kaustia, M., & Knüpfer, S. (2008). Do investors overweight personal experience? Evidence from IPO subscriptions. The Journal of Finance, 63(6), 2679–2702.
King, G., & Nielsen, R. (2019). Why propensity scores should not be used for matching. Political Analysis, 27(4), 435–454.
Kleinert, S., & Volkmann, C. (2019). Equity crowdfunding and the role of investor discussion boards. Venture Capital, 21(4), 327–352.
Knüpfer, S., Rantapuska, E., & Sarvimäki, M. (2017). Formative experiences and portfolio choice: Evidence from the Finnish great depression. The Journal of Finance, 72(1), 133–166. https://doi.org/10.1111/jofi.12469
Lagerkvist, C. J., Edenbrandt, A. K., Tibbelin, I., & Wahlstedt, Y. (2020). Preferences for sustainable and responsible equity funds: A choice experiment with Swedish private investors. Journal of Behavioral and Experimental Finance, 28, 100406. https://doi.org/10.1016/j.bef.2020.100406
Laudenbach, C., Loos, B., & Pirschel, J. (2017). Recent experiences and risk taking: Trading responses to changes in the local environment. Working Paper.
Levitt, S. D., & List, J. A. (2007). What do laboratory experiments measuring social preferences reveal about the real world? JEP, 21(2), 153–174.
Lewis, A., & Mackenzie, C. (2000). Morals, motives and money: the case of U.K. ethical investing. Human Relations, 53(2), 179–191.
Lewis, A., & Mackenzie, C. (2000b). Support for investor activism among UK ethical investors. Journal of Business Ethics, 24(3), 215–222.
Lewis, A., & Webley, P. (1994). Social and ethical investing. In A. Lewis & K.-E. Wärneryd (Eds.), Ethics and economic affairs (pp. 171–182). Routledge.
Lukkarinen, A., & Schwienbacher, A. (2021). Secondary market listings in equity crowdfunding: The missing link? SSRN Working Paper. Retrieved from https://ssrn.com/abstract=3725498. Last accessed 27 June 2021.
MacGregor, D., Slovic, P., Berry, M., & Evenski, H. R. (1999). Perception of financial risk: A survey study of advisors and planners. Journal of Financial Planning, 12(8), 68–86.
Mackenzie, C., & Lewis, A. (1999). Morals and markets: The case of ethical investing. Business Ethics Quarterly, 9(3), 439–452.
Malmendier, U., & Nagel, S. (2011). Depression babies: Do macroeconomic experiences affect risk taking? The Quarterly Journal of Economics, 126(1), 373–416.
Marsat, S., Pijourlet, G., & Williams, B. (2018). Disentangling financial and ethical effects of corporate social responsibility on firm value. In S. Boubaker, D. Cumming, & D. K. Nguyen (Eds.), Research handbook of finance and sustainability (pp. 72–92). Edward Elgar Publishing Inc.
McCann, L., Solomon, A., & Solomon, J. F. (2003). Explaining the growth in UK socially responsible investment. Journal of General Management, 28(4), 15–36.
McLachlan, J., & Gardner, J. (2004). A comparison of socially responsible and conventional investors. Journal of Business Ethics, 52(1), 11–25.
Michelson, G., Wailes, N., van der Laan, S., & Frost, G. (2004). Ethical investment processes and outcomes. Journal of Business Ethics, 52(1), 1–10.
Nguyen, T., Cox, J., & Rich, J. (2019). Invest or regret? An empirical investigation into funding dynamics during the final days of equity crowdfunding campaigns. Journal of Corporate Finance, 58, 784–803.
Nilsson, J. (2008). Investment with a conscience: Examining the impact of pro-social attitudes and perceived financial performance on socially responsible investment behavior. Journal of Business Ethics, 83, 307–325.
Owen, A., & Qian, Y. (2008). Determinants of socially responsible investment decisions. Empirical Economics Letters. Hamilton College Sustainability Working Paper #2008–2 (pp. 1–10).
Palacios-González, M. M., & Chamorro-Mera, A. (2018). Analysis of the predictive variables of the intention to invest in a socially responsible manner. Journal of Cleaner Production, 196, 469–477.
Pasewark, W. R., & Riley, M. E. (2010). It’s a matter of principle: The role of personal values in investment decisions. Journal of Business Ethics, 93, 237–253.
Peifer, J. L. (2014). Fund loyalty among socially responsible investors: The importance of the economic and ethical domains. Journal of Business Ethics, 121, 635–649.
Ramos, J. (2014). Crowdfunding and the role of managers in ensuring the sustainability of crowdfunding platforms. In J. Stewart (Ed.), JRC technical report series. JRC Institute for Prospective Technological Studies, European Commission. Retrieved from ftp://ftp.jrc.es/pub/EURdoc/JRC85752.pdf. Last accessed 15 Dec 2019.
Riedl, A., & Smeets, P. (2017). Why do investors hold socially responsible mutual funds? The Journal of Finance, 72(6), 2505–2550.
Rivoli, P. (2003). Making a difference or making a statement? Finance research and socially responsible investment. Business Ethics Quarterly, 13(3), 271–287.
Rosen, B. N., Sandler, D. M., & Shani, D. (1991). Social issues and socially responsible investment behavior: A preliminary empirical investigation. Journal of Consumer Affairs, 25(3), 221–234.
Sandberg, J. (2018). Towards a theory of sustainable finance. In T. Walker, S. D. Kibsey, & R. Crichton (Eds.), Designing a sustainable financial system: Development goals and socio-ecological responsibility (p. 11). Springer.
Seedmatch. (2013). Investoren-Survey: Analysieren Sie noch oder investieren Sie schon? Retrieved from https://blog.seedmatch.de/investoren-survey-analysieren-sie-noch-oder-investieren-sie-schon/. Last accessed 12 May 2020.
Siemroth, C., & Hornuf, L. (2021). Does environmental impact matter to retail investors? A lab-in-the-field experiment with crowdfunders. CESifo Working Paper No. 9197. Retrieved 13 October 2021 from https://ssrn.com/abstract=3892621.
Signori, A., & Vismara, S. (2018). Does success bring success? The post-offering lives of equity-crowdfunded firms. Journal of Corporate Finance, 50, 575–591.
Social Investment Forum. (2008). Retrieved from http://invest.org/news/releases/pressrelease.cfm?id=108. Last accessed 18 April 2020.
Sparkes, R. (2001). Ethical investment: Whose ethics, which investment? Business Ethics: A European Review, 10(3), 194–205.
Sparkes, R. (2002). Socially responsible investment: A global revolution. Wiley.
Statman, M. (2000). Socially responsible mutual funds. Financial Analysts Journal, 56(3), 30–39.
Straughan, R., & Roberts, J. (1999). Environmental segmentation alternatives: A look at green consumer behavior in the new millennium. Journal of Consumer Marketing, 16(6), 558–575.
Vismara, S. (2016). Equity retention and social network theory in equity crowdfunding. Small Business Economics, 46(4), 579–590.
Vismara, S. (2018). Signaling to overcome inefficiencies in crowdfunding markets. In D. Cumming & L. Hornuf (Eds.), The economics of crowdfunding (pp. 29–56). Palgrave Macmillan.
Vismara, S. (2019). Sustainability in equity crowdfunding. Technological Forecasting and Social Change, 141, 98–106.
Vulkan, N., Åstebro, T., & Sierra, M. F. (2016). Equity crowdfunding: A new phenomena. Journal of Business Venturing Insights, 5, 37–49.
Webley, P., Lewis, A., & Mackenzie, C. (2001). Commitment among ethical investors: An experimental approach. Journal of Economic Psychology, 22(1), 27–42.
Williams, G. (2007). Some determinants of the socially responsible investment decision: A cross-country study. Journal of Behavioral Finance, 8(1), 43–57.
Wins, A., & Zwergel, B. (2016). Comparing those who do, might and will not invest in sustainable funds: A survey among German retail fund investors. Business Research, 9, 51–99.