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  4. Do retail investors value environmental impact? A lab-in-the-field experiment with crowdfunders
 
Zitierlink DOI
10.26092/elib/881

Do retail investors value environmental impact? A lab-in-the-field experiment with crowdfunders

Veröffentlichungsdatum
2021-07-14
Autoren
Siemroth, Christoph  
Hornuf, Lars  
Zusammenfassung
Are investors willing to give up a higher return if the investment generates positive environmental impact? We investigate this question with a decision experiment among crowdfunders, where they choose between a higher return or environmental impact. Overall, 65% of investors choose environmental impact at the expense of a higher return for sufficiently large impact, 14% choose impact independent of the magnitude of impact, while 21% choose the higher return independent of impact. Combining the experimental data with historical investments, we find that investors allocate a larger share of funds to green projects if they value environmental impact more, and if they expect green projects to be more profitable. These findings suggest that investors have a preference for positive environmental impact, and satisfy it by investing in green projects. We further show that the preference for environmental impact is distinct from a preference for positive social impact. Finally, we introduce new survey measures of impact for future use, which are experimentally validated and predict field behavior.
Schlagwörter
Debt Crowdfunding

; 

Environmental Impact

; 

ESG

; 

Green Investments

; 

Social Impact

; 

Sustainable Finance
Institution
Universität Bremen  
Fachbereich
Fachbereich 07: Wirtschaftswissenschaft (FB 07)  
Dokumenttyp
Bericht, Report
Serie(s)
Diginomics Working Paper  
Band
0005
Zweitveröffentlichung
Nein
Lizenz
http://creativecommons.org/licenses/by/3.0/de/
Sprache
Englisch
Dateien
Lade...
Vorschaubild
Name

Diginomics Working Paper - July 2021, No0005.pdf

Size

585.58 KB

Format

Adobe PDF

Checksum

(MD5):487df113e27e05d34d9d24a72d5145cc

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