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Citation link: https://doi.org/10.26092/elib/881
Diginomics Working Paper - July 2021, No0005.pdf
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Do retail investors value environmental impact? A lab-in-the-field experiment with crowdfunders


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Authors: Siemroth, Christoph 
Hornuf, Lars  
Publisher: Diginomics Research Group 
Abstract: 
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.
Keywords: Debt Crowdfunding; Environmental Impact; ESG; Green Investments; Social Impact; Sustainable Finance
Issue Date: 14-Jul-2021
Series: Diginomics Working Paper 
Band: 0005
Type: Bericht, Report
DOI: 10.26092/elib/881
URN: urn:nbn:de:gbv:46-elib50845
Institution: Universität Bremen 
Faculty: Fachbereich 07: Wirtschaftswissenschaft (FB 07) 
Appears in Collections:Forschungsdokumente

  

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