Siemroth, ChristophChristophSiemrothHornuf, LarsLarsHornuf2021-07-212021-07-212021-07-14https://media.suub.uni-bremen.de/handle/elib/508410.26092/elib/881Are 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.enAttribution 3.0 Germanyhttp://creativecommons.org/licenses/by/3.0/de/Debt CrowdfundingEnvironmental ImpactESGGreen InvestmentsSocial ImpactSustainable Finance330Bericht, Reporturn:nbn:de:gbv:46-elib50845