Determinants of Individual Investment Decisions in Investment-Based Crowdfunding

Fabrice Hervé 1 Elodie Manthé 2 Aurélie Sannajust 3 Armin Schwienbacher 4, *
* Auteur correspondant
1 CREGO - Centre de Recherche en Gestion des Organisations [Dijon]
2 WiSEED
3 COACTIS
4 Skema Business School
Abstract : We investigate determinants of investment decisions in investment-based (equity and real estate) crowdfunding campaigns, using a novel investment-, investor- and campaign-level database. We find that women invest less in the riskiest investments but more in safer ones. These findings are better explained by differences in risk aversion than differences in overconfidence between men and women. Investors located in an area considered more "sociable" (socially friendly) also invest more, especially if the investor is a woman. Overall, the findings contribute to our understanding of how investment-based crowdfunding can be a viable source of entrepreneurial finance and how entrepreneurs' campaign decisions affect investor participation in this new form of entrepreneurial finance.
Keywords : Entrepreneurial finance Startup finance Investment decision Equity Crowdfunding Crowdfunding
Type de document :
Article dans une revue
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https://hal-univ-bourgogne.archives-ouvertes.fr/hal-02065048
Contributeur : Crego - Université de Bourgogne <>
Soumis le : mardi 12 mars 2019 - 13:41:24
Dernière modification le : jeudi 21 novembre 2019 - 02:00:44

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UNIV-BOURGOGNE | UNIV-FCOMTE | COACTIS | UNIV-ST-ETIENNE | CREGO | CREGO-FARGO | SITE-ALSACE | UNIV-HESAM | UNIV-LYON2 | UDL

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Fabrice Hervé, Elodie Manthé, Aurélie Sannajust, Armin Schwienbacher. Determinants of Individual Investment Decisions in Investment-Based Crowdfunding. Journal of Business Finance and Accounting, Wiley, 2019, 46 (5-6), pp.762-783. ⟨10.1111/jbfa.12372⟩. ⟨hal-02065048⟩

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