Determinants of individual investment decisions in investment-based crowdfunding
By Fabrice Hervé, Elodie Manthé, Aurélie Sannajust, Armin Schwienbacher. Journal of Business Finance & Accounting, 2018
119 citations recorded by the source corpus.
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.
Subfields: Accounting, Economics and Econometrics, Management Information Systems
View Paper: https://www.semanticscholar.org/paper/7fbf812a49f1bc0b39a04d9daf7e4c1519ab0bf0
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Citations in the corpus
- Equity crowdfunding: a systematic review of the literature (2018, background): “…associated investor profiles Amount invested and number of investors at the start and the end of campaigns Investors background/social media profiles Hervé et al. (2017) Analysis of the effect of gender and local factors on investment decisions Quantitative; regression analysis 97 campaigns…”