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Article Dans Une Revue Journal of Business Finance and Accounting Année : 2019

Determinants of Individual Investment Decisions in Investment-Based Crowdfunding

Elodie Manthé
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Aurélie Sannajust
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Armin Schwienbacher
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Résumé

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.
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Hervé F, Manthé E, Sannajust A, Schwienbacher A. Determinants of individual investment decisions in investment-based crowdfunding. J Bus Fin Acc. 2019;1–22.pdf (794.62 Ko) Télécharger le fichier
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Dates et versions

hal-02065048 , version 1 (26-11-2021)

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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, 2019, 46 (5-6), pp.762-783. ⟨10.1111/jbfa.12372⟩. ⟨hal-02065048⟩
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