Позитивные изменения. Том 2, №4 (2022). Positive changes. Volume 2, Issue 4 (2022)

Although firms' preferences about impact investing affect sustainable investment in equilibrium, little relevant empirical evidence exists to guide the theory. This paper studies whether adopting an impact investing strategy influences startups' intentions to collaborate with venture capitalists through two complementary field experiments that involve real US startup founders and real-world stakes. The first experiment requires entrepreneurs to evaluate multiple randomly generated investor profiles so that they can receive a recommendation list containing real matched investors' information. The second experiment is a novel payment game, which elicits entrepreneurs' taste-driven preferences. Provided with real monetary incentives, entrepreneurs decide whether to pay for a more comprehensive investor recommendation list which contains randomized number of impact investors and is sold at a randomized price. I find the following main results: (i) Environmental initiatives causally reduce venture capitalists' attractiveness to startups while social initiatives improve investors' attractiveness. These preferences are correlated with entrepreneurs' beliefs of the investor's ability, availability, and informativeness. (ii) Sorting occurs in an asymmetric way. Impact ventures prefer approaching impact investors with social initiatives while profit-driven ventures avoid approaching impact investors with environmental initiatives. (iii) Significant heterogeneous effects exist based on entrepreneurs' and investors' backgrounds. Male investors benefit from aiming for social impact while female investors lose aiming for environmental impact. Compared to Democratic entrepreneurs, Republican entrepreneurs are more opposed to impact investors. (iv) Entrepreneurs have taste-driven preferences towards impact investors.

https://goo.su/l3kZpzV

4. UNDERSTANDING IMPACT INVESTMENT INTENTION USING THE EXTENDED THEORY OF PLANNED BEHAVIOUR

Prerna Rathee, S. Aggarwal

Article, 27 August 2022, Global Business Review

Impact investing is ‘blended value proposition' that generates a mix of financial, social and environmental values for the investor, organization and businesses. This study aims to explore the factors influencing the Indian investors' intention towards impact investing (II) using the theory of planned behaviour (TPB), extended with two constructs, that is, risk perception and internal motivation, to predict such a phenomenon in the Indian context. The data has been collected from 338 Indian investors who primarily engage in impact investing. The collected data have been analysed using two-step structural equation modelling. The findings of this study indicate a positive and significant impact of attitude, subjective norms and perceived behavioural control on investors' intention towards impact investing in India. Risk perception has been showed the least positive influence on the investors' intention whereas internal motivation has a highly positive influence on investors' intention to invest for impact.

This is the first attempt to measure investors' intentions towards impact investing from the Indian perspective using the TPB model with the extended constructs, that is, risk perception and internal motivation, which is the novelty of this study. This study will help policymakers to take important regulatory measures to build an effective ecosystem for impact investing in India.

https://clck.ru/32ud6L

5. ACCOUNTING INFRASTRUCTURES AND THE NEGOTIATION OF SOCIAL AND ECONOMIC RETURNS UNDER FINANCIALIZATION: THE CASE OF IMPACT INVESTING

A. Guter-Sandu

Article, 2022, Competition & Change