Abstract
This study investigates the social impact investment behavior of private investors in a nonprofit setting. In particular, the influences of three effects—financial return, social impact, and age—on social impact investment behavior are tested in an online survey experiment. The study sample includes bank clients (N = 145) from Germany’s first and largest bank exclusively focused on social and ecological investments. The results with regard to the financial return effects are in line with for-profit research that social impact investors are willing to accept 1% lower financial returns. In addition, younger philanthropists are more likely to contribute part of their money to social impact investments. Further findings reveal that the perceived innovativeness of the project has a consistently positive effect on social impact investment behavior. People with certain profile characteristics (e.g., entrepreneurial spirits) also are more likely to participate in social impact investments.
Résumé
La présente étude enquête sur le comportement des investissements à incidence sociale des investisseurs privés dans le contexte du secteur sans but lucratif. Il se penche en particulier sur les incidences de trois effets, soit le rendement financier, l’incidence sociale et l’âge sur le comportement des investissements à incidence sociale dans le cadre d’une enquête en ligne. L’échantillon est composé de clients (N = 145) de la première et plus grande banque d’Allemagne exclusivement axée sur les investissements sociaux et écologiques. Les résultats relatifs aux effets du rendement financier s’alignent sur les recherches du secteur sans but lucratif voulant que les investisseurs à incidence sociale sont prêts à accepter des rendements financiers de 1% plus bas. Qui plus est, les philanthropes plus jeunes sont plus enclins à contribuer une part de leur fortune aux investissements à incidence sociale. D’autres découvertes révèlent que le caractère novateur perçu du projet a un effet en tout temps positif sur le comportement des investissements à incidence sociale. Les personnes affichant des caractéristiques données, dont l’esprit entrepreneurial, participeront aussi plus vraisemblablement à ce type d’investissements.
Zusammenfassung
Diese Studie untersucht das Social-Impact-Investment-Verhalten privater Investoren in einem gemeinnützigen Kontext. Insbesondere wird der Einfluss dreier Effekte—finanzieller Gewinn, soziale Auswirkung und Alter—auf das Social-Impact-Investment-Verhalten in einem Online-Umfrageexperiment getestet. Die Stichprobe in der Studie umfasst Bankkunden (N = 145) der ersten und größten Bank in Deutschland, die sich ausschließlich auf soziale und ökologische Investitionen konzentriert. Die Ergebnisse hinsichtlich der Effekte des finanziellen Gewinns entsprechen den Studien im gewinnorientierten Bereich dahingehend, dass Social-Impact-Investoren bereit sind, 1% niedrigere finanzielle Rendite zu akzeptieren. Des Weiteren sind jüngere Philanthropen eher bereit, einen Teil ihres Geldes in Social-Impact-Investments anzulegen. Weitere Ergebnisse zeigen, dass die wahrgenommene Innovationskraft eines Projekts einen durchweg positiven Effekt auf das Social-Impact-Investment-Verhalten hat. Darüber hinaus neigen Personen mit bestimmten Profilmerkmalen (z. B. Unternehmergeist) eher dazu, sich an Social-Impact-Investments zu beteiligen.
Resumen
El presente estudio investiga el comportamiento inversor con impacto social de los inversores privados en un escenario sin ánimo de lucro. En particular, se ponen a prueba las influencias de tres efectos—rendimiento financiero, impacto social, y edad—sobre el comportamiento inversor con impacto social en un experimento de encuesta online. La muestra del estudio incluye a clientes de bancos (N = 145) del primer banco más grande de Alemania centrado exclusivamente en inversiones ecológicas y sociales. Los resultados con respecto a los efectos del rendimiento financiero están en línea con la investigación con fines de lucro en el sentido de que los inversores con impacto social están dispuestos a aceptar rendimientos financieros inferiores del 1%. Asimismo, resulta más probable que los filántropos más jóvenes contribuyan con parte de su dinero a inversiones con impacto social. Hallazgos adicionales revelan que la innovación percibida del proyecto tiene un efecto consistentemente positivo sobre el comportamiento inversor con impacto social. También es más probable que las personas con determinadas características de perfil (por ejemplo, espíritu emprendedor) participen en inversiones con impacto social.
Chinese
本研究调查了私有投资者在非盈利环境中的社会影响投资行为。尤其是,使用网上调查试验测试了财务回报、社会影响和年龄的三种因素对社会影响投资的影响。研究样本包括德国第一家最大银行的客户 (N = 145),专注于社会和生态投资。财务回报的结果与社会影响投资者原因接受低1%的财务回报的追求利润研究一致。此外,更加年轻的慈善家更有可能为社会影响投资捐赠部分的金钱。进一步调查结果表明,项目的感知创新性一致积极地影响社会影响投资行为。具有某些特质(如企业家精神)的人群也更加可能参与社会影响投资。
Arabic
تدرس هذه الدراسة السلوك الاستثماري للأثر الإجتماعي للمستثمرين من القطاع الخاص في بيئة غير هادفة للربح.على وجه الخصوص، يتم إختبار تأثيرات ثلاثة تأثيرات—العائد المالي، الأثر الاجتماعي، والعمر—على السلوك الإستثماري للأثر الإجتماعي في تجربة إستطلاع الرأي على الإنترنت. تضم عينة الدراسة عملاء البنوك (N = 145) من أول وأكبر بنك في ألمانيا يركز حصرا” على الإستثمارات الإجتماعية والبيئية. تتماشى النتائج فيما يتعلق بآثار العائد المالي مع البحوث الهادفة للربح والتي تفيد بأن المستثمرين على المستوى الإجتماعي مستعدون لقبول عوائد مالية أقل بنسبة 1٪. بالإضافة إلى ذلك، من المرجح أن يساهم أصحاب الأعمال الخيرية الأصغر سنا” في جزء من أموالهم للاستثمارات ذات الأثر الإجتماعي. تبين نتائج أخرى أن الإبتكار المبتكر للمشروع له أثر إيجابي على السلوك الإستثماري للأثر الإجتماعي. من المرجح أيضا” أن يشارك الأشخاص الذين لديهم خصائص شخصية معينة (مثل الأرواح المغامرة) في الإستثمارات ذات الأثر الإجتماعي.
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Appendices
Appendix 1: Translated case description of experiment (5% financial return and high impact scenario)
Appendix 2: Descriptive statistics on control variables
α | N | M | SD | |
|---|---|---|---|---|
Case characteristics | ||||
Perceived relevancy of the project | 139 | 5.33 | 1.57 | |
Urgency of the project | 139 | 5.83 | 1.37 | |
Locality of the project | 139 | 3.61 | 2.08 | |
Innovativeness of the project | 139 | 4.99 | 1.72 | |
Psychographics | ||||
Self-confident | 112 | 4.97 | 1.54 | |
Optimistic | 112 | 5.09 | 1.50 | |
Analytical | 112 | 5.03 | 1.56 | |
Entrepreneurial | 112 | 4.44 | 1.76 | |
Empathetic | 112 | 5.42 | 1.50 | |
Trusting | 112 | 5.75 | 1.33 | |
Motives | ||||
Innovation (Cardon et al. 2013) | 0.88 | 121 | 4.93 | 1.41 |
Initiate (Bateman and Crant 1993) | 0.79 | 121 | 4.56 | 1.32 |
Intellectual stimulation (Cacioppo et al. 1984) | 0.81 | 121 | 5.14 | 1.28 |
Altruism (Clary et al. 1998) | 0.79 | 123 | 6.01 | 0.88 |
Warm glow (Clary et al. 1998) | 0.86 | 123 | 4.85 | 1.40 |
Efficacy (Sargeant and Hilton 2005) | 0.63 | 123 | 5.86 | 0.94 |
Personal cost and benefits (Sargeant and Hilton 2005) | 0.61 | 123 | 4.00 | 1.26 |
Reputation (Herche 1994) | 0.88 | 123 | 3.69 | 1.46 |
Participation (Mathur 1996) | 0.80 | 123 | 4.42 | 1.34 |
Values (Keller and Siegrist 2006) | 0.76 | 123 | 5.56 | 1.13 |
Profit (Keller and Siegrist 2006) | 0.87 | 121 | 2.49 | 1.20 |
Financial Planning (Yamauchi and Templer 1982) | 0.87 | 121 | 5.23 | 1.43 |
Risk tolerance (Keller and Siegrist 2006) | 0.92 | 121 | 2.86 | 1.51 |
Sector preference | Yes | % | ||
(Affordable) Housing | 124 | 34 | 27.4 | |
Agriculture | 124 | 62 | 50.0 | |
Arts | 124 | 25 | 20.2 | |
Care | 124 | 32 | 25.8 | |
Children and families | 124 | 45 | 36.3 | |
Community | 124 | 54 | 43.5 | |
Culture | 124 | 42 | 33.9 | |
Development aid | 124 | 71 | 57.3 | |
Disability | 124 | 31 | 25.0 | |
Education and training | 124 | 80 | 64.5 | |
Environment and energy | 124 | 94 | 75.8 | |
Financial services | 124 | 29 | 23.4 | |
Health | 124 | 49 | 39.5 | |
IT | 124 | 4 | 3.2 | |
Public order and safety | 124 | 6 | 4.8 | |
Unemployment | 124 | 29 | 23.4 | |
Water and Sanitation | 124 | 18 | 14.5 | |
Previous engagement 2015 | ||||
Social investment | 145 | 99 | 68.3 | |
Money donations | 145 | 139 | 95.9 | |
Time donations | 145 | 117 | 80.7 | |
In-kind donations | 145 | 115 | 79.3 | |
Crowdfunding | 145 | 41 | 28.3 | |
Appendix 3: Sample characteristics
Category | N | % |
|---|---|---|
Gender | ||
Male | 60 | 41.4 |
Female | 52 | 35.9 |
Missing | 33 | 22.8 |
Age | ||
25–34 | 4 | 2.8 |
35–44 | 7 | 4.8 |
45–54 | 29 | 20.0 |
55–69 | 56 | 38.6 |
>70 | 14 | 9.7 |
Missing | 35 | 24.1 |
Education | ||
Completed school education | 7 | 4.8 |
Completed vocational training | 18 | 12.4 |
University degree | 62 | 42.8 |
Additional qualification in executive training | 4 | 2.8 |
Doctorate/PhD | 21 | 14.5 |
Missing | 33 | 22.8 |
Employment/life situation | ||
Entrepreneur | 53 | 36.6 |
Employee | 14 | 9.7 |
Employee with personnel responsibility | 7 | 4.8 |
Clerk | 1 | 0.7 |
Retirement | 13 | 9.0 |
Housewife/Houseman | 3 | 2.1 |
Others | 20 | 13.8 |
Missing | 34 | 23.4 |
Net monthly household income in euro | ||
<1300 | 5 | 3.4 |
1301–2600 | 25 | 17.2 |
2601–3600 | 10 | 6.9 |
3601–5000 | 17 | 11.7 |
5001–7500 | 13 | 9.0 |
7501–10,000 | 8 | 5.5 |
>10,000 | 12 | 8.3 |
Missing | 55 | 22.8 |
Wealth in euro | ||
<50,000 | 13 | 9.0 |
50,001–100,000 | 14 | 9.7 |
100,001–500,000 | 31 | 21.4 |
500,001–1,000,000 | 12 | 8.3 |
1,000,001–10,000,000 | 9 | 6.2 |
>10,000,000 | 5 | 3.4 |
Missing | 61 | 22.8 |
Share of total wealth at the bank | ||
0–10% | 9 | 6.2 |
10–20% | 10 | 6.9 |
20–30% | 6 | 4.1 |
30–50% | 16 | 11.0 |
50–70% | 17 | 11.7 |
70–90% | 13 | 9.0 |
90–100% | 19 | 13.1 |
Missing | 55 | 22.8 |
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Schrötgens, J., Boenigk, S. Social Impact Investment Behavior in the Nonprofit Sector: First Insights from an Online Survey Experiment. Voluntas 28, 2658–2682 (2017). https://doi.org/10.1007/s11266-017-9886-5
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DOI: https://doi.org/10.1007/s11266-017-9886-5