| Field | Before | After |
|---|---|---|
| Field Trial Status | Before in_development | After completed |
| Field Last Published | Before April 26, 2021 10:42 AM | After July 20, 2021 11:45 AM |
| Field Study Withdrawn | Before | After No |
| Field Intervention Completion Date | Before | After May 03, 2021 |
| Field Data Collection Complete | Before | After Yes |
| Field Final Sample Size: Number of Clusters (Unit of Randomization) | Before | After 399 crowdfunders |
| Field Was attrition correlated with treatment status? | Before | After No |
| Field Final Sample Size: Total Number of Observations | Before | After 399 crowdfunders |
| Field Is there a restricted access data set available on request? | Before | After No |
| Field Program Files | Before | After No |
| Field Data Collection Completion Date | Before | After May 03, 2021 |
| Field Is data available for public use? | Before | After No |
| Field Keyword(s) | Before Environment And Energy, Finance | After Environment And Energy, Finance |
| Field | Before | After |
|---|---|---|
| Field Paper Abstract | Before | After Are investors willing to give up a higher return if the investment generates positive environmental impact? We investigate this question with a decision experiment among crowdfunders, where they choose between a higher return or environmental impact. Overall, 65% of investors choose environmental impact at the expense of a higher return for sufficiently large impact, 14% choose impact independent of the magnitude of impact, while 21% choose the higher return independent of impact. Combining the experimental data with historical investments, we find that investors allocate a larger share of funds to green projects if they value environmental impact more, and if they expect green projects to be more profitable. These findings suggest that investors have a preference for positive environmental impact, and satisfy it by investing in green projects. We further show that the preference for environmental impact is distinct from a preference for positive social impact. Finally, we introduce new survey measures of impact for future use, which are experimentally validated and predict field behavior. |
| Field Paper Citation | Before | After Siemroth, Christoph and Hornuf, Lars, Do retail investors value environmental impact? A lab-in-the-field experiment with crowdfunders (July 14, 2021). Available at SSRN: https://ssrn.com/abstract=3888258 |
| Field Paper URL | Before | After https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3888258 |