Crowdfunding Social Ventures: Who Will Reward (or Punish) Hybridity?

Zineb Aouni, Marek Hudon, Anaïs Périlleux and Tyler Wry
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Zineb Aouni: ICN Business School, CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine
Marek Hudon: ULB - Université libre de Bruxelles
Anaïs Périlleux: UCL - Université Catholique de Louvain = Catholic University of Louvain
Tyler Wry: The Wharton School - University of Pennsylvania

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Abstract: Unlike traditional investing, where decisions follow a clear financial calculus, it is unclear how and why funders support hybrid ventures. To address this question, we analyze the varied priority that investors place on social impact versus financial returns and draw on categories theory to argue that different priority orderings associate with different perceptions of how hybridity aligns with different investment goals. Results show that funders who prioritize financial goals react positively when they perceive a venture exhibits greater hybridity, whereas funders who prioritize social impact do not. Our findings contribute to research on impact investing, hybrid organizations, and categories theory.

Date: 2024-01-28
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Published in Entrepreneurship Theory and Practice, 2024, ⟨10.1177/10422587231218194⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04462838

DOI: 10.1177/10422587231218194

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