Abstract:With the global financial system having undergone vast changes since the financial crisis of 2007, scientific research concerning the investor's point of view on sustainable investments has drastically increased. However, there remains a lack of research focused on the entrepreneur's angle regarding sustainable oriented investments. The aim of this paper is to contribute to the understanding of sustainable financial markets by bringing together entrepreneurial and financial research. This paper provides a structured literature review, based on which the authors identify three relevant levels that they believe have an effect on the successful implementation of managerial sustainable practices; these are the individual, the firm, and the contextual levels. The results show that on the individual level sustainable entrepreneurs tend to derive their will to act more sustainably from their personal values or traits. On the organizational level, though, it can be concluded that an small and medium sized enterprise's internal culture and the reconfiguration of resources are critical determinants for adopting a sustainable entrepreneurial orientation. Finally, on the contextual level, researchers have focused on a better understanding of how entrepreneurs can help society and the environment through sustainable entrepreneurship, and how they can act as role models or change agents in light of the fact that the choice of investing or financing based on sustainability is still in its infancy. By providing an overview on facilitating factors for responsible managerial practices on the entrepreneur's side, this research contributes to a better understanding for both theory and practice on how sustainable practices can be implemented and facilitated.

Purpose The purpose of this paper is to identify and disentangle the home bias in equity crowdfunding to better understand irrational decision making of investors. Design/methodology/approach A first choice-based conjoint (CBC) experiment with 217 participants was conducted in central Europe in order to single out different factors contributing to an apparent home bias of capital providers. Findings The authors find that investors show an avoidance of foreign currency, while payment methods seem to have no considerable influence on the decision making. Furthermore, participants significantly decided against national legislation in favor for EU legislation. Research limitations/implications This study predominantly helps to gain deeper insights into influencing factors in crowdfunding markets with a special concern on a cross-border context. For capital-seeking companies, the home bias of potential investor has to be taken into account, when designing a crowdfunding campaign. For legislators, the apparent influence of the legal framework should serve as a wake-up call to consolidate the regulation of crowdfunding in the EU. Originality/value This is the first CBC experiment application in a cross-border crowdfunding context. It provides deeper understanding of the importance of geographical proximity between crowdfunding projects and investors and calls for further research to examine how such an effect could be diminished.

Information costs, Asset markets, Experiment, Value of information, Asymmetric information, C91, D82, G1,

No abstract

Strategic market games, Government and individual money, Efficiency, Experimental gaming, C73, C91,