Critérios de decisão de investidores em crowdfunding no Brasil experimentos da análise conjunta baseada em escolhas

Resumo

This research investigates how common individuals decide to invest financial resources in investment crowdfunding (ICF), addressing the following questions. Based on which main pieces of information the Brazilian investors in ICF decide? What is the relative importance of these pieces of information? And how common investment biases affect the investor decision? To answer these questions, this research used choice based conjoint analysis (CBCA) experiments with users of two Brazilian ICF platforms, one specialized in equity crowdfunding (ECF), and the other in lending crowdfunding (LCF). In these experiments, investors selected hypothetical profiles of ECF and LCF offers, composed of attributes and levels found in real offers, on the Brazilian market. This research is novel, not only in Brazil and its results contribute to narrow the knowledge gap about the investment decision in ICF. Therefore, the results indicate that the most important investment criterion in ECF is the experience of the entrepreneur team, 65,3% more important than the financial criterion, given by the projected revenue growth of the startup, in the next five years, and 84,2% more important than the enterprise criterion, given by the product, service, or business model innovation level of the startup. Moreover, there is an inverted “U” shape relationship between the team size and investors preference, and investors like better women-led startups, especially women investors, who tend to be more susceptible to this bias. Finally, investors familiarity with the startup market or products is more relevant to inexperienced investors. In the case of LCF investments, due to the importance of real estate investments in Brazil, this research focused on these investors. In this context, the evidence indicate that it is the investor risk perception of default that determines his decision to invest, not his expectation of return on investment. Therefore, the most important investment criterion for these investors is the book value of equity of the company, proxy for its credit score, which generally is not available to LCF investors, to companies, in Brazil. The book value of equity is 156,6% more important than the loan maturity and 179,5% more important than the city, where the real estate project is located. In addition, investor familiarity with the city tends to be positive for the investment decision, despite of the investors experience or his geographical distance to the investment location.

Ficha do documento

Tipo

Dissertação

Ano

2023

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso restrito

Identificador

oai:repositorio.fgv.br:10438/34232

Palavras-chave

CrowdfundingBiasStartupsExperimentConjoint analysisViesesExperimentoAnálise conjuntaAdministração de empresasFinanciamento coletivoInvestimentos - Processo decisórioEmpresas novasAnálise conjunta (Marketing)