Dinh, Jeanne e Mai; Isaak, And ew Jay; Yahyaoui, Yasmine
A icle — Published Ve sion
In es ing o good – Unco e ing c owd in es o s'
mo i a ions o pa icipa e in sus ainabili y-o ien ed
c owdlending
Technological Fo ecas ing and Social Change
Sugges ed Ci a ion: Dinh, Jeanne e Mai; Isaak, And ew Jay; Yahyaoui, Yasmine (2024) : In es ing
o good – Unco e ing c owd in es o s' mo i a ions o pa icipa e in sus ainabili y-o ien ed
c owdlending, Technological Fo ecas ing and Social Change, ISSN 1873-5509, Else ie , Ams e dam,
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In es ing o good –Unco e ing c owd in es o s’mo i a ions o pa icipa e
in sus ainabili y-o ien ed c owdlending
Jeanne e Mai Dinh
a
, And ew Jay Isaak
a,b,*
, Yasmine Yahyaoui
c
a
Mancho G adua e School “Compe i i eness o Young En e p ises”, Hein ich Heine Uni e si y, Uni e si ae ss aße 1, 40225 Duesseldo , Ge many
b
Vienna Uni e si y o Economics and Business (“WU Wien”), Wel handelspla z 1, 1020 Vienna, Aus ia
c
Uni e si y o Bay eu h, Uni e si ¨
a ss aße 30, 95447 Bay eu h, Ge many
ARTICLE INFO
JEL classi ica ion:
D26
G24
L26
M13
Q01
Keywo ds:
C owd unding
Sus ainabili y
Ven u e inance
ABSTRACT
Sus ainable en u es ha pu sue social and ecological goals alongside economic p o i abili y can con ibu e o
inno a i e solu ions aimed a conse ing na u al esou ces and c ea ing social alue. Howe e , as hese en u es
a e no solely ocused on p o i maximiza ion, hey o en ace pa icula di icul ies in acqui ing ex e nal unding
om adi ional capi al sou ces, making c owdlending an a ac i e al e na i e. In his s udy, we explo e in es o
mo i a ions o pa ake in c owdlending o sus ainable en u es by conduc ing a quali a i e s udy based on 18
open-ended in e iews (app oxima ely 12 h o audio eco dings) wi h in es o s o a c owdlending pla o m
a ge ed a sus ainable en u es. Ou indings sugges ha balancing inancial, pe sonal, p osocial, and
communal mo i es shapes in es o s’decision-making app oaches. He eby, ou esea ch con ibu es o an
ongoing deba e on he ole o inancial and non inancial mo i a ions in in es o decisions, pa icula ly in ligh o
he ise o e u n-o ien ed c owdlending pla o ms specialized in sus ainable en u es.
1. In oduc ion
As socie ies become inc easingly awa e o he u gen challenges
posed by clima e change and global wa ming (as exempli ied by he
consensus eached a he Decembe 2023 Global U.N. Clima e Change
Con e ence), he demand o inno a i e sus ainable and social solu ions
o add ess p oblems such as na u al esou ce deple ion and mig a ion
c ises is g owing apidly (Mansou i and Mom az, 2022;Voeg lin e al.,
2022). Sus ainable en u es ha pu sue social o ecological goals
alongside economic p o i abili y can subs an ially con ibu e o sus-
ainable economic de elopmen (Apos olidis e al., 2022;Johnson and
Schal egge , 2020). Howe e , hese en u es o en ace di icul ies in
accessing ex e nal unding om adi ional sou ces, such as banks, gi en
hei ocus on objec i es beyond p o i maximiza ion (e.g., Anglin e al.,
2022;Calic and Mosakowski, 2016). The e o e, c owd unding is gaining
ele ance and momen um as an accessible al e na i e o inance sus-
ainable en u es (Visma a, 2019). No ably, c owd unding p o ides he
po en ial o a bandwagon e ec and co esponding changes in beha -
io s owa d sus ainabili y aims by ampli ying socie al awa eness o
sus ainable opics (Messeni Pe uzzelli e al., 2019).
Especially lending-based c owd unding, also called c owdlending,
which add esses nonp o essional in es o s, holds conside able po en ial
o sus ainable en u es (H¨
o isch and Tenne , 2020;Penz e al., 2022;
Slimane and Rousseau, 2020). He eby, en u es a e unded h ough
many small loans om in es o s in he c owd based on ixed in e es
a es o a ixed pe iod (Block e al., 2018). In his ega d, c owdlending
can appeal o e ail in es o s seeking op ions o complemen o subs i-
u e hei p i a e in es men s in con en ional banks, s ocks, o unds
because i o e s po en ial inancial gains (Jiang e al., 2020;Palacios-
Gonz´
alez and Chamo o-Me a, 2018;Saiedi e al., 2020). Sus ainable
en u es can le e age c owdlending as a means o inance he ealiza-
ion and g ow h o hei p ojec s aimed a add essing po e y and
en i onmen al issues ac oss he globe. C owdlending pla o ms like
be e es .com specialize in acili a ing unding o such en u es, which
include p ojec s such as p o iding a o dable cooking s o es o sola
home sys ems o unde se ed popula ions in egions like Zambia,
Rwanda, o Kenya.
1
Th ough dedica ed c owd unding campaigns, hese
companies seek o aise a speci ied unding a ge om a la ge pool o
* Co esponding au ho .
E-mail add esses: [email p o ec ed] (J.M. Dinh), [email p o ec ed] (A.J. Isaak), [email p o ec ed] (Y. Yahyaoui).
1
Fo exempla y p ojec desc ip ions, see he c owdlending campaigns o he p ojec s “Sola home sys ems o Kenya”(h ps://www.be e es .com/de/p ojec /
pawame-1), “Sus ainable cooking s o es o Zambia”(h ps://www.be e es .com/de/p ojec /g eenway-cooks o es), o “Sola p oduc s o clean elec ici y in
Rwanda”(h ps://www.be e es .com/de/p ojec /munyax-eco), accessed on May 5, 2024.
Con en s lis s a ailable a ScienceDi ec
Technological Fo ecas ing &Social Change
jou nal homepage: www.else ie .com/loca e/ ech o e
h ps://doi.o g/10.1016/j. ech o e.2024.123584
Recei ed 23 Decembe 2023; Recei ed in e ised o m 23 May 2024; Accep ed 5 July 2024
Technological Fo ecas ing & Social Change 207 (2024) 123584
2
in es o s, who in u n can ecei e a inancial e u n on hei in es men
i he p ojec is success ul.
2
Despi e he inc easing popula i y o loans o sus ainable en u es,
e u n-o ien ed c owdlending emains unde - esea ched (B¨
ockel e al.,
2020;Messeni Pe uzzelli e al., 2019;Tenne and H¨
o isch, 2021). This
is su p ising, gi en ha c owdlending ep esen s he mos widely used
o m o al e na i e inance in Eu ope (Saiedi e al., 2020). Thus, i is
especially impo an o u he in es iga e and deepen ou knowledge
on e u n-o ien ed c owdlending (V´
asquez-O d´
o˜
nez e al., 2023).
Resea ch examining e u n-o ien ed c owdlending o adi ional en-
u es sugges s ha in es o s’pa icipa ion is p edominan ly mo i a ed
by p o i maximiza ion (Bo ello e al., 2015;Do lei ne e al., 2023). As
hese p o i -o ien ed in es o s ypically a emp o limi hei isk o
inancial loss ia po olio di e si ica ion (Do lei ne e al., 2023), hey
cogni i ely p ocess campaign in o ma ion p esen ed online (e.g., he
pi ch ideo, p ojec desc ip ion, p ospec us, and isk disclosu es) and
s ongly conside po en ial inancial ou comes o hei c owdlending
ac i i ies (He zens ein e al., 2011).
Wi h ega d o sus ainable en u es, howe e , li e a u e ypically
highligh s he impo ance o sus ainabili y- ela ed mo i a ions and
ou comes o ailo ing c owd unding o e ings (e.g., Nielsen and Binde ,
2021). While s udies ha e explo ed he ole o in insic and ex insic
mo i es (e.g., Chen e al., 2021) o egois ic and al uis ic mo i es (e.g.,
Tes a e al., 2020) in dona ion-based o ewa d-based c owd unding, we
lack ele an insigh s in o he na u e and he e ogenei y o c owd in-
es o s’mo i es in e u n-o ien ed c owdlending. These insigh s a e
c ucial o designing an e ec i e c owdlending ecosys em ha mee s he
c owds’needs in he con ex o sus ainabili y. Fu he , while a ecen
li e a u e e iew on c owd unding and sus ainabili y shows a apidly
g owing esea ch ield, he au ho s iden i y speci ic gaps in ou unde -
s anding o indi idual-le el in es o mo i es in e u n-o ien ed c ow-
dlending (Dinh e al., 2024, p. 14), unde sco ing he impo ance o
examining he composi ion o hese mo i es and hei linkages o deci-
sion making. Hence, his s udy aims a answe ing he ollowing esea ch
ques ion: Why do nonp o essional in es o s pa icipa e in e u n-o ien ed
c owdlending o sus ainable en u es and how do hei mo i es shape hei
decision-making app oaches?
The esea ch ques ion o his s udy holds signi ican heo e ical
ele ance due o he na u e o c owdlending, which ope a es as a wo-
sided ma ke in ol ing en ep eneu s and in es o s (e.g., Tang e al.,
2023;Belle lamme e al., 2014), wi h he pla o m se ing as he
in e media y. While ou knowledge o he in luence o campaign a i-
bu es p esen ed by en ep eneu s is expanding (e.g., Be ns e al., 2020;
Moss e al., 2018), he e emains a gap in unde s anding he indi idual
in es o s’pe spec i e. Unde s anding he pa icipa ion mo i es and
decision-making p ocesses o in es o s is pa icula ly impo an in he
con ex o sus ainabili y, whe e unding ou comes may be less angible
and immedia e compa ed o adi ional c owd unding (e.g., Messeni
Pe uzzelli e al., 2019;Tenne and H¨
o isch, 2021). Mos c owd unding
s udies based on pla o m da a lack access o de ailed in o ma ion abou
indi idual in es o s and hei mo i a ions, o en elying on in e ed
mo i es de i ed om obse ed beha io a an agg ega e le el (Cox
e al., 2022). Fo example, p e ious wo k has in e ed mo i es by
examining he ela ionship be ween campaign success and campaign
na a i es (e.g., Allison e al., 2013;Robiady e al., 2021) o unding
in o ma ion (e.g., Anglin e al., 2020;Slimane and Rousseau, 2020)
p esen ed by he en ep eneu s. Thus, schola s pa icula ly call o mo e
quali a i e esea ch in he ield o c owd unding (e.g., Cox e al., 2022)
o answe how and why ques ions ega ding he in es o pe spec i e.
P e ious s udies om ela ed esea ch ields unde line he use ulness o
aking he in es o pe spec i e o gain deepe insigh s in o mo i a ions
(e.g., Be y and Junkus, 2013;Hong and Kos o e sky, 2012;Palacios-
Gonz´
alez and Chamo o-Me a, 2018).
In ligh o his, we base ou quali a i e s udy on semi-s uc u ed
in e iews wi h c owd in es o s om a Ge man sus ainabili y-o ien ed
c owdlending pla o m o explo e he na u e and a ie y o in es o
mo i a ions and de elop a clea e unde s anding o ela ed d i e s and
conside a ions. Using an i e a i e da a collec ion and analysis ech-
nique, ou s udy comp ises a o al o 18 in e iews. In a i s s ep, we
conduc ed an induc i e analysis o ou quali a i e da a acco ding o he
p inciples o g ounded heo y (Glase and S auss, 1967) o e eal he
in es o s’unde lying mo i a ions. In a second s ep, we u he en iched
ou analysis wi h an abduc i e app oach whe eby we iangula ed ou
indings wi h exis ing heo y o de i e a concep ual model ha sheds
ligh on he d i e s and ocus o he mo i es o c owdlending pa ici-
pa ion in he sus ainabili y con ex , as well as on he ole hese mo i es
play o in es o s’decision-making p ocesses. By inc easing ou con-
cep ual knowledge o he unde lying in es o mo i a ions in e u n-
o ien ed c owdlending o sus ainable en u es, we no only add o
he exis ing quali a i e s udies in o he c owd unding con ex s, such as
ewa d-based o dona ion-based c owd unding (e.g., Baghe i e al.,
2019;Ge be and Hui, 2013;Mc La en and Baldegge , 2021), bu also
make se e al key con ibu ions o he li e a u e on sus ainable en u e
inancing.
Fi s , we p esen c owd in es o mo i a ion as a mul ilaye ed
concep encompassing he e ogeneous inancial, pe sonal, p osocial, and
communal mo i es, he eby ex ending p e ious esea ch ha is o en
based on b oade concep ions p ima ily dis inguishing be ween inan-
cial and non inancial mo i a ions (Hajiheyda i and Delgosha, 2023;Yoo
e al., 2023). Illumina ing he d i e s (i.e., in insic o ex insic) as well
as he ocus (i.e., sel - o o he -di ec ed) o in es o mo i es, ou s udy
adds o he heo e ical discou se abou di e en mo i a o s o
sus ainabili y-o ien ed c owd unding (e.g., Allison e al., 2015;Siebe-
neiche and Bock, 2022).
Second, ou indings indica e ha c owd in es o s make di e en
conside a ions ega ding c owdlending ou comes based on weighing
hei unde lying mo i es, leading o a dominan s a egic,emo ional o ,
las ly, blended decision-making app oach ha in e wines s a egic and
emo ional conce ns. Unde s anding how c owd in es o s adop hese
di e en app oaches p o ides aluable insigh s on he mix o s a egies
and emo ions ha d i e in es men decisions in he con ex o sus ain-
able en u es. The eby, his s udy enhances ou unde s anding o he
mixed in es o mo i es a he indi idual le el o analysis (e.g., Dinh
e al., 2024). By e ealing in es o s’conside a ions wi h ega d o hei
decision making, we ex end he indings om he eme ging li e a u e on
e u n-o ien ed c owdlending (e.g., Penz e al., 2022;V´
asquez-O d´
o˜
nez
e al., 2023), while also adding o he b oade deba e on he po en ially
con lic ing na u e o in es o decisions in he sus ainabili y con ex (e.
g., Ag awal and Hocke s, 2019;Richa dson and C agg, 2010).
Thi d, he insigh s o his s udy ad ance ou unde s anding o how
c owdlending can help o e come he inancing cons ain s o sus ain-
able en u es by eaching and in ol ing a he e ogeneously mo i a ed
c owd (e.g., H¨
o isch, 2019;Vasileiadou e al., 2016).We e eal ha
in es o s in e u n-o ien ed c owdlending seem o adop cha i able
conside a ions when d i en mo e by o he - han sel -di ec ed mo i es.
This di e en ia es c owdlending om o he e u n-o ien ed unding
op ions, such as equi y-based c owd unding, business angels, o sus-
ainable en u e capi al (e.g., Bocken, 2015), which in ol e a la ge
p opo ion o p o essional in es o s who ul ima ely seek inancial
e u ns (e.g., Block e al., 2021;Bocken, 2015;Visma a, 2019).
Finally, ou s udy also p o ides p ac ical insigh s. Specialized
c owdlending pla o ms and sus ainable en ep eneu s can use ou
indings o enhance he engagemen and e en ion o nonp o essional
in es o s, he eby maximizing he po en ial o his inancing op ion o
sus ainable en u es (Cumming e al., 2021;Siebeneiche and Bock,
2022). Mo eo e , a deepe unde s anding o in es o mo i es can in o m
policymake s and ins i u ions ha suppo and incen i ize
2
The inancial e u n a e o e ed on be e es a e ages a ound 7.37 %
(S a us: Augus 2021, h ps://www.be e es .com/de/p ojek -s a is ik,
accessed on Decembe 13, 2023).
J.M. Dinh e al.
Technological Fo ecas ing & Social Change 207 (2024) 123584
3
sus ainabili y-o ien ed c owd unding, hus de eloping mechanisms and
policies o c ea e a mo e conduci e en i onmen o sus ainable de el-
opmen a la ge (Allison e al., 2022;Cumming e al., 2021).
2. Li e a u e backg ound
2.1. C owdlending o sus ainable en u es
C owd unding desc ibes he mechanism o pooling smalle capi al
amoun s om a la ge g oup o indi iduals o und p ojec s h ough
in e ne pla o ms (Block e al., 2018;Sho e al., 2017). Sus ainable
en u es equen ly encoun e inancial hu dles as hey s i e o simul-
aneously pu sue bo h inancial and social/ecological goals, which can
de e adi ional p o i -o ien ed in es o s. In his ega d, c owd unding
ep esen s an a ac i e und aising al e na i e o adi ional en ep e-
neu ial inance (Calic and Mosakowski, 2016). In he case o lending-
based c owd unding (c owdlending), indi idual in es o s g an small
loans o en ep eneu s and ecei e hei in es men s back i he p ojec s
a e success ully implemen ed (Block e al., 2018). Li e a u e dis in-
guishes be ween wo ypes o c owdlending pla o ms: p osocial and
e u n-o ien ed (Sho e al., 2017). In p osocial c owdlending, only he
in es ed amoun is e u ned o in es o s wi hou any in e es paymen s
(Allison e al., 2013). In e u n-o ien ed c owdlending, in es o s ea n
in e es on hei in es ed capi al and he e o e expec inancial e u ns
in addi ion o epaymen o he p incipal (H¨
o isch and Tenne , 2020).
So a , esea ch on c owd unding o sus ainable en u es has p e-
dominan ly ocused on c owd unding o ms wi hou inancial e u ns,
ha is, dona ion-based c owd unding (e.g., Gleasu e and Felle , 2016;
Logue and G imes, 2022), ewa d-based c owd unding (e.g., Calic and
Mosakowski, 2016;O e and Maehle, 2022) which is o en p e-selling o
p osocial c owdlending (e.g., Anglin e al., 2020;Luo e al., 2022). In
compa ison, e u n-o ien ed c owdlending has ecei ed less a en ion in
he sus ainabili y con ex (H¨
o isch, 2019). None heless, aking in o ac-
coun he la ge olume o capi al aised h ough c owdlending wi hin
he Eu opean Union
3
and hus i s p ac ical ele ance (Block e al., 2018),
i is essen ial o comp ehend dynamics and mechanisms o e u n-
o ien ed c owdlending o unlocking i s po en ial o a ac a b oade
c owd o in es o s o os e he de elopmen o sus ainable en u es.
P e ious quan i a i e s udies ha e analyzed how campaign a i-
bu es impac c owd in es o decisions by p edominan ly in es iga ing
da a om pla o ms. Fo example, exis ing c owd unding s udies indi-
ca e ha en u es’sus ainabili y-o ien ed na a i es o aming can
impac in es o decisions (e.g., Moss e al., 2018). Howe e , due o he
limi ed public a ailabili y o indi idual-le el in o ma ion abou in-
es o s on c owd unding pla o ms (Pie akis, 2019), esea ch on in-
es o s’pa icipa ion mo i a ions emains sca ce. In his ega d, Ge be
and Hui (2013) quali a i ely e eal ha in ewa d-based c owd unding
backe s a e no only mo i a ed by ewa ds, bu also by helping he en-
ep eneu s, in e ac ing in communi ies o con ibu ing o p oduc
design. Fu he s udies based on p ima y da a explo e mo i a ions in
dona ion-based c owd unding, whe e backe s a e d i en by he desi e o
help o he s ela ed o cha i able and philan h opic causes (e.g., Baghe i
e al., 2019;Chen e al., 2021;Choy and Schlagwein, 2016). Relying on
semi-s uc u ed in e iews wi h c owd unding s akeholde s, Mc La en
and Baldegge (2021) compa e di e en c owd unding o ms and s a e
ha , in con as o dona ion- and ewa d-based c owd unding, inancial
ac o s a e ele an in he lending and equi y con ex , while en i on-
men al and social ac o s ha e li le o no ele ance. Hence, assuming
ha c owd in es o s app oach c owdlending pa icipa ion wi h a simila
men ali y as e ail in es o s, he indings o p e ious esea ch canno be
di ec ly ans e ed o e u n-o ien ed c owdlending (Mollick, 2014;
Vasileiadou e al., 2016).
2.2. The mo i a ion o c owd in es o s
Mo i a ion e e s o he ex en o which people a e induced o engage
in beha io h ough pa icula d i e s (Deci and Ryan, 2012;Deci e al.,
1991). Acco ding o cogni i e e alua ion and sel -de e mina ion heo y,
mo i a ion is ca ego ized in o ex insic and in insic mo i es (Deci and
Ryan, 1985). In line wi h hese heo ies, in insically d i en mo i es
s em om he psychological gains o pe o ming an ac ion, whe eas
ex insically d i en mo i es a e connec ed o an ex e nal ou come, such
as ecei ing a (mone a y) ewa d o some o m o ex e nal ecogni ion
o eedback (Allison e al., 2015;Baghe i e al., 2019;Ryan and Deci,
2000). In his con ex , Allison e al. (2015), based on an analysis o
campaign he o ic, emphasize he ele ance o in insic ac o s, such as
human in e es , o c owd in es o decisions. They conclude ha in-
es o s in p osocial c owdlending a e dominan ly d i en by al uism
(Allison e al., 2015). O he c owd unding s udies, in con as , sugges
ha c owd in es o decisions a e p ima ily mo i a ed by ex insic ac-
o s, such as p oduc ewa ds in ewa d-based c owd unding, o inan-
cial e u ns in equi y-based c owd unding (e.g., Cholako a and Cla ysse,
2015;Visma a, 2019). Such a dis inc ion be ween inancial and non i-
nancial mo i es is common in he c owd unding li e a u e (Be ns e al.,
2020) because i helps esea che s o unde s and he complex in e play
be ween mo i a ing ac o s.
Fu he exis ing c owd unding s udies ocusing on mo i a ion del e
in o sel -di ec ed and o he -di ec ed mo i es (e.g., Hashinaga e al.,
2023;Zhang and Chen, 2019). These s udies o en e e o he concep s
o egois ic and/o al uis ic mo i es, which co espond o he o ien a-
ions ei he di ec ed owa d he sel o owa d o he s (Zhang and Chen,
2019). In his ega d, sel -di ec ed mo i a ion is associa ed wi h a
bene i o he indi iduals hemsel es linked o indi idual goals and
s anda ds, whe eas o he -di ec ed mo i a ion is associa ed wi h a
bene i o o he s, such as socie y o he communi y, linked o social
in e ac ions o social no ms (e.g., Hashinaga e al., 2023;Whi e and
Peloza, 2009). Fo example, he indings o Zhang and Chen (2019)
e eal ha sel -di ec ed mo i es exe a mo e p onounced posi i e in-
luence han o he -di ec ed mo i es on he c owd in es o s’ unding
decision. In he ealm o sus ainabili y-o ien ed c owd unding, Hashi-
naga e al. (2023) obse e a g ea e in luence o o he -di ec ed mo i es
o e sel -di ec ed mo i es on indi iduals’willingness o pa icipa e in
c owd unding, while also no ing ha mo i a ional ac o s may a y in
di e se socioeconomic con ex s and cul u es wi hin di e en coun ies.
Re u n-o ien ed c owd unding o ms a e assumed o a ac g ow h-
o ien ed in es o s who seek inancial gains (e.g., Ben o e al., 2019a;
Ni ani e al., 2019;Vasileiadou e al., 2016) and ac in a way o maxi-
mize hei inancial e u ns (Do lei ne e al., 2021;Ni ani e al., 2019).
In his espec , p e ious s udies ha e s essed he ele ance o ac o s
such as in e es a es, isks, and ma ke condi ions o d i ing c owd
in es o beha io (e.g., Ben o e al., 2019a;Penz e al., 2022;Pie akis,
2019). Slimane and Rousseau (2020), o example, compa e he
beha io o c owd in es o s o ha o adi ional banks, which p ima ily
seek a solid e u n on in es men (ROI). In con as , H¨
o isch and Tenne
(2020) a gue ha c owd unding campaigns’en i onmen al sus ain-
abili y o ien a ion may posi i ely in luence unding success, e en in a
con ex whe e inancial incen i es exis . Hence, li e a u e has p esen ed
pa ly con adic o y a gumen s conce ning he mo i es o c owd in-
es o s in he e u n-o ien ed c owdlending con ex (e.g., Capu o e al.,
2022;Mendoza e al., 2023). In addi ion, schola s a gue ha inancial
e u ns may c owd ou he in insic mo i a ion o in es o s in he
con ex o e u n-o ien ed c owd unding (e.g., Kollenda, 2022;Mendoza
e al., 2023). Fo example, he quan i a i e s udy by Kollenda (2022)
sugges s ha he expec a ion o inancial gains po en ially diminishes
he e ec o social impac in c owdlending decisions.
These obse a ions unde sco e he ele ance o analyzing he
3
In 2015,
€
3.2 billion was aised om he c owd h ough loans in he Eu-
opean Union (see Eu opean Commission, 2016). h ps:// inance.ec.eu opa.
eu/documen /download/a1a70784-607a-4ca2-ad00-110eb692b93b_en? i
lename=c owd unding- epo -03052016_en.pd , accessed on May 19, 2024.
J.M. Dinh e al.
Technological Fo ecas ing & Social Change 207 (2024) 123584
4
g anula composi ion o mo i es in e u n-o ien ed c owdlending and
ela ed men al linkages o c owd in es o s’decision-making de-
libe a ions. Gi en ha c owdlending in ol es he isk o mone a y loss
o c owd in es o s (Ben o e al., 2019a), i is impo an o g asp hei
conside a ions wi h ega d o c owdlending ou comes. In addi ion, a
deepe knowledge o mo i es is use ul o in o ming he pla o ms’
p ac ices wi h ega d o p esen ing and epo ing on p ojec imple-
men a ion as well as social o en i onmen al imp o emen s, which a e
conside ed especially ele an o sus ainable en u es (H¨
o isch, 2019).
The e o e, he p esen s udy uses a quali a i e app oach o de elop a
model o how in es o pa icipa ion mo i es may shape conside a ions
in he decision-making p ocess, while p o iding a comp ehensi e pic-
u e o in es o mo i es in e u n-o ien ed c owdlending.
3. Me hodology and esea ch con ex
3.1. Semi-s uc u ed in e iews
Quali a i e analyses can help schola s o gain a deepe unde s and-
ing o he mo i a ions o c owd in es o s and p o ide insigh s in o hei
decision-making p ocesses, con ibu ing o a mo e nuanced iew o
e u n-o ien ed c owdlending in he con ex o sus ainabili y. Thus, his
esea ch o m is pa icula ly sui able o answe “why”and “how”
ques ions ela ed o phenomena ha a e shaped by con ex ual ac o s
(Gioia e al., 2013;Huy e al., 2014), such as p e alen socie al p oblems
o pe sonal easons o indi iduals (see, e.g., Mi e maie e al., 2021). In
pa icula , quali a i e esea ch allows he explo a ion o he ue com-
plexi ies o mo i a ions (Baghe i e al., 2019;B em e al., 2019;Ge be
and Hui, 2013), aking in o accoun con ex ual ac o s such as c owd
in es o s’pe sonal ci cums ances, o example, hei li ing and p o es-
sional si ua ions, o pe cei ed socie al and en i onmen al issues. While
exis ing esea ch highligh s he ele ance o ea ly s udies on c owd
in es o mo i a ions, i so a o e s limi ed in-dep h insigh s om he
in es o pe spec i e o adequa ely answe he esea ch ques ion o his
s udy (e.g., Cox e al., 2022;Tenne and H¨
o isch, 2021;Yoo e al., 2023).
We base ou quali a i e esea ch on semi-s uc u ed in e iews wi h
ac ual in es o s. Speci ically, we examine why c owd in es o s pa ici-
pa e in c owdlending o sus ainabili y en u es and how hese mo i es
may shape hei ou come conside a ions. To cap u e bo h he ini ial
in es o mo i a ions and hei conside a ions ega ding he possible
ou comes o hei pa icipa ion in c owdlending, we s uc u ed he
in e iew con en as ollows: (1) ini ial in e es and engagemen in
pa icipa ing in c owdlending o sus ainable en u es (e.g., how he
pa icipan became in ol ed in in es ing in young companies wi h so-
cial and/o en i onmen al goals ia c owdlending), and (2) indi idual
app oach o unding decisions conside ing po en ial c owdlending ou -
comes (e.g., he ele an decision-making ac o s and conside a ions
when inancing sus ainable p ojec s). The in e iew guideline in ol ed
a se ies o open-ended ques ions o enable a candid con e sa ion wi h
he in e iewees (see Appendix). Th oughou he da a collec ion p o-
cess, his in e iew guideline was sligh ly adjus ed and expanded by
building on p io obse a ions (Gioia e al., 2013;Glase and S auss,
1967;S auss and Co bin, 1998).In addi ion o he opening and ending
ques ions, he guideline ini ially included se en main ques ions, which
we e inc eased o nine du ing he da a collec ion p ocess. We unco e ed
wo addi ional ques ions in he ini ial in e iews and added hem o he
guideline o e lec he s uc u ed ollow-up inqui ies on he mul i ac-
e ed na u e o ini ial pa icipan engagemen . As we ollowed a semi-
s uc u ed app oach, he s uc u ed main ques ions we e expanded by
ollow-up ques ions based on he na a i es o indi idual in e iewees o
gain an in-dep h pe spec i e (Hel e ich, 2011;Rubin and Rubin, 2005).
In addi ion, in e iewees we e encou aged o p o ide any eme gen
na a i e desc ip ion ha hey el was ele an in ela ion o he
ques ions. In e iews we e eco ded wi h a oice eco de and an-
sc ibed o analysis. Finally, hey we e scheduled and conduc ed un il
he au ho s belie ed ha heo e ical sa u a ion was su icien o de elop
he cha ac e is ics o he ca ego ies (Glase and S auss, 1967).
3.2. Sample selec ion and da a collec ion
Ou s udy was conduc ed in coope a ion wi h he Ge man-based
e u n-o ien ed c owdlending pla o m be e es , which is lis ed
among he op 10 c owd unding pla o ms specialized in inancing
enewable ene gy p ojec s (e.g., sola , wind, and hyd oelec ic powe )
wo ldwide (Slimane and Rousseau, 2020;Cogan e al., 2023) and
quan i a i ely measu es he impac o hese in e ms o o al ca bon
dioxide (CO
2
) educ ion. The pla o m, ounded in 2012, o e s an
a e age inancial e u n a e o 7.37 % wi h a p ojec du a ion o ypi-
cally be ween 3 and 8 yea s (a e age: 6.3 yea s) and minimum in es -
men amoun s s a ing a
€
50
4
(be e es , 2023), ha ing achie ed a
o al in es men olume o oughly 16 million Eu o in o e 100 p ojec s
in 20 di e en coun ies as o Augus 2021.
5
Wi h o e 10 yea s o
ma ke expe ience since i s es ablishmen in 2012, be e es o e s a
obus ounda ion o ou s udy. Addi ionally, due o i s cen al loca ion
wi hin Eu ope, he Ge man ma ke can be iewed as indica i e o o he
neighbo ing Eu opean coun ies (Be ge e al., 2015;H¨
o isch and
Tenne , 2020).
P ima ily add essing p i a e in es o s, be e es o e s he oppo -
uni y o inancially bene i om in es men s in ecologically and so-
cially sus ainable p ojec s wi h an inc easing ocus on he A ican
ma ke . Fo example, one p ojec dis ibu es sola home sys ems o
Kenyan amilies, o e ing hem sus ainable and cos -e ec i e elec ici y
al e na i es while elimina ing ha m ul ke osene lamps and candles. This
p ojec no only con ibu es o clima e p o ec ion by educing ca bon
emissions, bu also empowe s economically disad an aged amilies by
ac ing as a c edi agency. The unding goal o he p ojec amoun ed o
€
323,500 and was nea ly eached wi h
€
316,850 collec ed om 393
in es o s.
6
The annual e u n a e was s a ed as 8 % wi h a p ojec
du a ion o 5 yea s. The p ojec desc ip ion includes wo p esen a ion
ideos showcasing he company, along wi h comp ehensi e de ails on
he p ojec ’s backg ound, epaymen s uc u e, social and en i on-
men al impac s, as well as inancial in o ma ion ega ding he business
model (see Fig. A1 in he Appendix o a isual exce p o he p ojec
desc ip ion on he c owdlending pla o m). O he ypical p ojec s on
be e es include deploying pho o ol aic sys ems, sola wa e hea e s,
sola wa e pumps, o clean cooking s o es in egions like Rwanda o
Zambia. To acili a e pa ial epaymen in he case o insol encies,
p ojec in es men s a e ypically s uc u ed as special pu pose ehicles
(SPVs). In exchange o hei in e media y se ices, he pla o m cha ges
a pe iodic handling ee and a success-dependen commission.
7
By s a egically app oaching ou sample om he pla o m be e -
es , we aim o desc ibe he pa icula subg oup o c owdlending in-
es o s wi h ega d o he speci ic opic o how pa icipa ion mo i a ion
shapes in es o decision making (Nee gaa d, 2007, p. 264). Based on he
me hod o pu pose ul sampling (Lincoln e al., 1985;Pa on, 1990), we
de ined and ollowed speci ic cha ac e is ics o each ou o po en ial
pa icipan s. As we we e in e es ed in he in es o s who ully ecall hei
4
The minimum in es men amoun has dec eased o
€
50 om he p e iously
equi ed
€
250.
5
Acco ding o he p ojec s a is ic o Augus 2021, o 102 p ojec s, 76 held
he s a us “cu en ly epaying in es o s”, 16 had ully epaid in es o s, while 10
p ojec s we e bank up (i.e., insol ency p oceedings). The e o e, his pu s he
ailu e a e a o abo e 9.8 % (since a pe cen age o he p ojec s cu en ly
epaying hei loans could cease epaymen p io o he end o hei espec i e
loan ime ame). (h ps://www.be e es .com/de/p ojek -s a is ik, accessed
on Decembe 13, 2023).
6
h ps://www.be e es .com/de/p ojec /pawame-1 (accessed on May 5,
2024).
7
h ps://www.be e es .com/en/2022/12/06/aus allga an ie,h ps
://www.be e es .com/de/in aspa enz-beim-c owd unding (accessed on
Decembe 13, 2023).
J.M. Dinh e al.
Technological Fo ecas ing & Social Change 207 (2024) 123584
5
c owdlending ac i i y, we only app oached ac i e in es o s wi h wo o
mo e in es men s ha had in es ed in a be e es p ojec wi hin he las
six mon hs be o e he in e iews. Following his p ocedu e helped us o
a oid o signi ican ly educe po en ial ecall bias (i.e., incomple e o
inaccu a e ecollec ions) because he close in ime he objec o
cogni ion, he less se e e he ecall bias is likely o be (Cassa , 2007).
We app oached a o al o 130 in es o s in successi e g oups based on
he ecency o hei in es men s, wi h a inal esponse a e o app oxi-
ma ely 14 %. The semi- andom app oach has ad an ages o e simple
snowball sampling o en used in o he s udies, because we did no know
he in e iewees p io o app oaching hem, hus inc easing he objec-
i i y o he indings. To signal us , in es o s we e con ac ed ia e-mail
oge he wi h be e es and asked whe he hey we e in e es ed in
pa icipa ing in he s udy.
8
As an incen i e, be e es o e ed pa ici-
pan s a ouche o hei nex in es men (
€
20 owa d he minimum
in es men amoun o
€
100). Such pa icipa ion incen i es ha e been
shown o imp o e engagemen in consume esea ch s udies (Kelle
e al., 2020). The semi-s uc u ed in e iews we e conduc ed by he i s
au ho be ween Oc obe 2021 and Janua y 2022 and ook place p e-
dominan ly ia elephone (14 o 18 in e iews) o he digi al con e -
encing ool Webex by Cisco Sys ems (4 o 18 in e iews).
The inal da ase includes 18 in e iews wi h a du a ion o 38 min on
a e age, anging om 24 o 60 min. In ou s udy, we employed pu -
pose ul sampling o ensu e he cha ac e is ics o pa icipan s closely
mi o ed hose ypically ound in c owd in es o s (Nee gaa d, 2007).
Thus, his me hod allowed us o selec indi iduals whose sociodemo-
g aphic cha ac e is ics and expe iences a e ep esen a i e o he exam-
ined popula ion. Table 1 p o ides an o e iew o he cha ac e is ics o
each in es o , demons a ing he in es o s’age, gende , and gene al
in es men expe ience, as well as c owd unding expe ience. In ou
sample, 14 in e iewees we e male and he same numbe o in-
e iewees we e unde he age o 50. Fu he , 15 in e iewees had in-
es men expe ience wi h s ocks, unds, bonds, o o he inancial
p oduc s be o e pa icipa ing in c owdlending o sus ainable en u es
ia be e es o o he pla o ms. The emaining h ee epo ed ha hey
began hei gene al in es men ac i i ies a ound he same ime as hey
began pa icipa ing in c owdlending. Acco ding o hei own ecall and
es ima ions, in es o s had app oxima ely 17 yea s o in es men expe-
ience on a e age be o e s a ing wi h c owdlending. In addi ion, se en
esponden s epo ed ha hey had addi ional expe ience wi h in es ing
in c owd unding be o e hei c owdlending ac i i ies on be e es . A
he ime o con ac , he in es o s om ou inal sample had made be-
ween 2 and 61 c owdlending in es men s ia be e es .
These sample cha ac e is ics ep esen ypical sociodemog aphic
cha ac e is ics o c owd in es o s as e ealed in p e ious quan i a i e
c owd unding s udies (e.g., Penz e al., 2022;Tenne and H¨
o isch,
2021). In addi ion, esea ch has highligh ed he ele an ole o p e ious
in es men expe ience in he c owd unding ma ke (e.g., Kim and Vis-
wana han, 2019). Ul ima ely, he cha ac e is ics o he in e iewees in
ou s udy we e compa able o hose in p e ious wo k and, hus, sui able
o ou analysis.
3.3. Da a analysis
Ou ini ial analysis and coding p ocess o he ga he ed in e iew da a
ollows an induc i e p ocedu e, which is en iched wi h an abduc i e
app oach in a subsequen s ep o be e comp ehend how in es o s’
mo i es in e u n-o ien ed c owdlending may shape hei decision
making ( o a simila analy ical app oach, see Fa ny e al., 2019). Such
an analy ical app oach in ol es a dynamic i e a ion be ween da a
analysis and he eme gence o heo e ical cons uc s by u he d awing
inspi a ion om exis ing heo y (e.g., Huy e al., 2014;Williams and
Shephe d, 2016).
In a i s s ep, we implemen ed g ounded heo y in ou analysis,
because i is known o ha e se e al ad an ages o s udying complex and
dynamic phenomena like e u n-o ien ed c owdlending. Fo ins ance, i
can iden i y he si ua ed na u e o knowledge and adap o di e se
phenomena o changes (Milliken, 2010). We used he so wa e
MAXQDA o ou da a analysis and ollowed an i e a i e echnique
based on cons an compa ison acco ding o he p inciples o g ounded
heo y (Glase and S auss, 1967). By employing he echnique o con-
s an compa ison (Glase and S auss, 1967;S auss and Co bin, 1998),
he me hodology o g ounded heo y gene a es insigh s om unde lying
da a while inc easing he igo o quali a i e s udies as called o by
Maula and S am (2020). Thus, we i s segmen ed he da a in o ini ial
codes and hen aimed o iden i y a ia ions be ween he in e iews. The
iden i ica ion o ini ial codes in ol ed an open coding p ocedu e o he
unde lying da a ha esul ed in a lis o i s -o de concep s ela ed o
he esea ch ques ion (S auss and Co bin, 1998). Subsequen ly, we
i e a i ely compa ed and con as ed he eme ging hemes in an ongoing
p ocess o agg ega e simila concep s in o a meaning ul da a s uc u e o
second-o de hemes and agg ega ed ca ego ies (Gioia e al., 2013;
S auss and Co bin, 1998).
In a second s ep, we inco po a ed p ocedu es om an abduc i e
app oach o achie e a aluable con ibu ion o heo y de elopmen
(Vila-Henninge e al., 2024;Sæ e and Van de Ven, 2021). Mo e spe-
ci ically, we u he e iewed ele an li e a u e on mo i a ion o p o-
ide suppo o he easoning o he de i ed hemes and dimensions and
o e alua e i any u he concep s could be de eloped a e he p e-
limina y s ages o analysis (e.g., Sæ e and Van de Ven, 2021). In his
p ocess, he e iewed li e a u e and exis ing heo y on mo i a ion in
sus ainabili y-o ien ed c owd unding se ed as a lens o he classi ica-
ion o he eme ged hemes and ca ego ies (e.g., “compensa e o hei
mo al conscience”o “es ablish a pe sonal connec ion”). Hence, he
conside a ion o heo e ical wo k conce ning ocus and d i e s o mo-
i es a ose om analyzing da a and gaining eme gen insigh s h ough
an ini ially induc i e coding p ocedu e (see, e.g., Choy and Schlagwein,
2016), while he insigh s om p e ious s udies on in insic and ex insic
d i e s o mo i es (e.g., Alam and Campbell, 2012;Baghe i e al., 2019;
Choy and Schlagwein, 2016) and sel -di ec ed and o he -di ec ed mo-
i es (e.g., Hashinaga e al., 2023;Zhang and Chen, 2019) inspi ed he
u he analysis o indings. Based on his, we de eloped a model o add
u he dep h o he analysis o how mo i es can shape c owd in es o s’
decision making, ad ancing he discussion o he heo e ical implica-
ions and con ibu ions o exis ing li e a u e in he ield.
4. Resul s
Ou indings ac oss he in e iews e ealed ha he in es o s’
mo i a ion o engage in c owdlending o sus ainable en u es is
mul ilaye ed and appea s o be a combina ion o inancial, pe sonal,
p osocial, and communal mo i es. Fig. 1 depic s he i s -o de concep s,
second-o de hemes, and agg ega ed dimensions esul ing om he
analysis.
Exempla y in e iewee s a emen s o he e ol ing hemes and ou
induc i e coding p ocedu e a e p esen ed in Tables A1 h ough A4 in he
Appendix. The iden i ied hemes and sub hemes o ou indings a e
in e ela ed a he han mu ually exclusi e, as is o en he case in
quali a i e s udies (Meng e al., 2022). The esul s o ou analysis
indica e ha in es o conside a ions abou c owdlending ou comes a e
based on hei weigh ing o he dis inc mo i es. In he ollowing, we
i s desc ibe he esul s o ou quali a i e s udy in mo e de ail, a e
which we p o ide insigh s in o he ole hese mo i es play in he
decision-making app oach o c owd in es o s.
8
The au ho s ecei ed no inancial compensa ion o o he incen i es om
be e es o conduc his s udy and coope a ion on his s udy was limi ed o
p o iding access o he pla o ms’in es o pool o he pu pose o conduc ing
he in e iews.
J.M. Dinh e al.
Technological Fo ecas ing & Social Change 207 (2024) 123584
6
Table 1
O e iew o in e iews and cha ac e is ics o in e iewees.
ID P o ession Educa ion
(deg ee)
P io
in es men s
In es men
expe ience (yea s)
P io c owd-
unding
Age ca ego y
(yea s)
Gende Leng h
(minu es)
Da e o
in e iew
1 IT Manage Mas e ’s Yes 5–10 Yes 30–39 M 24 21/10/2021
2 P ope y Manage App en iceship Yes 21–30 Yes 40–49 M 45 27/10/2021
3 Quali y Manage Mas e ’s Yes 5–10 No 20–29 M 29 29/10/2021
4 Public Adminis a o Mas e ’s Yes 21–30 No 40–49 M 40 03/11/2021
5 C edi Analys App en ice-ship Yes 11–20 No 50–59 M 30 10/11/2021
6 Psycho he apis Mas e ’s Yes 41–50 No 60–69 F 38 15/11/2021
7 O icial Mas e ’s Yes 21–30 Yes 50–59 M 51 16/11/2021
8 IT Adminis a o Mas e ’s Yes 21–30 No 40–49 M 39 25/11/2021
9 Enginee Mas e ’s Yes 11–20 No 40–49 M 30 01/12/2021
10 Sus ainabili y
Consul an
Mas e ’s No 0–4 Yes 30–39 F 42 07/12/2021
11 Consul an Mas e ’s Yes 5–10 Yes 30–39 F 41 09/12/2021
12 Resea ch Assis an PhD No 0–4 No 30–39 F 29 14/12/2021
13 Business IT Specialis Mas e ’s Yes 21–30 Yes 50–59 M 60 13/01/2022
14 Ma ke ing Manage Mas e ’s Yes 11–20 No 40–49 M 28 18/01/2022
15 Resea ch Assis an PhD Yes 11–20 No 30–39 M 34 18/01/2022
16 Resea ch Assis an PhD Yes 11–20 Yes 30–39 M 43 24/01/2022
17 So wa e Enginee Mas e ’s No 0–4 No 40–49 M 49 26/01/2022
18 Elec ical Enginee Mas e ’s Yes 11–20 No 40–49 M 29 28/01/2022
No e: M =Male, F =Female. P io c owd unding indica es addi ional expe ience on any ype o c owd unding pla o m, Mas e ’s deg ee e e s o any uni e si y deg ee
as well as o Diploma holde s be o e he Bologna P ocess. Da es a e p esen ed in he DD/MM/YYYY o ma .
Fig. 1. Da a s uc u e o mo i es in e u n-o ien ed c owdlending.
J.M. Dinh e al.
Technological Fo ecas ing & Social Change 207 (2024) 123584
7
4.1. Mo i es o engage in e u n-o ien ed c owdlending o sus ainable
en u es
4.1.1. Financial mo i es
The in es o s we in e iewed indica ed ha hei engagemen in
c owdlending o sus ainable en u es was ied o he basic idea o
p ese ing o inc easing hei inancial weal h (see Table A1 in he
Appendix). Financial mo i es hus ep esen one o he main pa icipa-
ion c i e ia ha we e consis en ac oss all in e iews. The majo i y o
in e iewees emphasized he desi e o supplemen o subs i u e adi-
ional inancial p oduc s and desc ibed looking o sus ainabili y-
ocused op ions o in es in an al e na i e wi h po en ial inancial e u ns.
Fo mos c owd in es o s, he ini ial impe us o pa icipa e in c ow-
dlending o sus ainable p ojec s was o c i ically ques ion adi ional
in es men oppo uni ies. Fo example, In es o 7 explained:
“The i s is o in es one’s money, one’s sa ings, in such a way ha i
has a chance o e aining i s alue in he long e m o e en g owing.
Bu abo e all, o ensu e, so o speak, on he in e na ional inancial
ma ke s ha one does no con ibu e o inancing he bad in he bes
case.”
And In es o 16 s a ed:
“Be o e ha , I was also looking o o ms o in es men ha mo ed
away om he adi ional bank accoun and, in some cases, in es ed
in speci ic p ojec s. The aim is o achie e a e u n, bu also o c ea e
added alue o socie y o , in my case, abo e all o he
en i onmen .”
Compa ing c owdlending wi h he economic appeal o inancial
p oduc s o e ed by adi ional banks, he in e iewees unde lined he
a ac i eness o e u n a es in c owdlending. Wi h espec o he
inc eased isk, hey s essed he p ac ice o dis ibu ing small in es men
amoun s ac oss di e en sus ainable c owdlending p ojec s o di e si y
as b oadly as possible. Mos in es o s u he indica ed ha hey had
expe ience wi h adi ional in es men s as e ail in es o s p io o
pa icipa ing in c owdlending o sus ainable en u es and hus had an
exis ing in es men po olio. In iew o his, he in e iewees consid-
e ed c owdlending as a pa o hei o e all in es men s a egy which,
in mos cases, also included adi ional in es men op ions such as s ocks
and sha es. Fo example, In es o 13 s a ed ha he sha e o al e na i e
in es men s amoun s o a ound 5 o 10 % o he o e all po olio. While
o he majo i y o in es o s c owdlending accoun s o a smalle sha e
o he o e all in es men po olio, some in es o s show endencies o
inc easingly shi la ge sha es owa d c owdlending. Hence, hei ocus
on c owdlending in ela ion o hei in es men po olio anges om
small o la ge. Fu he , In es o 11 explained: “Since I am employed and
also ea n a li le money, I in es money. I ha e a ela i ely good
knowledge and o me, c owdlending is mo e o a small […] addi ion o
my p o ile.”In con as , In es o 2 decla ed: “I’ e been ying o u n
ha a ound o wo yea s. And I’m ge ing mo e and mo e money ou o
he hings ha a e simply based on secu i y and my inancial ad an age
[…].”All in es o s, howe e , s essed ha a he gi en ime hey do no
ely on he money hey in es in c owdlending, so hey ha e some
leeway o make his ype o in es men wi h high e u ns and high isk.
Ac i ely compa ing c owdlending wi h adi ional in es men op-
ions ha claim o mee sus ainabili y and inancial c i e ia, in es o s
pe cei ed he abili y o con ol he in es men low by di ec ly selec ing
sus ainable p ojec s as ano he bene i o c owdlending. In con as ,
when in es ing in la ge s ock unds, o example, hey would ha e o
ely on he decisions o und manage s as he in e media ies. In his
ega d, one in e iewee no ed ha c owdlending ep esen s one o he
ew in es men oppo uni ies in he e ail segmen o “in es di ec ly”
(In es o 9) in o p ojec s o new en u es ha c ea e social and
ecological alue. O he in es o s highligh ed he possibili y o making a
di ec mone a y con ibu ion o physical “asse alue”(In es o 7).
Re e ing o he link be ween he in es men s and he p ojec s, In es o
9 explained:
“I ha e he possibili y o in luence ha ac ually physically some-
whe e a sola plan is buil , which ensu es e e y yea ha hund eds
o kilos o CO₂do no end up in he a mosphe e. […] The money ha
goes in o i ensu es ha hese sola plan s and so on a e buil he e.
This di ec link o he indi idual p ojec is wha I in es in.”
4.1.2. Pe sonal mo i es
Second, we iden i ied a ange o pe sonal mo i es ela ed o indi-
idual pe cep ions, needs, and desi es o he in e iewed c owd in-
es o s (see Table A2 in he Appendix). Ou s udy e ealed ha some
in es o s we e d i en by hei pe cei ed need o compensa e o hei
mo al conscience, ha is, hei desi e o compensa e o coun e balance
hei bad conscience ega ding hei pe sonal ca bon oo p in o hei
p e ious o cu en adi ional in es men ac i i ies. Re e ing o he
pe sonal “mo al compass”, In es o 1 s a ed: “I I know I’m making
money h ough he bad [companies] in he wo ld because I’m in es ing,
hen somehow I ha e o c ea e some hing good in e u n.”Fu he
In es o 2 explained: “So I include ha o mysel in my CO₂calcula o .
I ’s impo an o me ha I’m de ini ely below he a e age Eu opean CO₂
oo p in wi h my amily.”
In es o s also exp essed ha hey pa icipa e in c owdlending o
sus ainable en u es o hedonis ic easons ela ed o hei pe sonal in-
e es s and joy. Fo ins ance, In es o 11 s a ed: “[…] I kind o do ha a
li le bi besides o un, o somehow make my po olio a li le bi mo e
in e es ing.”Ano he desc ibed in es ing in c owdlending p ojec s o
sus ainable p ojec s as “ad en u ous”(In es o 15). In addi ion, c owd
in es o s e e ed o hei pe sonal in e es in speci ic p ojec opics such
as pho o ol aic echnology o ce ain p ojec coun ies ha we e closely
ela ed o he sus ainable en u es’ ield o ac i i y.
Rela edly, c owdlending in es men s in sus ainable p ojec s can be
conside ed a subs i u e o he ealiza ion o own p ojec s o en ep eneu ial
en u es ha indi iduals would like o unde ake bu lack he ime o
oppo uni y o do so. Gi en ha ci cums ances do no always allow
indi iduals o launch o pa icipa e in sus ainable p ojec s on hei own,
c owdlending p o ides in es o s wi h he oppo uni y o con ibu e o
he implemen a ion o sus ainable en u es and pu sue hei p og ess
h ough hei c owdlending in es men s ins ead. In es o 7 explained:
“I would like o inance my own huge pho o ol aic sys em someday.
[…] I would be my hing and i would ha e o unc ion, hen I would
be an en ep eneu . Bu I ha en’ managed o do ha ye . And ha ’s
why i ’s also a bi o subs i u ion ia c owd unding.”
O he c owd in es o s s essed he desi e o es ablish a pe sonal
connec ion wi h he p ojec bene icia y o he c owdlending pla o m
eam. Building a ela ionship can c ea e a eeling o us and ul ill he
needs o in e pe sonal con ac and exchange o indi idual in es o s. As
In es o 13 desc ibed:
“We had such a nice li le [p ojec ] whe e hey said he kids can go o
school o do homewo k longe because hey jus ge ligh . And I
ac ually w o e o he illage elde s [a message] and go eedback.”
4.1.3. P osocial mo i es
Thi d, we iden i ied p osocial mo i es as ano he consis en mo i e
e e enced by all c owd in es o s in e iewed. P osocial mo i es e ol e
a ound he socie al impac o c owdlending in es men s in sus ainable
en u es (see Table A3 in he Appendix). Ha ing ealized ha mone a y
in es men s ep esen a “good le e ”(In es o 4) o make a di e ence
and c ea e impac , c owd in es o s commonly emphasized he p osocial
mo i e o ad ancing en i onmen al and socie al change. They, o example,
s a ed ha hey p omo e change by os e ing he shi o enewable
ene gy a ound he globe o helping o imp o e he li es o people in he
p ojec coun y. Wi h a ocus on enewable ene gy, In es o 2 poin ed
ou :
J.M. Dinh e al.
Technological Fo ecas ing & Social Change 207 (2024) 123584
8
“I ’s ac ually mo e abou pushing o wa d he ene gy ansi ion
wo ldwide. […] And ha ’s wha I’m ying o achie e h ough my
olun ee wo k [...]. And h ough inances ha a e no in es ed in
coal and ossil ene gy.”
Fu he , In es o 3 highligh ed: “[…] because o cou se I wan my
money o do some hing posi i e no only o me somewhe e bu also o
he socie y o he popula ion.”In addi ion, c owd in es o s s essed ha
hey pu sue sus ainable alues and belie s h ough suppo ing sus ainable
en u es wi h hei in es men s.They o en unde s and sus ainabili y
and ecological awa eness as guiding p inciples o hei li es ha a e also
e lec ed in o he a eas, such as hei consump ion beha io , and iew
hei in es men decisions as a way o ul illing hei ci ic esponsibili y.
In his con ex , In es o 10 e ealed: “Because a some poin i became
clea o me ha my own consump ion decisions a e an impo an ac o ,
no jus my own ecological oo p in .”Subsequen ly, In es o 10 added:
“We ha e o use he powe o he consume , which goes beyond con-
sump ion, also in he in es men decision o ou le e age [whe e] i is
ac ually much bigge .”In addi ion, In es o 11 cla i ied:
“Bu o me, i ’s ac ually also clea ha I pay a en ion o social and
ecological c i e ia in my in es men s because I do ha usually in my
own li e now, ha is, my li es yle. And also a he ballo box, no only
o me as a consume o in es o bu ac ually also jus as a ci izen o
poli ical ellow ci izen.”
4.1.4. Communal mo i es
Fou h, he c owd in es o s in ou sample e e ed o communal
mo i es ha we e linked o hei in luence on communi ies. Simila o
pe sonal mo i es, communal mo i es seem o be a he based on indi-
idual desi es o in es o s and appea ed less consis en ly han inancial
and p osocial mo i es h oughou he conduc ed in e iews (see
Table A4 in he Appendix). In es o s who men ioned communal mo i es
emphasized he mo i e o encou aging o he s o con ibu e o c ow-
dlending. Some ac i ely ecommended c owdlending o sus ainable
en u es o hei iends and acquain ances, while o he s aimed o
become ole models o o he s h ough hei c owdlending ac i i ies.
One in es o e e ed o a desi ed “imi a o e ec ”(5) o inc ease pos-
i i e impac , while ano he in es o in ou s udy saw g ea po en ial in
a ousing he in e es o o he nonp o essional in es o s. In his con ex ,
In es o 4 desc ibed:
“Bu i you look a ound now as an in es o on he ma ke in Ge many
abou loans, he e is as good as no in e es o hese. So some people
migh well come up wi h he idea o saying, okay, I’m going o in es
in a sola p ojec in an eme ging coun y. And I hink you need o
encou age mo e people [...] o in es in such hings.”
Fu he mo e, in es o s s a ed ha hey can in luence local commu-
ni ies by d i ing u he implemen a ion o enewable ene gy p ojec s o
s imula ing imi a ion by local ac o s. As In es o 5 explained: “[…] and
ul ima ely also o anima e and also show he e locally ha a whole lo is
possible in he a ea o enewable ene gies.”In addi ion, In es o 2
men ioned he impo ance o showing people in he egion ha “i is
possible o wo k economically wi h such p ojec s.”Acco ding o his
in es o , showing communi ies ha he p ojec s being implemen ed can
unc ion and yield p o i may encou age he local expansion o simila
p ojec s.
4.2. C owd in es o conside a ions in e u n-o ien ed c owdlending
The ollowing s age o analysis e ealed how he iden i ied mo i es
shape c owd in es o decision making in e u n-o ien ed c owdlending
o sus ainable en u es and unco e ed di e en conside a ions o
c owdlending ou comes. The indings sugges ha c owd in es o s in
ou sample appea o ei he emphasize o balance mo i es when o ming
hei conside a ions ega ding possible ou comes and po en ial inancial
losses in c owdlending. Tables A5 and A6 in he Appendix p esen
u he e idence o hese esul s.
C owd in es o s who emphasized inancial o pe sonal mo i es e-
lec ed his emphasis in hei dominan e u n conside a ions. They, o
example, s a ed ha “[…] ha ing mo e han ze o o minus [as an o e all
inancial ou come om he in es men s]”(In es o 7) ep esen ed a
p e ailing goal o hei in es men in sus ainable en u es. In es o s
wi h dominan e u n conside a ions e e ed ypically o a s a egic and
long- e m in es men app oach. Taking such a s a egic pe spec i e on
c owdlending, In es o 1, o example, s a ed: “I ealized ha i I
di e si ied b oadly in c owdlending, I would ge a oughly simila e-
u n. [...] So in p inciple, I can ge he same e u n ha I ge om a ai ly
high-pe o ming ma ke -wide ETF (Exchange T aded Fund), bu which
is con en ional.”Fu he , in es o s who emphasize inancial o pe sonal
mo i es seem o base hei c owdlending decisions a he on ha d ac s,
such as p ojec du a ion o e inancing modali ies, and pu addi ional
e o in o unde s anding he business model and calcula ions. In his
ega d, In es o 7 also added: “This is abou money and no abou e y
big emo ions.”Hence, c owd in es o s wi h dominan e u n conside -
a ions end o ollow a s a egy-based app oach o decision making.
In con as , c owd in es o s who emphasized ei he communal o
p osocial mo i es o e all showed dominan cha i able conside a ions. In
his con ex , hey highligh ed he ac ha he “incen i e is a he he
con ibu ion [i sel ]”(In es o 12). In his ega d, In es o 10 ou lined:
“[...] i he money was hen comple ely gone, i would s ill be
impo an o me ha he in es men s had been made. And hen […] I
would also be sa is ied wi h a pu ely non inancial e u n, [...], e en i
all he money was gone. Bu o cou se, ha only wo ks i he amoun s
a e no ha la ge. So ha you jus say, okay, o he wise, I jus
dona ed.”
In addi ion, In es o 8 explained:
“And e en i i doesn’ lead o any hing, i has a leas led o some-
hing blossoming somewhe e empo a ily. And you ne e know wha
ha will lead o. So i ’s he bu e ly e ec . And somehow i ’s s ill
posi i e.”
The e o e, in es o s ocusing hei decision making p edominan ly
on cha i able aspec s appea o in ol e emo ions in he decision-making
p ocess, elying on hei gu eeling. In his con ex , In es o 6 desc ibed
he decision-making app oach in c owdlending as going “p e y much
h ough he gu and less h ough he on b ain.”Fu he , In es o 8
explained ha i is “such a bi o eeling”and In es o 10 desc ibed: “I
hesi a e much less. […] As long as I somehow hink ha he p inciple
essen ially co esponds o my alues […].”Hence, hei app oach ap-
pea s o be mo e “spon aneous”(In es o 4) and ollows “no p o es-
sional s a egy”(In es o 6). Thus, in con as o he s a egy-based
app oach, o he in es o s showed a a he emo ions-based app oach o
c owdlending decision making.
Howe e , he majo i y o in es o s in ou sample explained ha hey
would aim a leas a he epaymen o he ini ially in es ed amoun and
hus accep ecei ing no inancial e u ns on hei in es men . As
In es o 2 emphasized: “The main goal is o no make a big loss.”In
addi ion, In es o 3 no ed: “Fi s o all, i is impo an o me ha I ge my
in es ed amoun back a he end. And I see his in e es paymen as a
bene i o me o he ime being.”Rega ding hei c owdlending de-
cisions, he majo i y o in es o s in ou sample engaged in a blended
app oach in hei decision making, in ol ing a mix o bo h s a egy-
based as well as emo ion-based elemen s. In es o 13, o example,
desc ibed bo h he s a egic p ocedu e o con inuously keeping a ixed
“pe cen cu ”o e ime in ela ion o he o e all in es men po olio
and going h ough all in es men s “once a mon h,”while addi ionally
e e ing o “a li le bi o gu o la o ”(In es o 13) when i comes o
making he ac ual p ojec decision.
In summa y, we obse e a hyb id na u e o conside a ions and ap-
p oaches, highligh ing he ac ha —simila o p osocial c owdlending
J.M. Dinh e al.
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Jeanne e Mai Dinh is a hi d yea PhD candida e a he Mancho G adua e School o he
Compe i i eness o Young Fi ms o he Uni e si y o Düsseldo , Ge many. He esea ch
in e es s include c owd unding and sus ainabili y. He wo k has been published in he
Jou nal o Cleane P oduc ion and in he p oceedings o in e na ional con e ences. She is
also Senio Ma ke ing and Sales Manage a Sunha , a sus ainabili y- ocused so wa e
s a -up based in Ge many. E-mail: [email p o ec ed]
And ew Isaak is cu en ly an Assis an P o esso a he Hein ich-Heine Uni e si y o
Düsseldo (Ge many) and ansi ioning o he Vienna Uni e si y o Economics and
Business (Aus ia). His esea ch ocuses on digi al en ep eneu ship, sus ainable inance,
open use inno a ion and amily en e p ises. His wo k has been published in ou le s such
as Jou nal o Business Resea ch, Jou nal o Beha iou al and Expe imen al Economics,Jou nal
o Cleane P oduc ion, Jou nal o Small Business Managemen and in he Academy o Man-
agemen Bes Pape P oceedings. He also se es on he Edi o ial Re iew Boa d o In o ma ion
Sys ems Jou nal and on he Supe iso y Boa d o he S a up Ce i b.V. (Ne he lands). E-
mail: [email p o ec ed]
Yasmine Yahyaoui is a Pos doc o al Resea che a he Uni e si y o Bay eu h, Ge many.
He esea ch in es iga es challenges and oppo uni ies in social en u es and (social)
en ep eneu ial eams. Mo e speci ically, she explo es esea ch ques ions cen e ing a ound
deep-le el cha ac e is ics and psychological well-being in (social) en ep eneu ship. He
wo k has been published in Nonp o i Managemen and Leade ship, F on ie s o En ep e-
neu ship Resea ch, and in he Academy o Managemen P oceedings. E-mail: yasmine.yahya
[email p o ec ed]
J.M. Dinh e al.
