Investors’ Preference for Creating Impact: (A study to understand impact investors’ preference while making investment in India)

IF 3 Q2 BUSINESS

Vision-The Journal of Business Perspective Pub Date : 2022-11-26 DOI:10.1177/09722629221131110

Prerna Rathee, Shalini Aggarwal

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引用次数: 0

Abstract

The main aim of this article is to analyse the preference of impact investors when it comes to the selection of ventures for investment. The study has been conducted with the sole objective of trying to evaluate the choices of impact investors in the Indian market. In addition to this, the present study strives to find out how a certain venture turns out to be the most preferred area of investment and what instrument is preferred to invest in for impact investments, and the criteria that guide investors to arrive at their choice of investment portfolios in Indian impact investment market. A choice-based conjoint experiment has been done in which respondents have to rank the different options which were generated by orthogonal arrays based on their preference. The preference function was computed by using OLS regression. It has been revealed through this study that while deciding to invest for impact, first preference is accorded to stage of investment in terms of highest importance value which was ensued by their behavioural penchant to do impact investment. Impact investors are inclined to invest in social ventures having the most innovative ideas in response to addressing social problems. The most preferred area of investment is the healthcare sector which is ensued by agriculture and education. The real behaviour of an individual cannot be predicted through an online survey, which restricts the generalization of the study. This study presents a simple yet empirical tool that will undoubtedly aid social entrepreneurs, impact investors and other investors to understand the leanings of impact investors and allows them to understand in a better way, how investors’ behaviour differs while making investment decisions in India. The ﬁndings will also help policymakers to create a more conducive environment for impact investing in India. The article is unique in the sense that it endeavours to analyse the impact investors’ preferences and choices with the application of conjoint analysis in the Indian perspective.

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投资者对创造影响力的偏好:(一项了解影响力投资者在印度投资偏好的研究)

本文的主要目的是分析影响投资者在选择投资企业时的偏好。这项研究的唯一目的是试图评估印度市场上影响力投资者的选择。除此之外，本研究还试图找出某一风险投资如何成为最受欢迎的投资领域，以及在印度影响投资市场中，什么工具是最受欢迎的投资工具，以及指导投资者选择投资组合的标准。在一个基于选择的联合实验中，受访者必须根据自己的偏好对正交数组生成的不同选项进行排序。采用OLS回归计算偏好函数。通过本研究揭示，在决定投资影响力的同时，第一偏好被赋予最高重要性价值的投资阶段，随后是他们的行为倾向于做影响力投资。影响力投资者倾向于投资于对解决社会问题有最具创新性想法的社会企业。最受欢迎的投资领域是医疗保健部门，其次是农业和教育。个人的真实行为不能通过在线调查来预测，这限制了研究的泛化。这项研究提出了一个简单而实证的工具，毫无疑问，它将帮助社会企业家、影响力投资者和其他投资者了解影响力投资者的倾向，并使他们能够更好地了解投资者在印度做出投资决策时的行为差异。研究结果还将帮助决策者为印度的影响力投资创造更有利的环境。本文的独特之处在于，它试图分析影响投资者的偏好和选择，并在印度的角度应用联合分析。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Vision-The Journal of Business Perspective Multiple-

CiteScore

4.60

自引率

0.00%

发文量

121

期刊介绍： Vision-The Journal of Business Perspective is a quarterly peer-reviewed journal of the Management Development Institute, Gurgaon, India published by SAGE Publications. This journal contains papers in all functional areas of management, including economic and business environment. The journal is premised on creating influence on the academic as well as corporate thinkers. Vision-The Journal of Business Perspective is published in March, June, September and December every year. Its targeted readers are researchers, academics involved in research, and corporates with excellent professional backgrounds from India and other parts of the globe. Its contents have been often used as supportive course materials by the academics and corporate professionals. The journal has been providing opportunity for discussion and exchange of ideas across the widest spectrum of scholarly opinions to promote theoretical, empirical and comparative research on problems confronting the business world. Most of the contributors to this journal range from the outstanding and the well published to the upcoming young academics and corporate functionaries. The journal publishes theoretical as well as applied research works.