L’affectif, les valeurs et le matching dans les choix des investisseurs individuels en incertitude : le cas de l’equity crowdfunding

Abstract : Our research focuses on the emotional and axiological determinants of investment choice in equity crowdfunding. We defend the thesis of a projects choice determined in part by the values and emotions of the individual investor. Our literature review is transversal to several fields of social sciences. Thus, the established theoretical framework articulates finance, marketing, HRM and psychology. An explanatory model using structural equations is proposed and tested empirically using data from a laboratory experiment. Our results confirm that values and interest in the project, an affective variable, have a significant effect on investor choices and dominate analytical judgment in the absence of real and virtual social interactions. An original theory is proposed to improve the understanding of the studied phenomenon, beyond the contributions of the signal theory. This theory, emotional matching, personalizes behaviors and offers a prism of reading based on the congruence between characteristics of the project and investor preferences. Its implementation by a model derived from the explanatory model associated with an ad hoc similarity measure produces encouraging predictive results. Our work ends with a set of managerial suggestions arising from our findings.
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Christian Goglin. L’affectif, les valeurs et le matching dans les choix des investisseurs individuels en incertitude : le cas de l’equity crowdfunding. Gestion et management. Université Bourgogne Franche-Comté, 2018. Français. ⟨NNT : 2018UBFCG008⟩. ⟨tel-02016323v3⟩

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