Crowdfunding Social Ventures: Who Will Reward (or Punish) Hybridity?
研究了众筹中投资者如何根据对社会影响和财务回报的不同优先级来支持混合型社会企业，发现优先财务的投资者对混合性反应积极，而优先社会影响的则不然。
Unlike traditional investing, where decisions follow a clear financial calculus, it is unclear how and why funders support hybrid ventures. To address this question, we analyze the varied priority that investors place on social impact versus financial returns and draw on categories theory to argue that different priority orderings associate with different perceptions of how hybridity aligns with different investment goals. Results show that funders who prioritize financial goals react positively when they perceive a venture exhibits greater hybridity, whereas funders who prioritize social impact do not. Our findings contribute to research on impact investing, hybrid organizations, and categories theory.