What Motivates New Venture Investors? A Mixed-Method Study Approach
本研究运用赫茨伯格双因素动机理论，通过访谈23位天使投资者和实验336位商科毕业生，发现风险覆盖信息影响不满情绪，回报潜力信息影响满意度，揭示了新创企业投资者的损失厌恶倾向。
New venture investment decisions have gained much attention from researchers in recent times as these investments play a critical role in determining the performance of new ventures. Researchers have explored a comprehensive list of information signals significantly affecting these decisions. However, there is a lacuna of research exploring the role of information signals in the decision process, which has limited the understanding of new venture investment decisions. This article uses Herzberg's two-factor motivation theory to explore the role of information signals in new venture investment decisions. We categorize information signals as the source of satisfaction and dissatisfaction. To test our hypothesis, we utilized a mixed-method approach and conducted two studies. First is a qualitative study that analyses the interview transcripts of 23 angel investors. The second study uses a quantitative approach with an experimental setup where 336 business graduates appraise investment proposals. Results show that information signals related to risk coverage are associated with dissatisfaction while information signals related to return potential are associated with satisfaction. We provide evidence of loss aversion among new venture investors as the absence of risk coverage creates dissatisfaction while perceived return potential motivates investors.