Altruistic investment decision behavior in early-stage ventures

Kim Klyver, Noel J. Lindsay, Suleiman K. ‘‘Sul’’ Kassicieh, Gary Hancock

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In this study, we develop and test a gendered social capital model of altruistic investment behavior that explains why some informal investors expect high returns on their investments while others expect no payback at all. Prior literature predominantly assumes that informal investors engage in investment activities with a return on investment and profit in mind; however, other non-financial objectives for informal investment—e.g., altruistic informal investment—have also been suggested although their antecedents unexplored. We suggest altruistic investment behavior depends on life circumstances determined by social capital, gender, and their combination. Our empirical evidence supports these propositions.

Original languageEnglish
JournalSmall Business Economics
Issue number1
Pages (from-to)135-152
Publication statusPublished - 2017


  • Altruism
  • Gender
  • Informal investment
  • Social capital


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