Social Impact Investment Behavior in the Nonprofit Sector: First Insights From an Online Survey Experiment

This study investigates factors influencing social impact investment behavior among private investors in the nonprofit sector, using an online survey experiment with bank clients from Germany's largest social and ecological bank. It tests the effects of financial return, social impact, and age. Findings indicate that social impact investors are willing to accept slightly lower financial returns, younger philanthropists are more likely to engage in social impact investments, and perceived innovativeness of a project consistently positively influences investment decisions.