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.

中文翻译：

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社会企业众筹：谁将奖励（或惩罚）混合性？

与传统投资不同，传统投资的决策遵循明确的财务计算，目前尚不清楚资助者如何以及为何支持混合型企业。为了解决这个问题，我们分析了投资者对社会影响与财务回报的不同优先级，并利用类别理论来论证不同的优先级顺序与对混合性如何与不同投资目标相一致的不同看法相关。结果表明，优先考虑财务目标的资助者在认为企业表现出更大的混合性时会做出积极反应，而优先考虑社会影响的资助者则不然。我们的研究结果有助于影响力投资、混合组织和类别理论的研究。