Determinants of Attractiveness in Social Stock Exchange

Simone Vasconcelos Ribeiro Galina, Perla Calil Pongeluppe Wadhy Rebehy, Luísa Margarida Cagica Carvalho, Maria Teresa Gomes Valente da Costa


This paper aims to identify an attractiveness pattern of social project that lead to successful funding of projects in social stock exchanges (SSE). This empirical study was based on data published on the SSE sites. Data were obtained during 2012, totalizing 155 projects, from BVSA (Brazil), BVS (Portugal), and SASIX (South Africa). Data analyze were by descriptive statistics (crosstabs) and multiple linear regression.

The results show no linear relationship between attractiveness and the social project characteristics selected for this work. In spite of this, it was possible to identify some common vectors concerning the projects with success in funding. This paper provides two important contributions. First it considers SSE as a model based on transparency which empowers investors to find social value of each project. Second it sheds light on an investment pattern to identify characteristics of social projects that are more prone to obtain financial resource.

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Journal of Management and Sustainability   ISSN 1925-4725 (Print)   ISSN 1925-4733 (Online)


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