Micro-equity for sustainable development: Selection, monitoring and exit strategies of micro-angels

Glòria Estapé-Dubreuil, Arvind Ashta, Jean Pierre Hédou

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13 Citations (Scopus)


© 2016 Elsevier B.V. Sustainable development requires balancing environmental, social and financial concerns. This requires investors to select and monitor entrepreneurs who would balance these triple concerns. At the same time, there has been considerable attention to “small is beautiful” and micro-investors have stepped in to look for such eco-entrepreneurs. To the classical institutional logic of economic returns, they add the logic of social returns as well as the logic of environmental and local safeguards. This study looks at investment clubs in France which have been coping with this balance of people, planet and profitability for the last three decades. We study their preferences in the selection process for investment projects, in the entrepreneurs' monitoring process as well as their exit strategies. Using Principal Components Analysis, we find that a large number of selection criteria can be regrouped into underlying factors that take into account two out of the three major dimensions of sustainable development at a time. We find that four factors lie beneath the criteria used by the micro-angels in the monitoring process. We have also been able to establish a one-to-one correspondence between four of the six major exit strategies and four selection factors, suggesting a prior relationship between selection process criteria and preferred exit strategies.
Original languageEnglish
Pages (from-to)117-129
JournalEcological Economics
Publication statusPublished - 1 Oct 2016


  • Entrepreneurship
  • Micro-investors
  • Social responsible investment
  • Sustainable development


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