Browsing by Author "Kajal Tolani"

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Determinantal Factors Eliciting the Intention of Impact Investors Toward Investment in Social Enterprise: The Moderating Role of Trust
(Routledge, 2025) Kajal Tolani; Vijaya Vijaya; Ajit Yadav; Himendu Prakash Mathur
The ‘Impact Investments market’ in India is expanding as a result of stakeholders’ focus over the last decade, but the growth has been slow due to investors’ reluctance to invest in social enterprises and the need for stimulation or motivation to push them towards financing social enterprises. The purpose of this study is to identify the drivers of the Intention of Impact investors to invest in social enterprises. A standardised questionnaire was used to survey 327 impact investors. The results indicate that all the examined factors (Social Entrepreneur’s Attributes, Social Consciousness of the impact investor, Goal Congruency between the Impact Investor and the Social Enterprise and perceived risk) have a notable impact on the intention of impact investors to invest in social enterprises. The research also deduces that attitude plays a partial mediating role in the relationship between the identified factors and the intention to invest in social enterprise. Additionally, this study also investigates trust in social enterprises as a moderating variable in the relationship between attitude and investment intention. While a statistically significant interaction was found, the effect was modest, indicating that trust plays a supportive but not dominant role in this relationship. © 2025 Informa UK Limited, trading as Taylor & Francis Group.
Exploring the perceptions of social entrepreneurs towards impact investments: the influence of goal congruence
(Emerald Publishing, 2025) Kajal Tolani; Himendu Prakash Mathur
Purpose – The “impact investments market” in India is expanding as a result of stakeholders’ focus over the past decade on strengthening the supply-side drivers of the industry, often not paying enough attention to the obstacles that can hinder the demand-side of the impact investments, such as social entrepreneurs’ resistance and hesitation. This study aims to identify the factors influencing social entrepreneurs’ intention to seek funding from impact investors. Design/methodology/approach – A standardized questionnaire was used to survey 320 Indian social entrepreneurs using a five-point Likert Scale. Data were analysed using partial least squares structural equation modelling. Findings – The findings revealed that factors adopted from the theory of planned behaviour, namely, subjective norms and perceived behavioural control, exert a positive and significant influence on the social entrepreneurs’ intention to secure funding through impact investments. Similarly, perceived value addition and goal congruence were found to have a positive and significant effect on the intention to use impact investments as a financing option. Research limitations/implications – The first limitation of the study lies in its focus on Indian social entrepreneurs who have already received funding from impact investors. This restricts the generalizability of the findings to social entrepreneurs who lack prior experience in securing such financing. In addition, data from investees of Impact Investors Council -registered firms may not represent the broader social enterprise landscape. Notwithstanding these drawbacks, the study’s findings offer valuable insights into the factors influencing social entrepreneurs’ intention to finance using impact investments. Originality/value – This study is unique as it explores cognitive and social factors that might facilitate social entrepreneurs’ adoption of impact investments. Impact investors now possess an increased understanding of the factors that influence social entrepreneurs’ intention to use impact investments. As a result, effective strategies for motivating social entrepreneurs to take advantage of impact investments can be proposed. © 2025 Emerald Publishing Limited