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Sylviane Chassot
Former Member
Title
Dr. rer. pol.
Last Name
Chassot
First name
Sylviane
Phone
+41 71 224 2330
Twitter
@ChairREMgmt
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1 - 6 of 6
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PublicationWhen energy policy meets free-market capitalists: The moderating influence of worldviews on risk perception and renewable energy investment decisionsWhether or not targets to increase the share of renewable energy will eventually be met critically hinges upon the effectiveness of policies to mobilize private investment. However, just as energy policy can create opportunities, it can also create risk. This paper adds to a growing stream of literature at the intersection of energy research and social sciences that empirically investigates investor perceptions of regulatory risk, and their influence on investment decision-making. Based on choice experiments with 29 venture capital investors from Europe and the United States conducting 1,064 investment decisions, we show that high levels of regulatory risk have a negative effect on the likelihood to invest in renewable energy. Furthermore, we find that investors' worldviews moderate the impact of perceived regulatory risk: respondents who expose strongly individualistic "free-market" worldviews are less likely to invest in renewable energy ventures with high regulatory exposure than other investors.Type: journal articleJournal: Energy Research & Social ScienceVolume: 3Issue: -
Scopus© Citations 54 -
PublicationWenn das grüne Produkt zum Standard wird : Wie ein Energieversorger seinen Kunden die Verhaltensänderung einfach macht(Fachverlag der Verlagsgruppe Handelsblatt GmbH, 2013-07-19)
;Fahr, NicoleGraf, PeterType: case review (law)Journal: OrganisationsentwicklungVolume: 2013Issue: 3 -
PublicationImplicit Cognition, Capabilities, and Incentives: Assessing Investment Response to the Renewable Energy Revolution( 2013-07-26)This study examines how cognition, capabilities and incentives shape investment responses to renewable energies as an innovation that currently fundamentally changes energy industries. I focus on implicit managerial cognition and measure it with an Implicit Association Test. In two separate studies with industrial and financial investors, I find a significant interaction effect of investor type with implicit cognition on the dependent variable energy investments. Implicit cognition has an influence on industrial investors' decision to invest in renewable versus fossil energy, whereas it has no influence among financial investors. Furthermore, the lack of organizational incentives to invest has a negative effect on renewable energy investments, whereas lack of organizational capabilities has no significant impact. The study provides unique empirical evidence on the influence of implicit cognition in investment decision-making of professional investors. It has implications not only for the energy industry, but also for a better understanding of investment decision-making processes that are at the root of the current financial crisis.Type: presentation
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PublicationWhen Energy Policy Meets Free-Market Capitalists: The Moderating Influence of Worldviews on Risk Perception and Investment Decisions( 2013-08-12)Several countries have set targets and implemented policies to increase the share of renewable energy sources. Whether or not those targets will eventually be met critically hinges upon the effectiveness of policies to mobilize private investment. An implicit assumption shared by many policy makers is that there is a positive correlation between renewable energy policies and private investment. However, just as energy policy can create opportunities, it can also create risk, and perceptions may differ between policy makers and investors. This paper adds to a growing stream of research in Energy Policy that empirically investigates investor perceptions of policies, and their influence on investment decision-making. Based on a survey of 29 venture capital investors conducting 1,064 experimental investment decisions, we show that high levels of regulatory exposure have a significantly negative effect on their likelihood to invest in renewable energy. However, venture capitalists are less risk-averse when it comes to low levels of regulatory exposure. Our findings suggest that investors' worldviews are an important moderating factor: respondents who expose strong "free-market" worldviews are more risk-averse under high levels of regulatory exposure than other investors.Type: presentation
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PublicationCan implicit cognition predict the behaviour of professional energy investors?This article reports on the results of two studies involving seventy-seven professional investment managers in Switzerland. We designed an Implicit Association Test (IAT) to investigate whether unconscious attitudes towards renewable versus non-renewable energy sources influence investment behavior. In Study 1, we find that there is indeed a correlation between implicit associations and our dependent variable, net investment in solar energy. In Study 2, we replicate the results from Study 1 and also show that implicit associations are more strongly correlated to investment behavior than explicit associations, suggesting that application of the IAT may add value to the analysis of energy investor behavior. As an example of investigating factors influencing decision-making "in the wild", our study is subject to a number of limitations that can be used as starting points for further research in this area of high societal relevance.Type: working paper