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This paper investigates the relationship between the sustainable finance disclosure regulation (SFDR) and the performance of unlisted real estate funds.

While existing literature has primarily focused on the impact of voluntary sustainability disclosure, such as certifications or reporting standards, this study addresses a significant research gap by constructing and analyzing the financial J-Curve of 40 funds under the SFDR. The authors employ a panel regression analysis to examine the effects of different SFDR categories on fund performance.

The findings reveal that funds categorized under Article 8 of the SFDR do not exhibit significantly poorer performance compared to funds categorized under Article 6 during the initial phase after launch. On average, Article 8 funds even demonstrate positive returns earlier than their peers. However, the panel regression analysis suggests that Article 8 funds slightly underperform when compared to Article 6 funds over time.

While investors may not anticipate lower initial returns when opting for higher SFDR categories, they should nevertheless be aware of the limitations inherent in the existing SFDR labeling system within the unlisted real estate sector.

To the best of our knowledge, this study represents the first quantitative examination of unlisted real estate fund performance under the SFDR. By providing unique insights into the J-Curves of funds, our research contributes to the existing body of knowledge on the impact of sustainability regulations in the financial sector.

In the ever-evolving digital landscape, this study aims to explore which specific personality traits contribute to the innovativeness of startups, with a particular emphasis on understanding how technology adoption mediates this relationship. By doing so, the authors strive to unveil the nuanced dynamics of personality, technology adoption and startup innovativeness in the digital era.

The authors conduct a quantitative empirical analysis using a sample of 1,314 German startups. This study utilizes a mediation analysis to examine the effects of personality traits on the innovativeness of startups, taking technology adoption as a mediator into account.

The empirical results show certain personality traits have direct effects on innovativeness. Also, the results show that technology adoption is a driver of startup innovativeness. In addition, these traits are (partially) mediated by technology adoption.

The results shed new light on the interplay of entrepreneurs' personality and technology adoption in relation to startup innovativeness and therefore underline the importance of technology in this triangular relationship. The authors employ secondary data from startups in Germany, which complicates generalization of the results to other geographical and cultural contexts.

This study contributes to the scientific debate on the role of personality traits in entrepreneurship by providing empirical evidence on the mediating effect of technology adoption in the relationship between personality traits and startup innovativeness. The findings offer valuable insights for researchers, entrepreneurs and policymakers interested in understanding and promoting innovativeness in the context of startups.