TY - JOUR
T1 - Private market impact investing firms
T2 - Ownership structure and investment style
AU - Cojoianu, Theodor F.
AU - Hoepner, Andreas G.F.
AU - Lin, Yanan
N1 - Funding Information:
We acknowledge that this work has been supported by the IRC and the EU Horizon 2020 Marie Sklodowska-Curie grant agreement No. 713279 (CLNE/2018/202), the Science Foundation Ireland (SFI) AI for Social Good Challenge Grant (19/FIP/AI/7539) and Mistra Financial Systems. We are very grateful to Dmitri Sedov and Michael Amenta for facilitating our access to Preqin Data, and to Clare McCarrick, Titus Vilches and Anh Vu for their impeccable research assistance. We also acknowledge the feedback from participants on the “Global Sustainable Banking & Finance: in support of evidence-based policy making” conference jointly co-organized by the International Review of Financial Analysis, the Joint Research Centre of the European Commission and Project Greenwatch. Authors are listed alphabetically, whereby Lin serves as the corresponding author. All remaining errors are our own.
Funding Information:
We acknowledge that this work has been supported by the IRC and the EU Horizon 2020 Marie Sklodowska-Curie grant agreement No. 713279 (CLNE/2018/202), the Science Foundation Ireland (SFI) AI for Social Good Challenge Grant ( 19/FIP/AI/7539 ) and Mistra Financial Systems . We are very grateful to Dmitri Sedov and Michael Amenta for facilitating our access to Preqin Data, and to Clare McCarrick, Titus Vilches and Anh Vu for their impeccable research assistance. We also acknowledge the feedback from participants on the “Global Sustainable Banking & Finance: in support of evidence-based policy making” conference jointly co-organized by the International Review of Financial Analysis, the Joint Research Centre of the European Commission and Project Greenwatch. Authors are listed alphabetically, whereby Lin serves as the corresponding author. All remaining errors are our own.
PY - 2022/11
Y1 - 2022/11
N2 - Impact investing and ESG investing are specific “ethical” investing types integrating social, environmental, and moral values with financial goals. Despite receiving heightened scholarly attention, the difference between impact and ESG investing is largely unexamined, and it is not clear how they differ from conventional investment. To explain the differences between ESG, impact, and conventional investing, this paper draws on a dataset of over 8000 private market investment (PMI) firms. It compares impact, ESG, and conventional investment across firm characteristics, investment preference, and ownership. Results show that impact investors are more likely to be owned by the government, focusing on agriculture, cleantech, and education while avoiding “sin” industries like gambling and tobacco.
AB - Impact investing and ESG investing are specific “ethical” investing types integrating social, environmental, and moral values with financial goals. Despite receiving heightened scholarly attention, the difference between impact and ESG investing is largely unexamined, and it is not clear how they differ from conventional investment. To explain the differences between ESG, impact, and conventional investing, this paper draws on a dataset of over 8000 private market investment (PMI) firms. It compares impact, ESG, and conventional investment across firm characteristics, investment preference, and ownership. Results show that impact investors are more likely to be owned by the government, focusing on agriculture, cleantech, and education while avoiding “sin” industries like gambling and tobacco.
KW - impact investment
KW - private equity
KW - sustainable finance
UR - http://www.scopus.com/inward/record.url?scp=85138767889&partnerID=8YFLogxK
U2 - 10.1016/j.irfa.2022.102374
DO - 10.1016/j.irfa.2022.102374
M3 - Article
AN - SCOPUS:85138767889
SN - 1057-5219
VL - 84
JO - International Review of Financial Analysis
JF - International Review of Financial Analysis
M1 - 102374
ER -