Private market impact investing firms: Ownership structure and investment style

Theodor F. Cojoianu, Andreas G.F. Hoepner, Yanan Lin*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

Abstract

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.

Original languageEnglish
Article number102374
JournalInternational Review of Financial Analysis
Volume84
Early online date13 Sep 2022
DOIs
Publication statusPublished - Nov 2022

Keywords

  • impact investment
  • private equity
  • sustainable finance

Fingerprint

Dive into the research topics of 'Private market impact investing firms: Ownership structure and investment style'. Together they form a unique fingerprint.

Cite this