TY - JOUR
T1 - Private market impact investing firms
T2 - Ownership structure and investment style
AU - Cojoianu, TF
AU - Hoepner, AGF
AU - Lin, YA
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
KW - ESG
KW - investment firms
KW - private market
KW - PMI
UR - https://www.webofscience.com/api/gateway?GWVersion=2&SrcApp=ceibs_wosapi&SrcAuth=WosAPI&KeyUT=WOS:000868950000004&DestLinkType=FullRecord&DestApp=WOS
U2 - 10.1016/j.irfa.2022.102374
DO - 10.1016/j.irfa.2022.102374
M3 - Journal
SN - 1057-5219
VL - 84
JO - International Review of Financial Analysis
JF - International Review of Financial Analysis
M1 - 102374
ER -
