Publication Type
Journal Article
Version
publishedVersion
Publication Date
9-2022
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.
Keywords
Impact investment, Private equity, Sustainable finance
Discipline
Finance and Financial Management
Research Areas
Integrative Research Areas
Publication
International Review of Financial Analysis
Volume
84
First Page
1
Last Page
16
ISSN
1057-5219
Identifier
10.1016/j.irfa.2022.102374
Publisher
Elsevier
Citation
COJOIANU, Theodor Florian; HOEPNER, Andreas G. F.; and LIN, Yanan.
Private market impact investing firms: Ownership structure and investment style. (2022). International Review of Financial Analysis. 84, 1-16.
Available at: https://ink.library.smu.edu.sg/cis_research/390
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
https://doi.org/10.1016/j.irfa.2022.102374