Private market impact investing firms: Ownership structure and investment style

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

International Review of Financial Analysis, 2022, vol. 84, issue C

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 (search for similar items in EconPapers)
JEL-codes: G24 L26 L31 O35 Q01 Q56 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:84:y:2022:i:c:s1057521922003246

DOI: 10.1016/j.irfa.2022.102374

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