Contracts with (Social) benefits: The implementation of impact investing

• 成果类型: Article
• 署名作者: Geczy, Christopher; Jeffers, Jessica S.; Musto, David K.; Tucker, Anne M.
• 署名单位: University of Pennsylvania; University of Chicago; University System of Georgia; Georgia State University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2021.01.006
• 发表日期: 2021
• 页码: 697-718
• 关键词: Impact investing; CONTRACTS; venture capital; PRIVATE EQUITY; Socially responsible investing

摘要

We draw on new data and theory to examine how private market contracts adapt to serve multiple goals, particularly the social-benefit goals that impact funds add to their financial goals. Counter to the intuition from multitasking models (Holmstrom and Milgrom, 1991), few impact funds tie compensation directly to impact, and most retain traditional financial incentives. However, funds contract directly on impact in other ways and adjust aspects of the contracts such as governance. In the cross-section of impact funds, those with higher profit goals contract more tightly around both goals. (c) 2021 Published by Elsevier B.V.