Impact investing

• 成果类型: Article
• 署名作者: Barber, Brad M.; Morse, Adair; Yasuda, Ayako
• 署名单位: University of California System; University of California Davis; University of California System; University of California Berkeley; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2020.07.008
• 发表日期: 2021
• 页码: 162-185
• 关键词: Impact investing; venture capital; PRIVATE EQUITY; Socially responsible investment; United nations principles of responsible investment (UNPRI); Sustainable investing; Public pension funds; Willingness to pay; Random utility discrete choice models

摘要

We show that investors derive nonpecuniary utility from investing in dual-objective Venture Capital (VC) funds, thus sacrificing returns. Impact funds earn 4.7 percentage points (ppts) lower internal rates of return (IRRs) ex-post than traditional VC funds. In random utility/willingness-to-pay (WTP) models investors accept 2.5-3.7 ppts lower IRRs ex ante for impact funds. The positive WTP result is robust to fund access rationing and investor heterogeneity in fund expected returns. Development organizations, foundations, financial institutions, public pensions, Europeans, and United Nations Principles of Responsible Investment signatories have high WTP. Investors with mission objectives and/or facing political pressure exhibit high WTP; those subject to legal restrictions (e.g., Employee Retirement Income Security Act) exhibit low WTP. (C) 2020 Elsevier B.V. All rights reserved.