What Do Impact Investors Do Differently?

• 成果类型: Article; Early Access
• 署名作者: Cole, Shawn; Jeng, Leslie; Lerner, Josh; Rigol, Natalia; Roth, Benjamin N.
• 署名单位: Harvard University; National Bureau of Economic Research
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454; 1465-7368
• DOI: 10.1093/rfs/hhag074
• 发表日期: 2026-08-25
• 关键词: G11; G23; G24; H41; M14; financing innovation; PRIVATE EQUITY

摘要

Do impact investors seek impact, or merely impact wash? We provide systematic evidence on the nonfinancial determinants of impact investing. Impact investors focus on firms aligned with the priorities of the federal government and disproportionately invest in economically disadvantaged regions. While we find high levels of coinvestment between impact and traditional investors, we also show that impact investors influence the strategies of their traditional coinvestors, are more likely to fund firms in nascent industries, and invest countercyclically. Finally, we characterize investment heterogeneity based on a novel classification of impact investment theses, with a focus on climate, environment, and jobs and equity.