Private market impact investing firms: Ownership structure and investment style
本文利用8000多家私人市场投资公司的数据，比较了影响力投资、ESG投资和传统投资在公司特征、投资偏好和所有权上的差异，发现影响力投资者更可能由政府拥有，专注于农业、清洁技术和教育，避开赌博和烟草等“罪恶”行业。
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.