Can Private Equity Deliver on Its Societal Ambitions? What We Know and Don't Know About Environmental, Social, and Governance Factor Integration in Private Equity
本文梳理了私募股权基金为何、何时以及如何将环境、社会和治理因素纳入投资决策，并提出了一个连接外部前因、内部驱动、整合实践与成果的分析框架，指出内部驱动和系统性成果证据研究不足，为学者、投资者和政策制定者提供指导。
ABSTRACT Private equity (PE) firms increasingly integrate environmental, social, and governance (ESG) factors in investment decisions and raise impact funds to address sustainability challenges. We review and integrate the growing body of literature on why, when, and how PE fund managers incorporate ESG factors into their investment strategies and practices. Specifically, we develop a novel analytical framework that connects: (i) external antecedents, (ii) internal antecedents, (iii) ESG integration practices , and (iv) financial and nonfinancial outcomes . Our framework shows that while prior research analyzed external antecedents and integration practices in depth, much less attention has been given to internal drivers and to systematic evidence on ESG‐related outcomes. The framework synthesizes existing knowledge and visually maps mature, fragmented, and understudied areas of research. Accordingly, we propose pathways for advancing scholarship on ESG integration in PE and offer practical guidance for investors and policymakers on how to target both financial and nonfinancial performance.