Impact orientation and venture capital financing: The interplay of governmental, social impact and traditional venture capital

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-08-20 DOI:10.1016/j.frl.2024.105987

引用次数: 0

Abstract

In addition to traditional venture capital (VC), governmental VC and social impact VC investors have emerged as alternatives to fund entrepreneurial ventures, especially start-ups that incorporate social and/or environmental objectives into commercial operations. Using a sample of 15,510 VC-backed start-ups, we show that impact-oriented ventures are more likely to receive funding from alternative VCs. Both social and environmental orientations increase the chances that a start-up secures funding from impact VCs while social orientation drives results for government VCs. Importantly, we also show that impact-oriented ventures are more likely to secure investment from traditional VCs when impact and governmental VCs co-invest.

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影响导向与风险资本融资：政府、社会影响和传统风险资本的相互作用

除了传统的风险投资（VC）外，政府风险投资和社会影响风险投资也成为资助创业企业的替代方式，尤其是那些将社会和/或环境目标融入商业运营的初创企业。通过对 15,510 家风险投资支持的初创企业进行抽样调查，我们发现以社会影响为导向的创业企业更有可能从其他风险投资机构获得资金。无论是社会导向还是环境导向，都会增加初创企业从影响力风险投资机构获得资金的机会，而社会导向则会推动政府风险投资机构的结果。重要的是，我们还发现，当社会企业风险投资和政府风险投资共同投资时，社会企业导向型企业更有可能获得传统风险投资的投资。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance