The effect of impact investing on performance of private firms

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2024-09-14 DOI:10.1016/j.ribaf.2024.102586

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Abstract

This study empirically examines the effectiveness of impact investing of private firms in Slovenia. We use a sample of 7671 distinct private firms during the 2005–2020 period applying for and eventually receiving various government grants. This allows us to identify firms with the intent to impact-invest. We employ the staggered difference-in-difference (SDiD) approach recently proposed by Baker et al. (2022) and Athey and Imbens (2022) to assess the outcomes of these investments over time and across firms. SDiD allows for firms switching back and forth between receiving and not receiving grants and thus being a treated observation or a potential control observation respectively. Our results show that firms receiving an impact investing grant, on average, increase the number of employees in the subsequent period, generate higher cash flows from operations, increase value added per employee, make higher capital investments, have higher levels of exports, but grants hinder firm productivity in the short-run. PSM, the time-varying average treatment effects, and Heckman’s two-stage approach robustness analyses further support the conclusions that the impact investing grants successfully foster firm performance.

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影响力投资对私营公司业绩的影响

本研究对斯洛文尼亚私营企业影响力投资的有效性进行了实证研究。我们以 2005-2020 年间申请并最终获得各种政府补助的 7671 家私营企业为样本。这使我们能够识别出有意进行社会企业投资的企业。我们采用 Baker 等人（2022 年）和 Athey 与 Imbens（2022 年）最近提出的交错差分法（SDiD）来评估这些投资在不同时期和不同企业间的结果。SDiD 允许企业在接受资助与不接受资助之间来回切换，从而分别成为受治疗观察对象或潜在对照观察对象。我们的研究结果表明，平均而言，获得社会企业投资补助金的企业在随后的时期内会增加员工数量、产生更高的运营现金流、提高每名员工的附加值、进行更高的资本投资、拥有更高的出口水平，但补助金在短期内会阻碍企业的生产率。PSM、时变平均处理效应和赫克曼两阶段稳健性分析进一步支持了影响投资补助金成功促进企业绩效的结论。

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance