The Role of Environmental Policies in Promoting Venture Capital Investments in Cleantech Companies

IF 1.9 Q2 BUSINESS, FINANCE

Review of Corporate Finance Studies Pub Date : 2022-01-01 DOI:10.1561/114.00000024

R. Bianchini, A. Croce

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引用次数: 23

Abstract

This paper provides insights on the role of environmental policies in promoting venture capital (VC) investments in companies involved in the development of clean technologies. Based on a supervised machine learning algorithm, we develop a fully replicable methodology to identify cleantech companies among a comprehensive database of VC-backed companies. We, then, analyze the relationship between the stringency level of environmental policies and VC investments in cleantech companies operating in 21 OECD countries. Moreover, we explore whether policies have a differential effect in fostering Institutional VC (IVC) and Governmental VC (GVC) investments. Our findings indicate that IVC investments in cleantech are mainly driven by stringency of environmental taxes and market pull mechanism as feed in tariff and R&D subsidies, whereas GVC investment decisions are positively influenced by the stringency level of emission trading system. Moreover, our results suggest that GVC funds are developed as an alternative to incentive mechanisms: when direct incentives developed by governmental agencies are less developed, the relevance of GVC investments increases, this suggesting a complementarity between the two forms of intervention.

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环境政策在促进风险资本投资清洁技术公司中的作用

本文提供了关于环境政策在促进风险资本(VC)投资于参与清洁技术开发的公司中的作用的见解。基于监督机器学习算法，我们开发了一种完全可复制的方法，以在风险投资支持的公司的综合数据库中识别清洁技术公司。然后，我们分析了21个经合组织国家中环境政策的严格程度与清洁技术公司的风险投资之间的关系。此外，我们还探讨了政策在促进机构风险投资(IVC)和政府风险投资(GVC)投资方面是否存在差异效应。研究结果表明，全球价值链投资决策主要受环境税的严格程度和市场拉动机制的驱动，而排放交易制度的严格程度对全球价值链投资决策有正向影响。此外，我们的研究结果表明，全球价值链基金的发展是作为激励机制的一种替代:当政府机构制定的直接激励不发达时，全球价值链投资的相关性就会增加，这表明两种干预形式之间存在互补关系。

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

Review of Corporate Finance Studies BUSINESS, FINANCE-

CiteScore

17.80

自引率

1.80%

发文量

期刊介绍： The Review of Corporate Finance Studies (RCFS) is dedicated to publishing high-quality research in the expansive field of Corporate Finance. The journal seeks original contributions, reviewing papers based on their unique insights into Corporate Finance. This encompasses a wide spectrum, including a firm's interactions with stakeholders, capital markets, internal organization structure, compensation mechanisms, corporate governance, and capital management. RCFS also welcomes research in financial intermediation, financial institutions, microstructure, and the implications of asset pricing for Corporate Finance. The journal considers theoretical, empirical, and experimental papers for review.