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Think Global, invest responsible: why the private equity industry goes green

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  • Patricia Crifo

    (X-DEP-ECO - Département d'Économie de l'École Polytechnique - X - École polytechnique, UPN - Université Paris Nanterre)

  • Vanina Forget

    (X-DEP-ECO - Département d'Économie de l'École Polytechnique - X - École polytechnique)

Abstract

The growth of socially responsible investment on public financial markets has drawn considerable academic attention over the last decade. Discarding from previous literature, this paper sets up to analyze the Private Equity channel, which is shown to have the potentiality to foster sustainable practices in unlisted companies. The fast integration of the Environmental, Social and Governance issues by mainstream Private Equity investors is unveiled and appears to have benefited from the maturation of socially responsible investment on public financial markets and the impetus of large conventional actors. Hypothesis on the characteristics and drivers of this movement are proposed and tested on a unique database covering the French Private Equity industry in 2011. Empirical findings support that Private Equity responsiblen investing is characterized by shareholder activism and strategically driven by a need for new value creation sources, increased risk management and differentiation. In particular, results show that independent funds, which need to attract investors, are more likely than captive funds to develop responsible practices. Evolution of the movement and future research paths are proposed.

Suggested Citation

  • Patricia Crifo & Vanina Forget, 2012. "Think Global, invest responsible: why the private equity industry goes green," Working Papers hal-00672034, HAL.
  • Handle: RePEc:hal:wpaper:hal-00672034
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    2. Zhe Li & Bo Wang & Dan Zhou, 2022. "Financial experts of top management teams and corporate social responsibility: evidence from China," Review of Quantitative Finance and Accounting, Springer, vol. 59(4), pages 1335-1386, November.
    3. Manuela Gomez‐Valencia & Maria Alejandra Gonzalez‐Perez & Ana Maria Gomez‐Trujillo, 2021. "The “Six Ws” of sustainable development risks," Business Strategy and the Environment, Wiley Blackwell, vol. 30(7), pages 3131-3144, November.
    4. Mohammed Abdullah Ammer & Meqbel Mishary Aliedan & Mansour Abdullah Alyahya, 2020. "Do Corporate Environmental Sustainability Practices Influence Firm Value? The Role of Independent Directors: Evidence from Saudi Arabia," Sustainability, MDPI, vol. 12(22), pages 1-21, November.
    5. Cumming, Douglas J. & Leboeuf, Gael & Schwienbacher, Armin, 2017. "Crowdfunding cleantech," Energy Economics, Elsevier, vol. 65(C), pages 292-303.
    6. Asif Iqbal Siddiqui & Dora Marinova, 2016. "Funding Liquidity Risk, Syndication Behavior And The Risk Culture Of The Australian Venture Capital Industry," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 64(05), pages 1279-1297, December.
    7. Patricia Crifo & Vanina D. Forget, 2015. "The Economics Of Corporate Social Responsibility: A Firm-Level Perspective Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 29(1), pages 112-130, February.
    8. Bistra Boeva, 2015. "Corporate Governance and Global Supply Chains: How Self -regulation Replaces the Lack of Regulatory Initiatives or Do Regulatory Initiatives Add Value to Corporate Governance," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 5-19, December.
    9. Marco Heimann & Katia Lobre-Lebraty, 2018. "Intégrer la responsabilité sociétale dans les enseignements de spécialité des masters de Finance : la nécessité d'un équilibre," Post-Print hal-02159647, HAL.
    10. Crifo, Patricia & Forget, Vanina D. & Teyssier, Sabrina, 2015. "The price of environmental, social and governance practice disclosure: An experiment with professional private equity investors," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 168-194.
    11. Madaleno, Mara & Dogan, Eyup & Taskin, Dilvin, 2022. "A step forward on sustainability: The nexus of environmental responsibility, green technology, clean energy and green finance," Energy Economics, Elsevier, vol. 109(C).
    12. Juan Carlos Matallín-Sáez & Amparo Soler-Domínguez & Emili Tortosa-Ausina, 2016. "Does socially responsible mutual fund performance vary over the business cycle? New insights on the role of ethical strategy focus and green industry idiosyncratic risk," Working Papers 2016/03, Economics Department, Universitat Jaume I, Castellón (Spain).
    13. Moliterni, Fabio, 2018. "Do Global Financial Markets Capitalise Sustainability? Evidence of a Quick Reversal," SAS: Society and Sustainability 274853, Fondazione Eni Enrico Mattei (FEEM).
    14. Boeva, Bistra, 2015. "Corporate Governance and Global Supply Chains: How Self -regulation Replaces the Lack of Regulatory Initiatives or Do Regulatory Initiatives Add Value to Corporate Governance," MPRA Paper 70680, University Library of Munich, Germany.
    15. Mariarosa Scarlata & Jennifer Walske & Andrew Zacharakis, 2017. "Ingredients Matter: How the Human Capital of Philanthropic and Traditional Venture Capital Differs," Journal of Business Ethics, Springer, vol. 145(3), pages 623-635, October.
    16. Patricia Crifo & Vanina D. Forget, 2014. "Pourquoi s’engager volontairement dans la transition énergétique ? Enseignements de la littérature sur la responsabilité sociale et environnementale des entreprises," Revue d'économie industrielle, De Boeck Université, vol. 0(4), pages 349-381.
    17. Samer Ajour El Zein & Carolina Consolacion-Segura & Ruben Huertas-Garcia, 2019. "The Role of Sustainability in Brand Equity Value in the Financial Sector," Sustainability, MDPI, vol. 12(1), pages 1-19, December.
    18. Fabio Moliterni, 2018. "Do Global Financial Markets Capitalise Sustainability? Evidence of a Quick Reversal," Working Papers 2018.25, Fondazione Eni Enrico Mattei.
    19. Maria Cristina Zaccone & Matteo Pedrini, 2020. "ESG Factor Integration into Private Equity," Sustainability, MDPI, vol. 12(14), pages 1-16, July.
    20. Karen Maas, 2018. "Do Corporate Social Performance Targets in Executive Compensation Contribute to Corporate Social Performance?," Journal of Business Ethics, Springer, vol. 148(3), pages 573-585, March.
    21. Fafaliou, Irene & Giaka, Maria & Konstantios, Dimitrios & Polemis, Michael, 2020. "Firms’ Sustainability Performance and Market Longevity," MPRA Paper 101445, University Library of Munich, Germany.
    22. Kuti Monika & Szasz Erzsebet, 2014. "Challenges In Performance Metrics In Socially Responsible Investments," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 919-927, July.
    23. Patricia Crifo & Vanina Forget & Sabrina Teyssier, 2012. "The price of unsustainability: An experiment with professional private equity investors," Working Papers hal-00757203, HAL.
    24. Kaouther Chebbi & Mohammed Abdullah Ammer, 2022. "Board Composition and ESG Disclosure in Saudi Arabia: The Moderating Role of Corporate Governance Reforms," Sustainability, MDPI, vol. 14(19), pages 1-25, September.

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