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ESG considerations in venture capital and business angel investment decisions: Evidence from two pan-European surveys


  • Botsari, Antonia
  • Lang, Frank


This working paper provides testimony on the integration of ESG considerations and impact investing in the areas of venture capital (VC) and business angel (BA) investing. The results are survey-based and are derived from the respective questions in the EIF VC Survey 2019 and the EIF Business Angels (BA) Survey 2019. The paper discusses the combined findings from both surveys in relation to the respondents' ESG considerations, and clusters the ESG-related results around six main themes: - What is the level of ESG engagement in VC and BA investing? - What motivates VCs' and BAs' ESG engagement (and what deters them from doing so)? - What are the most common ESG investment strategies? - How do VC firms implement ESG criteria in terms of policies and procedures? - How do VCs and BAs perceive the relation between ESG considerations and investment returns? - What lies ahead for ESG investing? The EIF Working Papers are designed to make available to a wider readership selected topics and studies in relation to EIF's business. The Working Papers are edited by EIF's Research & Market Analysis and are typically authored or co-authored by EIF staff or are written in cooperation with EIF.

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  • Botsari, Antonia & Lang, Frank, 2020. "ESG considerations in venture capital and business angel investment decisions: Evidence from two pan-European surveys," EIF Working Paper Series 2020/63, European Investment Fund (EIF).
  • Handle: RePEc:zbw:eifwps:202063

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    References listed on IDEAS

    1. Gunnar Friede & Timo Busch & Alexander Bassen, 2015. "ESG and financial performance: aggregated evidence from more than 2000 empirical studies," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 5(4), pages 210-233, October.
    2. Gvetadze, Salome & Pal, Kristian & Torfs, Wouter, 2020. "The business angel portfolio under the European Angels Fund: An empirical analysis," EIF Working Paper Series 2020/62, European Investment Fund (EIF).
    3. Dimov, Dimo P. & Shepherd, Dean A., 2005. "Human capital theory and venture capital firms: exploring "home runs" and "strike outs"," Journal of Business Venturing, Elsevier, vol. 20(1), pages 1-21, January.
    4. Lisa Hope Pelled, 1996. "Demographic Diversity, Conflict, and Work Group Outcomes: An Intervening Process Theory," Organization Science, INFORMS, vol. 7(6), pages 615-631, December.
    5. Pierre Azoulay & Benjamin F. Jones & J. Daniel Kim & Javier Miranda, 2020. "Age and High-Growth Entrepreneurship," American Economic Review: Insights, American Economic Association, vol. 2(1), pages 65-82, March.
    6. Kraemer-Eis, Helmut & Botsari, Antonia & Brault, Julien & Lang, Frank, 2019. "EIF Business Angels Survey 2019: Market sentiment, public intervention and EIF's value added," EIF Working Paper Series 2019/60, European Investment Fund (EIF).
    7. Botsari, Antonia & Crisanti, Andrea & Lang, Frank, 2019. "EIF VC Survey 2019: Fund managers' market sentiment and policy recommendations," EIF Working Paper Series 2019/59, European Investment Fund (EIF).
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    Cited by:

    1. Bellucci, Andrea & Fatica, Serena & Georgakaki, Aliki & Gucciardi, Gianluca & Letout, Simon & Pasimeni, Francesco, 2021. "Venture Capital Financing and Green Patenting," Working Papers 2021-11, Joint Research Centre, European Commission.

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