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.
{"title":"The Role of Environmental Policies in Promoting Venture Capital Investments in Cleantech Companies","authors":"R. Bianchini, A. Croce","doi":"10.1561/114.00000024","DOIUrl":"https://doi.org/10.1561/114.00000024","url":null,"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.","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"49 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88342601","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Can Family Involvement Be a Substitute for Executive Inside Debt in Lowering the Cost of Bank Loans? A Behavioral Agency Perspective","authors":"R. Ding, Mingzhi Liu, Yuan-Hsin Wang, Zhenyu Wu","doi":"10.1561/114.00000031","DOIUrl":"https://doi.org/10.1561/114.00000031","url":null,"abstract":"","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"24 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81595313","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Corporate Finance and Family Firms","authors":"Zhenyu Wu, Li Yu","doi":"10.1561/114.00000026","DOIUrl":"https://doi.org/10.1561/114.00000026","url":null,"abstract":"","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"5 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81167208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Florian Fuchs, Roland Füss, Tim Jenkisnon, Stefan Morkoetter
In this paper, we investigate whether the educational background of private equity managers, which represents an important part of their human capital, impacts fund performance. In particular, we explore three potential channels how the educational background may influence fund performance: (i) institutional quality, (ii) individual performance, and (iii) academic variety. We find that a combination of top-tier education and work experience identifies individual performance in the management team. In addition, academic variety, in particular among graduates of high-ranked universities, rather than uniform institutional quality, is an important return driver.
{"title":"Should Investors Care Where Private Equity Managers Went to School?","authors":"Florian Fuchs, Roland Füss, Tim Jenkisnon, Stefan Morkoetter","doi":"10.1561/114.00000021","DOIUrl":"https://doi.org/10.1561/114.00000021","url":null,"abstract":"In this paper, we investigate whether the educational background of private equity managers, which represents an important part of their human capital, impacts fund performance. In particular, we explore three potential channels how the educational background may influence fund performance: (i) institutional quality, (ii) individual performance, and (iii) academic variety. We find that a combination of top-tier education and work experience identifies individual performance in the management team. In addition, academic variety, in particular among graduates of high-ranked universities, rather than uniform institutional quality, is an important return driver.","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"49 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86089499","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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