Insights for sustainable business practices: Comparative impact of independent and corporate venture capital funding on financial and environmental performance

Fatima Shuwaikh · Agathe Tanguy · Emmanuelle Dubocage · Othman Alolah

16 citations0/0 files storedResearch in International Business and Finance

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Private Equity and Venture Capital Corporate Social Responsibility Reporting Community Development and Social Impact

Abstract

This study aims to analyze the effects of venture capital (VC) financing schemes on the financial and environmental performance of their VC-backed companies. This research leverages a dataset including 325 U.S. firms between 2002 and 2022 and examines two issues of interest: independent venture capital (IVC) and corporate venture capital (CVC) funding. The results show that IVC-backed companies have significantly better environmental, social, and governance (ESG) ratings and emit fewer greenhouse gases (GHG) emissions when compared to companies backed by CVC. This highlights that the function of IVC is to improve the environmental sustainability of businesses. Together this helps provide a valuable perspective about which VC models (CVC, IVC) does have an impact on how businesses pursue sustainability practices alongside financial performance. This paper contributes to the sustainable entrepreneurship literature by focusing on the importance of funding types with performing sustainable practices.

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1995A Natural-Resource-Based View of the Firm 2013Corporate social responsibility and access to finance 1996The Impact of Environmental Management on Firm Performance 2008Does It Pay to Be Green? A Systematic Overview 2020Corporate social responsibility and environmental performance: The mediating role of environmental strategy and green innovation 2017Does ESG performance have an impact on financial performance? Evidence from Germany 2023Environmental, social, and governance (ESG) performance and financial outcomes: Analyzing the impact of ESG on financial performance 2014Corporate Venture Capital, Value Creation, and Innovation

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