Table 8 GP’s ESG and fundraising (OLS)...

Table 8

GP’s ESG and fundraising (OLS)

Variable characteristics	Independent variable	Dependent variable
		FR1	FR2
		(1)	(2)
Main	ESG_GP	0.09^*	0.09^**
Main	ESG_GP	(0.06)	(0.04)
GP characteristics control	AGE	−0.00	−0.00
	AGE	(0.64)	(0.59)
	GP SIZE	0.00	−0.00
	GP SIZE	(0.36)	(0.58)
	RET	0.01	0.01
	RET	(0.17)	(0.27)
	LISTED	−0.05	−0.02
	LISTED	(0.24)	(0.71)
	WOMEN	−0.02	−0.01
	WOMEN	(0.50)	(0.82)
	MINORITY	0.04	0.07^*
	MINORITY	(0.31)	(0.07)
	Region	YES	YES
Fund characteristics control	Fund SIZE	0.04^***	0.01^***
	Fund SIZE	(0.00)	(0.00)
	VINTAGE	0.03^***	0.03^***
	VINTAGE	(0.00)	(0.00)
	Strategy	YES	YES
	Asset class	YES	YES
	Industry	YES	YES
	Year	YES	YES
Market characteristics control	T-Bill	−0.03^***	−0.02^***
	T-Bill	(0.00)	(0.01)
	SP500	−0.00	0.00
	SP500	(0.93)	(0.91)
Number of observations		1,050	1,041
Adj. R²		0.17	0.07

Variable characteristics	Independent variable	Dependent variable
		FR1	FR2
		(1)	(2)
Main	ESG_GP	0.09^*	0.09^**
Main	ESG_GP	(0.06)	(0.04)
GP characteristics control	AGE	−0.00	−0.00
	AGE	(0.64)	(0.59)
	GP SIZE	0.00	−0.00
	GP SIZE	(0.36)	(0.58)
	RET	0.01	0.01
	RET	(0.17)	(0.27)
	LISTED	−0.05	−0.02
	LISTED	(0.24)	(0.71)
	WOMEN	−0.02	−0.01
	WOMEN	(0.50)	(0.82)
	MINORITY	0.04	0.07^*
	MINORITY	(0.31)	(0.07)
	Region	YES	YES
Fund characteristics control	Fund SIZE	0.04^***	0.01^***
	Fund SIZE	(0.00)	(0.00)
	VINTAGE	0.03^***	0.03^***
	VINTAGE	(0.00)	(0.00)
	Strategy	YES	YES
	Asset class	YES	YES
	Industry	YES	YES
	Year	YES	YES
Market characteristics control	T-Bill	−0.03^***	−0.02^***
	T-Bill	(0.00)	(0.01)
	SP500	−0.00	0.00
	SP500	(0.93)	(0.91)
Number of observations		1,050	1,041
Adj. R²		0.17	0.07

Note(s): (1) p-values in parentheses: ^*p < 0.10, ^**p < 0.05, ^***p < 0.010

(2) Standard errors are robust and clustered at the GP region level

Source(s): Table by authors

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