Table 9 GP’s and LP’s ESG and...

Table 9

GP’s and LP’s ESG and fundraising (OLS)

Variable characteristics	Independent variable	Dependent variable
		FR1	FR2
		(1)	(2)
Main	ESG_GP	0.11^**	0.11^**
	ESG_GP	(0.04)	(0.02)
	ESG_GP_LP	−0.05	−0.05
	ESG_GP_LP	(0.26)	(0.22)
	ESG_LP	0.01	0.02
	ESG_LP	(0.64)	(0.40)
GP characteristics control	AGE	−0.00	−0.00
	AGE	(0.56)	(0.52)
	GP SIZE	0.00	−0.00
	GP SIZE	(0.38)	(0.53)
	RET	0.01	0.01
	RET	(0.16)	(0.25)
	LISTED	−0.04	−0.01
	LISTED	(0.28)	(0.78)
	WOMEN	−0.02	−0.01
	WOMEN	(0.52)	(0.84)
	MINORITY	0.04	0.07^*
	MINORITY	(0.30)	(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	(0.95)	(0.89)
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	0.11^**	0.11^**
	ESG_GP	(0.04)	(0.02)
	ESG_GP_LP	−0.05	−0.05
	ESG_GP_LP	(0.26)	(0.22)
	ESG_LP	0.01	0.02
	ESG_LP	(0.64)	(0.40)
GP characteristics control	AGE	−0.00	−0.00
	AGE	(0.56)	(0.52)
	GP SIZE	0.00	−0.00
	GP SIZE	(0.38)	(0.53)
	RET	0.01	0.01
	RET	(0.16)	(0.25)
	LISTED	−0.04	−0.01
	LISTED	(0.28)	(0.78)
	WOMEN	−0.02	−0.01
	WOMEN	(0.52)	(0.84)
	MINORITY	0.04	0.07^*
	MINORITY	(0.30)	(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	(0.95)	(0.89)
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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