Table 10 GP’s ESG and fundraising (PSM)...

Table 10

GP’s ESG and fundraising (PSM)

Variable characteristics	Independent variable	Dependent variable
		FR1	FR2
		(1)	(2)
Main	ESG_GP	0.08^*	0.09^**
Main	ESG_GP	(0.07)	(0.02)
GP characteristics control	AGE	−0.00	−0.00
	AGE	(0.72)	(0.67)
	GP SIZE	0.00	−0.00
	GP SIZE	(0.12)	(0.31)
	RET	0.01	0.01
	RET	(0.45)	(0.48)
	LISTED	−0.05	−0.02
	LISTED	(0.24)	(0.67)
	WOMEN	−0.02	−0.01
	WOMEN	(0.46)	(0.83)
	MINORITY	0.08^**	0.03
	MINORITY	(0.03)	(0.38)
	Region	YES	YES
Fund characteristics control	Fund SIZE	0.04^***	0.01^***
	Fund SIZE	(0.00)	(0.00)
	VINTAGE	0.04^***	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^***	−0.03^***
	T-Bill	(0.00)	(0.00)
	SP500	−0.00	−0.00
	SP500	(0.58)	(0.98)
Number of observations		2,465	2,456
Adj. R²		0.33	0.23

Variable characteristics	Independent variable	Dependent variable
		FR1	FR2
		(1)	(2)
Main	ESG_GP	0.08^*	0.09^**
Main	ESG_GP	(0.07)	(0.02)
GP characteristics control	AGE	−0.00	−0.00
	AGE	(0.72)	(0.67)
	GP SIZE	0.00	−0.00
	GP SIZE	(0.12)	(0.31)
	RET	0.01	0.01
	RET	(0.45)	(0.48)
	LISTED	−0.05	−0.02
	LISTED	(0.24)	(0.67)
	WOMEN	−0.02	−0.01
	WOMEN	(0.46)	(0.83)
	MINORITY	0.08^**	0.03
	MINORITY	(0.03)	(0.38)
	Region	YES	YES
Fund characteristics control	Fund SIZE	0.04^***	0.01^***
	Fund SIZE	(0.00)	(0.00)
	VINTAGE	0.04^***	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^***	−0.03^***
	T-Bill	(0.00)	(0.00)
	SP500	−0.00	−0.00
	SP500	(0.58)	(0.98)
Number of observations		2,465	2,456
Adj. R²		0.33	0.23

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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