GP’s and LP’s ESG and fundraising (PSM)
| Variable characteristics | Independent variable | Dependent variable | |
|---|---|---|---|
| FR1 | FR2 | ||
| (1) | (2) | ||
| Main | ESG_GP | 0.10** | 0.12** |
| (0.04) | (0.01) | ||
| ESG_GP_LP | −0.05 | −0.05 | |
| (0.22) | (0.21) | ||
| ESG_LP | 0.01 | 0.02 | |
| (0.56) | (0.34) | ||
| GP characteristics control | AGE | −0.00 | −0.00 |
| (0.63) | (0.59) | ||
| GP SIZE | 0.00 | −0.00 | |
| (0.13) | (0.27) | ||
| RET | 0.01 | 0.01 | |
| (0.42) | (0.43) | ||
| LISTED | −0.04 | −0.02 | |
| (0.29) | (0.74) | ||
| WOMEN | −0.02 | −0.01 | |
| (0.47) | (0.85) | ||
| MINORITY | 0.08** | 0.04 | |
| (0.03) | (0.37) | ||
| Region | YES | YES | |
| Fund characteristics control | Fund SIZE | 0.04*** | 0.01*** |
| (0.00) | (0.00) | ||
| VINTAGE | 0.04*** | 0.03*** | |
| (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*** |
| (0.00) | (0.00) | ||
| SP500 | −0.00 | 0.00 | |
| (0.61) | (0.99) | ||
| 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 | 0.10** | 0.12** |
| (0.04) | (0.01) | ||
| ESG_GP_LP | −0.05 | −0.05 | |
| (0.22) | (0.21) | ||
| ESG_LP | 0.01 | 0.02 | |
| (0.56) | (0.34) | ||
| GP characteristics control | AGE | −0.00 | −0.00 |
| (0.63) | (0.59) | ||
| GP SIZE | 0.00 | −0.00 | |
| (0.13) | (0.27) | ||
| RET | 0.01 | 0.01 | |
| (0.42) | (0.43) | ||
| LISTED | −0.04 | −0.02 | |
| (0.29) | (0.74) | ||
| WOMEN | −0.02 | −0.01 | |
| (0.47) | (0.85) | ||
| MINORITY | 0.08** | 0.04 | |
| (0.03) | (0.37) | ||
| Region | YES | YES | |
| Fund characteristics control | Fund SIZE | 0.04*** | 0.01*** |
| (0.00) | (0.00) | ||
| VINTAGE | 0.04*** | 0.03*** | |
| (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*** |
| (0.00) | (0.00) | ||
| SP500 | −0.00 | 0.00 | |
| (0.61) | (0.99) | ||
| Number of observations | 2,465 | 2,456 | |
| Adj. | 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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