مقاله انگلیسی بینش هایی برای رویه های کسب و کار پایدار: اثر تطبیقی تأمین مالی سرمایه گذاری خطرپذیر مستقل و شرکتی بر عملکرد مالی و زیست محیطی

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عنوان فارسی:

بینش هایی برای رویه های کسب و کار پایدار: اثر تطبیقی تأمین مالی سرمایه گذاری خطرپذیر مستقل و شرکتی بر عملکرد مالی و زیست محیطی

عنوان انگلیسی:

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

کد محصول: M1773

سال نشر: ۲۰۲۵

نام ناشر (پایگاه داده): الزویر

نام مجله: Research in International Business and Finance

نوع مقاله: علمی پژوهشی (Research Article)

متغیر : دارد

فرضیه: دارد

مدل مفهومی: دارد

پرسشنامه : ندارد

تعداد صفحه انگلیسی:  15 صفحه PDF

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چکیده فارسی

۱.مقدمه

فرضیات

فرضیه ۱. شرکت های دارای پشتوانه IVC عملکرد مالی بهتری را در مقایسه با شرکت های دارای پشتوانه CVC نشان می دهند.
فرضیه ۲. شرکت های دارای پشتوانه IVC عملکرد زیست محیطی (ESG) بهتری را در مقایسه با شرکت های دارای پشتوانه CVC نشان می دهند.
فرضیه ۳. شرکت های دارای پشتوانه IVC عملکرد زیست محیطی بهتری را از نظر انتشار گازهای گلخانه ای(GHG) در مقایسه با شرکت های دارای پشتوانه CVC نشان می دهند.

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.

Keywords: Corporate Venture Capital, Independent Venture Capital, Environmental Performance, Greenhouse Gas Emissions, ESG, Financial Performance

۱. Introduction

Venture capital (VC) financing undoubtedly has considerably driven the high rate of growth of startups and businesses today (Shuwaikh and Dubocage, 2022). But there is little research on the distinctive effect of Independent Venture Capital (IVC) and Corporate Venture Capital (CVC) on the environmental and financial performance of their backed companies (Chemmanur et al., 2014). The business activities have largely been oriented towards profit maximization. However, in a shift of paradigm there is now an emerging line of thought which emphasizes on environmental factor (Shuwaikh et al., 2022; Kraus et al., 2020). This is even more important now, given the growing international focus on environmental problems and the urgent need to address climate change. Tasks presented in the Paris Agreement such as the transition to renewable energy, increasing resource efficiency, implementing the principles of a circular economy, protecting biodiversity, sustainable transportation have taken on particular importance for companies of various industries…

۶.conclusions

This study examines the impact of two distinct forms of VC financing, namely IVC and CVC, on the financial, environmental, and emissions performance of firms. This study provides unique insights into the dynamics by examining a comprehensive dataset of financial data, ESG scores, and GHG emissions from 293 companies supported by IVC, 32 companies sponsored by CVC, and a total of 1311 observations covering the period from 2002 to 2022. The analysis shows a nuanced association between the financial performance of companies funded by IVCs over those funded by CVCs. Companies financed by VCs sometimes have a lower ROE, which can be explained by the VCs’ focus on emphasizing growth over immediate profitability. Conversely, there is a robust and positive association between ROA and firms that have received investment from IVC, suggesting effective financial management. However, firms supported by IVC exhibit higher Tobin’s Q ratio, indicating the complex relationship between IVC funding and financial performance…