ESG and venture capital research: A bibliometric literature review at the intersection of two fields

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Abstract

In recent years, there has been a growing interest in concepts of ESG (environmental, social, governance), SRI (socially responsible investing), and Impact investing among academics and practitioners. This increased attention can be attributed to the notable support from institutional investors and policymakers who are pushing for more sustainable and socially responsible investment practices. This change poses many challenges and offers great opportunities to the venture capital (VC) sector, as it will define the new standard for investments. Against this backdrop, the paper aims to analyse the nascent body of literature at the intersection between the research field of “ESG” and “venture capital”, using a bibliometric literature review. The results highlight the key groundwork and future research directions for academics. We show the need to integrate these new practices in a comprehensive framework. Our findings aim to support practitioners and policymakers, as we synthesize the key literature, authors, and themes of the academic debate working specifically in this interdisciplinary field.

Keywords: Venture Capital, ESG, Impact Investing, Startups, Sustainability, Sustainable Development

Authors’ individual contribution: Conceptualization — C.D.S.; Methodology — C.D.S. and A.O.B.; Software — C.D.S. and A.O.B.; Validation — A.O.B. and A.G.; Formal Analysis — C.D.S. and A.O.B.; Investigation — C.D.S. and A.O.B.; Resources — C.D.S. and A.O.B.; Data Curation — C.D.S. and A.O.B.; Writing — Original Draft — C.D.S. and A.O.B.; Writing — Review & Editing — A.O.B. and A.G.; Supervision — A.O.B. and A.G.; Project Administration — A.O.B. and A.G.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: C45, G24, G32, G34, M13, O32

Received: 16.11.2023
Accepted: 12.02.2024
Published online: 14.02.2024

How to cite this paper: De Silva, C., Bosio, A. O., & Gervasoni, A. (2024). ESG and venture capital research: A bibliometric literature review at the intersection of two fields. Corporate Ownership & Control, 21(1), 55–71. https://doi.org/10.22495/cocv21i1art6