What Do Impact Investors Do Differently?*

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ID: 324954
2026
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Abstract
Abstract Do impact investors seek impact, or merely “impact wash”? We provide systematic evidence on the nonfinancial determinants of impact investing. Impact investors focus on firms aligned with the priorities of the federal government and disproportionately invest in economically disadvantaged regions. While we find high levels of coinvestment between impact and traditional investors, we also show that impact investors influence the strategies of their traditional coinvestors, are more likely to fund firms in nascent industries, and invest countercyclically. Finally, we characterize investment heterogeneity based on a novel classification of impact investment theses, with a focus on climate, environment, and jobs and equity.
Reference Key
openalex_W7202342619 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Shawn Cole, Leslie Jeng, Josh Lerner, Natalia Rigol, Benjamin Roth
Journal review of financial studies
Year 2026
DOI
10.1093/rfs/hhag074
URL
https://doi.org/10.1093/rfs/hhag074
Keywords Keywords not found

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