Abstract
Information sharing plays a significant role in improving investment performance in the venture capital network community, which serves as an important requirement for the venture capital network to expand to the meso-level and promote its healthy development. Given the important role of Environmental-Social-Governance (ESG) start-ups in promoting sustainable development, this paper selects a sample of ESG start-ups in China to explore the relationship between venture capital network community information sharing and investment performance. We also examine the intermediary role of investment capability in this relationship. Empirical results show that venture capital network community information sharing, from both the prospective of breadth and depth, has a significant positive impact on investment performance of ESG start-ups. We also find that the investment capability, such as scouting and coaching, plays a partial intermediary role in affecting investment performance by community information sharing. This research helps to reveal the relationship between venture capital network community information sharing and investment performance. The results provide a theoretical basis and managerial insights for improving investment performance of ESG start-ups.
Highlights
Owing to increasing awareness and promotion of sustainable development, environmental, social and governance (ESG) issues are gaining prominence in comprehensively evaluating responsible investing activities
Existing studies have mentioned that the Venture Capital (VC) network has the function of information sharing, and this function has had an important impact on investment performance, but these studies have not been explored in depth and only from the perspective of theoretical analysis
This part empirically examines the influence of information sharing breadth and depth on successful exit ratio, scouting capability, and coaching capability
Summary
Owing to increasing awareness and promotion of sustainable development, environmental, social and governance (ESG) issues are gaining prominence in comprehensively evaluating responsible investing activities. Previous studies have confirmed that the VC network has the function of information sharing and has an impact on the VC’s investment behavior and performance, there are few empirical studies taking information sharing as an independent variable. This paper examines the impact of information sharing on investment performance and further explores the influence mechanism of community investment capacity as an intermediary variable. By using a sample of ESG start-ups, this study helps to understand the role of community information sharing on investment performance, and provides a theoretical basis and new angle for improving investment performance. This paper reveals the path of community information sharing in the VC network to influence investment performance and provides new insights for improving investment performance and helps ESG start-ups to grow sustainably.
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