VC green investments 2010-2019

We built an ad-hoc dataset gathering data from two main sources. We used one database which contains comprehensive coverage of information about VCs’ investments, and it is frequently used by scholars investigating the VC market and the OECD Environmental Policy Stringency Index Database that contains information about environmental policies on a year and country level. We first selected all startups for which top investors’ names were available, founded between 2010 and 2019. We chose the 2010 because it was a year after the Kyoto Protocol that entered into force on 2005 and bounded 192 countries worldwide to reduce greenhouse gas emissions. Moreover, by choosing such a time window we also avoided the financial crisis of 2007-2009 that has unpredictably impacted the VC market (Conti et al., 2019). Similarly, we chose the 2019 to avoid considering the Covid-19 period. Thus, we collected all the top investors who have invested in such startups obtaining a strongly-balanced panel of 3,473 IVCs, CVCs, and GVCs’ unique investors, which have made 16,761 total investments on 12,711 unique startups within 2010 and 2019. The panel contains the number of cumulated investments and the funding amounts invested by each investor in both green and non-green startups. Particularly, the classification of green startups has been made according to endogenous keyword selection through AI, starting from the Crunchbase startup industry classification. 60 keywords were selected by ChatGPT across 10 iterations, representing green industries (see Appendix A). The unit of analysis of the investigation is represented by the VCs. The OECD policy database, containing a selection of the most prominent environmental policies in force in the OECD countries and more, was leveraged to measure the moderating role of such public regulations.本研究构建了一套特设数据集，其数据来源于两大核心来源：其一为覆盖风险投资（Venture Capital, VC）投资全维度信息的数据库，该库被研究VC市场的学者广泛使用；其二为经合组织环境政策严格指数数据库（OECD Environmental Policy Stringency Index Database），该库收录了国家与年度维度的环境政策相关信息。 研究首先筛选出2010至2019年间成立、且可获取顶级投资机构名称的初创企业。选取2010年作为起始年份，系因该年为2005年生效的《京都议定书》生效后的第一年，《京都议定书》约束全球192个国家减少温室气体排放。此外，选择该时间窗口还可规避2007-2009年金融危机对VC市场造成的不可预测冲击（Conti等，2019）。同理，选取2019年作为截止年份则是为了避开新冠疫情时期。最终，研究收集了所有投资于此类初创企业的顶级投资机构，得到包含3473家独立风险投资（Independent Venture Capital, IVC）、企业风险投资（Corporate Venture Capital, CVC）及政府风险投资（Governmental Venture Capital, GVC）的独特投资机构的高度平衡面板数据集，这些机构在2010至2019年间累计对12711家独特初创企业完成了16761笔投资。 该面板数据集包含每位投资机构在绿色与非绿色初创企业中的累计投资次数与融资金额。其中，绿色初创企业的分类依托人工智能开展内生性关键词筛选，以Crunchbase初创企业行业分类体系为基础：ChatGPT历经10轮迭代筛选出60个代表绿色产业的关键词（详见附录A）。本研究的分析单元为VC机构。 本研究借助经合组织环境政策严格指数数据库——该数据库收录了经合组织成员国及其他经济体现行的核心环境政策——以测度此类公共规制的调节作用。