Research Handbook of Finance and Sustainability
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Research Handbook of Finance and Sustainability

Edited by Sabri Boubaker, Douglas Cumming and Duc K. Nguyen

The severe consequences of the global financial crisis 2008-2009 and numerous accounting frauds and financial scandals over the last fifteen years have let to calls for more ethical and responsible actions in all economic activities including consumption, investing, governance and regulation. Despite the fact that ethics in business and corporate social responsibility rules have been adopted in various countries, more efforts have to be devoted to motivate and empower more actors to integrate ethical behavior and rules in making business and managerial decisions. The Research Handbook of Finance and Sustainability will provide the readers but particularly investors, managers, and policymakers with comprehensive coverage of the issues at the crossroads of finance, ethics and sustainable development as well as proposed solutions, while focusing on three different levels: corporations, investment funds, and financial markets.
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Chapter 15: Comparing founders’ specific human capital in traditional versus philanthropic venture capital firms

Jennifer Walske, Mariarosa Scarlata and Andrew Zacharakis

Abstract

This chapter examines the specific human capital held by founders of independent philanthropic venture capital (PhVC) and traditional venture capital (TVC) firms, using both qualitative and quantitative data. PhVC, like TVC, provides funding and value-added services to its investees. A key difference, though, is that TVC firms hold a primary objective of creating an economic return on their investments, while PhVC firms seek a combination of economic and social returns on their investments. Our findings show that the specific human capital of firm founders mirrors the differing TVC and PhVC firm objectives. Specifically, TVC firm founders have higher levels of venture capital, finance, and technology experience, which is considered more economically oriented, while PhVC firm founders have higher levels of government, social enterprise management and social startup experience, which is considered more socially focused.

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