Implementering av ESG-kriterier i investeringspraxis : En studie om venture capital-företag i Sverige

Sammanfattning: Purpose: The purpose of this study is to examine how venture capitalists implement ESG issues internally, as well as before the investment decision and during the investment period. Theoretical framework: The theoretical framework consists of previous studies that identify different driving forces behind the work of the ESG and present a number of different strategies for implementing ESG issues in the investment process. Method: This study aims at providing an understanding of a phenomenon which implies an inductive approach. This thesis applies a qualitative method of data collection in the form of semi-structured interviews. The sample in this study consists of venture capital companies that were members of the SVCA (Swedish Venture Capital Association) during the time of the survey, 2015. Result: The empirical findings in this thesis consist of a presentation of the data that was generated from eleven interviews conducted with eleven different investors in the venture capital sector. Conclusion: This study indicates a lack of written policies regarding internal work with ESG-issues which were offset by the application of the "unwritten" policies. Implementation of ESG-issues during the pre-investment phase was dominated by an avoidance of investments in sectors which lead to a negative impact on society. During the post-investment phase ESG-issues was integrated by monitoring the portfolio companies' operations. However, it was noted that monitoring lacked a standardized approach.