Nina U. Czubayko: Nachhaltige Start-ups und Venture Capital, Kartoniert / Broschiert

Klappentext

Numerous sustainable finance regulations aim to transform the economy towards greater sustainability. The start-up ecosystem fosters innovation and secures economic growth, and therefore plays a central role in steering the economy in a more sustainable direction. As a key source of funding for start-ups, venture capital can thus play a significant role in promoting the development of sustainability-oriented companies. At the same time, financing sustainable start-ups through venture capital faces considerable challenges in terms of structuring. These arise from the conflict between profit maximisation as the primary interest of investors on the one hand, and the pursuit of broader societal benefits on the other. Against this background, Nina U. Czubayko examines which contractual mechanisms can be used to promote environmental, social and governance (ESG) considerations in venture capital financing and to mitigate conflicts of interest between the parties involved. At the core of the study is a law-and-economics analysis of the interests and incentive structures of founders and venture capital investors, as well as the regulatory effects of various financing clauses in the funding of sustainable start-ups. In doing so, the author draws in particular on approaches from New Institutional Economics and incorporates empirical findings, including results obtained through guideline-based expert interviews conducted by the author herself. The central thesis of the work is that founders and venture capital investors already have at their disposal the appropriate contractual tools to promote social and environmental objectives through private autonomy. The study provides the financing parties with concrete options for structuring contracts in order to embed sustainability within the company.