Despite a potential mismatch between characteristics of cleantech innovations and the venture capital model, there has been a surge of cleantech venture capital firms (VCs). This paper investigates how cleantech VC investment approaches are aligned with hybrid institutional logics. We mapped 36 European VCs regarding their portfolio firms' industries, technology focus, and level of innovation. From this sample, we interviewed nine VC investors to gain a comprehensive understanding of the phenomenon. The findings show a heterogenous landscape of cleantech VC investment approaches. Cleantech VCs finance mostly incremental innovations in highly emissive sectors. For several of the VCs, the findings highlight a disconnect between the externally communicated cleantech mission and lack of approaches for environmental impact management. We develop propositions for future research. This study adds novel empirical perspectives and contributes to the development of hybrid logics in institutional logics theory with a nuanced examination of the European VC cleantech market.

中文翻译：

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利润第一，环境影响第二？研究风险投资方法中的混合制度逻辑


尽管清洁技术创新的特征与风险投资模式之间可能存在不匹配，但清洁技术风险投资公司（VC）却出现了激增。本文研究了清洁技术风险投资方法如何与混合制度逻辑保持一致。我们针对 36 家欧洲风险投资公司的投资组合公司的行业、技术重点和创新水平绘制了地图。根据这个样本，我们采访了九位风险投资人，以全面了解这一现象。调查结果显示了清洁技术风险投资方法的异质性。清洁技术风险投资公司主要资助高排放行业的渐进式创新。对于几家风险投资公司来说，调查结果凸显了外部传达的清洁技术使命与缺乏环境影响管理方法之间的脱节。我们为未来的研究提出建议。这项研究增加了新颖的实证视角，并通过对欧洲风险投资清洁技术市场的细致审查，为制度逻辑理论中混合逻辑的发展做出了贡献。