Позитивные изменения. Том 2, №4 (2022). Positive changes. Volume 2, Issue 4 (2022)

Impact investing has emerged as a topical subject-matter for scholars working at the intersection between finance and social policy. By and large, it is seen as a product of financialization: some argue that the social is colonized by financial actors and methods, others see it as a site where boundary work produces a state of value plurality in which competing values — social and financial — co-exist. This article takes the latter perspective further and unpacks the endogenous dynamics underpinning the creation of social values in impact investing programs. It analyzes how high-level organizations in the field prescribed specific social impact valuation processes and mechanisms for collecting, measuring, and reporting data about value creation. It argues that the social values circulating in the impact investing field emerge from the interplay between a wide array of stakeholders, impact investors included. The social impact accounting tools that capture them materialize therefore as sites of political battles and negotiations between stakeholders, with both emancipatory but also exploitative potential. This has consequences upon our understanding of how financialization travels and how the social dynamics underpinning accounting devices (re)draw boundaries between competing values and fields.

https://goo.su/fh26

6. INVESTING IN A SOCIAL VENTURE TO GENERATE SOCIAL IMPACT OR FINANCIAL RETURN

B. Urban, Odifentse Mapula-e Lehasa

Article, 11 November 2022, Business Perspectives and Research

Recognizing that the current literature provides a fragmented depiction of impact investor decisions, this article empirically examines if impact investors are focused on financial returns or instead on the social impact generated by social enterprises. To address this research objective a sample of impact investors are surveyed in South Africa, where there is an increasing demand for impact investors to fund initiatives that address the country's many underlying structural deficits and wicked problems. Findings, based on correlational and regression analyses, indicate that variation in the impact investment decision is explained by the financial return motive. This finding resonates with the argument that investors are primarily focused on financial competitiveness and return on their investment. Developing a strong body of evidence that validates the effectiveness of policy in supporting impact investing is pivotal, particularly when given the lack of sustainability of many social enterprises in African and emerging economies.

https://goo.su/deoz9

7. THE ENTREPRENEURIAL PERSPECTIVE IN IMPACT INVESTING RESEARCH: A RESEARCH AGENDA

Christin Eckerle, Sarah Manthey, O. Terzidis

Published 7 September 2022, European Conference on Innovation and Entrepreneurship

The Covid-19 pandemic, climate crises, and regulatory changes are only a few reasons for the growing public alertness regarding environmental and social problems. This has caused a shift in the mindset of companies and investors in terms of sustainability and the long-term impact of innovation. Thus, sustainable investments, particularly impact investments, have continued to grow in importance and momentum to shift the focus on rebuilding the economy more sustainable and future-oriented. The current state of research in this field indicates that most academic contributions are mainly about theoretical considerations and deal with various areas. There is no aggregated state of the art in academia with a focus point on impact investment for entrepreneurship. Yet, entrepreneurs are seen as key actors to drive sustainable innovation. Compared to the current growing impact investment practices and the necessity of a strategy to get financing, the topic is still relatively unexplored scientifically. In this research, a systematic literature review is conducted to further review, evaluate, and analyze the current research agenda on impact investment and show how it relates to entrepreneurship research. In particular, impact investment-related decision criteria, as well as challenges associated with this, will be presented. This contributes to the nascent literature on impact investing by documenting how impact investors stand in relation to entrepreneurial ventures and what measurement frameworks and models are already scientifically analyzed, which has practical implications for both impact investors and entrepreneurs.

https://clck.ru/32udYa

8. GIVING AS “DE-RISKING”: PHILANTHROPY, IMPACT INVESTMENT AND THE PANDEMIC RESPONSE

Jessica Sklair, P. Gilbert