Позитивные изменения. Том 3, № 4 (2023). Positive changes. Volume 3, Issue 4(2023)

The purpose of this study is to analyze the intersection of research on impact investing and its closely related financial vehicles. The paper explores 196 articles collected from Scopus and Web of Science using bibliometric and content analysis methodologies. Despite a growing academic interest in impact investing, scholars generally investigate impact investing as a social phenomenon, using the specific financial mechanism of social impact bonds. This perspective potentially deflates the complex nature of impact investing, which actually combines both social and financial targets and uses a plurality of financial vehicles to reach its goals. The emerging themes identified will provide both academics and practitioners additional tools to further the debate on impact investing and the understanding of its potential and limits according to the different financial forms it takes. This review should pave the way for a discussion about the boundaries of the social impact sector itself. Despite the strong international commitment toward impact investing, tensions still exist. A comprehensive overview on the relevant aspects not yet thoroughly investigated will foster the growth of impact investments. To the best of the authors’ knowledge, this is the first holistic overview of impact investing, that jointly examines both literature on impact investing and literature on the correlated financial products used in the industry. The result is a comprehensive report of what is known about impact investing in its different financial forms, opening up new pathways for future studies.

https://clck.ru/37Hr8R

11. WELCOME TO MY HOUSE! FAMILY IMPACT INVESTORS’ SOCIAL IDENTITY AND APPROACHES TO IMPACT INVESTING

Jeanne Roche, C. Cruz, Braulio Pareja Cano

Paper, August 2023

Academy of Management Proceedings

Impact investors have become a subject of increasing academic interest for their unique capacity to channel financial capital to social impact projects. Identity theories have proved particularly useful in understanding the peculiar behaviors of this new breed of investors. Yet, we know little about how the social identity of impact investors, crucial to comprehend other-oriented behaviors, influences their approach to the field. One type of impact investors, who are also some of the leading players in the sector, is likely to shed light on this question: those born to business-owning families. Based on a grounded theory methodology, authors follow the case of eight family impact investors and find three types of investors with different levels of social identification to their family groups and different corresponding approaches to impact investing in terms of breadth of collaboration and degree of hybridity.

https://clck.ru/37HrLH

12. IMPACT INVESTING: SCIENTOMETRIC REVIEW AND RESEARCH AGENDA

Monica Singhania, Deepika Swami

Paper, September 2023

Business Ethics, the Environment & Responsibility

Innovations in aligning investment with sustainability led to impact investing, enabling investors to achieve conventional financial returns and measurable social and environmental returns. Since its inception in 2007, it has grown manifolds, with significant efforts being made to create a global ecosystem. However, due to limited academic literature, the theme is yet to garner the scholarly interest it deserves. In this study, authors analyse and visualise a knowledge map of the impact investment research field through a comprehensive bibliometric analysis by employing a research corpus of 421 studies sourced from Web of Science and Scopus. They identify the growth trajectory, geographical concentration, productive and influential authors, journals and significant articles and examine the inter-disciplinarity of the field. The major research themes interlinked with impact investing included; social entrepreneurship, social innovation, social finance, impact investment market, innovative financial instruments, financialisation of essential services and impact reporting. To drive the field forward, future research needs to develop an impact investment ecosystem, address behavioural issues, stakeholder management and institutional context in impact investment theme, develop and diffuse innovative financial instruments, develop a framework for standardised accounting and reporting practices to measure financial and non-financial dimensions, tackle impact washing by fund managers, address lack of financial access to the third sector and develop the legal and regulatory framework for third sector organisations.

https://clck.ru/37HqmC