”doing good and doing well.” Such claims are central to UK — and US-centric attempts to reform capitalism in the face of multiple global crises. This article uses Foucault's writing on (neo)liberal governmentality to analyze a particular manifestation of the logic of “doing good and doing well”: the attempt to build a market for social investment in the UK between 2010 and 2016, a project closely related to the development of the broader impact investment movement. Building on a close reading of Foucault's writing on the role of self-interest, it is argued that two incompatible versions of social investment are present within the development of the market: one (the “innovative version”) that assumes purpose and profit are fully compatible, and one (the “principled version”) that assumes it is important to maintain a boundary between them. The relevance of these findings and the approach used is discussed in relation to the social studies of market, and ongoing efforts to develop a critique of “doing good and doing well.”
https://goo.su/XEvcn
17. MECHANISMS OF IMPACT INVESTING — FROM A LITERATURE REVIEW TO A MULTISTAGE AND MULTILEVEL MODEL
Deike Schluetter, Lena Schätzlein, Rüdiger Hahn
Article, 1 August 2022, Academy of Management Proceedings
Impact investing (II) aims at achieving an intentional social impact next to a financial return, thus embracing a high level of hybridity and potentially conflicting goals of different actors. We find that a growing academic literature on II is currently scattered across a variety of disciplines, topics, and levels of analysis with inconsistencies in terminology and concepts and a lack of theoretical explanations and frameworks. Our systematic and integrative literature review of 99 articles clarifies conceptual ambiguities by developing a typology of II differentiating a weak and strong interpretation. We analyze research based on antecedents, management and outcomes of II to provide an overview of common research areas and point to inconsistencies in the overall scholarly contribution. We develop a mechanisms-based multistage and multilevel model of the II market to link diverse current theoretical contributions and elaborate future research avenues.
https://clck.ru/33Hfqp
18. THE IMPACT OF FRAMING ON IMPACT INVESTING
Fatima Harvey, Kerrin Myres, Gavin Price
Article, 28 June 2022, African Journal of Business and Economic Research
Impact investors are faced with the issue of risk and return evaluation on both the scale of financial performance and social performance. The study extends the understanding of the relationships between investor perception of risk, sense of understanding, and financial decision-making into the inherently dichotomous context of impact investment. Through the lens of prospect theory, an instrument for data collection was designed to evaluate the effects of finance outcome dominant, social outcome dominant, and hybrid outcome framing on an investor's perception of risk, sense of understanding, and capital allocation decisions. This research found that variability in outcome framing influences an investor's capital allocation decision but does not affect the perception of risk or sense of understanding. These findings contribute to the understanding of how the framing of compound outcomes with both financial and moral implications affects the decision-making choice process of individuals.
https://goo.su/7FD2zd
19. FROM FIDUCIARY DUTY TO IMPACT FIDELITY: MANAGERIAL COMPENSATION IN IMPACT INVESTING
Isaline Thirion, P. Reichert, V. Xhauflair, Jonathan De Jonck
Article, 31 May 2022, Journal of Business Ethics
Investors with standard monetary preferences will give a fund manager incentives to increase firm profits, which can be achieved through a share in profits via carried interest. When investors have social preferences, it is not clear which incentives the manager should receive. We explore this puzzle by applying an agency theory perspective to impact investing, a practice where investors seek both financial returns and a measurable social or environmental impact. Using an inductive, qualitative approach, we identify and describe the ethical tensions and challenges faced by fund managers to structure and implement impact-based variable compensation schemes. Our results indicate that economic incentives tied to non-financial objectives are useful to alleviate goal incongruity between principals and agents during fund creation but have the potential to lead to perverse effects during the fund lifecycle, where managers may exploit subjective non-financial metrics to maximize personal wealth. We introduce the concept of impact fidelity, a conceptual equivalent of fiduciary duty, to ensure that investment decisions reflect the asset owner's impact preferences.
https://goo.su/JpTB
20. MAPPING IMPACT INVESTING: A BIBLIOMETRIC ANALYSIS
M. Migliavacca, Ritesh Patel, A. Paltrinieri, John W. Goodell
Article, 1 October 2022, Journal of International Financial Markets, Institutions and Money
Impact investing, as the furthest form of sustainable finance, has gained in research attention. However, there is no complete bibliometric review on this topic. We map the academic contributions to impact investing, highlighting the most influential research streams and trends by conducting a bibliometric review based on a keyword search analysis of the Elsevier Scopus database. The final sample consists of 115 academic papers published in ABS 3+ journals between 2009 and October 2021. We identify the most influential articles in the field, map the different streams of impact investing research, visualise focus areas and trends, and pinpoint areas for further research. These findings will help academics focus their research on under-investigated areas within this heterogeneous niche.
https://goo.su/REo2
21. MAKING IMPACT INVESTING MORE THAN JUST WELL-MEANING CAPITAL
F. Casalini, V. Vecchi
Article, 25 July 2022, Business & Society
Impact investing is progressively losing focus in ensuring investments really do make a difference; therefore, the growth of the market may not make real social and environmental change. We propose three ways to put the “impact” back into the heart of impact investment.
https://goo.su/9XuSk
«Зеленый» менеджмент человеческих ресурсов. Оценка влияния на экологическую устойчивость банков (на примере Нигерии)
Холо Мэтью Акер, Абубакар Садик Сулейман
DOI 10.55140/2782–5817–2022–2–4–82–95
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