Позитивные изменения. Том 3, № 4 (2023). Positive changes. Volume 3, Issue 4(2023) - Редакция журнала «Позитивные изменения»

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

13. FINANCING ECUADORIAN SOCIAL ENTERPRISES: WHAT IS THE ROLE OF IMPACT INVESTMENT?

E. Bacuilima, J. Morocho, J. Aguirre, K. Coronel-Pangol, P. Mora

Paper, July 2023

Sustainability

Social entrepreneurship is a topic of great development at the research level, which aims to discover, exploit and define the possibilities of increasing social wealth through activities and processes carried out with the creation and management of an innovative enterprise. From this, it has been identified that one of the main problems of social entrepreneurs in underdeveloped countries is the lack of financing, where new forms of financing have not been consolidated, as is the case with impact investment. Therefore, the objective of this research is to determine the role of impact investment in each of the Ecuadorian social enterprises under study. To this end, a qualitative research methodology of an interpretive nature was adopted through in-depth interviews with social entrepreneurs for the construction of results by means of summary tables and descriptive and graphic taxonomy. The results show that for most of the social enterprises studied, the role of impact investment is null, without this implying a lack of knowledge on the part of the social enterprises. Finally, it is necessary that policymakers take into account the need to promote sustainable development by improving social inclusion to support projects and enterprises that generate employment and opportunities for marginalized and vulnerable groups, promoting policies and measures that encourage this type of investment to generate a positive impact on the country.

https://clck.ru/37HswX

14. NEW BOTTLE OR NEW LABEL? DISTINGUISHING IMPACT INVESTING FROM RESPONSIBLE AND ETHICAL INVESTING

T. Dordi, P. Stephens, S. Geobey, O. Weber

Paper, July 2023

Accounting & Finance

A common topic of debate in academic scholarship on impact, ethical, and responsible investing is definitional clarity around the motivations and applications of each form of investment strategy. Authors ask, how does the subfield of impact investing differentiate itself from more established ethical and responsible investing — and do these differences necessitate yet another field of study? Adopting a combination of bibliometric and content analyses, they identify four distinct features of impact investing — positive impact targeting, novelty of governance structures, long time horizons, and the importance of philanthropy.

https://clck.ru/37HrV2

15. BROKERING FOR A BETTER WORLD: THE FAMILY OFFICE’S ROLE IN IMPACT INVESTING

Vivian Krohn

Paper, August 2023

Academy of Management Proceedings

The study identifies that multi family offices must handle different values and perspectives of their heterogeneous clients. Regarding impact investing decision-making, multi family offices cope with competing institutional logics. The study finds that multi family offices take over the role of a logics broker and either identify with brokering for transformation to a hybrid logic or with brokering for resistance of logics. As institutional complexity rises, the study contributes to research on hybrid practices of competing institutional logics and highlights the relevance of aligned values. The findings further contribute to research on institutional entrepreneurship and the role of intermediaries at the intersection of individual-level and organizational-level responses to competing institutional logics.

https://clck.ru/37HskB

16. MISSING THE IMPACT IN IMPACT INVESTING RESEARCH — A SYSTEMATIC REVIEW AND CRITICAL REFLECTION OF THE LITERATURE

D. Schlütter, L. Schätzlein, R. Hahn, C. J. Waldner

Paper, July 2023

Journal of Management Studies

Impact investing (II) aims to achieve intentional social impact in addition to financial return. Systematic literature review of 104 articles finds that the growing academic literature on II is scattered across a variety of disciplines and topics, with inconsistencies in terminology and concepts and a paucity of theoretical explanations and frameworks. To provide an overview of common research areas and findings, authors integrate the articles on II in nine emerging topics and shed light on inconsistencies in the literature. The analysis reveals one major shortcoming in II research: Despite the fact that II aims to create a measurable societal impact, this impact of II, its raison d’être, is not scrutinized in the literature.

Researchers argue that investigating the impact of II requires a holistic lens, for which they propose systems theory. Also they suggest prospective future research avenues which combine socioeconomic research approaches (esp. longitudinal qualitative studies and experimental methods) with socio-technical methods (esp. life cycle analysis) to enable a holistic systems perspective of II.

https://clck.ru/37HszX

17. TOO MUCH OF A GOOD THING? DRAWBACKS OF STRESSING MEASUREMENT OF IMPACT INVESTING

J. Celse, G. Davies, G. Grolleau

Paper, July 2023

The Journal of Alternative Investments

The current emphasis on impact measurement raises several challenges, including ethical ones. Rather than taking for granted that more and better measurements are crucial to the development of impact investing, the authors