Impact investing in social sector organisations: a systematic review and research agenda

Islam, Syrus

doi:10.1111/acfi.12804

Cited by 39 publications

(53 citation statements)

References 106 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…In our study of the LEADER projects carried out by the third sector, we decided to prioritize the amounts of capital invested by this group and their spatial distribution, a form of analysis that could be classified within "impact evaluation in impact investing" [27] (Figure 1).…”

Section: Sources Methodology and Study Areamentioning

confidence: 99%

The Third Sector: The “Other” Actors of Rural Development, Andalusia 2000–2015

García¹,

Valverde²,

Pérez³

et al. 2021

Sustainability

View full text Add to dashboard Cite

Civil society plays an essential role in the development of our rural areas. In spite of this, little research has been conducted on the role of non-profit organizations, often referred to in general terms as the third sector, within the framework of the LEADER program for rural development, especially in such a large geographical area as Andalusia, the study area of this research. The diversity of the groups that make up the “Others” group of rural development stakeholders is one of its most important characteristics. Over the course of the study period (2000–2015), these organizations have played a very significant role in Andalusia in both quantitative and qualitative terms. In order to find out more about the diversity of third sector organizations and to quantify and evaluate their importance, we carried out a detailed analysis of all the LEADER projects commenced in Andalusia between 2000 and 2015. The quantitative and quantitative results obtained highlight the diversity of these projects and how widely their presence varied from one type of rural area to the next. Our research reopens the debate about the growing role played by non-profit organizations in developed societies at a global level and within LEADER in particular.

show abstract

Section: Sources Methodology and Study Areamentioning

confidence: 99%

The Third Sector: The “Other” Actors of Rural Development, Andalusia 2000–2015

García¹,

Valverde²,

Pérez³

et al. 2021

Sustainability

View full text Add to dashboard Cite

show abstract

“…Beyond the conceptualization of impact investing, a recent literature review by Islam (2021) identifies four main research streams, tackling some more or less original themes: factors affecting the investment decision process, impact evaluations, structure of the industry, and a novel research field focused on behavioral characteristics of investors and investees. Literature reviews, thus, do not specifically identify financial instruments used to realize impact investing (e.g., social bonds, green bonds, or investment funds) as one of the mainstream topics, although more specific reviews recognize, for instance, social impact bonds as a relevant channel and field of study (for a review, see Broccardo et al, 2020).…”

Section: Impact Investing In a Nutshellmentioning

confidence: 99%

“…The academic literature reviews (e.g., Agrawal & Hockerts, 2019; Höchstädter & Scheck, 2015; Islam, 2021) reveal an evolution in the streams and approaches of research, as well as a set of relevant fields. One of the most relevant topics of discussion was the conceptualization of impact investing, since misinterpreting the concept was immediately recognized as a potential limit to market prosperity.…”

Section: Literature Reviewmentioning

confidence: 99%

Fund managers acting as impact investors: Strategies, practices, and tensions

Bandini

Chiappini

Pallara

2022

Corp Soc Responsibility Env

View full text Add to dashboard Cite

Using a multi case-study analysis, we shed light on the strategies, practices, and tensions of fund managers acting as impact investors. Results show that while some fund managers experience tension between the social and financial aspects of specific, although relevant, components of the business model, other fund managers experience challenges throughout the business model. The governance component emerges as the most relevant issue and this may help explain why impact washing is a key topic in the impact investing discussion. Relevant implications for practitioners and policy makers are also discussed.

show abstract

“…At a broader level, the current study contributes to the growing literature on impact investing (e.g., Lee et al, 2020;Phillips and Johnson, 2021;Block et al, 2021;Islam, 2021a;Barber et al, 2021) by being the first to systematically investigate the match or mismatch between the demand and supply of impact investments in the global impact investing industry.…”

Section: More Specifically It Addresses the Following Research Questionmentioning

confidence: 99%

“…For example, while SRI mainly focuses on avoiding harm by adopting positive or negative screening strategies, impact investing seeks to intentionally create positive impact by proactively addressing social/environmental challenges (Höchstädter and Scheck, 2015;Roundy, 2020). Furthermore, SRI generally invests in large corporations through public equity and debt and seeks to generate at least risk-adjusted market returns, while impact investing usually targets early-and growthstage firms through private equity and debt and expects to generate both risk-adjusted market returns and below-market returns (Brest et al, 2018;Islam, 2021a). Indeed, unlike typical SRI, impact investing sometimes intentionally sacrifices financial returns for desired social impact (e.g., investing in high-risk projects that cannot generate market-rate returns but could change the life of hundreds of marginalized people in developing countries) (Bannick et al, 2017;Bugg-Levine et al, 2012).…”

Section: Introductionmentioning

confidence: 99%

Current demand and supply of impact investments across different geographic regions, sectors, and stages of business: Match or mismatch?

Islam

Scott

2021

Australian Journal of Management

Self Cite

View full text Add to dashboard Cite

We examine the match/mismatch between the demand and supply of impact investments. We show that some geographic regions display an upward match, while others exhibit a downward match. We explain how regions with well-developed (or less-developed) economies are not necessarily equal to regions with well-developed (or less-developed) impact investment markets. We also highlight the sectors exhibiting a match or mismatch between the demand and supply of investments, and explain the potential reasons. Regarding both geographic and sector concentration, the demand for investments is much more concentrated than their supply. Finally, early-stage companies suffer from an undersupply of investments, while growth-stage companies display an upward match and mature companies have an oversupply of investments. These findings have implications for impact investing theory and practice, including the attainment of Sustainable Development Goals. JEL Classification: D53; E41; E51; G15; G23

show abstract

Impact investing in social sector organisations: a systematic review and research agenda

Cited by 39 publications

References 106 publications

The Third Sector: The “Other” Actors of Rural Development, Andalusia 2000–2015

The Third Sector: The “Other” Actors of Rural Development, Andalusia 2000–2015

Fund managers acting as impact investors: Strategies, practices, and tensions

Current demand and supply of impact investments across different geographic regions, sectors, and stages of business: Match or mismatch?

Contact Info

Product

Resources

About