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Institutional impact investing: practice and policy

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  • David Wood
  • Ben Thornley
  • Katie Grace

Abstract

This article examines how public policy can and does play a role in enabling impact investing by U.S. institutional asset owners. We outline how government often plays a key role as underwriter, co-investor, regulator, procurer of goods and services, or provider of subsidies and technical assistance, thus enabling intentional investment for social and environmental benefits by asset owners. The article focuses on how policy intersects with the specific legal requirements and a distinct investment culture that often constrain the ability of institutions to invest with impact. These barriers must be taken into account for the institutional role in impact investing to grow beyond the current limited activity. Careful coordination between policymakers and institutional investors will be essential in building private investment markets that deliver positive social impact. We concentrate on more narrowly construed impact investment policies. Examples include geographically targeted economic development, and energy-efficient real estate investments.

Suggested Citation

  • David Wood & Ben Thornley & Katie Grace, 2013. "Institutional impact investing: practice and policy," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 3(2), pages 75-94, April.
    • Handle: RePEc:taf:jsustf:v:3:y:2013:i:2:p:75-94
    DOI: 10.1080/20430795.2013.776256
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    Cited by:

    1. Syrus M. Islam & Ahsan Habib, 2024. "How impact investing firms use reference frameworks to manage their impact performance: An industry‐level study," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(1), pages 161-184, March.
    2. Maria Carolina Rezende de Carvalho Ferreira & Vinicius Amorim Sobreiro & Herbert Kimura & Flavio Luiz de Moraes Barboza, 2016. "A systematic review of literature about finance and sustainability," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 6(2), pages 112-147, April.
    3. Clarkin John E. & L. Cangioni Carole, 2016. "Impact Investing: A Primer and Review of the Literature," Entrepreneurship Research Journal, De Gruyter, vol. 6(2), pages 135-173, April.
    4. Kirsten Andersen & Rebecca Tekula, 2022. "Value, Values, and Valuation: The Marketization of Charitable Foundation Impact Investing," Journal of Business Ethics, Springer, vol. 179(4), pages 1033-1052, September.
    5. Othmar Manfred Lehner & Alex Nicholls & Sarah Beatrice Kapplmüller, 2022. "Arenas of Contestation: A Senian Social Justice Perspective on the Nature of Materiality in Impact Measurement," Journal of Business Ethics, Springer, vol. 179(4), pages 971-989, September.
    6. Christensen, Pernille H. & Robinson, Spenser J. & Simons, Robert A., 2018. "The influence of energy considerations on decision making by institutional real estate owners in the U.S," Renewable and Sustainable Energy Reviews, Elsevier, vol. 94(C), pages 275-284.
    7. Irene Bengo & Alice Borrello & Veronica Chiodo, 2021. "Preserving the Integrity of Social Impact Investing: Towards a Distinctive Implementation Strategy," Sustainability, MDPI, vol. 13(5), pages 1-19, March.
    8. Antonio Minguzzi & Michele Modina & Carmen Gallucci, 2019. "Foundations of Banking Origin and Social Rating Philosophy—A New Proposal for an Evaluation System," Sustainability, MDPI, vol. 11(13), pages 1-16, June.
    9. Karin Kreutzer, 2022. "On the Discursive Construction of Social Entrepreneurship in Pitch Situations: The Intertextual Reproduction of Business and Social Discourse by Presenters and Their Audience," Journal of Business Ethics, Springer, vol. 179(4), pages 1071-1090, September.
    10. Muir, Kristy & Michaux, Fabienne & Sharam, Andrea & Flatau, Paul & Meltzer, Ariella & Moran, Michael & Heaney, Richard & North, Gill & Webb, Eileen & Mason, Chris, 2018. "Inquiry into social impact investment for housing and homelessness outcomes," SocArXiv fcjbg, Center for Open Science.
    11. Anirudh Agrawal & Kai Hockerts, 2019. "Impact Investing Strategy: Managing Conflicts between Impact Investor and Investee Social Enterprise," Sustainability, MDPI, vol. 11(15), pages 1-21, July.
    12. Nadia Ameli & Paul Drummond & Alexander Bisaro & Michael Grubb & Hugues Chenet, 2020. "Climate finance and disclosure for institutional investors: why transparency is not enough," Climatic Change, Springer, vol. 160(4), pages 565-589, June.
    13. Cuc Lavinia Denisia & Rad Dana & Hațegan Camelia Daniela & Trifan Vanina Adoriana & Ardeleanu Titus, 2024. "The Mediating Role of the Financial Recommender System Advising Acceptance in the Relationship between Investments Trust and Decision-Making Behavior," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 18(1), pages 2260-2273.
    14. Abbas, Shahbaz & Rao, Abdur Rehman Bin Nasir & Khattak, Farrukh & Ahmad, Yasir, 2024. "Revolutionising sustainability using a new triplet: A system dynamic model," Ecological Modelling, Elsevier, vol. 492(C).
    15. Akhtaruzzaman, Md & Banerjee, Ameet Kumar & Le, Van & Moussa, Faten, 2024. "Hedging precious metals with impact investing," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 651-664.
    16. Deniz Tunçalp & Nihan Yıldırım, 2022. "Sustainable Entrepreneurship: Mapping the Business Landscape for the Last 20 Years," Sustainability, MDPI, vol. 14(7), pages 1-21, March.

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