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Impact Investing: Killing Two Birds with One Stone?

Author

Listed:
  • Cornelia Caseau

    (CEREN - Centre de Recherche sur l'ENtreprise [Dijon] - BSB - Burgundy School of Business (BSB) - Ecole Supérieure de Commerce de Dijon Bourgogne (ESC))

  • Gilles Grolleau

    (CEE-M - Centre d'Economie de l'Environnement - Montpellier - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro - Montpellier SupAgro - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement, CEREN - Centre de Recherche sur l'ENtreprise [Dijon] - BSB - Burgundy School of Business (BSB) - Ecole Supérieure de Commerce de Dijon Bourgogne (ESC))

Abstract

A cornerstone of impact investing is the intentional provision of measurable nonfinancial returns in addition to conventional financial returns. This attractive promise also constitutes the Achilles' heel of impact investing. When two or more goals (e.g., impact and financial returns) are pursued through a single means (e.g., investing), humans tend to believe that the means becomes less effective in achieving either goal. We discuss the conceptual foundations of this likely bias and its implications for the impact investing movement. We also suggest some practical ways to overcome this issue.

Suggested Citation

  • Cornelia Caseau & Gilles Grolleau, 2020. "Impact Investing: Killing Two Birds with One Stone?," Post-Print hal-03447089, HAL.
    • Handle: RePEc:hal:journl:hal-03447089
    DOI: 10.1080/0015198X.2020.1779561
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    Cited by:

    1. Biasin, Massimo & Cerqueti, Roy & Giacomini, Emanuela & Marinelli, Nicoletta & Quaranta, Anna Grazia & Riccetti, Luca, 2022. "Clusters of social impact firms: A complex network approach," Global Finance Journal, Elsevier, vol. 52(C).
    2. Alice Falchi & Gilles Grolleau & Naoufel Mzoughi, 2022. "Why companies might under‐communicate their efforts for sustainable development and what can be done?," Business Strategy and the Environment, Wiley Blackwell, vol. 31(5), pages 1938-1946, July.
    3. Benjamin S. Thompson, 2023. "Impact investing in biodiversity conservation with bonds: An analysis of financial and environmental risk," Business Strategy and the Environment, Wiley Blackwell, vol. 32(1), pages 353-368, January.
    4. Anna Gervasoni & Francesco Bollazzi & Margherita Mietto, 2022. "Private equity for the development of smart cities: the Italian case," LIUC Papers in Economics 2022-14, Cattaneo University (LIUC).
    5. Angelique Brathwaite & Nicolas Pascal & Eric Clua, 2022. "Private Capital to Improve Nature-Based Solutions for Coastal Protection: Time for a Boost," Post-Print hal-03839140, HAL.
    6. Migliavacca, Milena & Patel, Ritesh & Paltrinieri, Andrea & Goodell, John W., 2022. "Mapping impact investing: A bibliometric analysis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).

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