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Impact Investing as A Driver of Innovation: Governance Transformation and Sustainable Entrepreneurship

Author

Listed:
  • Ramzi Benkraiem

    (Audencia Business School)

  • Emmanuelle Dubocage

    (EM - EMLyon Business School)

  • Bouchra Mzali

Abstract

Impact investing represents a fundamental shift in the role of capital: instead of focusing solely on financial returns, investors intentionally pursue measurable social and environmental outcomes. Distinct from ESG or socially responsible investment, impact investing is grounded in intentionality, additionality, and measurability. Its rapid growth fuels innovation across finance and entrepreneurship, stimulating new financial instruments, business models, and impact measurement methods. The article highlights the symbiotic relationship between impact investing and sustainable entrepreneurship, showing how impact capital enables purpose-driven ventures to scale solutions to societal challenges. It also adopts a critical perspective, addressing risks such as impact washing, mission drift, and power asymmetries. Finally, it outlines future challenges: regulatory developments, standardization of impact metrics, capacity building, and evolving governance frameworks to include vulnerable stakeholders. Impact investing contributes to shaping a more equitable and sustainable financial system.

Suggested Citation

  • Ramzi Benkraiem & Emmanuelle Dubocage & Bouchra Mzali, 2026. "Impact Investing as A Driver of Innovation: Governance Transformation and Sustainable Entrepreneurship," Post-Print hal-05531936, HAL.
    • Handle: RePEc:hal:journl:hal-05531936
    DOI: 10.3917/e.jie.049.0001
    Note: View the original document on HAL open archive server: https://hal.science/hal-05531936v1
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    References listed on IDEAS

    as
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