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L’investissement à impact : entre promesse transformative et tensions structurelles

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  • Emmanuelle Dubocage

    (EM - EMLyon Business School)

Abstract

Cet article analyse l'essor de l'investissement à impact (II) depuis les années 2010, présenté comme une voie pour concilier performance financière et transformation sociale et environnementale. Fondé sur les principes d'intentionnalité, d'additionnalité et de mesurabilité, l'II se développe dans un champ marqué par des tensions entre rentabilité et finalités extra-financières, standardisation et contextualisation, ambition transformative et risques de dérive (greenwashing, mission drift). L'étude montre que les instruments de mesure d'impact jouent un rôle performatif : ils ne se contentent pas d'évaluer, mais orientent les priorités et l'allocation des capitaux. Toutefois, cette financiarisation des biens communs et du vivant soulève des enjeux éthiques et politiques majeurs. L'article insiste ainsi sur la nécessité d'une gouvernance inclusive intégrant les parties prenantes vulnérables et sur un ancrage contextuel des métriques. En conclusion, l'investissement à impact ne pourra réaliser sa promesse transformative que s'il reconfigure ses instruments, sa gouvernance et ses cadres d'évaluation, pour favoriser une transition juste, solidaire et démocratique plutôt que de s'aligner sur les logiques dominantes de la finance.

Suggested Citation

  • Emmanuelle Dubocage, 2026. "L’investissement à impact : entre promesse transformative et tensions structurelles," Post-Print hal-05581313, HAL.
    • Handle: RePEc:hal:journl:hal-05581313
    DOI: 10.21494/ISTE.OP.2026.1429
    Note: View the original document on HAL open archive server: https://hal.science/hal-05581313v1
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    References listed on IDEAS

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