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Finance or philanthropy? Exploring the motivations and criteria of impact investors

Social responsibility journal, , Vol.13 (3), p.491-512 [Peer Reviewed Journal]

Emerald Publishing Limited ;Emerald Publishing Limited 2017 ;ISSN: 1747-1117 ;EISSN: 1758-857X ;DOI: 10.1108/SRJ-08-2016-0135

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  • Title:
    Finance or philanthropy? Exploring the motivations and criteria of impact investors
  • Author: Roundy, Philip ; Holzhauer, Hunter ; Dai, Ye
  • Subjects: Angel investors ; Attention ; Business ethics ; Entrepreneurs ; Entrepreneurship ; Finance ; Institutional investments ; Investment ; Investments ; Investors ; Philanthropy ; Portfolio management ; Private sector ; Securities markets ; Social entrepreneurship ; Social impact ; Social investing ; Social responsibility ; Venture capital ; Ventures
  • Is Part Of: Social responsibility journal, , Vol.13 (3), p.491-512
  • Description: Purpose The growing prevalence of social entrepreneurship has been coupled with an increasing number of so-called “impact investors”. However, much remains to be learned about this nascent class of investors. To address the dearth of scholarly attention to impact investing, this study seeks to answer four questions that are central to understanding the phenomenon. What are the defining characteristics of impact investing? Do impact investors differ from traditional classes of investors and, if so, how? What are the motivations that drive impact investment? And, what criteria do impact investors use when evaluating potential investments? Design/methodology/approach A partially inductive study based on semi-structured interviews with 31 investors and ethnographic observation was conducted to explore how impact investors differ from other classes of investors in their motivations and unique criteria used to evaluate ventures seeking investment. Findings This study reveals that impact investors represent a unique class of investors that differs from socially responsible investing, from other types of for-profit investors, such as venture capitalists and angel investors, and from traditional philanthropists. The varied motivations of impact investors and the criteria they use to evaluate investments are identified. Originality/value Despite the growing practitioner and media attention to impact investing, several foundational issues remain unaddressed. This study takes the first steps toward shedding light on this new realm of early-stage venture investing and clarifying its role in larger efforts of social responsibility.
  • Publisher: Bingley: Emerald Publishing Limited
  • Language: English
  • Identifier: ISSN: 1747-1117
    EISSN: 1758-857X
    DOI: 10.1108/SRJ-08-2016-0135
  • Source: ProQuest Central
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