Inside story of impact investing in emerging market: A systematic review to measure the responsible and sustainable investing pattern using the ADO framework

Shalini Aggarwal, Prerna Rathee, Vikas Arya and Hiran Roy

Journal of Economic Surveys, 2025, vol. 39, issue 4, 1695-1726

Abstract: Impact investing has emerged as a significant global phenomenon as it provides a valuable avenue for investors to shape their cognitive decision‐making ability to have a societal impact. The present study aims to review the existing literature on impact investing systematically. It tries to understand the major motivational factors that impact the investor in impact investing using the ADO framework by linking it with McClelland's Theory of Motivation, geographical areas, journal of publication, and type of research articles for impact investing, significant research gaps in impact investing, theoretical and managerial implications and future research of impact investing. PRISMA framework has been used to finalize the articles from the Scopus database. As a result, 154 articles have been identified from the year 2011 to 2024. The result identifies three motivational factors that drive the investor to invest in impact investing. It includes financial, social, and self‐actualization. The study will guide the policymaker in introducing comprehensive regulatory policies in the area of impact investing. Accordingly, tax incentives and subsidies should be granted for promoting investment in impact investing. The development of proper infrastructure for trading in impact investing needs attention.

Date: 2025
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