Impact Investing: Killing Two Birds with One Stone?

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

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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.

Date: 2020-10-23
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Citations: View citations in EconPapers (7)

Published in Financial Analysts Journal, 2020, 76 (4), pp.40-52. ⟨10.1080/0015198X.2020.1779561⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03447089

DOI: 10.1080/0015198X.2020.1779561

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