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

Ramzi Benkraiem (), Emmanuelle Dubocage () and Bouchra Mzali
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Ramzi Benkraiem: Audencia Business School
Emmanuelle Dubocage: EM - EMLyon Business School

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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.

Keywords: Impact Measurement; Governance; Stakeholder; Innovation; Sustainable Entrepreneurship; Impact Investing (search for similar items in EconPapers)
Date: 2026-01
Note: View the original document on HAL open archive server: https://hal.science/hal-05531936v1
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Published in Journal of Innovation Economics & Management, 2026, 2026/1 (49), pp.1-22. ⟨10.3917/e.jie.049.0001⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05531936

DOI: 10.3917/e.jie.049.0001

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