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Impact Investing: Killing Two Birds with One Stone?

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  • Cornelia Caseau
  • Gilles Grolleau

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.Disclosure: The authors declare that there is no conflict of interest. Editor’s Note This article was externally reviewed using our double-blind peer-review process. When the article was accepted for publication, the authors thanked the reviewers in their acknowledgments. Rajna Gibson Brandon and one anonymous reviewer were the reviewers for this article.Submitted 30 January 2020Accepted 2 June 2020 by Stephen J. Brown

Suggested Citation

  • Cornelia Caseau & Gilles Grolleau, 2020. "Impact Investing: Killing Two Birds with One Stone?," Financial Analysts Journal, Taylor & Francis Journals, vol. 76(4), pages 40-52, October.
    • Handle: RePEc:taf:ufajxx:v:76:y:2020:i:4:p:40-52
    DOI: 10.1080/0015198X.2020.1779561
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