Performance of impact investing: A value creation approach

Jean-Laurent Viviani (1) , Carole Maurel (2)

1 CREM - Centre de recherche en économie et management
2 MRM - Montpellier Research in Management

The purpose of this article is to present an overview about the origins of value creation in impact investing and propose a measure of value creation. According to this point of view, impact investing, i.e. investing in enterprises with a both social and financial objective can be justified only if those enterprises can provide for a higher performance than with a simple portfolio diversification (separate investment in two types of activity). After an overview about the sources of value creation in impact investees as well as about a discussion on existing methods, we propose a method to measure multidimensional value creation.

Mots clés: Impact investee; Value creation; Social enterprise; Impact investing; Hybridity

Domaines: Gestion et management

Jean-Laurent Viviani, Carole Maurel. Performance of impact investing: A value creation approach. Research in International Business and Finance, 2019, 47, pp.31-39. ⟨10.1016/j.ribaf.2018.01.001⟩. ⟨halshs-01717992⟩