This research note investigates impact assessment practices within the French Socially Responsible Investing (SRI) industry. Based on interviews, observation, surveys, and documentary evidence, it contrasts SRI’s motivations for impact assessment with those of impact investing. While SRI aims for sustainable development with financial savvy, impact investing prioritizes demonstrable societal impact. The study reveals significant differences in approaches, creating a distance between the two communities. It identifies who is interested in impact assessment in SRI, why they seek it, and its practical manifestation, suggesting implications for SRI, impact investing, and accounting fields.

This paper explores the concepts of legitimacy and discourse within the nascent field of impact investing. It suggests that actors in this market employ various legitimization strategies, influenced by their positioning, to overcome the inherent “liability of newness” stemming from hybrid institutional logics. The article delves into how financial and non-financial communication shapes perceptions and fosters understanding of impact investing’s dual objectives, highlighting the ongoing search for coherent frameworks in this emerging sector.

This chapter provides a comprehensive review and proposes a research agenda for social impact investing (SII). It analyses existing definitions, financial vehicles like social impact bonds and funds, and the evolving empirical studies in the field. The authors highlight the fragmented nature of current knowledge and aim to synthesize different perspectives to offer new insights into SII. The piece also discusses the tensions and complexities involved in combining social and financial objectives within this investment paradigm.

This paper reflects on the emerging global practice of Social Impact Bonds (SIBs), examining their implementation and effectiveness. It discusses various aspects of social bonds and the critical importance of social impact measurement. The author provides insights into the challenges and opportunities associated with SIBs based on their evolving use across different jurisdictions, contributing to the broader understanding of performance-based social financing.

This introduction frames a research agenda for social finance, exploring its evolving landscape. It delves into critical aspects such as banking, social impact bonds, impact measurement, and market infrastructure. The piece aims to provide a foundational understanding of the challenges and opportunities within the social finance sector, guiding future research toward areas that can foster both financial returns and significant social impact.