This review synthesizes over 260 articles examining social entrepreneurship, social finance, and impact investing. It highlights the theoretical foundations and challenges for hybrid models in social enterprise, focusing on governance and legal issues. The review also addresses gaps in definitions and suggests a roadmap for future academic and legal work to better regulate social enterprise. It concludes by recommending that financial mechanisms play a crucial role in advancing sustainable impact in society through well-structured finance models and greater clarity on regulatory frameworks.
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