Impact Investing in Social Sector Organizations: A Systematic Review and Research Agenda

Abstract

Impact investing has great potential to contribute to achieving the Sustainable Development Goals by financing the growth of social sector organizations. This paper conducts a systematic literature review to develop cumulative insights into impact investing in social sector organizations. It identifies four streams of impact investing research – impact investment decision making, impact evaluation in impact investing, behavioral issues in impact investing, and impact investing ecosystem. This paper also identifies nine main research focus areas within these research streams and discusses key insights into each of them. Finally, building on prior research, this article offers a comprehensive future research agenda.

Keywords: Impact Investing, Investment Decision Making, Impact Evaluation, Behavioral Issues, Impact Investing Ecosystem

JEL Classification: G11, G18, G21, G23, G24, G41