Delineating Impact Investing: A Bibliometric Review

Nomenclature like impact investing, ethical investing, and responsible investing have grown quickly in recent years as investors explore the nexus between financial, environmental, and social returns. However, a common topic of debate in both academic and grey literature is establishing definitional clarity around the motivations and applications of each form of investment strategy. Adopting recent advancements in quantitative textual analysis and bibliometrics this study explores the current status of these related but disparate fields of research, by analyzing the metadata of 929 publications. We argue that impact investing, due to its emphasis on intentionality, multi-criteria decision-making, and incommensurability of values, is particularly well suited to address grand societal challenges like poverty, well-being, and climate change. However, impact investing remains a nascent subfield of social finance. We conclude that impact investing research should adopt bespoke theoretical frameworks to advance the field of study.