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https://doi.org/10.12759/hsr.45.2020.3.117-139
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Constructing the Double Circulation of Capital and "Social Impact": An Ethnographic Study of a French Impact Investment Fund
Die Konstruktion der doppelten Zirkulation von Kapital und 'sozialem Impact': Eine ethnographische Studie über einen französischen Impact-Investitionsfond
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Abstract Elaborating on a three-month ethnography of an impact investing fund called Impact Equity, this article aims to understand the mechanisms at work in the emergence of the impact investing sector. After presenting the case of Impact Equity (section 1), the article details the norms and devices through... view more
Elaborating on a three-month ethnography of an impact investing fund called Impact Equity, this article aims to understand the mechanisms at work in the emergence of the impact investing sector. After presenting the case of Impact Equity (section 1), the article details the norms and devices through which impact investing is constructed in everyday financial work (sections 2 and 3) and investigates how impact investors mobilise moral beliefs and strategic motivations to navigate competing definitions of “social impact” (section 4). In doing so, this article outlines how the construction of the sector has involved the creation of channels enabling capital and “social impact” to circulate between institutional investors, impact investment funds, and “impactful businesses,” and it highlights the historical tensions that this process has involved.... view less
Keywords
France; value; ethnography; investment; financial investment; social effects
Classification
Financial Planning, Accountancy
Ethnology, Cultural Anthropology, Ethnosociology
Free Keywords
Impact investing; ethnography; social impact; social value; social studies of finance; impact equity; France
Document language
English
Publication Year
2020
Page/Pages
p. 117-139
Journal
Historical Social Research, 45 (2020) 3
ISSN
0172-6404
Status
Published Version; peer reviewed