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Investing with dual objectives : the investment decision of impact investors and their preferences for the business model of social ventures : a qualitative exploration

Due, Helen Kvande; Lund, Christina
Master thesis
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URI
http://hdl.handle.net/11250/2559983
Date
2018
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  • Master Thesis [3748]
Abstract
Impact investors aim to achieve social and environmental impact, alongside financial return on

their investments. Thus, they are increasingly considered a potential source of funding for

ventures that aim to address pressing social challenges. Despite growing interest from

practitioners and policymakers, the academic literature on impact investing is limited. Several

fundamental aspects have not been addressed; such as the investment decision of impact

investors and the conceptual confusion. We address the conceptual confusion by conducting a

critical review of the literature and background interviews in Uganda, Kenya and Norway,

leading us to propose a working definition. Furthermore, as the pursuit of social impact and

financial return are historically deemed incompatible, the question arises of how impact

investors approach their dual objectives in an investment decision. We address this question by

conducting semi-structured interviews with Norwegian impact investors and potential

investees; social ventures. By applying a business model perspective to the investment decision

of impact investors, we provide novel insight on their preferences for characteristics of social

ventures.

We find that Norwegian impact investors aim to incorporate their dual objectives in the

investment decision, however an informal and limited assessment of the potential social impact,

lead to an emphasis on the financial objective. By identifying preferences regarding the

business model, we find that impact investors approach their dual objectives by investing in

ventures where the generation of profit and social impact are aligned. Thus, we find that the

business model of the social venture should be given high importance in the investment

decision, as certain characteristics lead to less conflicts between the dual objectives of impact

investors.

This thesis contributes to the limited academic literature on impact investing, and to the best of

our knowledge, it is the first study on the Norwegian impact investing scene. Our findings

provide clarity on the concept of impact investing and the investment decision, with theoretical

and practical implications. Furthermore, based on our findings we provide concrete

recommendations that can be utilised by social ventures seeking funding from impact investors.

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