Are Business Ethics Effective? a Market Failures Approach to Impact Investing

This article presents a market failures approach to impact investing, exploring whether business ethics are effective in this context. It examines the interplay between financial objectives and social policy, considering how accounting infrastructures negotiate social and economic returns under financialisation. The paper contributes to understanding the tensions in balancing measurable returns and social value within impact investing, analysing the role of ethics in addressing market imperfections and fostering sustainable business practices.