Defining and Conceptualizing Impact Investing: Attractive Nuisance or Catalyst?

This article delves into the definitions and conceptualisations of impact investing, exploring whether it functions as an "attractive nuisance" (a misleading concept) or a true catalyst for social change. It critically examines the role of measurement and intentionality in distinguishing genuine impact investments from conventional finance. The authors contribute to the ongoing debate by clarifying the core tenets of impact investing and its potential to drive both financial and social returns, highlighting the challenges in consistently demonstrating and measuring impact.