Legitimacy and Discourse in Impact Investing: Searching for the Holy Grail

This paper explores the concepts of legitimacy and discourse within the nascent field of impact investing. It suggests that actors in this market employ various legitimization strategies, influenced by their positioning, to overcome the inherent "liability of newness" stemming from hybrid institutional logics. The article delves into how financial and non-financial communication shapes perceptions and fosters understanding of impact investing's dual objectives, highlighting the ongoing search for coherent frameworks in this emerging sector.