From Nirvana to Shiva in Impact Investing : Value (In)congruence in Investor–Investee Relationships

Journal article


Vogeley, Joanna, Haski-Leventhal, Debbie and Lundmark, Erik. (2023). From Nirvana to Shiva in Impact Investing : Value (In)congruence in Investor–Investee Relationships. Business and Society. 62(6), pp. 1300-1334. https://doi.org/10.1177/00076503221145004
AuthorsVogeley, Joanna, Haski-Leventhal, Debbie and Lundmark, Erik
Abstract

In the rapidly emerging field of impact investing, investors and investees collaborate to generate financial returns while addressing social and environmental challenges. This article conceptualizes impact investing as a value-based activity whereby value (in)congruence shapes relationships between investors and investees. Based on Schwartz’s basic values theory and the concept of value congruence, we examine 18 investor–investee dyads and identify four types of dynamic value–(in)congruent relationships: Nirvana, Yin and Yang, Soul-Searching, and Shiva. We capture these dynamic relationship types in the proposed impact-investing value (in)congruence model, showing the complexity of value (in)congruence in such relationships, as both congruence and incongruence have positive and negative outcomes. The article provides the implications for practice and directions for further research.

KeywordsImpact investing; impact investors; social entrepreneurs; values; value congruence; value incongruence
Year01 Jan 2023
JournalBusiness and Society
Journal citation62 (6), pp. 1300-1334
PublisherSage Publications Ltd. (UK)
ISSN0007-6503
Digital Object Identifier (DOI)https://doi.org/10.1177/00076503221145004
Web address (URL)https://journals.sagepub.com/doi/10.1177/00076503221145004
Open accessPublished as non-open access
Research or scholarlyResearch
Page range1300-1334
Publisher's version
License
All rights reserved
File Access Level
Controlled
Output statusPublished
Publication dates
Online28 Dec 2022
Publication process dates
Deposited27 Jun 2024
Additional information

Copyright © 2023, © SAGE Publications

Place of publicationAustralia
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