Definition and Key Attributes of Impact Investments as an Object of Management

Since the introduction of the term “impact investments” into active use in 2007, the debate about their content and distinctive characteristics in comparison with other classes of investments remain open. To date, there are many different, and in some cases incompatible, points of view in interpreting their definition. This complicates the effective management of impact investments and hinders the pace of industry scaling. The purpose of the paper is to analyze and systematize theoretical and practical approaches to defining the concept of impact investments, as well as to identify their inherent demarcation features that determine the management features and peculiarities. The research methodology includes the analysis of publications in peer-reviewed scientific journals, comparison of the content of reports and reports of international organizations and institutions, as well as quantitative and qualitative content analysis of media materials relevant to this topic. The results obtained indicate the validity of accepting impact investments as an independent conceptual category and the expediency of their allocation and separation into an independent class of investments; their key attributes are established; the principles and features of the management approach applied to them are revealed. The paper has practical significance for actors and participants of the investment sphere as well as researchers and practitioners interested in innovative approaches to investing in social and environmental well-being.