Article | Valuation Studies | Of Principle and Principal: Value Plurality in the Market of Impact Investing





Title:
Of Principle and Principal: Value Plurality in the Market of Impact Investing
Author:
Emily Barman: Department of Sociology, Boston University, USA
DOI:
10.3384/VS.2001-5592.15319
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Abstract:
Impact investing-investment with the intentional expectation of social or environmental impact alongside financial return-constitutes one of a growing array of “concerned markets” where economic exchange is employed as a means to pursue financial and social or environmental value. Drawing from the pragmatist turn in valuation studies, this article attends to the valuation work that took place in the formation of this new market, examining how market proponents as evaluators recognized, defined, and negotiated the presence of value complexity in impact investing. I frame the market of impact investing as a case of market design complete with experiments, one in which advocates produced a valuation infrastructure so as to address investors’ difficulty in ascertaining the social and environmental value - as a distinct regime of value from financial value - of an investment. These experimenters extended judgment devices from mainstream finance to construct calculative tools in this setting that permitted the social or environmental value of investments to be brought into being and to be made calculable for investors without being assigned a financial value. The study contributes to literature that theorizes the conditions underlying evaluators’ mediation of the multiple registers of value at work in the making of markets.
Keywords:
Economic sociology; valuation; value plurality; intermediaries; concerned markets; impact investing
Year:
2015
Volume:
3
Issue:
1
Pages:
9-44
No. of pages:
36
Publication type:
Article
Published:
2015-10-14

Volume 3, Issue: 1, Article 2, 2015

Author:
Emily Barman
Title:
Of Principle and Principal: Value Plurality in the Market of Impact Investing:
DOI:
10.3384/VS.2001-5592.15319
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Volume 3, Issue: 1, Article 2, 2015

Author:
Emily Barman
Title:
Of Principle and Principal: Value Plurality in the Market of Impact Investing:
DOI:
10.3384/VS.2001-5592.15319
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  • Saurabh Lall (2017). Measuring to Improve Versus Measuring to Prove: Understanding the Adoption of Social Performance Measurement Practices in Nascent Social Enterprises. VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations, : . DOI: 10.1007/s11266-017-9898-1
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