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Impact investing tem sido um tópico de tendência nos últimos anos, tendo emergido como uma alternativa para investidores que desejam contribuir para a sociedade bem como satisfazer as suas ambições financeiras. Este novo conceito de investir reuniu o apoio de diferentes atores financeiros; no entanto ainda existe alguma incerteza quanto à definição de investimento com impacto. Esta dissertação pretende clarificar qual o entendimento atual de organizações sobre a definição do conceito e quais as suas principais características, por intermédio de uma abordagem de estudo de caso de duas companhias de seguros internacionais. Além disso, serão feitas considerações relativamente aos investidores e serão destacadas as diferenças entre impact investing e conceitos semelhantes. A pesquisa destaca o entendimento das organizações referidas quanto à definição do conceito e quais as principais características do conceito que consideram quando decidem em quais projetos de impacto investir. Ainda que as organizações venham de contextos diferentes, a definição atual de investimento com impacto prova ser semelhantes e ambas identificam as mesmas cinco características: retorno financeiro, retorno não financeiro, intenção, capacidade de medir impacto e adicionalidade. As quatro primeiras características recebem apoio da maior parte da literatura académica, mas o mesmo não acontece com a última característica. Esta pesquisa conclui que a definição atual de investimento de impacto, mencionada na literatura académica e pelas organizações, inclui as quatro características referidas e tece algumas considerações para futuras pesquisas.
Impact investing has been a trending topic in recent times, emerging as an alternative to investors who wish to contribute to society beyond satisfying their financial ambitions. It has gathered support from different financial players; however, ambiguity has remained regarding the definition of impact investing. This dissertation intends to provide clarity to organisation’s current understanding of the definition of the concept through a case study approach of two international insurance companies and what are its core characteristics. Moreover, considerations will be made regarding impact investors and the differences between concepts similar to impact investing will be highlighted. The research focuses on these organisations’ understanding of the definition of the concept and which are the main characteristics they consider when deciding upon which impact projects to invest in. Even though the organisations come from different contexts, their current definition of impact investing proves to be similar and both identify the same five characteristics: financial return, non-financial return, intention, ability to measure impact and additionality. The first four characteristics receive support from most of the academic literature, but the last characteristic does not. This research concludes that the current definition of impact investing, mentioned in the academic literature and by the organisations, includes the four characteristics and provides some considerations for future research.
Impact investing has been a trending topic in recent times, emerging as an alternative to investors who wish to contribute to society beyond satisfying their financial ambitions. It has gathered support from different financial players; however, ambiguity has remained regarding the definition of impact investing. This dissertation intends to provide clarity to organisation’s current understanding of the definition of the concept through a case study approach of two international insurance companies and what are its core characteristics. Moreover, considerations will be made regarding impact investors and the differences between concepts similar to impact investing will be highlighted. The research focuses on these organisations’ understanding of the definition of the concept and which are the main characteristics they consider when deciding upon which impact projects to invest in. Even though the organisations come from different contexts, their current definition of impact investing proves to be similar and both identify the same five characteristics: financial return, non-financial return, intention, ability to measure impact and additionality. The first four characteristics receive support from most of the academic literature, but the last characteristic does not. This research concludes that the current definition of impact investing, mentioned in the academic literature and by the organisations, includes the four characteristics and provides some considerations for future research.
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Capacidade de medir impacto Impact investing Intenção Retorno financeiro Retorno não financeiro Ability to measure impact Financial return Impact investing Intention Non-financial return