Impact Evaluation in Early-Stage Impact Investing Cognitive Patterns and Heuristics of Impact Investors

Fabian Scholda; Peter Vandor; Michael Meyer; Reinhard Millner

doi:10.5465/AMBPP.2021.189

Impact Evaluation in Early-Stage Impact Investing Cognitive Patterns and Heuristics of Impact Investors

Fabian Scholda, Peter Vandor, Michael Meyer, Reinhard Millner

Competence Center for Nonprofit Organizations and Social Entrepreneurship

Publication: Chapter in book/Conference proceeding › Contribution to conference proceedings

Abstract

Impact assessment is a high priority for most impact investors. However, little is known about how impact investors assess the potential of early-stage ventures before investing. This paper sheds light on the cognitive pattern used to form ex-ante assessments of social impact potential. Working with 41 verbal protocols of assessments provided by fourteen experienced impact investors, we identify 23 distinct cognitive patterns used to assess impact that were not previously described in research on heuristics of for-profit investors. Findings underscore the distinctiveness of impact investing as a practice and highlight the crucial role of individual cognition in the selection process.

Original language	English
Title of host publication	Academy of Management Annual Meeting Best Paper Proceedings
Editors	Academy of Management
Place of Publication	Briarcliff Manor, NY
Pages	1 - 6
DOIs	https://doi.org/10.5465/AMBPP.2021.189
Publication status	Published - 2021

Austrian Classification of Fields of Science and Technology (ÖFOS)

502015 Innovation management
502014 Innovation research
502023 NPO research
504007 Empirical social research

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title = "Impact Evaluation in Early-Stage Impact Investing Cognitive Patterns and Heuristics of Impact Investors",

abstract = "Impact assessment is a high priority for most impact investors. However, little is known about how impact investors assess the potential of early-stage ventures before investing. This paper sheds light on the cognitive pattern used to form ex-ante assessments of social impact potential. Working with 41 verbal protocols of assessments provided by fourteen experienced impact investors, we identify 23 distinct cognitive patterns used to assess impact that were not previously described in research on heuristics of for-profit investors. Findings underscore the distinctiveness of impact investing as a practice and highlight the crucial role of individual cognition in the selection process.",

author = "Fabian Scholda and Peter Vandor and Michael Meyer and Reinhard Millner",

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doi = "10.5465/AMBPP.2021.189",

language = "English",

pages = "1 -- 6",

editor = "{Academy of Management}",

booktitle = "Academy of Management Annual Meeting Best Paper Proceedings",

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Impact Evaluation in Early-Stage Impact Investing Cognitive Patterns and Heuristics of Impact Investors. / Scholda, Fabian ; Vandor, Peter ; Meyer, Michael et al.
Academy of Management Annual Meeting Best Paper Proceedings. ed. / Academy of Management. Briarcliff Manor, NY, 2021. p. 1 - 6.

Publication: Chapter in book/Conference proceeding › Contribution to conference proceedings

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AU - Millner, Reinhard

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N2 - Impact assessment is a high priority for most impact investors. However, little is known about how impact investors assess the potential of early-stage ventures before investing. This paper sheds light on the cognitive pattern used to form ex-ante assessments of social impact potential. Working with 41 verbal protocols of assessments provided by fourteen experienced impact investors, we identify 23 distinct cognitive patterns used to assess impact that were not previously described in research on heuristics of for-profit investors. Findings underscore the distinctiveness of impact investing as a practice and highlight the crucial role of individual cognition in the selection process.

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