New bottle or new label? Distinguishing impact investing from responsible and ethical investing

Abstract A common topic of debate in academic scholarship on impact, ethical, and responsible investing is definitional clarity around the motivations applications each form investment strategy. We ask, how does subfield impact differentiate itself from more established ethical – do these differences necessitate yet another field study? Adopting a combination bibliometric content analyses, we identify four distinct features positive targeting, novelty governance structures, long time horizons, importance philanthropy.