Who Loses in Win-Win Investing? A Mixed Methods Study of Impact Risk
通过访谈124位影响力投资者和一项435人的实验，研究发现双赢思维会导致对影响风险（即实际影响与预期不符的可能性）考虑不足，这对受益者（人类和地球）构成伦理问题。
Abstract Existing scholarship grapples with how impact investors measure positive impacts, but little attention has been paid to negative impact or limitations to positive impact, indicating a need to study “impact risk.” Impact risk refers to the likelihood that impact will be different than expected. In this paper, we study how impact risk is considered in practice. First, through a yearlong data collection effort including interviews with 124 impact investors, we are the first, to our knowledge, to document the consideration of impact risk by practitioners. From this qualitative study, we develop two hypotheses about cognitive mechanisms related to impact risk. Second, we test these hypotheses through a vignette-based experiment with an online sample (N = 435). We find that win–win views of business, exemplified by the impact investing industry, can lead to inadequate consideration of impact risk. Inadequate consideration of impact risk matters for ethical reasons: with beneficiaries—people and planet—in urgent need of real solutions, investors and academics should take impact risk seriously.