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

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