임팩트투자의 개념, 이론적 스펙트럼과 생태계: 사회적 금융 관점에서의 동향과 시사점 = Impact Investing: Conceptual Foundations, Theoretical Spectrum, and Ecosystem Insights from the Perspective of Social Finance

다국어 초록 (Multilingual Abstract)

This study examines impact investing within the broader context of social finance, offering an integrated perspective on its conceptual foundations, historical evolution, theoretical approaches, investment spectrum, and ecosystem structure. It discusses the distinctions and continuities between socially responsible investing (SRI) and impact investing, and explores how hybrid organizing, multiple identity theory, and ambidexterity provide theoretical lenses to understand the dual mission of financial and social returns. The study categorizes the spectrum of impact investments into impact-first, thematic, and finance-first approaches, detailing the interactions between investors and investees and the key components of the impact investment ecosystem. Furthermore, it reviews the emergence of the impact investing market in South Korea, highlighting public and private sector initiatives, and suggests policy and institutional implications to foster greater private capital participation. This research contributes to the theoretical development and practical advancement of impact investing, offering insights into how social economy organizations and social ventures can better connect with capital markets.