African agriculture has attracted increased global policy attention over the last 10 years due to concerns over both food security and economic growth. In this context, social impact investing (SII)—where investors use financial models to achieve positive social impacts as well as financial returns—is presented as a viable means of financing agricultural development in the context of reduced public funding This thesis is concerned with how SII (and its understandings, assumptions, and models of agricultural development) interact with smallholder farming in Tanzania. I unpack how the concept of SII takes shape, how it is translated into the Tanzanian context, and how it interacts with farmer livelihoods through a case study of Cheetah Development in Lower Kilolo District. I take a political ecology approach drawing mainly on qualitative methods. The concept of assemblages is employed to investigate how diverse actors enter into relationships, how those relationships hold together, and how they fall apart. I focus on three key analytical themes: power (discursive, disciplinary, and institutional), moral economies, and the role of socio-material entities. My findings show that SII is being driven by the pursuit for new profit frontiers and concerns over business risks, and also by a belief that a more ethical capitalist economy can be built. This has resulted in a narrative of ‘Africa rising’. How exactly ‘social impact’ is being defined and the motivations for pursuing it, however, differ widely within SII. To investigate how agricultural SII is translated in Tanzania I focus on Cheetah Development, an American social impact investor that provides agricultural inputs on credit to smallholder farmers and attempts to involve them in new maize value chains. Cheetah’s model identifies existing maize value chains centred around middlemen as features of an immoral capitalism. It also views smallholders as not only lacking market access and inputs, but also lacking in business-orientated mindsets. The Cheetah model builds various mechanisms to discipline farmers and render them bankable. Through examining farmer livelihoods, I find that farmers conduct diverse livelihood activities, and maize plays a variety of roles in village life. Farmer livelihoods are underpinned by a moral economy involving flexible relations of borrowing and lending. I conclude that assumptions of ethical capitalism embedded in the Cheetah model clash with farmer livelihoods and their conceptions of just socio-economic relationships.

In the recent years, a new type of investments called Impact Investing has been growing rapidly. Those investments are made with the intention to improve social and/or environmental conditions in the world while generating financial returns. In this case, financial metrics are not enough to measure whether the investor objective was reached, and tools for measuring the social performance of the investments are needed. From that need, various measurement approaches were created, but the fragmentation of methods leads to a huge inefficiency in the impact investing industry. Efforts towards creating standards for measuring and reporting social performance are emerging, but there is still little  understanding among impact investors about the real benefits and possible challenges the standardization would bring. In this context, an important question arises, which is the subject of study in this research: What are the potential consequences of establishing social performance standards for the impact investing industry? The purpose of this research is to analyze the possible consequences of establishing social performance standards on the impact investing industry. Qualitative approach and interpretive paradigm were chosen to be followed in this research. Primary data was collected in the form of interviews with impact investors and specialists in social performance measurement. Secondary data comes from books, articles, journals and websites. The data was analyzed using the consequences of innovations framework presented by Rogers (2003). The results suggest that obviously there are potential desirable and undesirable direct consequences, but also indirect consequences that are not perceived without a thorough analysis.

In the recent years, a new type of investments called Impact Investing has been growing rapidly. Those investments are made with the intention to improve social and/or environmental conditions in the world while generating financial returns. In this case, financial metrics are not enough to measure whether the investor objective was reached, and tools for measuring the social performance of the investments are needed. From that need, various measurement approaches were created, but the fragmentation of methods leads to a huge inefficiency in the impact investing industry. Efforts towards creating standards for measuring and reporting social performance are emerging, but there is still little understanding among impact investors about the real benefits and possible challenges the standardization would bring. In this context, an important question arises, which is the subject of study in this research: What are the potential consequences of establishing social performance standards for the impact investing industry? The purpose of this research is to analyze the possible consequences of establishing social performance standards on the impact investing industry. Qualitative approach and interpretive paradigm were chosen to be followed in this research. Primary data was collected in the form of interviews with impact investors and specialists in social performance measurement. Secondary data comes from books, articles, journals and websites. The data was analyzed using the consequences of innovations framework presented by Rogers (2003). The results suggest that obviously there are potential desirable and undesirable direct consequences, but also indirect consequences that are not perceived without a thorough analysis. Key words: Impact Investing, social performance, social performance standards, social businesses.

Triggered by the negative economic and social consequences of the 2008/09 global financial crisis, critical questions about how financial markets operate and how they benefit society have received renewed attention. In response to these questions, new investment strategies whose objectives go beyond pure financial return have emerged. Impact investing, a concept which closely co-exists with investment strategies such as socially responsible investing and responsible investing, is the latest attempt to combine financial return with a contribution to the sustainable development of society. Although still in the early days of its development, impact investing is a maturing field to the extent that it has developed into a global phenomenon with an emerging global support structure. While impact investing still occupies a tiny niche in South Africa's investment market, there is, at least compared to other developing countries on the African continent, a large community of South African impact investors who are looking to invest locally and beyond. This research investigates how far the understanding and practice of impact investing in South Africa is influenced by global efforts to build the field and to what extent context specific factors are shaping the way in which it is currently evolving. In other words, how both global convergence and local divergence mechanisms interplay to form what is the South African impact investing market. The research findings suggest that while the international movement towards the standardisation of impact investing practices has reached South Africa, context specific factors such as, among others, the social, racial and political legacy of apartheid and the existence of a sophisticated financial system are central to the way in which the field is taking shape.

Over the years, investors demand greater transparency on how their funds are being invested. Whilst in the past it would have been enough for investment firms to seek primarily financial returns against all else; it is now becoming more common for investors to demand some form of positive impact above and beyond financial returns. In response to this, many strategies that seek more than just financial returns have been developed and impact investing being one such strategy. This research explores how fund managers and, or investors operating in the impact investment space communicate their practices to stakeholders in order to obtain an understanding of what they understand impact investing to be, and for those who may be investing for impact, understand the type of impact they seek to attain and also to appreciate how impact is being measured. The research findings suggest that despite much effort being put into the development of impact investing as a distinctive field, there are still a number of issues to iron out particularly with how companies communicate impact. The confusion and use of related terminology interchangeably is also an issue that is found to be detracting instead of adding to the development of the field.

This thesis explores the possible avenues available to corporations and capital-managing entities seeking to increase their commitment to good works. These organizations have the potential to fill the gap in societal needs by supporting and investing in good works, including environmental protection and highly-innovative energy technologies, beyond the traditional corporate social responsibility (CSR) norm. These means include charitable giving, working with disadvantaged communities, corporate assistance to environmental or other social non-governmental organizations, and more. This thesis discusses the advantages and limitations of various corporate structures (C Corporations, S Corporations, LLCs, B Corps, L3Cs, and benefit corporations) and capital-managing organizations (mutual funds, foundations, and pension funds). Recommendations are provided for each to encourage good works with greater impact.

Impact investing is growing as a development approach to bring about positive social, environmental and economic impact for marginalized people in the developing world. But existing in a developed country like Canada, the Aboriginal communities are not getting enough attention due to lack of capacity, state dependency, state policies and negative perception among the stakeholders in the financial ecosystems. This thesis followed mixed methods participatory action research approach and had a deeper look on the present investment ecosystem and identified many barriers to investment for Aboriginal cooperative or social enterprise including negative stereotypes regarding Aboriginal communities impeding investing in cooperative or social enterprise. However, proper education, financial inclusion, awareness among stakeholders and engaging micro-investors in Aboriginal enterprises could improve the situation and develop opportunities for both the supply and demand side. / May 2016

O recente surgimento dos negócios com impacto socioambiental, que visam gerar resultados positivos do ponto de vista social e/ou ambiental, impulsionou o debate acadêmico no campo do empreendedorismo social. Simultaneamente, novas formas de viabilizar financeiramente esses empreendimentos emergiram, fomentando o nascimento dos investimentos de impacto. Com isso, um novo ecossistema desponta, constituído por atores que cumprem papéis complementares no fomento, apoio e acompanhamento dos negócios com impacto socioambiental. Apesar do avanço científico acerca desse fenômeno ser notável, existe uma lacuna a respeito do conjunto de competências que compõem o perfil do empreendedor social à frente desse tipo de empreendimento. Desenhou-se, então, um estudo qualitativo de caráter descritivo-exploratório, com o objetivo de levantar, junto a investidores em negócios de impacto, suas expectativas em relação ao perfil desses empreendedores. A partir da revisão bibliográfica realizada para este estudo, dezoito organizações foram identificadas como investidoras de impacto, das quais quinze aceitaram o convite para contribuir com a pesquisa, por meio de entrevistas individuais, semiestruturadas. Como resultado, as competências mais citadas espontaneamente pelos entrevistados foram, em ordem decrescente: desenvolvimento e manutenção de relacionamentos; gestão administrativa; adaptabilidade; mapeamento de oportunidades e tendências; orientação para aprendizado e inovação; persuasão; e gestão de riscos. Entretanto, as conclusões da pesquisa demonstram que as competências não costumam ser empregadas como critérios para a decisão do investimento em si. Alguns mecanismos são utilizados para compreender o perfil do empreendedor como um todo, tais como: questionários individuais, visitas ao local do empreendimento para observar a dinâmica do empreendedor com sua equipe e clientes, e referências cruzadas com membros da rede do empreendedor. Aproximadamente metade dos entrevistados citou espontaneamente a importância dos investimentos de impacto para o crescimento e evolução dos negócios investidos, especialmente por oferecerem uma contribuição estratégica e gerencial, além do aporte financeiro. De uma maneira geral, os investidores entrevistados salientaram a intenção de colaborar com os empreendedores, criando uma atmosfera positiva para a construção de um relacionamento de longo prazo. Por meio de análise comparativa entre as entrevistas realizadas, identificou-se que os investidores possuem uma visão homogênea em relação ao perfil dos empreendedores sociais e dos empreendedores tradicionais, pois não foram apontadas diferenças significativas entre eles. Para dez dos entrevistados, o único elemento diferenciador é a intenção que os empreendedores de negócios com impacto socioambiental têm de resolver questões sociais ou ambientais. As contribuições desta pesquisa estão relacionadas, portanto, à evolução do campo acadêmico e prático dos negócios socioambientais no Brasil. Com esse estudo, foi possível identificar e descrever o conjunto de competências esperadas no perfil do empreendedor social, a partir da perspectiva dos investidores. Investigações similares não foram identificadas na literatura até o momento, reforçando a necessidade, então, de novas pesquisas na área. / The recent emergence of social businesses, which aims at generating positive results from a social and/or environmental perspective, has fostered the academic debate in the social entrepreneurship field. Concurrently, new ways of financially enabling these businesses have emerged, boosting the growth of impact investing. Hence, a new ecosystem arises, composed by agents that play complementary roles in promoting, supporting and monitoring of social impact businesses. Despite the significant scientific progress on this phenomenon, there is a gap concerning the set of competencies that composes the profile of social entrepreneurs leading these enterprises. Thus, a qualitative research of both descriptive and explanatory nature was designed with the intent of raising, along with investors of social businesses, their expectation regarding the profile of these entrepreneurs. From the literature review done for this study, eighteen organizations were identified as impact investors, of which fifteen accepted the request to contribute with individual and semi-structured interviews. As a result, the most spontaneously cited competencies among the interviewees were, in descending order: the development and maintenance of relationships; the administrative management; adaptability; the mapping of opportunities and tendencies; orientation towards learning and innovation; persuasion; and risk management. Nevertheless, the results of this research show that these competencies are not used as criteria to decide on the social investing. Some of the tools used to understand the profile of entrepreneurs, as a whole, are: individual surveys, on-site visits to observe the dynamic of the entrepreneur with his team and clients, and checking references with the entrepreneurs\' network members. Nearly half of the interviewees voluntarily cited the importance of impact investing to the growth and development of the businesses that received these investments, especially because they were offered both strategic and administrative contribution, not to mention the capital injection. In general, the interviewed investors have emphasized the intention to collaborate with the entrepreneurs, by creating a positive atmosphere in order to build a long term relationship. By comparing and analyzing the interviews, we identified that investors have a homogenous mindset regarding the profile of both social entrepreneurs and traditional entrepreneurs, as no major disparities were attributed among them. Their intention of coming to terms with both social and environmental matters is the only element in ten out of the fifteen interviewed entrepreneurs of social businesses. In this sense, this research contribution is related to the progress for both academic and pragmatic fields of social businesses in Brazil. This study enables identifying and describing the expected set of competencies of a social entrepreneur, from the investor\'s perspective. Similar examinations have not been identified so far, reinforcing the need for further research in this field.

Ao longo do tempo atribuiu-se a geração de valor econômico-financeiro às organizações empresariais atuantes no mercado das relações capitalistas e a geração de valor social às organizações do terceiro setor. Essa aparente dualidade vem sendo questionada no âmbito do empreendedorismo, provocando o surgimento do fenômeno do investimento de impacto como uma alternativa que possibilita a alocação de capital em iniciativas e empreendimentos, os chamados negócios sociais, que visam criar impacto social positivo acompanhado de retorno financeiro. A emergência de investidores e empreendedores de negócios sociais tem provocado polêmicas e reflexões acerca da avaliação de impacto, da taxa de retorno do investimento de impacto e também de conceitos essenciais para fundamentar as operações de investimento, como valor social e impacto socioambiental. Neste cenário, o presente trabalho teve como objetivo analisar as percepções dos diferentes grupos de atores do ecossistema brasileiro de negócios sociais e investimento de impacto sobre esses temas e sobre suas experiências no setor - desafios, oportunidades e aprendizados. Foi desenhada uma pesquisa exploratória de abordagem qualitativa, cujo problema de investigação foi o levantamento de opiniões, percepções e expectativas de representantes de três grupos de atores desse ecossistema: investidores interessados em negócios sociais; empreendedores e executivos de negócios sociais; e representantes de organizações intermediárias, como aceleradoras e fundos de investimento. A partir da construção de um referencial teórico e da análise de dados secundários sobre o fenômeno estudado, realizou-se o levantamento de dados primários aplicando-se um roteiro para entrevista semiestruturada em uma amostra intencional composta por dezoito pessoas. A análise das respostas evidenciou que há uma grande diversidade de entendimentos sobre o conceito de valor social e que alguns entrevistados tendem a usar esse termo como sinônimo de impacto social. A maioria dos entrevistados ressaltou elementos relacionados ao acesso à educação, aos serviços de saúde e aos direitos de cidadania. Mas nenhum se referiu à gestão de resíduos sólidos como elemento gerador de valor social. Talvez por se tratar de empreendimentos relativamente recentes, não foi possível identificar em que grau os investidores de impacto estão contribuindo para que esses negócios potencializem a geração de valor social aos beneficiários finais. No entanto, todos os negócios sociais que receberam investimento de impacto afirmaram que os investidores estão contribuindo para o desenvolvimento de seus negócios. Sobre a taxa de retorno do investimento, as opiniões dos entrevistados divergiram, mas a maioria deles entende que, no médio e longo prazo, as taxas de retorno deveriam seguir as taxas médias de mercado. A avaliação de impacto pré-investimento ainda é mais aproximativa do que baseada em indicadores de impacto social, porém todos os atores dos grupos de oferta de capital e demanda de capital que receberam investimento afirmaram que a geração de valor social é monitorada pelos investidores após o aporte de recursos. Os principais desafios apontados foram o acesso e o volume de capital, as restrições próprias do contexto econômico brasileiro e a imaturidade do setor. Todos consideram, porém, que o setor de negócios sociais e os investimentos de impacto têm futuro promissor no Brasil, seja pela necessidade de resolução dos inúmeros problemas sociais e ambientais, seja pelo tamanho do mercado de potenciais beneficiários dessas iniciativas. Nesse sentido, o presente trabalho espera contribuir para o avanço teórico e prático das questões e dilemas enfrentados pelo empreendedorismo social e pelo setor de investimento de impacto, bem como para fomentar o ecossistema brasileiro de Finanças Sociais. / Commonly, the creation of economic and financial value has been attributed to companies acting in the capitalist market relations while the creation of social value has been attributed to third sector organizations. This seeming duality is being questioned in the light of entrepreneurship, causing the emergence of the impact investing phenomenon as an alternative that allows capital to be allocated to initiatives and ventures, the so-called social businesses, which aim to create positive social impact together with financial returns. The rise of investors and entrepreneurs of social businesses has caused controversies and reflections about the impact evaluation, the rate of return for impact investments, and also the core concepts that support investment operations, such as social value and socio-environmental impact. In this scenario, this study aimed to analyze the perceptions of different groups of actors within the Brazilian social business and impact investing ecosystem related to these themes and their experiences in the sector - challenges, opportunities, and learnings. An exploratory research of qualitative approach has been designed, which research problem was a survey of opinions, perceptions and expectations of representatives of three groups of actors of this ecosystem: investors interested in social businesses; entrepreneurs and executives from social businesses; and representatives from intermediary organizations, such as accelerators and investment funds. Based on the construction of a theoretical framework and the analysis of secondary data on the studied phenomenon, a primary research has been conducted applying a script for semi-structured interview in an intentional sample of eighteen people. The analysis of the answers showed that there is a great diversity of understandings about the concept of social value and that some interviewees tend to use this term as a synonym for social impact. Most of the interviewees highlighted elements related to access to education, health services, and citizenship rights. But none of them referred to the solid waste management as a generator of social value. Perhaps because these are relatively recent ventures, it was not possible to identify the extent to which impact investors are contributing to the growth of social value creation to the final beneficiaries. However, all social businesses that received impact investments stated that investors are contributing to the development of their businesses. Regarding the rate of return on investment, the respondents\' opinions diverged, but most of them understood that, in the medium and long term, rates of return should follow average market rates. The pre-investment impact evaluation is still more approximate than based on social impact metrics, but all actors from the groups of investors and of social businesses which received investments stated that the generation of social value is monitored by investors after capital contribution. The main challenges are the access and volume of capital, the constraints of the Brazilian economic context, and the immaturity of the sector. However, all of them consider that the social business sector and impact investments have a promising future in Brazil, whether due to the need to solve the numerous social and environmental problems or due to the size of the market of potential beneficiaries of these initiatives. In this sense, this work hopes to contribute to the theoretical and practical advancement of the issues and dilemmas faced by the social entrepreneurship and the impact investment sector, as well as to foster the Brazilian Social Finance ecosystem.

Ao longo do tempo atribuiu-se a geração de valor econômico-financeiro às organizações empresariais atuantes no mercado das relações capitalistas e a geração de valor social às organizações do terceiro setor. Essa aparente dualidade vem sendo questionada no âmbito do empreendedorismo, provocando o surgimento do fenômeno do investimento de impacto como uma alternativa que possibilita a alocação de capital em iniciativas e empreendimentos, os chamados negócios sociais, que visam criar impacto social positivo acompanhado de retorno financeiro. A emergência de investidores e empreendedores de negócios sociais tem provocado polêmicas e reflexões acerca da avaliação de impacto, da taxa de retorno do investimento de impacto e também de conceitos essenciais para fundamentar as operações de investimento, como valor social e impacto socioambiental. Neste cenário, o presente trabalho teve como objetivo analisar as percepções dos diferentes grupos de atores do ecossistema brasileiro de negócios sociais e investimento de impacto sobre esses temas e sobre suas experiências no setor - desafios, oportunidades e aprendizados. Foi desenhada uma pesquisa exploratória de abordagem qualitativa, cujo problema de investigação foi o levantamento de opiniões, percepções e expectativas de representantes de três grupos de atores desse ecossistema: investidores interessados em negócios sociais; empreendedores e executivos de negócios sociais; e representantes de organizações intermediárias, como aceleradoras e fundos de investimento. A partir da construção de um referencial teórico e da análise de dados secundários sobre o fenômeno estudado, realizou-se o levantamento de dados primários aplicando-se um roteiro para entrevista semiestruturada em uma amostra intencional composta por dezoito pessoas. A análise das respostas evidenciou que há uma grande diversidade de entendimentos sobre o conceito de valor social e que alguns entrevistados tendem a usar esse termo como sinônimo de impacto social. A maioria dos entrevistados ressaltou elementos relacionados ao acesso à educação, aos serviços de saúde e aos direitos de cidadania. Mas nenhum se referiu à gestão de resíduos sólidos como elemento gerador de valor social. Talvez por se tratar de empreendimentos relativamente recentes, não foi possível identificar em que grau os investidores de impacto estão contribuindo para que esses negócios potencializem a geração de valor social aos beneficiários finais. No entanto, todos os negócios sociais que receberam investimento de impacto afirmaram que os investidores estão contribuindo para o desenvolvimento de seus negócios. Sobre a taxa de retorno do investimento, as opiniões dos entrevistados divergiram, mas a maioria deles entende que, no médio e longo prazo, as taxas de retorno deveriam seguir as taxas médias de mercado. A avaliação de impacto pré-investimento ainda é mais aproximativa do que baseada em indicadores de impacto social, porém todos os atores dos grupos de oferta de capital e demanda de capital que receberam investimento afirmaram que a geração de valor social é monitorada pelos investidores após o aporte de recursos. Os principais desafios apontados foram o acesso e o volume de capital, as restrições próprias do contexto econômico brasileiro e a imaturidade do setor. Todos consideram, porém, que o setor de negócios sociais e os investimentos de impacto têm futuro promissor no Brasil, seja pela necessidade de resolução dos inúmeros problemas sociais e ambientais, seja pelo tamanho do mercado de potenciais beneficiários dessas iniciativas. Nesse sentido, o presente trabalho espera contribuir para o avanço teórico e prático das questões e dilemas enfrentados pelo empreendedorismo social e pelo setor de investimento de impacto, bem como para fomentar o ecossistema brasileiro de Finanças Sociais. / Commonly, the creation of economic and financial value has been attributed to companies acting in the capitalist market relations while the creation of social value has been attributed to third sector organizations. This seeming duality is being questioned in the light of entrepreneurship, causing the emergence of the impact investing phenomenon as an alternative that allows capital to be allocated to initiatives and ventures, the so-called social businesses, which aim to create positive social impact together with financial returns. The rise of investors and entrepreneurs of social businesses has caused controversies and reflections about the impact evaluation, the rate of return for impact investments, and also the core concepts that support investment operations, such as social value and socio-environmental impact. In this scenario, this study aimed to analyze the perceptions of different groups of actors within the Brazilian social business and impact investing ecosystem related to these themes and their experiences in the sector - challenges, opportunities, and learnings. An exploratory research of qualitative approach has been designed, which research problem was a survey of opinions, perceptions and expectations of representatives of three groups of actors of this ecosystem: investors interested in social businesses; entrepreneurs and executives from social businesses; and representatives from intermediary organizations, such as accelerators and investment funds. Based on the construction of a theoretical framework and the analysis of secondary data on the studied phenomenon, a primary research has been conducted applying a script for semi-structured interview in an intentional sample of eighteen people. The analysis of the answers showed that there is a great diversity of understandings about the concept of social value and that some interviewees tend to use this term as a synonym for social impact. Most of the interviewees highlighted elements related to access to education, health services, and citizenship rights. But none of them referred to the solid waste management as a generator of social value. Perhaps because these are relatively recent ventures, it was not possible to identify the extent to which impact investors are contributing to the growth of social value creation to the final beneficiaries. However, all social businesses that received impact investments stated that investors are contributing to the development of their businesses. Regarding the rate of return on investment, the respondents\' opinions diverged, but most of them understood that, in the medium and long term, rates of return should follow average market rates. The pre-investment impact evaluation is still more approximate than based on social impact metrics, but all actors from the groups of investors and of social businesses which received investments stated that the generation of social value is monitored by investors after capital contribution. The main challenges are the access and volume of capital, the constraints of the Brazilian economic context, and the immaturity of the sector. However, all of them consider that the social business sector and impact investments have a promising future in Brazil, whether due to the need to solve the numerous social and environmental problems or due to the size of the market of potential beneficiaries of these initiatives. In this sense, this work hopes to contribute to the theoretical and practical advancement of the issues and dilemmas faced by the social entrepreneurship and the impact investment sector, as well as to foster the Brazilian Social Finance ecosystem.