@ARTICLE{TBA, 

TITLE={[FORTHCOMING] Impact investing: navigating between transformative ambitions and structural constraints}, 
  
AUTHOR={Emmanuelle Dubocage, }, 
	
JOURNAL={Technology and Innovation}, 
	
VOLUME={}, 

NUMBER={Forthcoming papers}, 
	
YEAR={2025}, 

URL={https://www.openscience.fr/Impact-investing-navigating-between-transformative-ambitions-and-structural}, 
	
DOI={TBA}, 
	
ISSN={2399-8571}, 
	
ABSTRACT={This article analyzes the rise of impact investing (II) since the 2010s, presented as a way to reconcile financial performance with social and environmental transformation. Based on the principles of intentionality, additionality, and measurability, II is developing within a field marked by tensions between profitability and extra-financial objectives, standardization and contextualization, transformative ambition and risks of drift (greenwashing, mission drift). The study shows that impact measurement instruments play a performative role: they do not merely assess but actively shape priorities and the allocation of capital. However, this financialization of commons and of living systems raises major ethical and political issues. The article thus underlines the need for inclusive governance that integrates vulnerable stakeholders, as well as for context-based impact metrics. In conclusion, impact investing can only deliver on its transformative promise if it reconfigures its instruments, governance structures, and evaluation frameworks, in order to foster a just, inclusive, and democratic transition rather than aligning with the dominant logics of finance.}}