A cornerstone of impact investing is the intentional provision of measurable nonfinancial returns in addition to conventional financial returns. This attractive promise also constitutes the Achilles’ heel of impact investing. When two or more goals (e.g., impact and financial returns) are pursued through a single means (e.g., investing), humans tend to believe that the means becomes less effective in achieving either goal. We discuss the conceptual foundations of this likely bias and its implications for the impact investing movement. We also suggest some practical ways to overcome this issue. Disclosure: The authors declare that there is no conflict of interest. Editor’s Note This article was externally reviewed using our double-blind peer-review process. When the article was accepted for publication, the authors thanked the reviewers in their acknowledgments. Rajna Gibson Brandon and one anonymous reviewer were the reviewers for this article. Submitted 30 January 2020 Accepted 2 June 2020 by Stephen J. Brown

中文翻译：

---

影响力投资：一石二鸟？

除了传统的财务回报之外，影响力投资的基石是有意提供可衡量的非财务回报。这一有吸引力的承诺也构成了影响力投资的致命弱点。当通过单一手段（例如投资）追求两个或更多目标（例如，影响和财务回报）时，人们倾向于相信该手段在实现任一目标方面的效果会降低。我们讨论了这种可能偏见的概念基础及其对影响力投资运动的影响。我们还建议了一些实用的方法来克服这个问题。披露：作者声明不存在利益冲突。编者注 本文使用我们的双盲同行评审流程进行了外部评审。当文章被接受发表时，作者在致谢中感谢审稿人。Rajna Gibson Brandon 和一位匿名审稿人是本文的审稿人。2020 年 1 月 30 日提交斯蒂芬·J·布朗 2020 年 6 月 2 日接受