ABSTRACT

This article investigates the factors that prevent and facilitate impact investing strategies for philanthropic foundations to align their capital with their mission. Using qualitative data from foundations in both the US and South Africa, we identify five factors (i.e. mandate and country legislation, internal skills capacities, supporting infrastructure, market capacity and strong leadership) that pertain to the international foundations located in the North, and three factors pertaining to foundations in the South (i.e. understanding of fiduciary duty, the role of financial advisors and tax legislation) which influence the deployment and uptake of impact investing strategies. Findings also suggest that the adoption of a total portfolio management approach is the most adequate strategy to align fiduciary duty and mission, and therefore resolve this ethical tension that can be present in foundations. It concludes with suggestions for future theory and practice.

摘要

本文研究了阻碍和促进慈善基金会影响力投资策略的因素，以使其资本与其使命保持一致。利用来自美国和南非基金会的定性数据，我们确定了与北方国际基金会相关的五个因素（即授权和国家立法、内部技能能力、支持性基础设施、市场能力和强有力的领导力），以及三个因素与南方基金会相关的因素（即对信托义务的理解、财务顾问的作用和税收立法）影响影响力投资策略的部署和采用。调查结果还表明，采用全面投资组合管理方法是协调信托义务和使命的最适当策略，从而解决基金会中可能存在的道德紧张关系。最后对未来的理论和实践提出了建议。