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Finance and Credit
 

Theoretical aspects of impact transformation of economic systems

Vol. 28, Iss. 10, OCTOBER 2022

PDF  Article PDF Version

Received: 12 May 2022

Received in revised form: 20 September 2022

Accepted: 4 October 2022

Available online: 27 October 2022

Subject Heading: INVESTING

JEL Classification: G1, G2, G3

Pages: 2265–2284

https://doi.org/10.24891/fc.28.10.2265

Ekaterina O. AZIZI Financial University under Government of Russian Federation, Moscow, Russian Federation
azizi.ekaterina@gmail.com

https://orcid.org/0000-0002-6198-3157

Subject. The article addresses theoretical provisions of impact investing under the economic system transformation in the context of globalization.
Objectives. The purpose is to develop the conceptual apparatus of impact investing, compare investments with non-financial effects presented on the Russian market, define the main problems related to the development of the theory of impact investing in the Russian Federation, and trends in improving the market infrastructure based on the theory.
Methods. The study draws on principles of systems approach, general scientific research methods, and various methods of applied economic and statistical analysis.
Results. The paper introduces theoretical definitions of interrelated concepts of impact investing, unveils distinctive characteristics of impact investments in comparison with other types of investments with non-financial effects, discloses the aspects of integration and consideration of impact factors in investment activities applied in the world practice, presents recommendations for practical implementation of impact projects based on the studied theoretical aspects.
Conclusions. The developed conceptual framework and presented theoretical aspects of impact transformation of the economic system, with due consideration of the modification of investment activities, expand the scope of knowledge of the scientific community. The offered practical recommendations can be useful for public authorities in the implementation of investment policy in the regions of the Russian Federation.

Keywords: impact investing, socially transformative investment, social responsibility, social impact, impact business

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