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|How stakeholders interact to promote the emergence of a nascent field: the case of impact investing in Brazil
|Cunha, Miguel Pina E
Machado Filho, Cláudio Antonio Pinheiro
|Lazzarini, Sérgio Giovanetti
|Keywords in original language :
|This thesis studied how distinct stakeholders interact to promote the emergence of a nascent field such as the field of impact investing. As nations around the world are grappling with social needs, such as poverty, homelessness, crime and unemployment, impact investing has gained the public’s attention for being a potential way to face those challenges. We believe that impact investing has the potential to shape how we conceive of and we mold our future society, which propelled us to devote our time, our energy and resources to study it. To do so, we first reviewed the origins of impact investing and its current state of affairs globally. We then proceeded to present the field in Brazil, focusing on illustrating its actors, investments sizes and focus, as well as investment mechanisms. A host of theoretical strands anchored our investigation, namely the stakeholder management theory (Donaldson & Preston, 1995; Freeman, 1984) and the research conducted on how interactions may lead to the formation of institutions and to the structuring of a field (Gray et al., 2015). To answer the research question, we carried out a series of interviews to collect our primary source of data; they involved different stakeholders in the field in Brazil and, where necessary, actors located abroad. The secondary source of data derived from the analysis of reports and studies on the field that were procured via independent research. We contributed to the understanding of the development dynamics in a nascent field. Besides being lenses through which analysing an evolving reality, the institutionalization frameworks combined with a stakeholders-based perspective represent strategic tools for impact-investing players to organize their efforts and plan their actions. Hence, we provided a structured way to make sense of social phenomena, appreciate their evolution and be able to identify their future course. We thus contributed to the academic literature by applying the concepts of stakeholders’ attributes onto clear institutionalization model defining relations among stakeholders in a new field Another significant takeaway from our investigation was the realization that our approach can be used to study both macro environments, such as a field or an industry, and micro contexts, such as a firm’s internal social forces and settings.
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|Mestrado Profissional em Administração
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