IMPACT INVESTMENT An idealistic capitalist approach to development

Arki, Nadia

4. term

Development and International Relations, Master

2017

2017-11-20

40

Siden finanskrisen er forventningerne til virksomheders ansvar vokset, og debatten er taget til om, hvorvidt private virksomheder eller offentlige institutioner bør løse samfundsproblemer. Det har skabt uklarhed om, hvem der har ansvar for hvad. Impact investing — at tjene penge, mens man gør godt — voksede frem i denne periode og betyder, at private aktører går ind på områder, som traditionelt har været et offentligt ansvar. Dette speciale undersøger, hvordan danske aktører omsætter privat kapital til udviklingsarbejde, og i hvilken grad resultaterne matcher deres udmeldte mål. Fokus er på den offentlige danske Investeringsfonden for Udviklingslande (IFU) og den private Nordic Impact Funds. Med en kvalitativ tilgang og diskursanalyse viser specialet, at disse finansielle aktører mobiliserer private ressourcer gennem investeringer som enten egenkapital (køb af ejerandele) eller gæld (lån). Det giver indflydelse på virksomheders beslutninger via stemmeret i bestyrelsen eller fuldt ejerskab, så de kan rådgive eller implementere strategier, der både skal skabe økonomisk afkast og udviklingseffekt i udviklingslande. Analysen finder, at IFU i begrænset omfang når sine udmeldte mål. Teorier om udenlandske direkte investeringer (FDI), impact investing og blended value peger dog på, at social og økonomisk udvikling kan ske — om end ikke i det fulde mulige omfang.

Since the financial crisis, expectations for corporate responsibility have risen, and debates have intensified over whether private companies or public institutions should address social challenges. This has created uncertainty about who is responsible for what. Impact investing—the idea of doing well while doing good—grew in this period and draws private actors into areas traditionally handled by governments. This thesis explores how Danish actors channel private resources into development work and to what extent the outcomes meet their stated goals. It focuses on the public Danish Investment Fund for Developing Countries (IFU) and the private Nordic Impact Funds. Using a qualitative approach and discourse analysis, the study finds that these financial impact institutions mobilize private-sector resources by investing as equity (buying ownership stakes) or debt (providing loans). This gives them influence over company decisions—through board voting rights or full ownership—so they can advise on or implement strategies aimed at both financial returns and development impact in developing countries. The study concludes that IFU’s achievement of its communicated goals is limited. However, theories of foreign direct investment (FDI), impact investing, and blended value suggest that social and economic development can occur, though not to its full potential.

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