Impact valuations in social finance: emic and polyvocal stakeholder accounts
Accounting, Auditing & Accountability Journal
ISSN: 0951-3574
Article publication date: 10 May 2022
Issue publication date: 10 January 2023
Abstract
Purpose
This paper aims to understand how social finance and impact measurement experts include stakeholders' voices in valuations of social and environmental impact.
Design/methodology/approach
The paper used the content analysis of an online discussion forum where experts discussed impact valuation approaches.
Findings
Many experts seek impact valuations that take into account the experiences of those whose lives are most affected. Ideally, these accounts need to be emic to (in the language of) those stakeholders, and polyvocal (representing many different stakeholders' voices). However, these experts also seek to effect systemic change by encouraging mainstream financial markets to use social and environmental valuations in their decision-making. These experts consider full plurality too complex to be useable by financial markets, so the experts argue in favor of etic valuations (stated in the language of investors), to appeal to mainstream finance, while endeavoring nonetheless to represent multiple stakeholders' voices. The authors identify two discursive strategies used to resolve this tension: effacing of differences between diverse stakeholders, and overstating the universality of money as a common language.
Social implications
The terms emic and polyvocal provide experts with nuanced ways to understand “stakeholder voice.” The authors hope these nuances inspire new insights and strategies and help the community with their goal of bridging to mainstream finance.
Originality/value
The paper presents a theoretical framework for describing plurality in impact valuations and examines the challenges of bridging from social finance, which seeks to give voice and representation to those whose lives are most affected, to mainstream finance.
Keywords
Acknowledgements
This study benefited from the feedback from the quoted participants. In particular, the authors would like to recognize the contributions of Sara Olsen, Founder of SVT Group and Board member of Social Value International, where she serves as co-chair of the Methodology Committee, and Mike McCreless, Executive Director of Impact Frontiers. This research was supported by funding from the Social Sciences and Humanities Research Council of Canada.
Citation
Ruff, K., Nappert, P.-L. and Graham, C. (2023), "Impact valuations in social finance: emic and polyvocal stakeholder accounts", Accounting, Auditing & Accountability Journal, Vol. 36 No. 1, pp. 295-322. https://doi.org/10.1108/AAAJ-01-2021-5081
Publisher
:Emerald Publishing Limited
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