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This paper aims to focus on impact integrity in investment decision-making – an under-researched yet important topic – as a means for optimising investor contributions to sustainable development outcomes, including achieving the sustainable development goals (SDGs).

This conceptual paper adopts a two-step approach. First, this paper reviews existing “responsible” investment strategies and products used in practice and highlight their shortcomings in terms of optimising sustainable development outcomes. Second, drawing from the minimal standards theory, this study explores how emerging impact management practices may strengthen impact integrity in investment decision-making and mitigate shortcomings in existing “responsible” investment approaches to increase their contribution to sustainable development outcomes.

Current “responsible” investment approaches often do not optimise sustainable development outcomes and may facilitate “impact washing”. The theoretically grounded framework demonstrates standardised impact management practices based on a bounded flexibility approach – adaptable to different contexts within limits and assessed by skilled analysts – along with incorporating shared language and conventions supported by appropriate accountability mechanisms that can be used to mitigate shortcomings in current “responsible” investment approaches. The authors further propose accountability mechanisms to systematically involve stakeholders (including rightsholders) in decisions that impact them with effective grievance and reparation mechanisms. Such an approach, the authors argue will strengthen impact integrity and the capacity of investments to optimise contributions to sustainable development outcomes.

The findings have implications for the ability of investment markets to optimise their contributions to sustainable development and the SDGs.

By highlighting shortcomings in current “responsible” investment approaches and focussing on strengthening impact integrity in investment decision-making through standardised impact management practices, the findings enhance the capacity of investment markets to contribute positively to sustainable development and the SDGs.

Despite its importance, impact integrity in investment decision-making is severely under-researched with little academic attention. This paper fills this void.

This study aims to investigate the growing use of financial metrics (such as return on investment [ROI]) to measure performance and evaluate human capital (HC) investments.

The research employed an embedded case study approach, examining how one ROI approach was applied to evaluating HC investments, across three sectors (corporate, public health and international development).

Three major findings emerged in this study: First, interpretations of ROI can lead to ambiguity during implementation. ROI is interpreted trichotomously – metaphorically, as a desire for value; literally, as a metric; and procedurally, as a method for planning and evaluating HC investments. Second, understanding, measuring and tracking the domains of people performance (cognitive, affective and psychomotor) is vital to evaluating the impact of HC investments because this is where the change in behavior occurs. Third, although the logic model measures the change in process following an intervention (input-activity-output-outcome-impact), other approaches measure the change in behavior of people in the intervention (people performance).

These findings provide clarity for practitioners about challenges when applying ROI.

This is the first study to explore how the ROI financial metric is applied in a new domain by first examining its interpretation. It elucidates the use of ROI in practice, as well as the different purposes of key ROI approaches.

The purpose of this paper is to investigate equity appraisal techniques employed by non‐professional investors from the Central European emerging stock market (CEESM) of Poland. The paper examines investment decision‐making processes in the context of the current financial crisis in a pioneering attempt to shed some light on crisis‐induced changes in investment strategies. In addition, the study tests the usefulness and predictive abilities of analytical tools employed by non‐professional investors when faced with unstable stock‐market conditions.

Questionnaires and experiments conducted with a large group of Polish investors – trading equities in their home market – in order to gain information on the most commonly used investment strategies. Their views are contrasted with similarly obtained opinions expressed by UK non‐professional investors to highlight differences in approaches to investments. Finally, a series of semi‐structured interviews was conducted to discuss how the current financial crisis has affected investment strategies among Polish and UK investors.

Technical analysis (TA) is the preferred tool utilized by non‐professional investors in Poland. However, the current financial crisis caused the majority of Polish practitioners to adopt fundamental analysis which, in this case, is undertaken to support initial conclusions derived from TA. At this point, investees' financial statements coupled with analyses of the main macroeconomic indicators for CEESMs became the main source of decision‐influencing information.

The paper addresses an area which is gaining in importance and is of interest to both practitioners and service providers for non‐professional investors. Further investigation is recommended of nascent challenges to investing in CEESMs with practical implications for policy makers and investors.

The current paper refers to the global financial crisis which occurred in the years 2008‐2010. To date, there are no previous studies devoted to an investigation of how investors' trading strategies were influenced by the international financial crisis. Moreover, there are relatively few studies which target practitioners from CEESMs. The paper focuses on the non‐professionals, as this group of investors seems to be relatively under‐researched. Therefore, a number of important implications can be drawn from the current paper with regard to investment strategies tailored to overcome a financial crisis.

Framed within global policy debates over the need for private financial flows to align with the capital requirements of the Paris Agreement, this paper examines UK asset managers in their approaches to disclosing and managing climate risk. This paper identifies and evaluates climate risk management practices among this under-researched investor group in their capacity to address fundamental behavioural obstacles to low-carbon investment.

This paper takes an inductive approach to document analysis, applying content and thematic analysis to the annual disclosures of the 28 largest UK asset managers (by assets under management), including the investment management arms of insurance and pension companies.

The main takeaway from this research is that today’s climate risk management strategies hold potential to effectively address traditionally climate risk-averse investor behaviour and investment processes in the UK asset management context. However, this research finds that the use of environmental, social and governance (ESG) investment strategies to mitigate climate risks is a “grey area” in which climate risk management practices are undefined within broad sustainability and responsible investment agendas. In doing so, this paper invites further research into the extent to which climate risks are considered in ESG investment.

This paper contributes to research in sustainable finance and behavioural finance, by identifying the latest climate risk management techniques used among UK-headquartered asset managers and uniquely evaluating these in their capacity to address barriers to low-carbon investment arising from organisational behaviours and processes.

The purpose of this paper is to explore the recently increased use of the word “investment” in the public management discourse. In particular, it examines the implications of this for accounting and public governance. It asks, is that discourse simply concerned to account for “investment” in the efficient provision of public goods and services? Or does it also seek to hold governments, and government agencies, to account for the results they achieve and, more broadly, for their investment in, and stewardship of, the capacity to do so in the future?

The paper draws on a range of literature as well as speeches made by both New Zealand politicians and officials to track the emergence and evolution of a discourse in respect of “an investment approach”. As such, the analysis represents a diachronic approach for, as Jäger and Meyer (2009) note: “To identify the knowledge of a society on a topic, the analyst has to reconstruct the genesis of this topic” (p. 46).

The initial adoption of “an investment approach” occurred in the context of attempts to gain a clearer focus on, and accountability for, the results of government interventions. Subsequently, a broader, and arguably more classic, conception of public investment has involved a developing focus on changes to the nation’s economic, social and environmental capitals. Both approaches provide significant practical challenges for accounting and the continued relevance of the accounting profession.

The paper points to an urgent need to engage the accounting profession in debates that extend beyond the adoption of accrual accounting for the control of inputs and the provision of outputs. It is suggested that a future research agenda should focus on how models of well-being, and the public capitals that enable well-being, might be better accounted for and monitored.

This paper provides an insight into the emergence, spread and ultimate fading of the use of the word “investment” in the public policy discourse in New Zealand. However, it also places that process in a wider development that is focusing on citizens’ well-being. In so doing, it also highlights the challenges for the accounting profession created by the investment turn – whether relating to investment in operational activities or in public capitals.

Impact investment is an emergent field worldwide and it can play an especially important role in Africa. The aim of this study was to examine how impact investors in South Africa manage the tensions between financial returns and social impact.

The research was based on 15 semi-structured interviews with key stakeholders in the impact investment community in South Africa to understand the related challenges, trade-offs and tensions.

There are two opposing views expressed as to whether the tensions between financial return and social impact result in trade-offs. It is proposed that impact investors embrace this duality and seek to approach it through a contingency and a paradox view. The tensions can be approached by focussing on values alignment, contracting processes, engaged leadership and sector identification. The authors integrate the findings into a proposed framework for effective tension management in an impact investment portfolio.

This study was limited to selected South African interviewees. It would be valuable to extend the study to other African countries.

The issue of values alignment between investors, fund managers and investee firms is an important finding for practice. As is the four-part iterative framework for sensing the operating environment, defining impact, organising internally and defining the investment approach.

This study contributes empirical evidence to scholarship around organisational tensions, especially work in hybrid organisations. It affirms the value of a nuanced application of paradox theory. It examines these tensions through the lived experience of impact investing professionals in an emerging market context.

In recent years it has been often claimed that quality is one of most critical success factors for organizations. Managers introduced quality‐based programmes – such as total quality management – assuming that performances would improve. However, many quality‐based initiatives failed. There are several reasons that could explain the failure of quality‐based strategies in a number of firms; suggests two causes: the lack of effective decisional tools for evaluating the most effective investment(s) among a set of potential programmes; and the lack of specific goals to be assigned to each investment in order to monitor the actual results of the programmes on time. In small firms these problems are greater because of the limited availability of financial and managerial resources which make more difficult the identification of the most effective decisional solutions. Identifies a conceptual framework aimed at supporting the choice of most effective models for evaluating quality‐related investments in small firms, particularly an approach which balances different decisional needs such as completeness, urgency of evaluation, measurability of output and structural characteristics.

This paper aims at studying earnings management phenomenon in its wider social and economic context to get better understanding for the following points: whether there is “one-size-fits-all” earning management approach which can be widespread applied among nations and whether the Egyptian context affects managers’ trade-off between three different earnings management approaches: accounting, operational and investment.

The paper adopts interpretive approach and analyses data from official documents and 34 interviews with company executives; financial analysts; external auditors; and Stock Exchange regulators to inform our understanding of the influence of the Egyptian context on the trade-off between earnings management approaches.

The results show that there is no application for “one-size-fits-all” earning management approach; unlike the developed cultures, where R&D expenses and overproduction are extensively used for boosting profits, in Egyptian context they are not valid tools. The findings indicate that the Egyptian political and economic context remarkably affect managers trade-off earnings management approaches, leading executives to prefer operational manipulation compared with others.

This paper extends but adds to the literature by shedding light on the different implications of earning management theories based on the variation in the political, economic and operational contexts of firms; identifying that operational cash flows matter more to managers than accounting profits; focusing on the fact that managers differentiate and compare between three various earning management approaches: accounting techniques, investment activities and operational activities; and showing that changes in political and economic Egyptian context makes operational manipulation favorable to be adopted compared with others. It also overcomes the criticism of New Institutional Sociology Theory.

The purpose of this paper is to elucidate on specific risk mitigation approach which is known as “scenario approach”. Description of stepwise process of their elaboration, which is worth considering for managers, offers feasible tool not only for company risk management improvement but also for significant enhancement of the quality of company strategic planning. Authors also draw attention to advantages and disadvantages of investment and strategic scenario planning. Theoretical implications of using scenario approaches are exemplified both by the set of investment projects and company strategic planning process where method in question was applied.

As for methods applied which fulfilled research strategies, it is worth mentioning following items: analysis which explores particular parts of methodology of scenario elaboration and application, the way of obtaining information, impact on strategy, working with risks and organizational support of outcomes in company environment; synthesis observing context and natural relation of problems solved which supports research hypotheses formulation; induction generalizing facts acquired from results in companies; deduction to be grounds on which conclusion of this paper was drawn up; abstraction used upon evaluation of case studies; comparison assessing consistency and inconsistency of phenomena and objects; description inevitable for characterization of companies and environment in which they operate; interview collecting information inevitable for the evaluation of the way of working with scenarios and company knowledge standards; modelling was used upon consideration about possible future development of factors observed.

The paper arrived at conclusion, that scenario approach, when used appropriately, may significantly mitigate risk exposure of the company. Conclusions which have been made on selected industrial companies can be extended to other industrial branches. Practical application of scenario planning method confirmed that this approach was superior to deterministic single scenario model. Scenario technique thus compensates for deficiencies and omissions which are inherent in simplistic deterministic model. In cases where an investment scenario planning process proved to be insufficient, the paper refers to more advanced techniques like simulation methods or real options.

Over past ten years practical test of proposed stepwise process of scenarios elaboration was repeatedly tested on approx ten industrial companies during the tenure of Mr Soucek and Mr Špaček in top managerial positions.

This paper offers flexible and feasible toll for scenario elaboration and their further development. Such an approach contributes significantly to the enhancement of company risk management process. Proceedures described were successfully tested in managerial practice by two of authors while holding CEO positions in oil prcessing and pharma business.

This paper does not have direct social implication. But scenario approach as a powerful tool of risk management process may significantly contribute to company survival and thus impact social status all stakeholders concerned. Therefore social implications should be identified rather on the background of the problem.

Notwithstanding some general notion about scenario concept, there is still little evidence that scenario approach is applied in larger extent. It is prevalently due to lack of expertise of respective managers who are obviously puzzled with numerous outcomes to be obtained by this approach. Clearly define procedure of scenarios formation may be conducive to larger exploitation of this approach. Design of the elaboration and application of scenario approach which was proven to be functioning in the practice brings new benefits to risk management exploration.

One of the important characteristics of the hotel business is uncertainty of lodging demand, which can jeopardize hotel operation and ultimately even threaten a hotel’s survival during an economic recession. The purpose of this paper is to propose an approach to determine optimal hotel investment issues under uncertain lodging demand.

Uncertainty of lodging demand is classified into two types: the impact of unexpected economic recession and the temporary imbalance between supply of hotel rooms and lodging demand. A jump-diffusion real option approach is proposed to analyze how these two types affect optimal investment timing and the potential value of new hotel projects. The case of hotel investment in Macao is used to illustrate the jump-diffusion real option approach.

The results of numerical analysis show that the uncertainty induced by temporary imbalance between supply of hotel rooms and lodging demand increases the threshold of investment and hotel value, while the uncertainty induced by unexpected economic recession has ambiguous effects on the value and optimal investment timing of new hotel projects.

The jump-diffusion real option approach increases managerial flexibility for managers when making investment decisions on new hotel projects, allowing greater value to be generated than is possible with the conventional discounted cash flow method.

The approach separates the impact of unexpected economic recession on lodging demand from that of “normal” fluctuations in lodging demand, and it considers the impact of both types of uncertainty on hotel investment.