Market Conditions for ImpactInvestments as a Subsidiary of the Social FinanceModel

In this paper, the author presents an overview of the development of socially oriented impact investing in country - specific markets as a development of the social finance mo del. This analysis focuses on socially responsible investing (SRI) or impact investing, which has experienced cont inuous growth in certain countries, including European (UK, particular Scandinavian) and US markets. The equity of social impact mutual fund market s has grown both in the num ber of funds and in the differentiation of the securities under the social finance model . Despite the fact that socially responsible investments or impact investments still lack a uniform definition under socia l finance, it mainly refers to investments that emphasize social/ecological/ ethical value over monetary return. In the academic literature, it is not clear whether the behavior of impact investors will be sustainable toward the social finance paradigm, as their investment decision about the monetary return should be motivated by their economic behavior . The author analyzes the economic conditions of the capital market that provide long - term institutional support for socially oriented investment