While research has focused on financial and social goals in impact investing, we add to the limited research that focuses on how individuals manage identity multiplicity, defined as three or more role identities. Based on our qualitative study of Christian impact investors, we develop a model of identity multiplicity work, explaining how individuals manage their multiple role identities to reduce identity tensions during the process of impact investing. We find individuals engaged in an interactive, ongoing three-step process of identity multiplicity (...) work: prioritizing one of their salient identities, managing their identity multiplicity interrelationships, and reinforcing their prioritized identity. Investors generally prioritized an identity that was neither financial nor social, but rather religious. We also find this identity work implemented through three novel mechanisms: shadowing, one identity casts a shadow over another thereby enabling the simultaneous pursuit of related goals; distinguishing, all identities are retained and at least a minimum threshold of role expectations are met; and surrendering, partial sacrificing of goals of one identity in favor of another identity based on an individual’s self-reflective importance of the role. Our findings offer new insights to multiple identities, impact investing and business ethics literatures. (shrink)

In the business ethics literature, a commons paradigm orients theorizing toward how civil society can promote collaboration and collectively govern shared resources, and implicates the common good—the ethics of providing social conditions that enable individuals and collectives to thrive. In the context of representative democracies, the shared resources of a nation can be considered commons, yet these resources are governed in a top-down, bureaucratic manner wherein public participation is often limited to voting for political leaders. Such governance, however, can be (...) motivated by values of solidarity and stewardship, and a bottom-up approach to participation, in ways that are consistent with a social commons ethos. We employ an inductive methodology focused on successes and possibilities, using data from interviews with 93 policy-makers and national-level government leaders in 5 democratic countries, and observational and archival data. We reveal how governments can operationalize a social commons ethos in decision-making. This approach to governance involves stakeholder engagement that is Broad, Deep, and Continual. In this model, leaders engage a wide breadth of stakeholders, engage them deeply and meaningfully throughout the decision-making process, and sustain this engagement in a continual manner. Implications for governance of non-governmental bureaucracies are discussed, including the normative and strategic benefits of engaging stakeholders in this manner. (shrink)

To shield stakeholders from exploitation, society increasingly expects organizations to engage with stakeholders. While exploitation of stakeholders is of great concern, economic literature points to the costly nature of stakeholder engagement vis-à-vis alternative mechanisms that protect stakeholders, such as competitive markets. When the costs of stakeholder engagement outweigh the benefits, why would organizations engage with stakeholders? Through an analysis of the cooperative enterprise and a comparison with its capitalist counterpart, we theorize two additional reasons why stakeholder engagement is beneficial. First, (...) we explain how stakeholder engagement facilitates long-term organizational resilience and protection of stakeholders in times of crisis, and second, we show how engagement is a decisive ingredient in answering non-economic value requirements of stakeholders. To conclude, we contribute to the broader stakeholder engagement and cooperative literature by stressing that engagement practices, and particularly democratic governance arrangements, are subject to design principles that sometimes favor stakeholders in capitalist firms. (shrink)

In this chapter, I discuss institutional leadership vis-à-vis the value of poverty. To do so, I analyse how poverty has been conceptualised within a Catholic religious organisation, the Jesuits. The chapter shows that, in the Jesuit case, poverty is not strictly defined. Instead, poverty results from the constant dialogue between the individual Jesuit and their leader. This means that the understanding of what constitutes poverty is neither explicit nor implicit. The chapter contributes to our understanding of institutional leadership as the (...) promotion and protection of values, as per Selznick’s classical definition. However, we discuss a less known part of Selznick’s work in which the ambiguous character of values is highlighted. In this sense, and after the Jesuit case, we advance the possibility that the promotion and protection of institutional values by institutional leaders does not necessarily imply the definition of what a value is. As values are not defined beforehand but the result of a constant dialogue between the leader and their followers, institutional leadership can be revisited and freed from the heroic view that has long characterised it. (shrink)