The paper provides empirical evidence on impediments of the emerging social impact investment field in Germany. The study is based on 19 in-depth interviews with social impact investing funds, investment advisors, and social entrepreneurs as investees. It takes an explorative approach because of the nascent stage of research on the subject. By systematically relating the perspectives of the actors involved, the study gives a broad empirical picture on the major challenges for social impact investing in Germany. Results reveal nine critical problem areas we have arranged along three dimensions: financial returns, social returns, and relationships and infrastructure. They comprise investors' and social entrepreneurs' practices, institutional settings which are still heavily influenced by peculiarities of the German welfare systems, as well as undeveloped framework conditions in the social investment market. By interpreting the results through a lens of conflicting institutional logics, we further contribute to this research stream by showcasing social impact investing as a core area of friction between the logics of the market and civil society.Résumé Cet article avance des données empiriques sur les obstacles au domaine émergent de l'investissement à impact social en Allemagne. L'étude repose sur 19 entretiens approfondis réalisés avec des fonds d'investissement à impact social, des conseillers en placement et des entrepreneurs sociaux en tant qu'investisseurs. Elle inclut une approche exploratoire en raison du stade embryonnaire des recherches sur le sujet. En reliant systématiquement les points de vue des acteurs concernés, l'étude offre une idée générale empirique des principaux défis pour l'investissement & Gunnar Glänzel à impact social en Allemagne. Les résultats révèlent neuf problèmes essentiels que nous avons présentés selon trois dimensions: les retombées financières, les retombées sociales, et les relations et les infrastructures. Ils comprennent les pratiques des investisseurs et des entrepreneurs sociaux, les cadres institutionnels qui sont encore fortement influencés par les particularités du système de sécurité sociale allemand, ainsi que les conditions-cadres peu développées dans le marché de l'investissement social. En interprétant les résultats dans la perspective des logiques institutionnelles contradictoires, nous contribuons, d'autre part, à ce courant de recherche en montrant l'investissement à impact social en tant que domaine central de friction entre les logiques du marché et la société civile.Zusammenfassung Der Artikel fasst empirische Ergebnisse einer Studie zu Hemmnissen für den noch jungen Social-Impact-Investment-Markt in Deutschland zusammen. Die Studie beruht auf 19 detaillierten Interviews mit Social-ImpactInvestment-Fonds, Intermediären sowie Sozialunternehmen als Empfänger der Investitionen. Da sich die Forschung zu diesem Thema noch in den Anfängen befindet, wurde in der Studie ein stark explorativer Ansatz gewählt. Indem die Perspektiven der involvierten Akteure zueinander in ...

Purpose – The purpose of this paper is to find a new conception of hybridity to set ground for further systematic research. The concept of hybrid organisations is used in many ways. This leads to confusion among scholars and the term of hybridity appears to be meaningless and useless for research and practice. Design/methodology/approach – In this explorative research design, the authors conducted 11 interviews with managing directors and managers of hybrid organisations in four different countries across Europe. Findings – Each and every organisation is hybrid but to different degrees and with different patterns. It is important to measure hybridity to give value to the term of hybrid organisations. According to input, process and output dimensions, the authors could classify possible dimensions of hybridity measurement within organisations. Research limitations/implications – The developed cube model serves as a new point of departure for hybrid organisation research and helps to build analytical types of hybrid organisations. The research has been highly explorative, and the limited number of cases researched leads to the requirement of further validation on a broader basis. In addition, the still rather conceptual state of the cube model will need further validation by means of a set of hybridity indicators. Originality/value – The paper presents a way to deal with the question about what hybridity exactly is and whether hybridity is a term that has an analytical value. It also provides the first attempt to connect more analytical meaning to the concept of hybridity by suggesting an approach to concretely measure it.

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