This article investigates ethnographically how early-stage impact investors evaluate the credibility of the impact promises made by social entrepreneurs. Uncovering how investors carry out this task beyond observable characteristics and self-reported prosocial intentions, I propose that their evaluation of impact promises centers on four interrelated aspects of the entrepreneurs’ behavior: impact metrics, impact track record, impact management, and impact prospects. I articulate these aspects into a framework explaining how credible beliefs about entrepreneurs’ impact promises emerge among investors and embolden their investment decisions.

中文翻译：

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评估早期影响力投资中企业家影响力承诺的可信度

本文从人种学角度研究了早期影响力投资者如何评估社会企业家做出的影响力承诺的可信度。为了揭示投资者如何在可观察的特征和自我报告的亲社会意图之外执行这项任务，我建议他们对影响力承诺的评估集中在企业家行为的四个相互关联的方面：影响力指标、影响力跟踪记录、影响力管理和影响力前景。我将这些方面阐述成一个框架，解释投资者如何对企业家的影响力承诺产生可信的信念，并鼓励他们的投资决策。