In impact investing, impact risk encompasses the probability that investment projects may fail to achieve the expected positive impact (i.e., positive impact risk) and/or may have a negative impact (i.e., negative impact risk). Using an inductive research approach, this study examines how impact...

This study examines how the geographical structure of social networks shapes venture capital (VC) investment decisions. We find that VC firms are more likely to invest in portfolio companies in more socially connected regions. The effect is more pronounced among independent, smaller, less...