Mapping New Risks in Impact Investing. A Bibliometric Analysis of Emerging Challenges and Threats

** Abstract: Over the last decade, impact investing has received increasing attention in the financial literature. Along with this increased attention, new challenges have emerged, driving a growing academic debate, particularly concerning impact assessment and transparency. Despite the increasing interest in impact investing, a comprehensive literature review on emerging challenges is still lacking. Our study contributes to filling this gap by mapping the evolving landscape of impact investing through a bibliometric analysis of 116 peer-reviewed studies, from 2012 to 2024, with a specific focus on emerging challenges and threats. With the adoption of VOSviewer, we map major research streams and new risks, including greenwashing and impact washing, which erode stakeholder trust and jeopardize the efficacy of the entire impact investing field. Our findings emphasize the need for clearer impact measurement guidelines and standardized impact reporting mechanisms in order to enhance transparency and prevent unethical practices, thereby fostering sustainable development. **Attributions F. Pascale wrote Section 4.1 (Performance Analysis), while S. Zambelli wrote all the remaining Sections. Data collection was initiated by F. Pascale and completed by S. Zambelli, who also conducted the entire quantitative bibliometric analysis (science mapping and cluster analysis), as well as the content analysis, primary writing, investigation, revision, and editing process. All authors have read and agreed to the submitted version of the manuscript.