Institutional perspectives on the emergence and evolution of impact measurement and management

Thesis

This study investigates how interstitial issue fields emerge, evolve, and navigate multiple institutional demands through a detailed examination of Impact Measurement and Management (IMM). Interstitial issue fields, which emerge at the intersection of multiple established fields, face unique challenges in advancing coherence, identity, and legitimacy while accommodating diverse perspectives and demands. The case of IMM provides valuable insights into these dynamics, as IMM evolved from its origins in impact investing to a field spanning multiple domains including finance, evaluation, and management.

Through a qualitative study drawing on over 100 interviews with key actors and extensive documentary evidence over the decade 2011-2021, this research examines three interconnected aspects of field evolution: the shifting of field boundaries and framing over time, the development and influence of institutional infrastructure, and the navigation of multiple logics and areas of contestation. By tracing distinct phases of field development, the thesis illuminates the multi-layered roles of influential actors, logics, and institutional infrastructure.

The analysis reveals three key mechanisms through which the field and its actors strategically manage institutional complexity: sophisticated framing and boundary work that enabled productive engagement across domains while developing a distinctive identity; modular infrastructure that fostered coordination and adaptation; and transformation of apparent contestation into generative tensions that catalysed field-level innovations. The research also reveals the importance of boundary-spanning efforts in facilitating alignment and interpretive flexibility in interstitial spaces.

This research challenges extant theories of field evolution that assume progression toward increasing settlement and standardisation, finding instead a dynamic conception of field evolution characterized by growing alignment, the persistence of contestation, and partial settlements. The findings advance institutional theory by demonstrating that fields can leverage institutional complexity as a resource for innovation and adaptation through strategic ambiguity, pluralism, and productive contestation. The theoretical and practical implications inform our understanding of how fields address complex societal challenges that span traditional boundaries.

Authors: Harji, K

• DOI: 10.5287/ora-qrwwrkmv7
• Type of award: DPhil
• Level of award: Doctoral
• Awarding institution: University of Oxford
• Language: English
• Keywords: impact investing; institutional fields; institutional infrastructure; impact measurement and management; field evolution; interstitial issue fields
• Subjects: Management Studies