Multivocality and calculability in field emergence: The case of impact investing in Spain

We study the role of impact measurement - made explicit and transparent through a new financing mechanism called the social impact bond - in the development of the field of impact investing in Spain. Our study confirms that multivocality is important to convene diverse actors and envision new solutions, but we also find that impact measurement provides the necessary calculative device that contributes to the emergence of the new field of impact investing. Our analysis reveals three interconnected and reinforcing mechanisms that are put in motion by this calculative device: setting goals, demarcating accountabilities and evaluating outcomes.