Faculty & Research
Directory
Hehenberger, Lisa
Education
- Ph.D. in Management.
- CEMS Master.
- Master of Science in Economics and Business Administration.
Areas of interest
- SDG 16 - Peace, Justice and Strong Institutions
- SDG 8 - Decent Work and Economic Growth
Biography
Dr. Lisa Hehenberger is an Associate Professor in the Department of Strategy and General Management at ESADE Business School and Director of its Center for Social Impact.
She is a renowned expert on social entrepreneurship, venture philanthropy, impact investment, and impact measurement.
Dr. Hehenberger is the Chief Impact Advisor of Oryx Impact, a fund of funds investing in African impact funds, a member of the Board of Directors of the GSMA Foundation, and sits on the impact committees of Rubio Impact Ventures and Suma Capital. She is on the Scientific Board of the OECD Global Action 'Promoting Social and Solidarity Economy Ecosystems', is a member of CNBC's Disruptor 50 Advisory Council, a group of leading thinkers in the field of innovation and entrepreneurship, and is a member of the Impact & Sustainable Finance Faculty Consortium set up by the Kellogg School of Management at Northwestern. She sits on the advisory boards of impact investing fund Creas, as well as Seastainable Ventures and Lyfebulb. Dr. Hehenberger served on the European Commission's Expert Group on Social Business GECES for almost ten years, and was a member of the OECD's Social Impact Investment Expert group. She served on the French National Advisory Board and the Impact Measurement Working Group of the Social Impact Investment Task Force established by the G8 now GSG and helped launch the Spanish National Advisory Board SpainNAB for the Global Steering Group on Impact Investing GSG for which ECSI is now the academic partner. She was a member of the Academic Working Group on Impact Measurement and Management of the Center for the Advancement of Social Entrepreneurship CASE at Duke with the United Nations Development Program UNDP that developed the Coursera course on the SDG Impact Standards. She has advised organizations such as World Wide Fund for Nature, Repsol Foundation, and Meridia Capital Partners on their impact investment strategies. For six years, she was the Research and Policy Director of the European Venture Philanthropy Association EVPA, the pan-European association for venture philanthropy and social impact investment.
Dr. Hehenberger's research focuses on market building as an entrepreneurial project in the contexts of social entrepreneurship, venture philanthropy, and impact investing. She is the author of numerous books, policy papers, and practitioner reports and has published in the most prestigious academic peer-reviewed journals in management, such as the Academy of Management Journal, as well as in practitioner-oriented publications, such as Stanford Social Innovation Review and MIT Sloan Management Review. She has served as advisor to the EU-funded research projects SEFORIS social entrepreneurship for innovative and inclusive societies and ITSSOIN impact of the third sector as social innovation.
Dr. Hehenberger launched the ESADE Center for Social Impact, through which she is engaged in numerous research projects and set up ESADE's impact community and the Social Impact Lab of the MBA to connect ESADE students with the impact sector.
Dr. Hehenberger has a PhD in management from IESE Business School and a master's degree in business and economics from Stockholm School of Economics and HEC CEMS.
Previously, she worked in investment banking at Union Bank of Switzerland UBS in London and at GB Investment Banking in Madrid and Barcelona.
Selected publications
- Held, V. P. & Hehenberger, L. (2024, August). Organizational Purpose and the Governance of Philanthropic Foundations [Paper presentation]. 2024 Academy of Management Annual Meeting, Chicago.
- Hehenberger, L. (2024, August). Progressing theorizing through iterativity in qualitative research [Paper presentation]. 2024 Academy of Management Annual Meeting, Chicago.
- Andreoli, C., Berman, S., Molecke, G. & Hehenberger, L. (2024, July). Impact DNA? Tensions in Strategy-Identity Nexus in Impact Investing [Paper presentation]. Egos Colloquium 2024.
- Hehenberger, L. & Andreoli, C. (2024, June). Impact measurement and the conflicted nature of materiality decisions. Current Opinion in Environmental Sustainability, 68, 101436. DOI: https://doi.org/10.1016/j.cosust.2024.101436.
- Buckland, L., Hehenberger, L. & Harneyford, J. (2024). Gender strategies in investing: How do European investment firms move from awareness to action?. Esade. Center for Social Impact.
- Hehenberger, L. & Buckland, L. (2024). How impact measurement fosters the social economy. Social Economy Science (pp. 138-166). Oxford University Press OUP. DOI: https://doi.org/10.1093/oso/9780192868343.003.0007.
- Buckland, L., Hehenberger, L., Osoro, C. & Held, V. P. (2023). Governance of Impact: Can European Foundations Rise to the Challenge?. Esade. Center for Social Impact.
- Hockerts, K., Hehenberger, L., Schaltegger, S. T. & Farber, V. (2022). Defining and Conceptualizing Impact Investing: Attractive Nuisance or Catalyst?. Journal of Business Ethics, 179 (4), pp. 937¿950. DOI: https://doi.org/10.1007/s10551-022-05157-3.
- Busch, C. & Hehenberger, L. (2022). How to Evaluate the Impact of Corporate Purpose. MIT Sloan Management Review, 64 (1), pp. 12-13.
- Casasnovas, G., Hehenberger, L. & Papageorgiou, K. (2020, August). Multivocality in the emergence of impact investing in Spain: Creating new roles and responsibilities [Paper presentation]. 2020 Academy of Management Annual Meeting, Vancouver.
- Bacq, S. C., Hehenberger, L., Kickul, J. R. & Naimi, A. (2020). How social entrepreneurs with a migrant background create opportunities for their own community. DOI: https://doi.org/10.5465/AMBPP.2020.18946abstract.
- Casasnovas, G., Hehenberger, L. & Papageorgiou, K. (2020). Multivocality and calculability in field emergence: The case of impact investing in Spain. DOI: https://doi.org/10.5465/AMBPP.2020.157.
- Casasnovas, G., Hehenberger, L. & Papageorgiou, K. (2020, July). From discourse to action: Multivocal inscription in the emergence of impact investing in Spain [Paper presentation]. 36th EGOS Colloquium, Hamburg.
- Casasnovas, G., Hehenberger, L. & Papageorgiou, K. (2020, January). Multivocality and calculability in field emergence: The case of impact investing in Spain [Paper presentation]. 80th Annual Meeting of the Academy of Management 2020: Understanding the Inclusive Organization, AoM 2020, Virtual, Online. http://www.scopus.com/inward/record.url?scp=85102976498&partnerID=8YFLogxK
- Hehenberger, L., Mair, J. & Metz, A. (2019, December). The assembly of a field ideology: An idea-centric perspective on systemic power in impact investing. Academy of Management Journal, 62 (6), pp. 1672-1704. DOI: https://doi.org/10.5465/amj.2017.1402.
- Casasnovas, G., Hehenberger, L. & Papageorgiou, K. (2019, June). The co-emergence of impact investing and social impact bonds: Creating new relationships, practices, and roles [Paper presentation]. 35th EGOS Colloquium 2019.
- Hehenberger, L. & Harling, A. M. (2018). Moving Toward "Impact-Adjusted" Financial Returns: Closing Remarks. American Journal of Evaluation, 39 (3), pp. 408-412. DOI: https://doi.org/10.1177/1098214018778899.
- Hehenberger, L., Mair, J. & Seganti, S. (2018). Impact Investing. Entrepreneurial Finance (pp. 485-528). Cambridge University Press. DOI: https://doi.org/10.1017/9781108368070.017.
- Hehenberger, L., Boiardi, P. & Gianoncelli, A. (2017). From traditional philanthropy to venture philanthropy. Principles and Practice of Impact Investing (pp. 128-148). Taylor and Francis Ltd.. DOI: https://doi.org/10.4324/9781351284769-8.
- Catana, L., Daniele, D., Hehenberger, L., Nogales, R. & Stokkink, D. (2016). Social enterprises and the social economy going forward. A call for action from the Commission Expert Group on Social Entrepreneurship GECES.
- Hehenberger, L. (2016). From philanthropy to venture philanthropy. Principles and practice of impact investing: A catalytic revolution (pp. 128-148).
- Hehenberger, L. (2016). .
- Gianoncelli, A. & Hehenberger, L. (2016). Impact measurement in practice: In-depth case studies.
- Hehenberger, L. & Oostlander, P. (2016). A practical guide to venture philanthropy and social impact investment.
- Boiardi, P. & Hehenberger, L. (2015). A practical guide to adding value through non-financial support.
- Harling, A. M. & Hehenberger, L. (2015). What are the challenges to measuring the social impact of social enterprises?. Policy brief on social impact measurement for social enterprises (pp. 14-17).
- Harling, A. M., Hehenberger, L. & Scholten, P. (2015). A practical guide to measuring and managing impact (2 ed.).
- Varga, E. (2015). Hehenberger, L. (Ed.), Corporate social impact strategies-new paths for collaborative growth.
- Boiardi, P. & Hehenberger, L. (2015). Learning from failures in venture philanthropy and social investment.
- Clifford, J., Fantini, M., Grabenwarter, U., Hehenberger, L., Ratti, M. & Valcarcel, M. (2015). Proposed approaches to social impact measurement.
- Gianoncelli, A. & Hehenberger, L. (2014). European venture philanthropy and social investment 2013/14. The EVPA survey.
- Hehenberger, L. (2014). A practical guide to planning and executing an impactful exit.
- Mair, J. & Hehenberger, L. (2014). Front-stage and backstage convening: The transition from opposition to mutualistic coexistence in organizational philanthropy. Academy of Management Journal, 57 (4), pp. 1174-1200. DOI: https://doi.org/10.5465/amj.2012.0305.
- Harling, A. M. & Hehenberger, L. (2014). European venture philanthropy and social investment 2012/2013.
- Hehenberger, L. (Ed.), (2014). Social impact strategies for banks: Venture philanthropy and social investment.
- Buckland, L., Hay, M. & Hehenberger, L. (2013). The growth of European venture philanthropy.
- Hehenberger, L. & Metz Cummings, A. (2011). A guide to venture philanthropy for venture capital and private equity investors.
- Hehenberger, L. (2010). Strategies for foundations: When, why and how to use venture philanthropy.