Trying to Serve Two Masters is Easy, Compared to Three: Identity Multiplicity Work by Christian Impact Investors

While research has focused on financial and social goals in impact investing, we add to the limited research that focuses on how individuals manage identity multiplicity, defined as three or more role identities. Based on our qualitative study of Christian impact investors, we develop a model of identity multiplicity work, explaining how individuals manage their multiple role identities (financial, social, and religious) to reduce identity tensions during the process of impact investing. We find individuals engaged in an interactive, ongoing three-step process of identity multiplicity work: prioritizing one of their salient identities, managing their identity multiplicity interrelationships, and reinforcing their prioritized identity. Investors generally prioritized an identity that was neither financial nor social, but rather religious. We also find this identity work implemented through three novel mechanisms: shadowing, one identity casts a shadow over another thereby enabling the simultaneous pursuit of related goals; distinguishing, all identities are retained and at least a minimum threshold of role expectations are met; and surrendering, partial sacrificing of goals of one (or more) identity in favor of another identity based on an individual’s self-reflective importance of the role. Our findings offer new insights to multiple identities, impact investing and business ethics literatures.