Muñoz, PabloGamble, Edward N.Beer, Haley2021-08-172021-08-172020Academy of Management Discoveries. Forthcoming, 2020http://hdl.handle.net/11447/4345This paper explores the formalization of social impact measurement (SIM) in contexts where there are little or no expectations for it. Drawing on a combination of institutional and organizational-level theories, we assess the complex relationship between nine potential antecedents of SIM and its formalization, across 152 social entrepreneurs in Chile’s social sector. Using configurational comparative methods (fsQCA), we discover and map four novel approaches to social impact measurement, revealing a much more diverse and counterintuitive reality. We also find that factors assumed to be central to formalization in mature sectors, in emerging settings play a peripheral role at best. By offering a multi-level explanation of what matters and when for SIM in an emerging social sector, this paper offers empirical evidence on how to better capture and report SIM and expands the theoretical understanding of SIM as a governance and accountability mechanism in social entrepreneurship.enImpact measurementSocial entrepreneurshipSocial valueEmerging social sectorAccountabilityGovernanceChileArticle