The development of social enterprises(SE) in Korea has been quite rapid with the number of certified SEs reaching 600 as of 2011. In response to such growth in SE population, the research effort in business and management has grown correspondingly. However, the longterm sustainablity of SEs in Korea is still questionable in that their capital structure comprises largely of government subsidies, lacking market-driven investment from private investors. This represents a stark contrast to the experiences of overseas SEs who have grown largely with the private investments including large foundations, companies, and financial institutions, a mechanism characterized as ‘impact investment’ with market principles of risk-taking investment and expectation of market-rate profit from such investments. Studying the overseas experiences of impact investment in SEs' is meaningful for policy advising purposes on practice front. However from a research stand point, further meaningful implications can be driven i.e. the conjunction of private investments into SEs and related business decisions and behaviors of SEs are a unique phenomenon compared to often-observed traditional for-profit and not-for-profit companies' behaviors in similar contexts dealing with external financial stakeholders such as private investors and capital market, This is because the SEs pursue social and economic values simultaneously. Importantly, as the social capital market develops, the businesses are increasingly taking the perspective of “Creating Share Value” approach (Porter & Kramer, 2011), providing impetus for expanding the scope of prior research on strategy by asking questions such as: expanding the concept of CSR to include CSR, decision-making models regarding social values, rethinking the theoretical frameworks of the boudnary of the firm, revisiting the relaitonhip between the firmand community, the models for predicting and explaining social investments and the emergence of firm's social value.