Finance and Economy for Society: Integrating Sustainability: Volume 11

Cover of Finance and Economy for Society: Integrating Sustainability
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Table of contents

(19 chapters)

Prelims

Pages i-xxiii
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Part I Introduction

Part II Unpacking the Financial Crisis: Challenges and Perspectives

Purpose

The purpose of this chapter is to analyse how in recent years the rediscovery that extreme inequality is returning to advanced economies and has become widespread. What is at issue are the causes of this inequality. It is becoming clear that the wider population, particularly in Anglo-American economies have not shared in the growing wealth of the countries concerned, and that the majority of this wealth is being transferred on a continuous and systemic basis to the very rich. Corporate governance and the pursuit of shareholder value it is argued has become a major driver of inequality.

Methodology/approach

The current statistical evidence produced by leading authorities including the US Federal Reserve, World Economic Forum, Credit Suisse and Oxfam are examined. The policy of shareholder value and the mechanisms by which the distributions from business take place are investigated from a critical perspective.

Findings

While the Anglo-American economies are seeing a return to the extremes of inequality last witnessed in the 19th century, the causes of this inequality are changing. In the 19th century great fortunes often were inherited, or derived by entrepreneurs from the ownership and control of productive assets. By the late 20th century as Atkinson, Piketty and Saez (2011) and others have highlighted, the sustained and rapid inflation in top income shares have made a significant contribution to the accelerating rate of income and wealth inequality.

Research implications

The intensification of inequality in advanced industrial economies, despite the consistent work of Atkinson and others, was largely neglected until the recent research of Picketty which has attracted international attention. It is now acknowledged widely that inequality is a serious issue; however, the contemporary causes of inequality remain largely unexplored.

Practical/social implications

The significance of inequality, now that it is recognized, demands policy and practical interventions. However, the capacity or even willingness to intervene is lacking. Further analysis of the debilitating consequences of inequality in terms of the efficiency and stability of economies and societies may encourage a more robust approach, yet the resolve to end extreme inequality is not present.

Originality/value

The analysis of inequality has not been neglected and this chapter represents a pioneering effort to relate the shareholder value orientation now dominant in corporate governance to the intensification of inequality.

Purpose

This chapter discusses salient factors pertaining to the Global Financial Crisis (GFC), also called the Great Recession, which gave rise to contagion effects that continue to reverberate across the global financial landscape. The GFC is linked to three primary negative themes: build-up of credit in a global credit super cycle, New Financial Architecture (NFA) and financialization under neoliberalism, and a distorted relationship between laissez-faire economics/finance and normative political imperatives. The conclusion is that we need to rethink understandings of key principles in economics and finance and reform governance mechanisms of the financial system.

Methodology/approach

The essay examines an empirical phenomenon – the GFC – and discusses themes based upon the author’s insights gained from the vantage point of working in asset management during the Crisis. In addition, the author draws upon material from the academic literature and financial press. He problematizes finance through the lens of the GFC and suggests that the three causal factors being highlighted are enduring sources of instability in the financial system.

Findings

The conclusion is that financial crises such as the GFC are not caused by unpredictable exogenous variables but instead pertain to identifiable recurring factors and human failures. Structural, epistemological, and behavioral issues are aggravated by neoliberalism. Finance is integral to economic activity. But under neoliberalism, the global financial economy rapidly assumed a particular form of financialization founded on market fundamentalism and political and regulatory capture. Neo-liberal coöptation of finance, economics, and politics needs to be reversed to place financial and economic activity within more robust frameworks that take into account credit cycles, flaws, and instabilities inherent in the system while applying appropriate regulatory mechanisms to prevent crises.

Research implications

Scholars and practitioners can draw upon claims made in this essay to propose more substantive reforms to the global financial system. These range from redesigning how finance and economics are understood and taught, to imposing circuit breakers to prevent credit cycles from becoming untenable bubbles.

Practical/social implication

Neoliberalism is a political project that has distorted understanding of empirical truths while also effecting a paralysis with regard to fixing problems. The market fundamentalism that neoliberalism prescribes and promulgates results, time and time again, in financial crises that have disastrous consequences including massive wealth destruction. It is crucial to reform the system and create more sustainable, less volatile paradigms of financial and economic life.

Originality/value

Arguments in this chapter are simple and straightforward but have significant implications for achieving more nuanced understandings of the financial system. Claims are presented as distillations of how the system actually works, especially the way in which it tends toward conditions of crisis and stress. Mainstream finance and economics are characterized as predicated upon certain erroneous propositions, particularly concerning efficient markets and rational agency, core tenets of the neo-liberal project.

Purpose

The “time value of money principle,” a building block of finance theory and practice, states that money today is worth more than money in the future. In this chapter, we argue that this principle is not consistent with intergenerational equity or sustainability.

Methodology/approach

We demonstrate that standard capital budgeting negatively affects sustainability by presenting two numerical examples and by discussing the role of financial markets in the time value of money and the discount rate. We then discuss Silvio Gesell’s (1862–1930) concept of Freigeld as a possible alternative framework for a “socially optimal” discount rate.

Findings

We show that the time value of money principle, as employed in standard capital budgeting techniques, tends to reject sustainable projects (that only break even in the long run) and accept unsustainable projects (that break even in the short term but entail significant long-term negative externalities). We find that fiat currencies offer interesting perspectives in the context of sustainability.

Research implications

We show that money, interest rates and investment valuation techniques are not merely technical tools, but have important institutional, social, and political attributes. Taken together with current global demands for sustainability, this observation could justify a new research agenda seeking to redefine current capital budgeting techniques.

Practical/social implications

We stress that the “time value of money principle” should not be viewed as a technical tool, but rather, as a social and political construct. We argue that the principle needs to be reconsidered given the current global sustainability crisis.

Originality/value

The economics literature considers that externalities indicate a market failure, to which policy makers should respond by introducing optimal tax incentives and regulation. At the same time, the management studies literature has proposed a set of initiatives to align corporate governance with sustainability principles. This chapter examines an issue that concerns both these literatures, that is, the relationship between sustainability and the time value of money.

Abstract

The purpose of this chapter is to study the mathematisation of finance – excessive use of mathematical models in finance – which has been widely blamed for the recent financial and economic crisis. We argue that the problem might actually be the financialisation of mathematics, as evidenced by the gradual embedding of branches of mathematics into financial economics. The concept of embeddedness, originally proposed by Polanyi, is relevant to describe the sociological relationship between fields of knowledge. After exploring the relationship between mathematics, finance and economics since antiquity, we find that theoretical developments in the 1950s and 1970s lead directly to this embedding. The key implication of our findings is the realization that it has become necessary to disembed mathematics from finance and economics, and proposes a number of partial steps to facilitate this process. This chapter contributes to the debate on the mathematisation of finance by uniquely combining a historical approach, which chronicles the evolution of the relation between mathematics and finance, with a sociological approach from the perspective of Polyani’s concept of embedding.

Part III Sustainable Finance: Ethical and Innovation Dilemmas

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Purpose

The purpose of a presumed incompatibility of ethics and finance has been strengthened by the recent crisis that erupted in Summer 2007. To attempt to escape from this dilemma, the restoration of relevant ethical principles would be one of the main conditions required in order to avoid the recurrence of past errors.

Methodology/approach

The chapter develops a methodology including three steps: first stating a major principle, then defining a rule and finally proposing possible implementation, taking of concrete steps.

Findings

Assessments of the financial crisis most often consider that the sources of the problems stem from economic and financial imbalances and failures. Indeed, this kind of explanation is relevant and may be agreed as a proximate cause. But such a widespread, long-lasting crisis relied on worse and deeper roots. Misconduct and greed by financial players and market participants was a culprit for the crisis. To address this issue, the chapter develops eight principles that can contribute, at least to some extent, to fulfill the basic mission of finance.

Research implications

This chapter raises the question of whether there was an earlier period where finance was more closely tethered to ethical principles. Looking at the ideas of those who make a distinction between moral doctrine and ethics can help to understand the nature of the crisis and to implement practical solutions even though these concepts are often confused and mixed-up.

Practical/social implications

The implications of ethical behavior based on the principle of seeking the “common good” lead to a professional approach aimed at financial institutions as well as at their executive leaders and their employees. This chapter discusses avenues for thought.

Originality/value

Proposals presented in this chapter combine eight ethical principles, two final observations and practical views and suggestions developed in accordance with a three-step approach to be implemented by professionals so that the letter of the rule may never stifle the spirit of the principles.

Purpose

This chapter furnishes empirical evidence on CSR rating used by socially responsible investment (SRI). It analyzes data provided by CSR rating agencies as well as raw data, raw information disclosed. It thus suggests a new definition of CSR, based on the CSR measurement attempts and pitfalls generated for and by socially responsible investors.

Methodology/approach

This chapter presents two sets of empirical data analysis. The first set of data is drawn from the WBCSD best case studies from 1992 to 2005 and focuses on the good practices of companies. The aim is to analyze the motivations of companies and their set of stakeholders. The second data set is drawn from the Sustainalytics controversy database and focuses on the bad practices of companies. The aim is to analyze the set of stakeholders of companies.

Research findings

The first empirical research clearly shows that the main strategic target is license to operate, including compliance. The second empirical research shows that the main stakeholder is the government. These empirical works confirm the many examples provided and the philosophical backgrounds reminded in the chapter.

Research implications

This chapter also draws some conclusions on corporate social responsibility and suggest a reframing of the concept on a set of two agency relationships: shareholder–manager (for private goods) government–manager (for public goods). This enables to define the way to optimize the agency relationship according to the different conditions of information and technology, as described in the case of environmental regulation and corporate strategies (Schneider-Maunoury, 1999).

Practically this chapter incites stakeholders to focus CSR issues on public policy definition (goal setting and implementation) in order to define corporate targets to achieve. Socially responsible investors could therefore define the impact they want to finance (as it already happens for green or “social business” funds).

Practical/social implications

This scheme enables a better understanding of CSR related issues by focusing on the main players. Other stakeholders, such as NGOs and employees are considered as elements of a political process with government. This scheme identifies more clearly the pitfalls of environmental and social policies.

Originality/value

This chapter is a unique attempt to go beyond usual criticisms of CSR ratings and other socially responsible investment methods. Drawing the consequences of these problematic measurements of CSR enables to reframe and redefine CSR, by identifying the key players and a theoretical framework to analyze their relationships.

Purpose

This chapter addresses the issue of value creation in the retail banking sector, focusing on France. The author shows that since the 2007 financial crisis, banking organizations have used a disruptive innovative approach to regain the trust of retail banking customers. This innovative hybrid design is not only driven by efficiency and fully dematerialized solutions, but also considers human, social, and territorial development aspects.

Methodology/approach

This chapter is based on an EU statistical analysis (2009–2013) of two strategies used by French, Italian, and German national banks to manage the 2007 financial crisis: closing retail bank branches and lay-offs. Interestingly, in France, bank units and employee numbers fell the least. A complementary qualitative analysis of the principal banking innovations promoted by R&D directors helps to explain the main features of the French strategy to cope with the mistrust of clients and employees.

Findings

Though low-cost models are promoted as major innovations today (“banking is necessary, bankers are not”), and result in massive offshoring and restructuring levels to face new global competitors such as Google, Amazon, and PCCW-HKT, the French retail banking sector, previously state regulated but progressively deregulated, has adopted an original strategy to regain trust and loyalty. Rather than adopting these low-cost models strictly, with full dematerialization, it focuses on balanced innovation – such as the “neighbourhood bank format,” which improves knowledge of the expectations and needs of local clients and environments. These solutions are not only global or local, but a mix of both dimensions.

Research implications

Global industries like finance are embedded in both territorial and historical relationships and governance. This means that they can only be observed from this dual perspective, which is a dilemma that characterizes today’s economy. Innovation decisions and design particularly illustrate the banking sector’s embeddedness, with the dichotomy between fully digitalized options and fully territorialized services. Therefore, innovation is neither a “Champion” or leadership question, nor a mere ICT option. It is a hybrid combination to restore trust and relations.

Practical/social implications

The implications of such a balanced approach to innovation are highly important in terms of offshoring, lay-offs, and outsourcing practices, which are adopted as essential, and taken for granted by owners and CEOs in global value chains such as finance.The given data and analysis give concrete means to integrate local cultural and institutional habits, so that innovation make sense to stakeholders.

Originality/value

This chapter suggests a critical approach to innovation strategies and trends in the finance sector.

Purpose

This chapter outlines the need for a sustainable financial system in the wake and aftermath of the recent financial crises. Beginning with the widely accepted definitions of the financial system and the roles of the many participants in the system, we ask whether the financial system has lived up to expectations. Of particular interest is whether the financial system has fulfilled its obligations in the area of provision of credit, liquidity, and risk-management services.

Methodology/approach

We review the Neoclassical Economics, the Institutional and the functional approaches to the design of a financial system with a view to understanding the recent lack of stability exhibited by the system. We identify the many financial innovations that have been proliferating in recent years due to advances and improvements in computer technology, valuation techniques, and financial engineering. We highlight the deleterious impact of the financialization of economies and excessive development of derivative markets. After defining financialization, we give specific examples of the nature and impact of cat-bonds, securitized subprime loans, and credit-default swaps and their role in the propagation of the recent financial crisis. Finally, we propose some courses of action to secure the global financial system.

Findings

We identify ten challenges in achieving a sustainable financial system in the future and stress the need for all stakeholders to work to put the financial world in order and to restore confidence in the financial system.

Research implications

Scholars and practitioners might take into account these dimensions in their courses and their behaviors.

Practical/social implications

This approach participates to rebuild the financial system. The aim over the long term is to re-embed finance; we need to put finance with respect to both economy and society.

Originality/value

Arguments in this chapter are straightforward; there are things that regulators are implementing; for others, nothing has been decided yet. This chapter gives an academic perspective to help authorities to regulate banking and financial activities and products.

Purpose

This chapter aims to use the theory of commons to reflect on the mechanisms that supported the recent (micro)financial crisis. This approach naturally extends the analysis of the growing field of green microfinance and the financialization of commons and in particular the environment.

Methodology/approach

The study provides a theoretical analysis of the recent crisis and the introduction of the environmental dimension to microfinance. This theoretical analysis is supported by extensive experience in many years of field research and qualitative and quantitative analysis of the (micro)financial crisis and green microfinance. The theoretical analysis is based on the results of previous research developed using primary and secondary data.

Findings

Using the theory of commons we interpret the recent crisis and the financialization of the environment as the tragedy of commons.

We highlight that when the private profit prevails over community benefit, both at the financial and environmental level, efforts toward financial inclusion and environmental conservation could instead lead to financial crisis and environmental damage.

Research implications

Financial inclusion and environmental economy cannot be analyzed simply in terms of economic utility; a systemic view that embraces the complexity of poverty and the human–environment system is required to assess the actual outcomes of programs dealing with financial inclusion.

Practical/social implications

Policymakers, international agencies, and implementing institutions such as financial intermediary institutions should question an oversimplistic view of financial inclusion and the economic value of environmental goods. They should instead include in their analysis and program design considerations of the complex interactions between actors, collective behavior, and emerging properties of human and environmental systems.

Originality/value

The theory of commons is employed to analyze both financial inclusion and green microfinance. We propose that (micro)finance should be understood and managed as a common good to support the development of a socially, economically, and environmentally sustainable financial system.

Part IV Moving toward Sustainable Social and Economic Models

Purpose

This chapter gives in “Introduction to the Human Capital Issue” a critical analysis of the standard (economic) Human Capital (HC) theory, with the help of some “traditional” (founding) accounting concepts. From this study, to avoid the accounting and social issues highlighted in “Introduction to the Human Capital Issue,” we present, in “The “Triple Depreciation Line” Model and the Human Capital,” the “Triple Depreciation Line” (TDL) accounting model, developed by Rambaud & Richard (2015b), and we apply it to “HC,” but viewed as genuine accounting capital – a matter of concern – that firms have to protect and maintain.

Methodology/approach

From a critical review of literature on HC theory, from the origin of this concept to its connection with sustainable development, this chapter provides a conceptual discussion on this notion and on the differences/common points between capital and assets in accounting and economics. Then, it uses a normative accounting model (TDL), initially introduced to extend, in a consistent way, financial accounting to extra-financial issues.

Findings

This analysis shows at first that the standard (economic) HC theory is based on a (deliberate) confusion between assets and capital, in line with a standard economic perspective on capital. Therefore, this particular viewpoint implies: an accounting issue for reporting HC, because “traditional” accounting capital and assets are clearly isolated concepts; and a societal issue, because this confusion leads to the idea that HC does not mean that human beings are “capital” (i.e., essential), or have to be maintained, even protected, for themselves. It only means that human beings are mere productive means. The application of the TDL model to an accounting redefinition of HC allows a discussion about some key issues involved in the notion of HC, including the difference between the standard and “accounting” narratives on HC. Finally, this chapter presents some important consequences of this accounting model for HC: the disappearance of the concept of wage and the possibility of reporting repeated (or continuous) use of HC directly in the balance sheet.

Research implications

This chapter contributes to the literature on HC and in general on capital and assets, by stressing in particular some confusions and misunderstandings in these concepts. It fosters a cross-disciplinary approach of these issues, through economic, accounting, and sustainability viewpoints. This analysis also participates in the development of the TDL model and the research project associated. It finally proposes another perspective, more sustainable, on HC and HC reporting.

Social implications

The stakes of HC are important in today’s economics, accounting, and sustainable development. The different conceptualizations of HC, and the narratives behind it, may have deep social and corporate implications. In this context, this analysis provides a conceptual, and practicable, framework to develop a more sustainable concept of HC and to enhance working conditions, internal business relations, integrated reporting. As an outcome of these ideas, this chapter also questions the standard corporate governance models.

Originality/value

This chapter gives an original perspective on HC, and in general on the concept of capital, combining an economic and an accounting analysis. It also develops a new way to report HC, using an innovative integrated accounting model, the TDL model.

Purpose

The disagreement over the contribution of microfinance to fight poverty is mainly related to the wide range of methodologies used to study it. The aim of this chapter is to reveal the limitations of these methodologies and explore whether the capability approach may improve impact assessment, especially in the microfinance field.

Methodology/approach

The author’s contribution is based on a comprehensive literature review of the most cited scholarly studies on microfinance impact.

Findings

This contribution has two main findings: It identifies the characteristics of an impact assessment conceptual framework based on the Capability Approach. It also gives a documented justification on why this approach is an interesting way to evaluate the potential effects of microfinance programs.

Originality/value

Applying the capability approach to poverty in microfinance is not new. However, as far as we know this is the first contribution that tries to apply it to the specific issue of impact assessment.

Purpose

This study investigates an approach for business management based on social rationality, which is attained through a proper balance between profits from economic exchange and benefits from social exchange.

Methodology/approach

First, this study examines the economic rationalization process developed by the business corporation, which is a great innovation in the modern West, but criticized for dominating people through overwhelming capital and power. Second, social rationality is explained by focusing on the balance between economic exchange and social exchange. Third, the ethics and practices of traditional Japanese and Islamic business management are examined including their underlying social rationality in business and shared commonalities in business practices that circulate economic gains in their societies.

Findings

By encapsulating all the relevant elements drawn from traditional Japanese and Islamic business, four conditions were found which successfully establish socially rational management based on sharing and reciprocity: an appropriately life-sized economy; relation-oriented management; a market in which a profit-seeking exchange economy and a profit-cyclical gift economy coexist; autonomous associations that are independent from the control of both state and business corporations.

Research implications

This research reevaluates the rationality of management complying with business ethics, which has been kept in traditional and non-Western business practices. These management styles are considered to be incongruous with modern management philosophies that solely rely on economic gain, resulting in the neglect of significant cultural principles in modern management.

Practical/social implications

This chapter suggests a way to circulate the profits among people through sharing and reciprocity for the public to diminish external diseconomies and solve social problems such as poverty, pollution, war, and alienation through business.

Originality/value

This study presents a method of shifting the paradigm from economically rational to socially rational management, which is urgently required in current business practices worldwide.

Purpose

This chapter emphasizes the importance of potential and realized capabilities in building and sustaining social innovations. We present an assessment of the drivers and barriers to the development of social innovation ecosystems through the use of internal (absorptive capacities) and external organizational capabilities (open social innovation). A particular emphasis is placed on social innovation outcomes and impacts. The capability approach is particularly useful for measuring social innovation impacts and investigating the “micro-meso-macro” of linkages that underlie the process of social innovation.

Methodology/approach

Our methodological approach measures social innovations’ outcomes and impact through an aggregative model, which takes into consideration different forms of capabilities that are engendered in the process of or as a result of social innovation. This methodology highlights the importance of social innovation drivers and contexts in which knowledge exploration and exploitation lead to the creation of capabilities that help social innovators to respond to unfulfilled social needs.

Findings

The research presented in this chapter provides a new perspective on how the capability approach can be used to assess and measure individual and collective actions when facing social challenges.

Research implications

Our research supports and complements the findings of the EU project SIMPACT an acronym for “Boosting the Impact of SI in Europe through Economic Underpinnings,” by highlighting the processes and outcomes and SI impact measurement.

Social

The measurement of social innovation outcomes and impact has gained importance for policy makers and constitutes a strategic tool for designing policies in support of social entrepreneurs, social investors, and private and public organizations which participate in cocreating and implementing innovative projects.

Originality/value

The research presented in this chapter sheds light on the “micro-meso-macro” linkages that foster social innovation ecosystems, and offer valuable tools and guidelines to researchers, practitioners, and policymaker in the field of innovation in general and social innovation in particular.

Purpose

The chapter provides empirical research results on the peculiarities of social innovation and the specific features that its business model must support. It concludes by proposing a Social Innovation Business Model Canvas and steps towards Social Innovation typologies.

Methodology/approach

The research is based on the results of a comparative analysis of 25 business case studies and 32 biographies conducted within the SIMPACT research framework. We then implemented a process of reverse engineering to uncover the business models behind the cases which facilitated the creation of a typology for different social innovation business models. Reverse engineering is the application of tools and processes used to study new business ventures in comparison with existing ones. As such, it sheds further light on the broad characteristics of social business models and their value creation mechanisms. The evidence coming from the cases were analyzed within a new business model and clustered to identify a typology of business models of social innovations.

Findings

The main SIMPACT findings, resulting from the reverse engineering process and upon which our discussion is based, can be seen in the following distinguishing characteristics of SI business models. SI business models are: configured around finding complementarity between antagonistic assets and seemingly conflicting logics; often structured around a divergence in the allocation of cost, use, and benefit leading to multiple value propositions; modeled on multiactor/multisided business strategies, and developed as frugal solutions and through actions of bricolage. Four typologies of social innovation were identified: beneficiary as actor, beneficiary as customer, beneficiary as user, and community-asset-based models.

Research implications

While much attention has been placed on for-profit business models, there is little literature on social/not-for-profit business models. This chapter can add to this gap by providing substantial empirical evidence.

Practical implications

Practitioners in the field of social innovation, particularly the growing intermediary sector, could integrate the findings of the research in their work.

Social implications

The work is also leading to the construction of a future business toolbox for social innovation, which will be even more useful for incubators, accelerators, and supporting structures.

Originality/value

Research presented in this chapter is the result of an extensive comparative analysis across all of Europe, including examples of failure, and the first to propose a typology of SI Business Models.

Purpose

The purpose of this chapter is to investigate the nature and range of solutions that can empower and (re-)engage vulnerable and marginalized populations so that they can fully participate in the social, economic, cultural, and political life. These innovative social solutions may be viewed as interactive, generative, and contextualized phenomena that are driven by individuals, organizations and institutional actors at micro, meso, and macro levels.

Methodology/approach

The use of Middle Range Theory (MRT) as an integrative approach provides an understanding of the processes and mechanisms that govern social phenomena including social innovations. Middle range theorizing focuses on empirical phenomenon and creates general statements that can be verified by data. As such MRT provides an appropriate framework to investigate social innovation trajectory and dynamics.

Findings

MRT has been used within the context of SIMPACT, a research project funded under the European Commission’s 7th Framework Program and is the acronym for “Boosting the Impact of Social Innovation in Europe through Economic Underpinnings.” The application of MRT to selected case studies has permitted to identify the micro (individual actions) and macro (structures) links in a variety of social and economic contexts across Europe.

Research implications

This chapter provides new insights as how different themes studied in the SIMPACT project (i.e., migration, unemployment, education, gender, etc.) in different economic and geographic zones (i.e., Anglo-Saxon, Continental, East-European, and Scandinavia) have been treated by social innovators in response to problems of welfare, economic exclusion, and vulnerability. The research findings are susceptible to be of use in other countries with different economic, political, and social structures.

Practical/social implications

The significance of vulnerability is well-recognized by social innovators, intermediaries, and impact investors including governments and policy-makers. This requires greater policy and practical interventions, guidelines, and support. However the capacity to intervene is conditioned by financial and human resources. Further investigation about alternative social innovation business models will shed light on the resources and policies that would be needed to foster social innovation.

Originality/value

The analysis of social innovations' economic factors by case studies represents a pioneering effort to highlight social innovation path dependency and building as an effort to overcome the problems of vulnerability and exclusion.

About the Authors

Pages 361-368
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Index

Pages 369-376
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Cover of Finance and Economy for Society: Integrating Sustainability
DOI
10.1108/S2043-9059201711
Publication date
2016-12-16
Book series
Critical Studies on Corporate Responsibility, Governance and Sustainability
Editors
Series copyright holder
Emerald Publishing Limited
ISBN
978-1-78635-509-6
eISBN
978-1-78635-509-6
Book series ISSN
2043-9059