Search results

The purpose of this study is to analyze the intersection of research on impact investing and its closely related financial vehicles.

The paper explores 196 articles collected from Scopus and Web of Science using bibliometric and content analysis methodologies.

Despite a growing academic interest in impact investing, scholars generally investigate impact investing as a social phenomenon, using the specific financial mechanism of social impact bonds. This perspective potentially deflates the complex nature of impact investing, which actually combines both social and financial targets and uses a plurality of financial vehicles to reach its goals.

The emerging themes identified will provide both academics and practitioners additional tools to further the debate on impact investing and the understanding of its potential and limits according to the different financial forms it takes. This review should pave the way for a discussion about the boundaries of the social impact sector itself.

Despite the strong international commitment toward impact investing, tensions still exist. A comprehensive overview on the relevant aspects not yet thoroughly investigated will foster the growth of impact investments.

To the best of the authors’ knowledge, this is the first holistic overview of impact investing, that jointly examines both literature on impact investing and literature on the correlated financial products used in the industry. The result is a comprehensive report of what is known about impact investing in its different financial forms, opening up new pathways for future studies.

The objectives of this paper are two-fold: first, to empirically compare and contrast the salient features of three financial instruments (FIs), namely sustainable and responsible investment (SRI) ṣukūk, social impact bonds (SIBs) and conventional bonds (CBs) and second, to examine the differences between the perceptions of the investors and the developers on the features of the three FIs.

Using a questionnaire survey, 251 completed and useable responses were received, representing a 42.54% response rate. In examining the differences and similarities in the characteristics of the three FIs, the inferential statistical of frequency and percentage were used. Wilcoxon and Mann–Whitney tests were conducted to investigate the differences in the salient features of the three FIs and the differences between the investors and developers' perceptions on the salient features of SRI ṣukūk, SIBs and CBs, respectively.

The results reveal that stakeholders view SRI ṣukūk, SIBs and CBs to be statistically significantly different from each other. This shows that stakeholders do not view SRI ṣukūk as “old wine in a new Sharīʿah-compliant bottle” but instead considered different from SIBs and CBs. Furthermore, stakeholders also differentiate between SIBs and CBs.

The paper provides empirical evidence that Islamic finance (IF) instrument, represented by SRI ṣukūk, is viewed as different instruments to conventional tools, represented by SIBs and CBs. First, it debunks the notion that IF is viewed as similar to its conventional counterpart. Second, SIBs are seen as different from CBs, illustrating the distinct categorisation of impact investing instruments. As such, third, the development of SRI ṣukūk and SIBs can provide diversification to portfolios as it is a unique instrument in the social finance and financial market.

The purpose of this paper is to examine the world’s first social impact bond (SIB) and the lessons that can be learned for the Islamic finance industry to fulfil its true objectives.

The Peterborough SIB was recently announced to be successful in achieving its targeted social and investment outcomes, reducing recidivism by 9 per cent and paying back investors a 3 per cent pa return. The paper compares Peterborough SIB with socially responsible investment (SRI) sukuk in terms of form and substance, and finds that there are various lessons from the Peterborough SIB that can be useful for future development of Islamic financial products.

Innovative social financial tools such as SIB exemplify the true spirit of risk sharing and social responsibility, which is arguably missing in current practices of the Islamic finance industry. With the growing interest towards SRI strategies and increase in socially motivated investors, such financial tools may not only help the sustainable growth of the Islamic finance industry, but also fill in the gap between its theory and practice.

As such, the paper also proposes a social impact sukuk model which integrates the key aspects learned from Peterborough SIB. This includes prioritising social impact, measurable success indicators, data and management systems, flexible contracts, third sector integration, risk sharing and fostering the culture of innovation.

The findings can offer some practical insights in dealing with the issue of Islamic finance practice being overly concerned with its formal adherence with Islamic legal rules whilst neglecting its true fundamental values.

This paper investigates how outcomes-based performance management (PM) regimes operate in the partnerships known as social impact bonds (SIBs), which bring together partners from the public, private and third sectors. The findings are analysed in the light of the different cultural world views of the partners.

Published evaluations of 25 UK SIBs were analysed by a qualitative multiple case study approach. This study of secondary sources permitted the analysis of a wide range of SIB partnerships from near contemporary accounts.

Outcomes frameworks led to rigorous PM regimes that brought the cultural differences between partners into focus. While partnerships benefitted from the variety of viewpoints and expertise, the differences in outlook simultaneously led to strains and tensions. In order to mitigate such tensions, some stakeholders conformed to the outlooks of others.

The need to achieve a predefined set of payable outcomes embeds a “linear” view of intervention and effect on the SIB partners and a performance regime in which some partners dominate. In designing accountability systems for partnerships such as SIBs, commissioners should consider how the performance regime will affect the interests of all stakeholders.

This study adds to the cultural theory literature which has rarely considered three-way partnerships embodying hierarchical, individualist and egalitarian world views and how performance regimes operate in such partnerships. Three-way partnerships are thought to be rare and short-lived, but this empirical study shows that they can be successful albeit over a predefined lifespan.

This paper aims to unpack the sets of policy ideas underpinning the use of social innovation, thus permeating the allegedly politically neutral language of the concept.

Drawing on Daigneualt (2014), this paper adapts a four-dimensional approach to investigate the sets of ideas underpinning different conceptualisations of social innovation, particularly in relation to who the actors driving social change are, the nature of the problems addressed, the objectives pursued and the means used to achieve these objectives.

Applying the four-dimensional approach to a corpus of literature, this paper found evidence of two different perspectives along each dimension, namely, a radical empowerment approach and an incremental market-oriented one.

A limitation of the study is the focus on academic literature, whereas a broader focus on policy discourse may give further insights. However, this paper argues that this study can be the ground for future research to investigate whether and how the two approaches identified have been adopted in different institutional and policy contexts.

The paper contributes to the development of social innovation research by boosting and encouraging further investigation on how different sets of ideas underpin social innovation discourse and its use as a policy concept.

The purpose of this paper is to explore bricolage as the missing link in understanding how cross-sector social partnerships form and operate in response to grand challenges. It is proposed that the weaving together of resources employed by members of cross-sector social partnerships (CSSPs) is bricolage in action and can be linked to Gray's (1985) facilitating conditions for collaboration. While existing research examines bricolage primarily at the individual level, this research studies collective bricolage, as implemented by a cross-sector social partnership in its process to address a grand challenge.

The authors follow the evolution of a Midwestern initiative aimed at the grand challenge of generational poverty. The deductive case study approach identifies the mechanisms of bricolage being employed in the initiative's evolution and ties these to Gray's (1985) seminal paper on interorganizational collaboration.

This case study has implications for academics conceptually struggling to understand grand challenges and the role of entrepreneurial initiatives in the public and nonprofit sectors, as well as practitioners currently involved in collaborative efforts to address said challenges.

This study enriches the discussion and enhances the link between the CSSP literature and new notions of social entrepreneurship that embrace the collective as their unit of analysis. This is the first work of its kind to link bricolage to a nascent CSSP and demonstrate how the entrepreneurial concept of bricolage is an inherent part of CSSP formation and operation.

The purpose of this paper is to examine the applicability of the complexity-based temporary innovation system (TIS) framework to social innovation and examine the extent to which “nature-based solution” (NBS) projects may be understood through a TIS lens. It is proposed that TIS provides a framework to facilitate multi-actor engagement in social innovation responses to the complexity of wicked problems? The goal is to explore if TIS provides a useful framework for understanding the evolution of social innovation projects and enabling more consciously designed and facilitated social innovation with the potential for large-scale, long-term impact.

The research uses a case study methodology in which 10 NBS projects in 3 European cities are examined and compared to the expected features of a TIS as proposed by anonymised for the review process (2018; 2019)

Of the 10 NBS projects, only 3 were “TIS-like”, each of which was targeting wicked problems in the city/community. As only one of the remaining 7 projects was aimed at a wicked problem, the authors concluded that the TIS framework may be best suited to those social innovations that address one or more wicked problems and that NBS projects may not display this feature.

The authors conclude with a reflection on theoretical insights arising from applying the TIS framework to NBS in particular, and social innovation generally – and proposes the next steps in developing the TIS framework in relation to social innovation.

This paper applies a new complexity framework to empirical data that have not been examined previously. This analysis contributes to the development of a new framework for designing and analysing complex social innovation initiatives and challenges existing theories presenting NBSs as addressing complex “wicked” problems.

The scaling of social initiatives is important to achieve broad social impact based on successful small-scale experiments. This paper focuses on the influence of the characteristics of the initiators of social initiatives on scaling processes. The limited literature on this topic highlights two critical actor characteristics: high entrepreneurial skills and a central position in the area. Both characteristics influence two critical components of the scaling process: mobilizing stakeholders and focusing on retaining effectiveness. The purpose of this paper is to explore these complex relationships in a deductive analysis and to use these findings for an inductive analysis to generate new insights and extend our academic understanding.

A comparative qualitative study of 20 social initiatives in the Dutch social sector was conducted, including 48 in-depth interviews with initiators and stakeholders in three different areas – mental health, debt and labour participation.

High entrepreneurial skills are more important for mobilizing stakeholders and focusing on retention of effectiveness than the position of the initiators, but these are a condition rather than a guarantee. Creating space for scaling and investing in measuring effectiveness in other contexts are also important.

By combining the literature on social entrepreneurship and public innovation and conducting an empirical study, our study provides a broad and nuanced picture and brings precision to our understanding of the relationships between initiators' entrepreneurial skills and position and the scaling process.

Social innovation (SI) acknowledges socio-economic challenges as opportunities to make communities more sustainable and cohesive through inclusive grassroots practices. The question remains, however, as to whether and how socially innovative practices can be effectively supported in developing inclusive economies. Drawing on the findings from two South African in-depth case studies, This paper aims to discuss how social innovation ventures may be supported to drive inclusiveness.

This paper purposively sampled two social enterprises (SEs) and conducted in-depth case studies through interviews and secondary data review.

The SEs selected promoted digital, economic and social inclusion. Despite the diversity of the two organisations, they shared similar challenges in undertaking their practices mostly deriving from South Africa’s lack of legal recognition and policy framework for social purpose-driven businesses.

Applying Moulaert et al.’s (2007) SI classification criteria to the case studies in focus, this paper seeks to extend our understanding of the challenges that innovative SE organisations face in tackling exclusion and contributing to build inclusive economies in the South African context.

Social return on investment (SROI) has received increasing attention, both academically and professionally, since it was initially developed by the Roberts Enterprise Development Fund in the USA in the mid-1990s. Based on a systematic review of the literature that highlights the potential and limitations related to the academic and professional development of the SROI model, the purpose of this study is to systematize the academic debate and contribute to the future research agenda of blended value accounting.

Relying on the preferred reporting items for systematic reviews and meta-analyses approach, this study endeavors to provide reliable academic insights into the factors driving the usage of the SROI model and its further development.

A systematic literature review produced a final data set of 284 studies. The results reveal that despite the procedural accuracy characterizing the description of the model, bias-driven methodological implications, availability of resources and sector specificities can influence the type of approach taken by scholars and practitioners.

To dispel the conceptual and practical haze, this study discusses the results found, especially regarding the potential solutions offered to overcome the SROI limitations presented, as well as offers suggestions for future research.

This study aims to fill a gap in the literature and enhance a conceptual debate on the future of accounting when it concerns a blended value proposition.