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This paper aims to contribute to the on-going debate about the best way to measure the economic effectiveness of public policies, as well to explore the possibility of using the social return on investment (SROI) method as one of the indicators.

This study combines the SROI method with the case study analysis and comparative study. The paper presents the process of economic evaluation with the use of the SROI methodology and its results, along with methodological and evaluation observations.

This study confirms some assumptions based both on the subject literature, as well as, on own experience related to the implementation of the evaluation, the author also points out dilemmas related to the use of SROI analysis and the possibility of using it to measure the effectiveness of social innovation projects.

The study contains several practical suggestions on the advantages and disadvantages of the SROI method in the evaluation of particular public policy intervention.

The paper includes implications for the use of SROI analysis of social innovation projects implemented in the frames of public policies.

The authors’ ambition is to provide practical suggestions on the advantages and disadvantages of the SROI method in the evaluation of particular public policy intervention and to contribute to the discussion about the possible space for comparing the results of economic evaluation based on the SROI method. Furthermore, it is different than most approaches to SROI analysis as the authors combine this method with the case study analysis and comparative study.

This study investigates the relation between ESG-driven investment strategies and the performance of infrastructure funds. More specifically, this study examines the impact of the different dimensions – environmental (E), social (S) and governance (G) – of the ESG profile of infrastructure funds on their performance.

To study the risk-return properties of infrastructure funds and the relationship with their ESG profiles, an econometric analysis is conducted, based on a sample of 180 listed, ESG-oriented infrastructure funds identified through Refinitiv Eikon.

The results show that infrastructure funds with more solid environmental investment policies experience a lower performance, while those with a stronger social orientation yield a superior performance. Governance-related investment policies seem trivial in determining the performance of these funds. Further analysis shows that ESG controversies have a negative impact on infrastructure funds' performance, whereas Emissions and Resource Use scores, both proxying for different elements under the environmental pillar, have opposite signs. Finally, the Community score has a positive impact on funds' performance consistent with the positive impact of the social pillar score. The study also provides a number of sub-sample analyses to shed light on the conditions under which each pillar has significant impact on funds’ performance.

First, infrastructure funds should choose the composition of their portfolio holdings in a way that the total return is not penalized by the prevalence of the tricky E aspects (compliance with environmental regulations) over the main benefits of the S dimension. Second, fund managers need to bet on infrastructures with an expected impact on the social pillar dimension such as those aimed at promoting the wealth of the local communities (e.g. hospitals, schools). Third, to strengthen the fund's social dimension, fund managers must increase the dollar amount of the assets under management to count on a higher firepower.

This study makes three contributions to literature. First, the ESG profiles of the infrastructure funds operating both at local and global level and their relationship with annual performance are studied. Second, the different dimensions of the ESG profile of infrastructure funds are investigated by measuring their impact on performance. Third, the study sheds light on some detailed but relevant aspects of this phenomenon by analyzing the breakdown of the ESG profile of infrastructure funds into four sustainability sub-scores capturing their efforts to reduce CO2 emissions, the use of polluting materials and to influence local communities as well their exposure to the risk of litigation due to the occurrence of ESG controversies. This study addresses the extent to which the adoption of ESG investment policies by the infrastructure funds have an impact on their performances.

In this chapter we want to demonstrate, using the example of Poland, that the socio-cultural context is important in achieving the social policy objectives of women’s professional activation and investing in children. The chapter is based on secondary analysis of data from sociological research and available public statistics (national and international) and legal documents. The thesis of the chapter refers to the theoretical concept indicated by Birgit Pfau-Effinger.

We take the view of the German sociologist Birgit Pfau-Effinger on the twofold, partially contradictory, mutual relations, and tensions between culture, institutions, social structures, and individuals who formulate the social context of female employment and child care in society. The said researcher emphasizes that the effects of similar solutions implemented in social policies in different countries vary considerably depending on the cultural context. The authors chose the subject matter of the chapter because of the changes introduced in Poland in recent years in social policy relating to the care of small children. They deal with new legal solutions that increase men’s participation in care by introducing new forms of leave for fathers.

The value of the chapter lies in pointing out the weakness of the technocratic implementation of public policies in the absence of “sociological imagination and sensitivity.” This is typical for countries in transition and post-transition periods, which includes Poland. Poor rooting of cultural knowledge and analysis in the area of programming and implementation of public policies generate a variety of social tensions.

Grahl (2006) has commented that current manifestations of institutional shareholder activism are limited by the rise of the shareholder value doctrine in EU member states and the absence of strong legal frameworks restraining corporate practice. Survey studies have pointed to a generally muted response to legislative encouragement that financial institutions engage in reformist activist practices. Several studies have attempted to measure the effect of legislation calling on financial institutions to disclose the extent of their involvement with companies in which they have invested. All such studies have concluded that strong shareholder activism policy would require adjustments to the manner of remuneration of investment managers and intermediaries. For example, a study of pension fund reporting immediately following the introduction of British legislation in 2000 found that most surveyed organisations had disclosed the use of ‘social considerations’ in investment processes (Mathieu, 2000), with little more added by way of elaboration. (The latter observation is also couched a high non-response rate (67 per cent).) More recent studies demonstrate the struggle of pension funds in this regard. Pension funds have tended to follow conservative ‘hands-off’ ownership strategies, whereas activist approaches typically require a very different ‘hands-on’ approach (Johnson & De Graaf, 2009; Eurosif, 2010).

Recently enacted Australian law governing financial services requires investment managers to report to what extent social considerations are employed in portfolio construction. Using the principal‐agent framework as an interpretive backdrop, the paper aims to analyse institutional responses to the introduction of the legislation.

The paper distinguishes formal, claimed accountabilities from practised accountabilities. It identifies practised accountabilities by examining legislative requirements, noting responses of mainstream investment banking institutions in the period of legislative development, interviewing a sample of investment managers, and examining a sample of information disclosures issued in the initial period of the legislation.

The paper finds that while appeasing investment managers and the lobby group that urged for the disclosures, the non‐prescriptive regulations promise little in terms of promoting the integrity of management practices. Initial disclosures were poor, providing little basis for comparability.

The paper provides a basis to investigate accountabilities in service‐based contractual relationships, particularly managed investments.

The paper introduces a new research field: social reporting in financial services. The period reviewed was the initial reporting period in which Australian practitioners were required to issue social reports. Counterpart European legislation has not attracted scholarly attention. A contribution is made to critical research on social investment.

The purpose of this paper is to examine the discursive rationalities shaping Irish child policy, with a particular focus on the rationality of “better with less” and its association with an intensified focus on the early years. In the aftermath of the global financial crisis there was a shift towards universal provision of early years services as part of the better with less agenda – the paper critically examines the assumptions which shaped this policy reform.

The paper is based on analysis of the texts of the two national child policy plans produced to date in Ireland – The Children, Their Lives 2000–2010 and Better Outcomes, Brighter Futures 2014–2020.

Ireland adopted its first national children’s strategy The Children, Their Lives in 2000, associated with an initial shift to a more technocratic, investment-oriented approach to policy making. The emphasis on economic returns is more strongly evident in the successor adopted in 2014. Informed by the “better with less” agenda Better Outcomes, Brighter Futures has a strong focus on early years provision as offering the most significant potential for returns, particularly in relation to “disadvantaged” children. This position not only objectifies children but is associated with a set of assumptions about the nature of “disadvantage” and those affected by it which ignores the wider context of unequal social, political and economic relations.

National children’s strategies have not been explicitly looked at previously as a form of governmentalization of government and there has been limited analysis to date in Ireland or elsewhere of the better with less agenda in the context of child policy, gaps which this paper seeks to address.

The “welfare reform” narrative of successive Conservative-led UK Government emphasises public spending reductions, individual responsibility and strengthening of benefit conditionality. The purpose of this paper is to cast light on how this narrative is challenged and disrupted by the Scottish Government through their articulation of a social democratic welfare state imaginary.

The study draws together a decentred governance perspective that emphasises ideational tradition for understanding (re)construction of governance (Bevir, 2013, p. 27) with critical discourse analysis to examine how welfare interpretations/representations are carried into the policy and public arena. The Scottish Government documents are deconstructed to interrogate the ideas and form of their emergent discourse and its relation to the independence referendum and welfare governance reform.

Responding to changing socio-economic contexts and welfare governance, the Scottish Government has developed a discourse of modernisation rooted in British and Scandinavian social democratic traditions. Fusing (civic) nationalism with social wage and social investment concepts, they conjure up imaginaries of a prosperous, solidaristic, egalitarian welfare state as a feasible future reality, recuperating “welfare” as a collective endeavour and positioning a maldistribution of power/resources between groups and constituent countries of the UK as the “problem”.

The paper is of value to those interested in how changes to centralised-hierarchical welfare governance can open new spaces for actors at different levels of government to articulate counter-hegemonic discourses and practices. Its originality lies in the analysis of how the Scottish Government has reworked social democratic traditions to weave together a welfare imaginary that directly contests the problem-solution narrative of successive Conservative-led UK Governments.

The chapter elaborates a critical theoretical narrative about the political economy of European capitalism. It illustrates how precariousness has been exacerbated by the impact of the global financial crisis and the emergence of a new system of European governance. Theoretical accounts in the sociology of work and labor studies have demonstrated the complexity of the outcomes and widely discussed the role of national labor market institutions and employment policies and practices, political ideology, and cultural frameworks impinging upon precarious work as a multidimensional concept. The chapter’s core concern is to illustrate how shifts in power resources, and particularly the weakening and deinstitutionalization of organized labor relative to capital, has acted as a central social condition that has brought about precariousness during the years leading up to and following the 2007–2008 crisis. In so doing, the chapter aims to overcome the existing theoretical accounts of precariousness which have often been limited by one or another variant of “methodological nationalism,” thereby exploring the transnational apparatuses that are emerging across national economies to date, and which impinge upon the structures and experiences that workers exhibit in an age of growing marketization.

This study aims to investigate whether social investment (SI) policies improve employment among single mothers.

This paper analyzes the potential effects of SI policies on vulnerable individuals and workers at the macro level by using the employment position of single mothers as a dependent variable. Time-series cross-national data from 18 OECD countries between 1998 and 2017 are analyzed. Multilevel model analysis is also used for robustness check.

I find that public spending on education and family support is positively associated with the employment rates of single mothers. In contrast, active labor market policy (ALMP) spending is negatively associated. ALMP’s negative effects stand out particularly with public spending on job training. Of all family support policies, family allowances are positively associated with single mothers’ employment, which runs counter to the conventional argument that family allowances are a disincentive for women’s or mothers’ employment. Paid leave (length and generosity) is also associated with higher employment for single mothers. There is also some tentative evidence that public spending on maternity leave benefits (spending level) may raise the odds of single mothers being employed, when individual-level factors are controlled for in multilevel analysis we implement for robustness check.

This paper does not analyze the effects of the qualitative properties of SI policies. Future research is necessary in this respect.

The effects of SI policies on employment among single mothers have not yet been examined in the literature. This paper seeks to be a first cut at measuring the effects.

The purpose of this paper is to compare the impact of two social investment strategies (labour activation and governance coordination) targeted to social assistance clients within three different welfare-system coordination cases, with focus on social and economic inclusion.

The authors focus on the impact of reform at micro (individually experienced impact), meso (impact across settings) and macro (socio-structural impact) levels.

While social investment reform has given some clients new opportunities, in no study case were clients fully able to use the incentive-driven strategies. Reforms have led to a “Matthew effect”: the better resourced reap the largest benefit from new services on offer while the less resourced have their marginal socioeconomic position reinforced. Clients may internalise their relative activation success. Intimate connections between macro- and micro-impacts may have heightened the sense of social and economic exclusion, stigma and shame experienced by those who are most vulnerable.

Social investment reform (labour activation) may not be a model that reduces social and economic exclusion and it may, instead, reify socioeconomic marginalisation, enhancing sense of stigma and shame and reducing self-efficacy.

Scholars have assessed social investment according to its economic performance, but there has been a lack of research considering impact of reform on socioeconomic inclusion.