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1 – 10 of over 19000Kate Ruff, Pier-Luc Nappert and Cameron Graham
This paper aims to understand how social finance and impact measurement experts include stakeholders' voices in valuations of social and environmental impact.
Abstract
Purpose
This paper aims to understand how social finance and impact measurement experts include stakeholders' voices in valuations of social and environmental impact.
Design/methodology/approach
The paper used the content analysis of an online discussion forum where experts discussed impact valuation approaches.
Findings
Many experts seek impact valuations that take into account the experiences of those whose lives are most affected. Ideally, these accounts need to be emic to (in the language of) those stakeholders, and polyvocal (representing many different stakeholders' voices). However, these experts also seek to effect systemic change by encouraging mainstream financial markets to use social and environmental valuations in their decision-making. These experts consider full plurality too complex to be useable by financial markets, so the experts argue in favor of etic valuations (stated in the language of investors), to appeal to mainstream finance, while endeavoring nonetheless to represent multiple stakeholders' voices. The authors identify two discursive strategies used to resolve this tension: effacing of differences between diverse stakeholders, and overstating the universality of money as a common language.
Social implications
The terms emic and polyvocal provide experts with nuanced ways to understand “stakeholder voice.” The authors hope these nuances inspire new insights and strategies and help the community with their goal of bridging to mainstream finance.
Originality/value
The paper presents a theoretical framework for describing plurality in impact valuations and examines the challenges of bridging from social finance, which seeks to give voice and representation to those whose lives are most affected, to mainstream finance.
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In the study, an attempt was made to estimate the social benefits resulting from three non-mega sporting events organized in Ergo Arena located on the border of two cities in…
Abstract
Purpose
In the study, an attempt was made to estimate the social benefits resulting from three non-mega sporting events organized in Ergo Arena located on the border of two cities in Poland. By attributing a value to intangible social benefits, the intangible effect was determined and compared to the expenditure incurred in the construction of Ergo Arena Hall.
Design/methodology/approach
In order to value social intangible effects of three non-mega sporting events the Contingent Valuation Method was applied. Each time, the Contingent Valuation Method study covered the area of the two cities: Gdańsk and Sopot and was conducted on a sample of 500 people – 250 per city. The mean values of Willingness-to-Pay were used in order to obtain aggregate values of intangible benefits. Finally, the aggregate results were compared to expenditure incurred in connection with the construction of Ergo Arena Hall.
Findings
It appeared that intangible effects were eagerly valued by the residents of Gdańsk and Sopot. The aggregated value of all three sporting events was estimated at PLN 8.8 million. The obtained results question the equal share of both cities in financing but confirm that under certain circumstances, hosting non-mega sporting events may justify the use of public funds. In the case of the two cities, the reasonable reason for the employment of public means is the size of Gdańsk compared to Sopot.
Originality/value
The paper fulfils the research gap which arises regarding Willingness-to-Pay in estimating the intangible social effects of non-mega sporting events and considering these effects in the net effect valuation. The findings have implications for policy makers since they show to what extent it may be justified to use public means in order to host non-mega sporting events.
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David John Evans, Erhun Kula and Yoko Nagase
– The purpose of this paper is to estimate survey-based values of the elasticity of marginal social valuation of income, an important welfare parameter in cost-benefit analysis.
Abstract
Purpose
The purpose of this paper is to estimate survey-based values of the elasticity of marginal social valuation of income, an important welfare parameter in cost-benefit analysis.
Design/methodology/approach
A model relating equity welfare weights to income is developed, and iso-elasticity of marginal valuation of income is tested using survey data obtained from a sample of Turkish politicians who are instrumental in policy making.
Findings
Based on the survey feedback, formal statistical testing indicates that Turkish politicians, regardless of party allegiance, reveal preferences consistent with an iso-elastic marginal social valuation of income. The estimated value of the elasticity measure is close to unity for each of the political parties.
Originality/value
The originality of the paper is in terms of the survey method used to obtain from Turkish politicians estimates of the marginal social valuation of income. This welfare parameter is needed in the calculation of both social discount rates and welfare weights. The paper will be of interest to academics in the field of welfare economics as well as to practitioners involved in the appraisal of social projects and policies.
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This study highlights the business failure experienced in pandemic times, its impact on entrepreneurs' perception of failure and the reciprocal relationship between entrepreneurs'…
Abstract
Purpose
This study highlights the business failure experienced in pandemic times, its impact on entrepreneurs' perception of failure and the reciprocal relationship between entrepreneurs' perception of failure and individual ambidexterity.
Design/methodology/approach
The study provides empirical evidence on interpreting the long-term outcomes of business failure in pandemic times and develops a deeper insight by utilizing a two-year research design (time 1: 2020 and time 2: first half of 2021). It draws on data from 200 entrepreneurs who experienced business failure in the coronavirus disease 2019 (COVID-19) pandemic times which is a global crisis.
Findings
The results revealed that both challenge and hindrance appraisals of failure are associated with individual ambidexterity over time. Self-efficacy and social valuation of re-entry decisions are mediators between hindrance appraisal and individual ambidexterity on both time 1 and time 2. Moreover, there is a positive reciprocal relationship between self-efficacy and ambidexterity throughout the two time periods. In regard to participants' current employment status, hindrance appraisal, self-efficacy and perceptions of ambidexterity linkages were found to be significantly different in terms of unemployment and employment.
Originality/value
To the best of the author's knowledge, it is the first time that the individual ambidexterity of failed entrepreneurs was explored after hard times in the pandemic. It comprehensively helps to understand the importance of cognitive appraisal of hard times and identifies the perceptional and behavioral consequences of failure in entrepreneurship.
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Sofian Arif Susanto and Anastasia Njo
This study aims to determine the causality of herding which was traced down to social and normative influences from first-home buyers represented by undergraduate students.
Abstract
Purpose
This study aims to determine the causality of herding which was traced down to social and normative influences from first-home buyers represented by undergraduate students.
Design/methodology/approach
The Perception Alignment Hypothesis was used in this experimental research, and was conducted on a sample of 125 undergraduates studying finance representing first-home buyers. The experiment provides the subjects property brochures in Surabaya to appraise a value that they see fit for purchase. The subjects were given both social- and normative-induced treatments separately using information cascade, and their valuation shifts were recorded. Their valuations were then divided into three sections under the treatment groups, consisting of initial, “social’ and “normative’ valuations.
Findings
In contrast to previous findings, the results showed that first-home buyers succumbed to both social and normative influences, causing them to herd. Further analysis of the credibility of information was conducted and it showed that the undergraduates were only prone to social influence, whereas other aspects regarding normative influences must be further researched.
Practical implications
The decline of homeownership on a global scale is concerning, especially when 60% of the market represents young adults under the age of 35. This implies that both the government and property developers may need to enact strict measures to regulate property purchases.
Originality/value
This is the first experimental study on herding of Surabaya, Indonesia, mainly focusing on human behavior and information cascade. Thus, this study could be a viable reflection to future policies in Indonesia being made to answer actual demands in the residential market.
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Ravi Abeywardana, Eugenia Ceballos Hunziker, Malcolm Cheetham, Sonja Haut, Christian Heller, Marina Prada, Nina Norjama, Marina Schurr, Lene Serpa, Andreza Souza, Pearl Tiwari, María Luisa Villa and Gabriele Wende
Founded in 2015, the Impact Valuation Roundtable (IVR) is an informal group of companies who wish to operationalise the emerging field of Impact Valuation. IVR participants…
Abstract
Founded in 2015, the Impact Valuation Roundtable (IVR) is an informal group of companies who wish to operationalise the emerging field of Impact Valuation. IVR participants consider Impact Valuation a groundbreaking approach to measure and value the effects of business activities on the health and well-being of people and the planet – in economic, environmental, social and human dimensions.
Impact Valuation can support large and small companies alike. It uses the language of business, supports strategic decision-making by adding fact-based insights into business operations and strengthens the communication and engagement of business with stakeholders. This is showcased in case studies from adidas, Ambuja Cements Limited, BASF, Cementos Argos, Maersk, Natura, Novartis, Syngenta and UPM.
Although there is an increased recognition of the benefits of Impact Valuation, comparability in the calculation and communication of the results of Impact Valuation assessments across companies is one of the key challenges to the credibility and uptake of the concept. The IVR supports and encourages the development of consistent frameworks and standards that strive for maximum commonality across industries, pragmatism in their application, and allow for scaling up.
As importance and interest rises, the IVR continues to welcome other practitioners willing to contribute knowledge and experience to accelerate convergence and mainstreaming of Impact Valuation.
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This study aims to construct a parsimonious instrument to measure social valuation in a collective setting using Uganda as an example.
Abstract
Purpose
This study aims to construct a parsimonious instrument to measure social valuation in a collective setting using Uganda as an example.
Design/methodology/approach
A triangulation technique was used in this study. Conversations with students, parents, teaching and non‐teaching staff at Uganda Christian University (UCU) main campus were carried out, as well as a rigorous review of the literature to gather an original set of items on social valuation. Content and face validity were carried out in order to get rid of redundant and ambiguous items. The remaining items were incorporated in a questionnaire which was pretested before being distributed to a convenience sample of 650 third‐year business students on the four campuses of UCU, each located in one of the four regions of Uganda.
Findings
Principal axis factoring by promax rotation extracted six oblique factors accounting for 56 percent of the variance, namely, teaching of entrepreneurship in schools, family, knowledge, institutions, perception of education, and culture. Confirmatory factor analysis found the measurement model to have acceptable fit statistics.
Research limitations/implications
The study used a convenience sample of students from four campuses of one institution in the country.
Practical implications
Government and other stakeholders in the entrepreneurial sector should use the instrument developed in this study as a guide in a bid to enhance entrepreneurship.
Originality/value
Existing measures of social valuation were designed in the West and may not be wholly applicable in a developing country setting. The instrument designed in this study in a collective setting should be a great contribution to entrepreneurial research and development in developing economies.
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Rimsha Makeel, Jawaria Ashraf, Fitri Rini Ariyesti and Sumran Ali
The individuals take an active interest in society to change it into a better one. For this reason, this study aims to investigate the influence of patriotism with the…
Abstract
Purpose
The individuals take an active interest in society to change it into a better one. For this reason, this study aims to investigate the influence of patriotism with the institutional framework on social entrepreneurial orientation (SEO), which assists us in improving the social welfare activities with socially friendly business and business operations to maintain the existing organization position by engaging potential customers and starting a new social venture for gaining the institutional and external stakeholders support in the competitive environment.
Design/methodology/approach
In this study, the authors employed the quantitative offline survey approach to investigate the proposed relationship with 228 valid responses from entrepreneurial organizations holding social ventures as small or big projects in Pakistan.
Findings
This study’s findings revealed that patriotism positively affects SEO, and institutional support partially mediates the relationship between patriotism and SEO. While social valuation positively strengthens the relationship between patriotism and institutional support and patriotism and SEO. Likewise, experiential learning strengthens the positive relationship between institutional support and SEO.
Practical implications
This study found that institutional support is vital in helping entrepreneurs to create institutional designs and strategies to cope with dynamic and socioeconomic problems. Moreover, this study benefits policymakers and government officials to make strategic decisions based on a sense of self-worth by adopting the opportunities to raise public awareness about social organizations' importance and expand social capital.
Originality/value
The previous literature addresses patriotism mainly in social entrepreneurship instead of SEO. To the best of the authors’ knowledge, this study is the first to explore and show particular ways of SEO to country growth.
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Anthony Higham, Catherine Barlow, Erik Bichard and Adam Richards
The paper aims to assess the strengths and weaknesses of sustainable return on investment (SuROI) to determine it suitability as a means through which social value can be…
Abstract
Purpose
The paper aims to assess the strengths and weaknesses of sustainable return on investment (SuROI) to determine it suitability as a means through which social value can be predicted in line with public procurement directives and the Social Value Act, whilst at the same time as fitting the developer’s business model and CSR commitments.
Design/methodology/approach
Using a multi-case design, findings from a comprehensive evaluation of three major housing-led mixed-use regeneration developments are presented. The three case study locations were selected on the basis of the developer’s strong commitment to place-making and social sustainability. Together with a strong strategic desire to reposition their organisation away from the traditional business as usual profit-led model.
Findings
Whilst the social return on investment methodology is applicable to the charity sector, its use in the built environment is highly questionable. When applying the model to the mixed-use housing projects, the authors identified a number of technical limitations to the model, inter alia a lack of suitable proxies and especially proxies relating to the built environment for the valuation of identified outcomes; the use of monetisation as a evaluating measure which did not support some of the more abstract or softer benefits identified; problems collecting, identifying and evaluating data to inform the model given the complexity and scale of the project; and significant time and expense associated with the valuation and finally the inability to benchmark the report on completion. These findings have implications for the social housing providers and local authorities looking to use SuROI to evaluate potential built environment projects.
Originality/value
The paper offers unique insights into the viability of using existing social value measurement methodologies. The paper identifies the significant limitations associated with the SuROI methodology.
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Santiago García González, Ana Gessa Perera and Francisco Aguado Correa
Firms are increasingly aware of environmental degradation and this has led many of them to include “quality, safety and protecting the environment” among their competitive…
Abstract
Firms are increasingly aware of environmental degradation and this has led many of them to include “quality, safety and protecting the environment” among their competitive priorities. This also involves large capital investments aimed at reducing the environmental impact of their manufacturing activities. This study suggests a method for estimating the return of manufacturing investments with environmental effects (costs and benefits). It considers the value of the asset being preserved as a consequence of a firm’s social responsibility. The practical case studied is Huelva’s industrial area.
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