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A Research Agenda for Social Finance
This insightful Research Agenda explores social finance and impact investing, surveying the latest research in this area. It considers a range of actors from across the social finance ecosystem, from investors and social banks, to the entrepreneurs who propose sustainable solutions and seek finance.
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Critical Acclaim
Contributors
Contents
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Elgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary.
This insightful Research Agenda explores social finance and impact investing, surveying the latest research in this area. It considers a range of actors from across the social finance ecosystem, from investors and social banks, to the entrepreneurs who propose sustainable solutions and seek finance.
Chapters discuss a variety of key topics, including impact investing practices by philanthropic and renewable energy sectors, the financing of social enterprises, social ventures and the effect of banking on the Sustainable Development Goals. The Research Agenda also examines market-figures to provide a holistic overview of the social finance and impact investing markets.
Considering the perspectives of both investors and investees, this Research Agenda will be a useful guide for scholars and researchers in the areas of social finance, social entrepreneurship,
impact investing and sustainability. Its evaluation of the challenges and successes of multiple social finance sectors will also be beneficial for practitioners in these fields.
This insightful Research Agenda explores social finance and impact investing, surveying the latest research in this area. It considers a range of actors from across the social finance ecosystem, from investors and social banks, to the entrepreneurs who propose sustainable solutions and seek finance.
Chapters discuss a variety of key topics, including impact investing practices by philanthropic and renewable energy sectors, the financing of social enterprises, social ventures and the effect of banking on the Sustainable Development Goals. The Research Agenda also examines market-figures to provide a holistic overview of the social finance and impact investing markets.
Considering the perspectives of both investors and investees, this Research Agenda will be a useful guide for scholars and researchers in the areas of social finance, social entrepreneurship,
impact investing and sustainability. Its evaluation of the challenges and successes of multiple social finance sectors will also be beneficial for practitioners in these fields.
Critical Acclaim
‘A Research Agenda for Social Finance offers a comprehensive look at the goals and challenges of social finance. The volume covers every field of social finance, from philanthropy, government, and other not-for-profit sectors to profit-conscious impact investing. Chapters on renewable energy, the banking sector, and social impact bonds highlight some of the most ambitious implementations of social finance. Methodologically diverse and breathtaking in its scope, this volume defines the state of knowledge on social finance. This book identifies fruitful directions that social finance might pursue in hopes of enlightening and securing a more humane, environmentally sustainable future.’
– Professor James Ming Chen, Michigan State University, US
‘A Research Agenda for Social Finance represents a significant new contribution to the development of scholarly research on social and impact finance. This book offers a wide-ranging and interesting review of potential areas of future research within this emerging market. The chapters explore the different types of social and impact finance, the market infrastructure, key investment themes, as well as important innovations. Overall this book provides a roadmap for future researchers that is both engaging and compelling.’
– Professor Alex Nicholls, University of Oxford, UK
– Professor James Ming Chen, Michigan State University, US
‘A Research Agenda for Social Finance represents a significant new contribution to the development of scholarly research on social and impact finance. This book offers a wide-ranging and interesting review of potential areas of future research within this emerging market. The chapters explore the different types of social and impact finance, the market infrastructure, key investment themes, as well as important innovations. Overall this book provides a roadmap for future researchers that is both engaging and compelling.’
– Professor Alex Nicholls, University of Oxford, UK
Contributors
Contributors: E. Broccardo, S. Cabral, E. Costa, C. de M. Ferreira, E. Embry, V.A. Farber, L.A. Girardi, J. Jones, J.H. Kucher, S.G. Lazzarini, O.M. Lehner, M. Mazzuca, T. Meng, J. Newth, C. Pesci, L.S. Pongeluppe, J.M. Puaschunder, P. Reichert, A. Rotondaro, O. Weber
Contents
Contents:
Introduction to A Research Agenda for Social Finance 1
Othmar M. Lehner
1 Exploring impact investing’s emergence in the
philanthropic sector 1
Jessica Jones and Elizabeth Embry
2 A ladder to nowhere? A research agenda for
funding social enterprise 27
J. Howard Kucher
3 Financing a sustainable planet: research agenda
for impact investing in the renewable energy
sector from an identity-based view 45
Tongyu Meng and Jamie Newth
4 Market infrastructure for social ventures 69
Vanina A. Farber and Patrick Reichert
5 The best of both worlds? Impact investors
and their role in the financial versus social
performance debate 91
Sergio G. Lazzarini, Sandro Cabral, Leandro
S. Pongeluppe, Luciana C. de M. Ferreira and
Angelica Rotondaro
6 Challenges for social impact measurement in the
non-profit sector 119
Ericka Costa
7 At the intersection of financial and non-financial
accounting impact measurements 145
Caterina Pesci and Andrea Girardi
8 The banking sector and the SDGs:
interconnections and future directions 167
Olaf Weber
9 Financial sustainability conscientiousness 191
Julia M. Puaschunder
10 Social impact bonds: challenges and success 215
Eleonora Broccardo and Maria Mazzuca
Index
Introduction to A Research Agenda for Social Finance 1
Othmar M. Lehner
1 Exploring impact investing’s emergence in the
philanthropic sector 1
Jessica Jones and Elizabeth Embry
2 A ladder to nowhere? A research agenda for
funding social enterprise 27
J. Howard Kucher
3 Financing a sustainable planet: research agenda
for impact investing in the renewable energy
sector from an identity-based view 45
Tongyu Meng and Jamie Newth
4 Market infrastructure for social ventures 69
Vanina A. Farber and Patrick Reichert
5 The best of both worlds? Impact investors
and their role in the financial versus social
performance debate 91
Sergio G. Lazzarini, Sandro Cabral, Leandro
S. Pongeluppe, Luciana C. de M. Ferreira and
Angelica Rotondaro
6 Challenges for social impact measurement in the
non-profit sector 119
Ericka Costa
7 At the intersection of financial and non-financial
accounting impact measurements 145
Caterina Pesci and Andrea Girardi
8 The banking sector and the SDGs:
interconnections and future directions 167
Olaf Weber
9 Financial sustainability conscientiousness 191
Julia M. Puaschunder
10 Social impact bonds: challenges and success 215
Eleonora Broccardo and Maria Mazzuca
Index
