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A diagnostic framework for social impact bonds in emerging economies

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  • Muñoz, Pablo
  • Kimmitt, Jonathan

Abstract

A social impact bond (SIB) is a new type of outcome-based social investment mechanism for enterprises operating in the social economy. They have grown across the developed world, yet its complexity may prevent from fulfilling their promises. This is particularly the case when SIB-pertinent regulatory frameworks, actors and social problems are ill-defined as in the case of emerging economy contexts. In this paper we ask, how can policy agents better identify, prioritize and weight social issues in the early design of a social impact bond? We tackle this issue by applying design methods in the co-development of a SIB diagnostic framework for emerging economies. This is both a conceptual and an actionable artifact. As a conceptual framework, it provides a holistic picture of the contextual circumstances influencing the emergence of a SIB. As a policy tool, it allows policy agents to assess and prioritize social issues and target groups and subsequently guiding policy decisions regarding investment allocation on social economy enterprises.

Suggested Citation

  • Muñoz, Pablo & Kimmitt, Jonathan, 2019. "A diagnostic framework for social impact bonds in emerging economies," Journal of Business Venturing Insights, Elsevier, vol. 12(C).
    • Handle: RePEc:eee:jobuve:v:12:y:2019:i:c:s2352673419300630
    DOI: 10.1016/j.jbvi.2019.e00141
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    References listed on IDEAS

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    1. Toby Lowe, 2013. "New development: The paradox of outcomes—the more we measure, the less we understand," Public Money & Management, Taylor & Francis Journals, vol. 33(3), pages 213-216, May.
    2. Muñoz, Pablo & Kimmitt, Jonathan, 2019. "Social mission as competitive advantage: A configurational analysis of the strategic conditions of social entrepreneurship," Journal of Business Research, Elsevier, vol. 101(C), pages 854-861.
    3. Emma Dowling, 2017. "In the wake of austerity: social impact bonds and the financialisation of the welfare state in Britain," New Political Economy, Taylor & Francis Journals, vol. 22(3), pages 294-310, May.
    4. Jonathan Kimmitt & Mariarosa Scarlata & Dimo Dimov, 2016. "An empirical investigation of the interplay between microcredit, institutional context, and entrepreneurial capabilities," Venture Capital, Taylor & Francis Journals, vol. 18(3), pages 257-276, July.
    5. Florentine Maier & Michael Meyer, 2017. "Social Impact Bonds and the Perils of Aligned Interests," Administrative Sciences, MDPI, vol. 7(3), pages 1-10, July.
    6. Mildred E. Warner, 2013. "Private finance for public goods: social impact bonds," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 16(4), pages 303-319, December.
    7. Alex Nicholls, 2010. "The Institutionalization of Social Investment: The Interplay of Investment Logics and Investor Rationalities," Journal of Social Entrepreneurship, Taylor & Francis Journals, vol. 1(1), pages 70-100, March.
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    Cited by:

    1. Rosella Carè & Stella Carè & Nathalie Lévy & Rabia Fatima, 2023. "Missing finance in social impact bond research? A bibliometric overview between past and future research," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(5), pages 2101-2120, September.
    2. Kosmynin, Mikhail & Jack, Sarah L., 2022. "Alternative investing as brokering: The embedding process of a Social Impact Bond model in a local context," Journal of Business Venturing Insights, Elsevier, vol. 17(C).
    3. Syrus M. Islam, 2022. "Impact investing in social sector organisations: a systematic review and research agenda," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(1), pages 709-737, March.
    4. Islam, Syrus M. & Habib, Ahsan, 2022. "How impact investing firms are responding to sustain and grow social economy enterprises in light of the COVID-19 pandemic," Journal of Business Venturing Insights, Elsevier, vol. 18(C).

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