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Understanding mechanisms in the social investment market: what are venture philanthropy funds financing and how?

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  • Wolfgang Spiess-Knafl
  • Jessica Aschari-Lincoln

Abstract

In recent years, a social investment market with specialized intermediaries and social investors has developed with an increasing amount of available capital. This paper focuses on venture philanthropy funds as new financial intermediaries and studies some characteristics of the investees. The empirical analysis is based on a unique data set of 342 social investments from five continents over the last 17 years. Three main findings are notable. First, the investees' organizational and beneficiary characteristics determine their access to financial resources. Second, a model including investees' organizational and beneficiary characteristics strongly predicts grant versus commercial financing outcome. Third, the venture capital nature of venture philanthropy funds can be recognized from their financing instrument decision-making. Based on these findings, this paper contributes to the emerging field of social investment.

Suggested Citation

  • Wolfgang Spiess-Knafl & Jessica Aschari-Lincoln, 2015. "Understanding mechanisms in the social investment market: what are venture philanthropy funds financing and how?," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 5(3), pages 103-120, July.
    • Handle: RePEc:taf:jsustf:v:5:y:2015:i:3:p:103-120
    DOI: 10.1080/20430795.2015.1060187
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    Cited by:

    1. Lall, Saurabh Ajay, 2017. "Measuring to Improve Versus Measuring to Prove: Understanding the Adoption of Social Performance Measurement Practices in Nascent Social Enterprises," SocArXiv 8wa5c, Center for Open Science.
    2. Ritesh Shahi & Nadiya Parekh, 2022. "Financing Social Enterprises: An Upper Echelon Perspective," FIIB Business Review, , vol. 11(2), pages 235-250, June.
    3. Maria Carolina Rezende de Carvalho Ferreira & Vinicius Amorim Sobreiro & Herbert Kimura & Flavio Luiz de Moraes Barboza, 2016. "A systematic review of literature about finance and sustainability," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 6(2), pages 112-147, April.
    4. Ifedapo Adeleye & John Luiz & Judy Muthuri & Kenneth Amaeshi, 2020. "Business Ethics in Africa: The Role of Institutional Context, Social Relevance, and Development Challenges," Journal of Business Ethics, Springer, vol. 161(4), pages 717-729, February.
    5. Jessica Aschari-Lincoln & Claus D. Jacobs, 2018. "Enabling Effective Social Impact: Towards a Model for Impact Scaling Agreements," Sustainability, MDPI, vol. 10(12), pages 1-18, December.

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