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New development: Private finance over public good? Questioning the value of impact bonds

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  • Colin Dey
  • Jane Gibbon

Abstract

This article contrasts the proposed benefits of social impact bonds (SIBs) with the more mixed performance of initial projects, and reviews the early literature, revealing a similar divide between initial optimism and subsequent critique. Despite this, SIBs continue to receive high-level support, while expanding their reach through controversial new ‘development’ and ‘environmental’ impact bonds. This situation deserves more scrutiny in the accounting literature.

Suggested Citation

  • Colin Dey & Jane Gibbon, 2018. "New development: Private finance over public good? Questioning the value of impact bonds," Public Money & Management, Taylor & Francis Journals, vol. 38(5), pages 375-378, July.
    • Handle: RePEc:taf:pubmmg:v:38:y:2018:i:5:p:375-378
    DOI: 10.1080/09540962.2018.1477676
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    Cited by:

    1. Mario La Torre & Annarita Trotta & Helen Chiappini & Alessandro Rizzello, 2019. "Business Models for Sustainable Finance: The Case Study of Social Impact Bonds," Sustainability, MDPI, vol. 11(7), pages 1-23, March.
    2. Jesse M. Keenan & Anurag Gumber, 2019. "California climate adaptation trust fund: exploring the leveraging of cap-and-trade proceeds," Environment Systems and Decisions, Springer, vol. 39(4), pages 454-465, December.
    3. Alessandro Rizzello & Abdellah Kabli, 2020. "Sustainable Financial Partnerships for the SDGs: The Case of Social Impact Bonds," Sustainability, MDPI, vol. 12(13), pages 1-22, July.
    4. Eleonora Broccardo & Maria Mazzuca & Maria Laura Frigotto, 2020. "Social impact bonds: The evolution of research and a review of the academic literature," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(3), pages 1316-1332, May.
    5. 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.
    6. Gamze Erdem Türkelli, 2022. "Multistakeholder Partnerships for Development and the Financialization of Development Assistance," Development and Change, International Institute of Social Studies, vol. 53(1), pages 84-116, January.

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