IDEAS home Printed from https://ideas.repec.org/p/ipt/iptwpa/jrc111373.html
   My bibliography  Save this paper

Social Impact Investment in the EU. Financing strategies and outcome oriented approaches for social policy innovation: narratives, experiences, and recommendations

Author

Listed:

Abstract

This report presents the results of an exploratory research jointly conducted by the European Commission's Joint Research Centre - Directorate for Growth and Innovation, Human Capital & Employment Unit, and a team of external experts from the European University Institute, School of Transnational Governance. The aim of the study is to review social impact investing strategies being proposed in EU Member States and assess what their impact is or can be in view of possible reforms to be introduced in the European Structural and Investment Funds (ESIF), including how to combine them with the European Fund for Strategic Investments (EFSI). In particular, through insights from a comprehensive review of the landscape on social impact investment across Europe, and the analysis of a case study and a prospective scenario of use, the study represents a first attempt to assess what are the opportunities offered by this growing phenomenon, drawing recommendations in light of the proposal for the new Multi Annual Financial Framework (MFF) for the next programming period. In view of the changes in the structure, governance and modes of implementation of EU investment programmes, and with the purpose of supporting the further development of a social impact investment market, conclusions of the analysis also set the ground for future research directions on how to finance strategies and outcomes oriented approaches for a new generation of innovative social policies, including the need to define a research agenda for developing a monitoring tool and an observatory of the use and impact of social innovation and social impact investment in the EU.

Suggested Citation

  • Miguel Poiares Maduro & Giulio Pasi & Gianluca Misuraca, 2018. "Social Impact Investment in the EU. Financing strategies and outcome oriented approaches for social policy innovation: narratives, experiences, and recommendations," JRC Research Reports JRC111373, Joint Research Centre.
    • Handle: RePEc:ipt:iptwpa:jrc111373
    as

    Download full text from publisher

    File URL: https://publications.jrc.ec.europa.eu/repository/handle/JRC111373
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Donald Mackenzie & Fabian Muniesa & Lucia Siu, 2007. "Do Economists Make Markets? On the Performativity of Economics," Post-Print halshs-00149145, HAL.
    2. Gianluca Misuraca & Clelia Colombo & Csaba Kucsera & Stephanie Carretero & Margherita Bacigalupo & Raluca Radescu, 2015. "ICT-enabled Social Innovation in support of the Implementation of the Social Investment Package (IESI) - Mapping and Analysis of ICT-enabled Social Innovation Initiatives promoting Social Investment t," JRC Research Reports JRC97467, Joint Research Centre.
    3. repec:hal:wpspec:info:hdl:2441/5l6uh8ogmqildh09h4687h53k is not listed on IDEAS
    4. Lieve Fransen & Gino del Bufalo & Edoardo Reviglio, 2018. "Boosting Investment in Social Infrastructure in Europe," European Economy - Discussion Papers 074, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    5. Edward Lorenz & B.-A. Lundvall, 2006. "How Europe's Economies Learn," Post-Print halshs-00483659, HAL.
    6. Sebastiano Sabato & Gert Verschraegen, 2016. "The usage of EU resources in local social innovation," ImPRovE Working Papers 16/03, Herman Deleeck Centre for Social Policy, University of Antwerp.
    7. Joseph Stiglitz & Amartya K. Sen & Jean-Paul Fitoussi, 2009. "The measurement of economic performance and social progress revisited: Reflections and Overview," Working Papers hal-01069384, HAL.
    8. Giulio Pasi, 2014. "Challenges for European welfare systems. A research agenda on social impact bonds," Review of Applied Socio-Economic Research, Pro Global Science Association, vol. 8(2), pages 141-150, June.
    9. D. Joseph Stiglitz, 2009. "Moving Beyond Market Fundamentalism To A More Balanced Economy," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 80(3), pages 345-360, September.
    10. Joseph E. Stiglitz & Amartya Sen & Jean-Paul Fitoussi, 2009. "The measurement of economic performance and social progress revisited," Documents de Travail de l'OFCE 2009-33, Observatoire Francais des Conjonctures Economiques (OFCE).
    11. Nelson, Kenneth, 2007. "Introducing SaMip: The Social Assistance and Minimum Income Protection Interim Dataset," Working Paper Series 11/2007, Stockholm University, Swedish Institute for Social Research.
    12. Anne Lise Fimreite & Per Lægreid, 2009. "Reorganizing the welfare state administration," Public Management Review, Taylor & Francis Journals, vol. 11(3), pages 281-297, May.
    13. Antony Bugg-Levine & Jed Emerson, 2011. "Impact Investing: Transforming How We Make Money while Making a Difference," Innovations: Technology, Governance, Globalization, MIT Press, vol. 6(3), pages 9-18, July.
    14. Jade Wong & Andreas Ortman & Alberto Motta & Le Zhang, 2013. "Understanding Social Impact Bonds and Their Alternatives: An Experimental Investigation," Discussion Papers 2013-21, School of Economics, The University of New South Wales.
    15. Donald MacKenzie, 2006. "An Engine, Not a Camera: How Financial Models Shape Markets," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262134608, April.
    16. Ranci, Costanzo & Pellegrino, Mauro & Pavolini, Emmanuele, 2005. "The third sector and the policy process in Italy: between mutual accommodation and new forms of partnership," LSE Research Online Documents on Economics 29011, London School of Economics and Political Science, LSE Library.
    17. Edward T. Jackson, 2013. "Evaluating social impact bonds: questions, challenges, innovations, and possibilities in measuring outcomes in impact investing," Community Development, Taylor & Francis Journals, vol. 44(5), pages 608-616, December.
    18. Donald MacKenzie & Fabian Muniesa & Lucia Siu, 2007. "Introduction to Do Economists Make Markets? On the Performativity of Economics," Introductory Chapters, in: Donald MacKenzie & Fabian Muniesa & Lucia Siu (ed.),Do Economists Make Markets? On the Performativity of Economics, Princeton University Press.
    19. repec:hal:spmain:info:hdl:2441/5l6uh8ogmqildh09h4687h53k is not listed on IDEAS
    20. Gianluca Misuraca & Giulio Pasi & Fabienne Abadie & Csaba Kucsera & Marco Virginillo, 2017. "Exploring the role of ICT-Enabled Social Innovation to support the modernisation of EU Social Protection Systems: findings and insights from analysis of case studies in fourteen Member States," JRC Research Reports JRC106484, Joint Research Centre.
    21. Gianluca Misuraca & Giulio Pasi & Fabienne Abadie, 2017. "JRC Insights - Social Policy Innovation Series - Innovating EU Social Protection Systems through ICTs. Findings from analysis of case studies in fourteen Member States," JRC Research Reports JRC106581, Joint Research Centre.
    22. Lorenz, Edward & Lundvall, Bengt-Ake (ed.), 2006. "How Europe's Economies Learn: Coordinating Competing Models," OUP Catalogue, Oxford University Press, number 9780199203192.
    23. Gianluca Misuraca & Csaba Kucsera & Giulio Pasi & Dimitri Gagliardi & Fabienne Abadie, 2017. "Mapping and Analysis of ICT-enabled Social Innovation initiatives promoting social investment across the EU: IESI Knowledge Map 2016," JRC Research Reports JRC105556, Joint Research Centre.
    24. Filippo Addarii & Fiorenza Lipparini & Francesca Medda, 2018. "Impact Investing Innovation: Bringing Together Public, Private and Third Sectors to Create Greater Value: The Case of the Public Private Partnership Initiative for the New Public Hospital of Treviso," Palgrave Studies in Impact Finance, in: Mario La Torre & Mario Calderini (ed.), Social Impact Investing Beyond the SIB, chapter 5, pages 115-140, Palgrave Macmillan.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Hugo Pinto & Carla Nogueira & J. André Guerreiro & Fábio Sampaio, 2021. "Social Innovation and the Role of the State: Learning from the Portuguese Experience on Multi-Level Interactions," World, MDPI, vol. 2(1), pages 1-19, January.
    2. Joaquin Sanchez‐Planelles & Marival Segarra‐Oña & Angel Peiro‐Signes, 2022. "Identifying different sustainable practices to help companies to contribute to the sustainable development: Holistic sustainability, sustainable business and operations models," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(4), pages 904-917, July.
    3. Mindaugas Laužikas & Mindaugas Laužikas & Aistė Miliūtė, 2020. "Impacts of modern technologies on sustainable communication of civil service organizations," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 7(3), pages 2494-2509, March.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gianluca Misuraca & Giulio Pasi & Maria Cesira Urzi Brancati, 2017. "The potential and impact of ICT-enabled Social Innovation to promote social investment in the EU," JRC Research Reports JRC108517, Joint Research Centre.
    2. Teppo Felin & Nicolai J. Foss, 2009. "Social Reality, the Boundaries of Self-Fulfilling Prophecy, and Economics," Organization Science, INFORMS, vol. 20(3), pages 654-668, June.
    3. Andriani, Pierpaolo & Herrmann-Pillath, Carsten, 2011. "Performing comparative advantage: The case of the global coffee business," Frankfurt School - Working Paper Series 167, Frankfurt School of Finance and Management.
    4. Roberts, John & Jones, Megan, 2009. "Accounting for self interest in the credit crisis," Accounting, Organizations and Society, Elsevier, vol. 34(6-7), pages 856-867, August.
    5. Christian Walter, 2020. "Sustainable Financial Risk Modelling Fitting the SDGs: Some Reflections," Sustainability, MDPI, vol. 12(18), pages 1-28, September.
    6. Aligica, Paul Dragos, 2013. "Institutional Diversity and Political Economy: The Ostroms and Beyond," OUP Catalogue, Oxford University Press, number 9780199843909.
    7. Aaron Z. Pitluck & Fabio Mattioli & Daniel Souleles, 2018. "Finance beyond function: Three causal explanations for financialization," Economic Anthropology, Wiley Blackwell, vol. 5(2), pages 157-171, June.
    8. Chris Clarke, 2012. "Financial Engineering, Not Economic Photography," Journal of Cultural Economy, Taylor & Francis Journals, vol. 5(3), pages 261-278, January.
    9. Francesco GUALA, 2015. "Performativity Rationalized," Departmental Working Papers 2015-07, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    10. Cochrane, David Troy, 2020. "Disobedient Things: The Deepwater Horizon Oil Spill and Accounting for Disaster," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 7(1), pages 3-32.
    11. Loconto, Allison & Rajão, Raoni, 2020. "Governing by models: Exploring the technopolitics of the (in)visilibities of land," Land Use Policy, Elsevier, vol. 96(C).
    12. Shaozeng Zhang, 2017. "From externality in economics to leakage in carbon markets: An anthropological approach to market making," Economic Anthropology, Wiley Blackwell, vol. 4(1), pages 132-143, January.
    13. Sarah Bracking, 2012. "How do Investors Value Environmental Harm/Care? Private Equity Funds, Development Finance Institutions and the Partial Financialization of Nature-based Industries," Development and Change, International Institute of Social Studies, vol. 43(1), pages 271-293, January.
    14. Teppo Felin & Nicolai J. Foss, 2009. "Performativity of Theory, Arbitrary Conventions, and Possible Worlds: A Reality Check," Organization Science, INFORMS, vol. 20(3), pages 676-678, May.
    15. William Davies, 2013. "Book Review," Journal of Cultural Economy, Taylor & Francis Journals, vol. 6(1), pages 110-112, February.
    16. Power, Michael, 2021. "Modelling the microfoundations of the audit society: organizations and the logic of the audit trail," LSE Research Online Documents on Economics 100243, London School of Economics and Political Science, LSE Library.
    17. Fabrizio Ferraro & Jeffrey Pfeffer & Robert I. Sutton, 2009. "How and Why Theories Matter: A Comment on Felin and Foss (2009)," Organization Science, INFORMS, vol. 20(3), pages 669-675, June.
    18. Pucci, Richard & Skærbæk, Peter, 2020. "The co-performation of financial economics in accounting standard-setting: A study of the translation of the expected credit loss model in IFRS 9," Accounting, Organizations and Society, Elsevier, vol. 81(C).
    19. van Basshuysen, Philippe & White, Lucie & Khosrowi, Donal & Frisch, Mathias, 2021. "Three ways in which pandemic models may perform a pandemic," LSE Research Online Documents on Economics 110996, London School of Economics and Political Science, LSE Library.
    20. Greco, Salvatore & Ishizaka, Alessio & Tasiou, Menelaos & Torrisi, Gianpiero, 2018. "σ-µ efficiency analysis: A new methodology for evaluating units through composite indices," MPRA Paper 83569, University Library of Munich, Germany.

    More about this item

    Keywords

    Social Innovation; Impact Investing; Welfare Reforms; Financing Strategies;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ipt:iptwpa:jrc111373. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Publication Officer (email available below). General contact details of provider: https://edirc.repec.org/data/ipjrces.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.