Barriers to social impact bond implementation: a review of evidence from the UK and US

Abstract

PurposeThis study investigates barriers to social impact bond (SIB) implementation through a review of academic and gray literature. A SIB is a type of public policy instrument that leverages payment for performance (P4P), contracting together with private investments in the delivery of welfare programs. Outcome-based contracts, such as SIBs, are gaining attraction for public service providers in developed countries, but research regarding their implementation remains underexplored both empirically and theoretically.Design/methodology/approachA literature review is conducted in which two types of documents are included: (1) empirical research papers and (2) evaluations of completed SIB projects. In total, 43 documents have been investigated. The study engages in a comparative design where insights across sectors (healthcare, social care and employment/education), are leveraged. The insights rest on evidence from the UK and US.FindingsThe investigation reveals five types of barriers to SIB implementation related to: (1) the SIB model, (2) organizational competencies, (3) data infrastructure, (4) stakeholder engagement and (5) the institutional context. The study discusses ways of managing these barriers and develops a conceptual framework for empirically investigating SIB implementation.Originality/valueThis study is the first academic paper to systematically assess insights regarding the implementation of SIBs. Also, the article proposes a conceptual framework for investigating SIB implementation.

Repowerment beyond empowerment: collaborative accountability of citizens, corporations and civil servants

“…A contemporary example of government support for corporate social responsibility is the Social Impact Bond (SIB). Designed to fulfill dual objectives of financial government stability and impactful social policies, SIB involves a partnership with private funders (Andersen, 2023; The Economist, 2011). The Peterborough prison case in the UK exemplifies this approach.…”

Guest editorial: Payment for performance: comparing policy making, design and implementation in health, social care and education

“…This special issue gathers three types of comparative studies: cross-country comparisons (Zitti et al , 2023; Andersen, 2023), intra country comparisons (Aktas et al , 2023; Srinivasan and Sarin, 2023; Coelho et al , 2023; Dos Anjos et al , 2023) and world-wide meta-analysis from existing literature (Kristensen et al , 2023; Briganti et al, 2023 ). Authors carry out policy process analyses, employing qualitative, mixed methods and review techniques, combined with comparative analytical descriptive accounts.…”

“…Two papers compare some specific units of analysis across two countries, capturing differences and similarities in respect to the variables analysed. One of them bring new data collection and analysis on Mali and Burkina Faso (Zitti et al , 2023), while one carries out a review comparing the US and the UK (Andersen, 2023).…”

“…Two papers compare some specific units of analysis across two countries, capturing differences and similarities in respect to the variables analysed. One of them bring new data collection and analysis on Mali and Burkina Faso (Zitti et al, 2023), while one carries out a review comparing the US and the UK (Andersen, 2023). Zitti et al (2023) develop a qualitative analysis comparing cases of community verification (CV) processes during the implementation of PBF in Mali and Burkina Faso.…”

“…Authors conclude that CV should be simplified and be better adapted to context, and state that CV results need to be employed more carefully for service improvement purposes. Andersen's (2023) article examines the process of implementing Social Impact Bond (SIB) instruments in the field of healthcare, social care and employment/education, based on a literature review of empirical articles and evaluations of SIB projects completed in the UK and USA. At the same time, the article proposes a conceptual framework for SIB implementation studies, considering different types of barriers that may hinder its implementation, such as adopted SIB models, organizational competencies, data infrastructure, stakeholder engagement and institutional context.…”