Mainstreaming social impact bonds: A critical analysis

Walker, Thomas; Goubran, Sherif; Karami, Moein; Dumont-Bergeron, Adele; Schwartz, Tyler; Vico, Kalima

doi:10.1016/j.frl.2022.103546

Cited by 7 publications

(3 citation statements)

References 29 publications

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“…We collected documents from Scopus database because of its high coverage, comprehensiveness, peer-review process and convenience with various options to refine and export the data (Alshater et al , 2021; Hassan et al , 2021; Kumar et al , 2022; Patel et al , 2022; Rasul et al , 2022; Walker et al , 2023; Yusuf et al , 2021). It is noteworthy that approximately 84% of the literature indexed in the Web of Science (WoS) database aligns with contents found in the Scopus database (Mongeon and Paul-Hus, 2016).…”

Section: Methodsmentioning

confidence: 99%

Governance of Islamic social finance: learnings from existing literature

Napitupulu,

Sukmana,

Rusydiana

2024

IMEFM

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Purpose This study aims to conduct a comprehensive analysis of the existing literature pertaining to the governance of Islamic social finances (ISF). The primary aim is to identify and highlight global research patterns and deliver noteworthy insights that can be gleaned by ISF institutions worldwide. Design/methodology/approach This study uses a hybrid approach, incorporating both bibliometric and content analysis methodologies. The authors curated a data set comprising 73 scholarly documents (articles) obtained from the Scopus database, covering the period from 2010 to 2023. The data collection process was conducted in March 2023. VOSviewer and content analysis were used to analyze the collected data. Findings The authors unveiled six distinct categories derived from the available literature on governance in ISF. These categories encompassed accountability, governance practice, performance, efficiency, Islamic accounting and governance awareness. Extensive deliberations have taken place regarding these six categories to enhance their prominence among ISF institutions. Furthermore, the findings of this study provided valuable directions for future research in this domain. Research limitations/implications The use of English articles obtained from the Scopus database in this study ensured that the selected papers were of a significant standard of excellence within the specific realm of knowledge under examination. Practical implications Enhancing governance practice within ISF institutions could enhance their overall performance, thereby playing a crucial role in optimizing their contributions to societal and economic contexts. Social implications This endeavor served as a means to enlighten numerous stakeholders regarding social finance institutions, fostering an environment of informed decision-making and effective governance that aligns with the principles of Islamic economics. Originality/value This study represents a pioneering bibliometric publication on the governance of ISF, providing academics with a robust basis for comprehending the evolving landscape of literature within this specific area of research.

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Section: Methodsmentioning

confidence: 99%

Governance of Islamic social finance: learnings from existing literature

Napitupulu,

Sukmana,

Rusydiana

2024

IMEFM

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“…Hulse et al (2021) provided a scoping review about the use of SIBs in financing health programs. More recently, Walker et al (2023) proposed some suggestions for mainstreaming SIBs in the impact/ESG investment sphere. However, while there is some literature that sheds light on SIBs as a field of research and identifies a handful of prominent research topics (Broccardo et al, 2020; Fraser et al, 2018; Hulse et al, 2021), traditional literature reviews may present problems, such as researcher bias, a lack of objectivity and difficulties in replication (Marchiori et al, 2021; Zupic & Čater, 2015).…”

Section: Introductionmentioning

confidence: 99%

Missing finance in social impact bond research? A bibliometric overview between past and future research

Carè

Carè²,

Lévy

et al. 2023

Corp Soc Responsibility Env

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This paper provides a bibliometric review of 156 articles published between 2011 and 2021 on social impact bonds (SIBs). We identified five research streams, namely studies that: (i) place the origins of SIBs in the neo‐liberalism framework; (ii) consider SIBs as an evolution of the new public management approach; (iii) focus on conceptualizing SIBs as an impact investment approach rooted in the social finance landscape; (iv) look at SIBs as a funding source for social entrepreneurship; and (v) detect an emerging phenomenon labeled as sustainable financial partnerships for the SDGs. Our results suggest that the current literature is strongly based on those that we have defined as a sort of UK influence, which is dominating the scientific perspective and the current use of SIBs, and that there is still less “finance‐based” research in this field. We conclude by proposing areas for future research.

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“…As an emerging policy instrument, PFS contracts have spawned an ongoing debate on the limitations, the span and the synergies between the public sector, the private sector, and the civil society as systems for shaping the content and prospect of social welfare (e.g., Schinckus 2017;Harvie and Ogman 2019;Andrikopoulos 2020). The limitations of PFS contracts hinder their way to becoming mainstream (Walker et al 2022), even though there have been 292 contracts initiated since 2010 and their population keeps growing. 1 First, sustainable social outcomes may require stakeholder involvement long after these contracts have expired (Sinclair, McHugh, and Roy 2021).…”

mentioning

confidence: 99%

The Pay‐for‐Success Contract: A Valuation Note

Andrikopoulos,

Tsekrekos

2024

Journal of Futures Markets

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Pay‐for‐success contracts are social and financial innovations in social policy and capital markets, respectively. This paper argues that they exhibit option‐like payoffs and implements standard option‐pricing arguments in assessing the value of investing in pay‐for‐success contracts. Sensitivities vis‐à‐vis contract specifications are reflected in the valuation formula and help reach investment and social policy decisions. These sensitivities are demonstrated via a numerical application that uses parameters drawn from the Massachusetts Juvenile Justice Pay for Success Initiative, the largest pay‐for‐success initiative in the United States at the time of its launch.

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Mainstreaming social impact bonds: A critical analysis

Cited by 7 publications

References 29 publications

Governance of Islamic social finance: learnings from existing literature

Governance of Islamic social finance: learnings from existing literature

Missing finance in social impact bond research? A bibliometric overview between past and future research

The Pay‐for‐Success Contract: A Valuation Note

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