Understanding Social Impact Bonds and Their Alternatives: An Experimental Investigation

Wong, Jade; Ortmann, Andreas; Motta, Alberto; Zhang, Le

doi:10.1108/s0193-230620160000019011

Cited by 5 publications

(3 citation statements)

References 48 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Research also needs to focus on the development of a complete theory of SIBs. Only Wong et al (); Giacomantonio (); and Pauly and Swanson's () studies can be considered pure theoretical contributions, as they demonstrated the circumstances under which SIBs could outperform alternative contracts and the key issues that should be considered to develop a solid theory about SIBs. First, the uniqueness of investors' participation in SIBs has to be investigated.…”

Section: Discussionmentioning

confidence: 99%

“…With the aim of understanding why SIBs exist, all these contributions compared SIBs with alternative funding schemes and defined under which conditions SIBs add value to involved stakeholders. Wong et al () aimed at elucidating the role of specific contract incentives in the exacerbation or mitigation of underperformance typically affecting not‐for‐profit actors. Using a principal–agent framework, they theoretically and experimentally compared SIBs with input‐based and performance‐based (PB) contracts.…”

Section: Analysis Of the Content Of The Contributionsmentioning

confidence: 99%

See 1 more Smart Citation

Social impact bonds: The evolution of research and a review of the academic literature

Broccardo

Mazzuca

Frigotto

2019

Corp Soc Responsibility Env

View full text Add to dashboard Cite

This study reviews all the academic contributions to research on social impact bonds (SIBs). It responds to the need for clarification across and within the various perspectives used in the literature. The goal was to assess the approaches used in extant studies and to offer directions for future studies. A bibliometric analysis was performed, and a framework was developed in which the contributions were positioned according to two criteria: (a) a distinction on the basis of research approaches and perspectives on SIBs and (b) an analysis of content according to a protocol that includes key questions corresponding with the most pressing issues in this area. K E Y W O R D S literature review, social impact bond, social impact finance 1 | INTRODUCTION The purpose of this study is to provide a systematic review of the academic literature on social impact bonds (SIBs). Since their introduction in the United Kingdom in 2010, SIBs have been receiving increasing attention from practitioners and scholars, as evidenced in the nuanced approaches and methods adopted for studying them as well as in the diverse research areas where SIBs have been addressed (Fraser, Tan, Lagarde, & Mays, 2018). To date, a review of SIBs focussed exclusively on academic papers is non-existent. Fraser et al.'s (2018) review included both academic (38 papers) and "grey" literature products (63 papers) from 2009 to 2015. They distinguished the "cautionary narrative" (mainly related to the academic literature) and two other narratives (mainly related to the grey literature) that assumed a pragmatic and ideological perspective of SIBs. At present, SIBs have broadened both in terms of adoption and research interest: This could allow academics to develop both theoretical and empirical analyses. Therefore, exclusive focus on academic contributions is timely because it is possible to reconstruct a scholarly assessment of SIB implementations, theoretical so-far developing arguments, and open issues. The review's strategy was twofold. First, a bibliometric analysis was conducted to explore (a) the evolution of SIBs in the literature; (b) the existence of central contributors and institutions devoted to work on SIBs; (c) disciplinary areas (research categories) that have shown interest in the discourse of SIBs; and (d) the visibility of contributions as measured through their positioning in ranked journals. Second, to develop a framework, academic contributions to SIBs were analysed and positioned according to two criteria: (a) a distinction based on research approaches to and perspectives on SIBs and (b) an analysis of content according to a protocol that includes key questions corresponding to SIBs' most pressing issues as individuated by the Government Outcomes Lab, a centre of academic research and practice for outcome-based contracting and SIBs at the University of Oxford. The current paper makes two contributions. First, it provides a critical analysis of academic contributions that point out directions and frameworks for extant research and future r...

show abstract

Section: Discussionmentioning

confidence: 99%

Section: Analysis Of the Content Of The Contributionsmentioning

confidence: 99%

Social impact bonds: The evolution of research and a review of the academic literature

Broccardo

Mazzuca

Frigotto

2019

Corp Soc Responsibility Env

View full text Add to dashboard Cite

show abstract

“…Similarly, private investors are interested to overstate project risks in order to negotiate a higher share of profits from the commissioner. On the contrary, the government and the organization performing the service may have the interest to show that the project is feasible and private financing is profitable (Wong et al., 2016). As for the previous case, an audit of a third independent party of risks and returns of the project can overcome these problems.…”

Section: Potential Conflicts Of Interest Under An Asymmetric Informat...mentioning

confidence: 99%

The frontier of social impact finance in the public sector: Theory and two case studies

Becchetti

Pisani

Salustri

et al. 2021

Ann Public Coop Econ

View full text Add to dashboard Cite

Social impact bonds (SIBs) are a novel and innovative form of public‐private partnership financing social services performed by a best‐practice selected non‐governmental third entity. In our paper we outline a SIB theoretical model identifying government and private investors' participation constraints and we discuss the conflicts of interests that may arise among the different actors involved in presence of asymmetric information. We apply our theoretical model to two investment cases concerning contrast to jail recidivism and health budget project. We show conditions for viability of the SIB scheme in both cases under reasonable parametric conditions, provide sensitivity analysis on crucial parameters, and calculate participants' payoffs under different assumptions.

show abstract

The investor's participation in social impact bonds

Mazzuca

Panzera

Ruberto

2023

International Review of Economics & Finance

View full text Add to dashboard Cite

Understanding Social Impact Bonds and Their Alternatives: An Experimental Investigation

Cited by 5 publications

References 48 publications

Social impact bonds: The evolution of research and a review of the academic literature

Social impact bonds: The evolution of research and a review of the academic literature

The frontier of social impact finance in the public sector: Theory and two case studies

The investor's participation in social impact bonds

Contact Info

Product

Resources

About