Social Impact Bonds: Blockbuster or Flash in a Pan?

Arena, Marika; Bengo, Irene; Calderini, Mario; Chiodo, Veronica

doi:10.1080/01900692.2015.1057852

Cited by 81 publications

(70 citation statements)

References 19 publications

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“…The latter model consists of an intermediary organization which obtains the operating funds, and contracts the service provider. Arena et al (2016) found that the reference model differs from most other SIBs. For instance, risks are often shared between stakeholders instead of transferred to the investor(s).…”

Section: Social Impact Bond As Collaborative Governancementioning

confidence: 98%

“…There is no blueprint of an SIB configuration (Arena et al 2016). Generally speaking, however, most SIBs include (1) a public sector organization (e.g.…”

Section: Social Impact Bond As Collaborative Governancementioning

confidence: 99%

“…Evaluators monitor the development of the intervention, and calculate the return that will be paid (or not) to the investors (Warner 2013;Nicholls and Thomkinson 2013). Arena et al (2016) conducted a review of 22 SIBs worldwide, in order to analyse their configuration and to gain understanding to what extent they diverge from the reference model in Peterborough (UK). The latter model consists of an intermediary organization which obtains the operating funds, and contracts the service provider.…”

Section: Social Impact Bond As Collaborative Governancementioning

confidence: 99%

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Collaborative Learning Processes in Social Impact Bonds: A Case Study from the Netherlands

Smeets

2017

Journal of Social Entrepreneurship

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Social Impact Bonds (SIBs) bring together organizations from various sectors, with different organizational logics. Successful cross-sector collaboration, therefore, is challenging. In this paper, the collaborative learning process between partners of the SIB The Colour Kitchen (The Netherlands) is analysed. By analysing a good practice case, this paper shows (1) how collaborative governance theory helps to understand the dynamics of an SIB partnership, (2) provides insight into theoretical and empirical favourable conditions and actions for collaboration in an SIB, and (3) illustrates the complexity of SIBs and shows why such a normative proposition is still not widely practised.

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Section: Social Impact Bond As Collaborative Governancementioning

confidence: 98%

“…There is no blueprint of an SIB configuration (Arena et al 2016). Generally speaking, however, most SIBs include (1) a public sector organization (e.g.…”

Section: Social Impact Bond As Collaborative Governancementioning

confidence: 99%

Section: Social Impact Bond As Collaborative Governancementioning

confidence: 99%

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Collaborative Learning Processes in Social Impact Bonds: A Case Study from the Netherlands

Smeets

2017

Journal of Social Entrepreneurship

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“…SIBs come in many variations (Arena et al 2016;Clifford and Jung 2016) and are known by different names in different locations: The term "Social Impact Bond" is mostly used in the UK, "Pay for Success" is the common term in the USA, the term "Social Benefit Bond" is used in Australia. Yet all of those forms of funding share certain commonalities: they involve a contract between a commissioner, who is almost invariably a government, and a commissioning agency.…”

Section: Introductionmentioning

confidence: 99%

“…Empirical research has mostly been in the form of evaluation reports, with only a few academic studies (Arena et al 2016;Cooper et al 2016;Edmiston and Nicholls 2017) analysing existing SIBs with empirical methods. The conceptual arguments concerning SIBs have been following distinctive narratives (Fraser et al 2016): A public-sector-reform narrative located within broader theories of Public Management, a private-financial-sector-reform narrative located within broader theories of social entrepreneurship, and a cautionary narrative sceptical of new public management and social entrepreneurship.…”

Section: Introductionmentioning

confidence: 99%

Social Impact Bonds and the Perils of Aligned Interests

Maier

Meyer

2017

Administrative Sciences

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Social impact bonds (SIBs) have been welcomed enthusiastically as a new funding tool for social innovation, yet also condemned as an instrument that neglects beneficiaries' and taxpayers' interests, opening profit opportunities in the field of social politics for smart private investors. We will shed a more analytical light on SIBs, assuming that, like any contract, SIBs try to align interests between partners with partly converging, partly diverging goals. Thus, it remains mainly a matter of negation, and non-profit social service providers as well as public agencies should avoid particular perils and pitfalls.

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

Broccardo

Mazzuca

Frigotto

2019

Corp Soc Responsibility Env

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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...

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Social Impact Bonds: Blockbuster or Flash in a Pan?

Cited by 81 publications

References 19 publications

Collaborative Learning Processes in Social Impact Bonds: A Case Study from the Netherlands

Collaborative Learning Processes in Social Impact Bonds: A Case Study from the Netherlands

Social Impact Bonds and the Perils of Aligned Interests

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

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