Social Impact Investing

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SOCIAL IMPACT INVESTMENT: BUILDING THE EVIDENCE BASE 6.5.1. Academic literature building on SII data 6.58 Even though academic literature on social enterprises is large, academic literature on SII is relatively scarce. In particular, academic papers that attempt to measure the scope of SII are rare. Table 6.4 below provides examples of the academic literature that focus on gathering and analysis SII-related data. 6.59 In terms of market components, most of the advances in data analysis have been on the demand side. The academic literature on social enterprises is extensive. For example, international research networks specifically devoted to social enterprises (e.g. EMES; TEPSIE) have been established and contributed to advances in the understanding of the social enterprise sector. 30 Mapping of social enterprises (lactu sensu) exist for a number of countries. Smith and Rothbaum (2013) provide an overview of business demographics trends related co-operatives across several countries, including Canada, France, Germany, Italy, UK and US. Table 6.4. Examples from academic literature Article Country Data Source Alcock et al (2012) UK Case study (SEIF) Survey covering 1653 companies (285treated+1368non-treated) Lyon et al (2010) UK Case study (SEIF) Survey –See Alcock et al (2012) Nicholls (2010b) UK Rough UK Landscape Different reports Nicholls (2010a) Global Broad mapping N\A (focus UK) Anttonen and Haikio (2011) Finland Demand indicators in elderly-care sector Documents provided by Min. <strong>Social</strong> Affairs and Health Hazenberg (2011) UK 15 SIFIs (out of 22 Interviews w\ fund managers identified) Florek (2013) UK Community interest companies National Survey of Third Sector Organisations Mendel and Barbosa Global Exchange platforms Exchange platforms websites (2013) Blazy (2011) FRA; USA Sizing social sector. SII in USA Government sources for FRA (e.g. DARES). Reports and Gvt Wells (2012) UK Case study (Futurebuilders) Borzaga et al (2010-WP) ITA sample of 320 Italian social cooperatives Fedele and Miniaci (2010- ITA 2007 balance sheet data WP) for 504 companies, of which 226 are cooperatives (proxy for Smith and Rothbaum (2013) Source: OECD, based on desk research. sources for US (e.g. CDFI Fund) FBE Annual Review Data ICSI2007 database; see also Scalvini et al (2007) Bureau van Dijk – Amadeus. social companies) Global Cooperatives Canada: Rural and Co-Operatives Secretariat; France: Les Scop and INSEE Germany: DGRV; Geschäftbericht Italy: Census on Cooperatives UK: Co-operatives UK; US: University of Wisconsin Center for Cooperatives 30 . Information on the EMES network can be found at http://www.emes.net/. Information from the European project TEPSIE is available at http://www.tepsie.eu/. © OECD 2015 97
SOCIAL IMPACT INVESTMENT: BUILDING THE EVIDENCE BASE 6.60 The academic literature is not very prolific in terms of studies analysing and mapping investors and intermediaries. While some papers go into detail on a specific market component (e.g. Mendel and Barbosa, 2013 overview existing exchange platforms), others focus on case studies of specific instruments (e.g. Alcock et al., 2012 evaluate the impact of the SEIF in the UK). Therefore, the mapping of SII is always very incomplete. Recent research initiatives such as the CASE i3, described before in Box 6.5, are aiming at providing robust evidence on the SII market as a whole. 6.5.2. Industry reports 6.61 While there are few academic papers, an increasing number of industry reports have attempted to size the SII market. These reports look at the market from different angles and often use different definitions that may include different things. Many of these reports focus on certain countries, geographies or sectors providing a window into parts of the SII market but a fragmented and sometimes contradictory view on the overall market. Without a comprehensive picture — either in terms of market potential, effective demand\supply or actual transactions —, data collection efforts can result in significant biases. 6.62 A number of these reports build on the same few data sources and on limited evidence from case studies (and many of the same cases are used repeatedly). To date, most SII data obtained comes from surveys (e.g. Saltuk et al, 2011, 2013, 2014) and interviews that have been conducted by SII intermediaries, government agencies and/or consulting firms. Even though the information collected in these reports is a big step forward towards a better understanding of SII, sample sizes are often limited and estimates of the SII market often require strong assumptions. 6.63 A number of industry reports have provided some estimates on the actual (or potential) size of the SII market. Table 6.5 below provides examples of SII market estimates as well as a brief explanation of the approached followed. Few reports focus on actual transactions, rather measuring effective demand and (quite often) estimating the market potential and forecasting future market growth. These numbers should be regarded with caution since they rely on rather strong assumptions and the underlying market estimation effort entails a non-negligible number of challenges. The estimates presented in the table are just illustrative since the underlying data and methodologies are very different due to data availability in each country. Therefore, any comparison of estimates across reports should be avoided. 6.64 The strategies to collect data previously described can broadly be found in the existing industry estimates of the SII market. As an example, Weber and Scheck (2012) take a bottom-up approach to size the German SII market, by compiling information on a number of major SII investors. Specifically, they sum up the assets, investments and funding from BonVenture, the <strong>Social</strong> Venture Fund, Auridis gGmbH and the KfW funding. Therefore the estimates might be downward biased since not all SII players are included due to data collection challenges. 6.65 As discussed before, estimating the actual size of the market requires a different approach, as well as different data and respective sources. The strategy followed by Brown and Swersky (2012) to forecast future SII investment demand was the following. First, a number of key SII sectors were identified and further disaggregated into 26 subsectors. Second, the share of economic activity performed by social organisations was calculated for each subsector. Third, the capital requirements of social organisations were calculated by sector. Finally, by comparing present with future capital requirement (based on sector growth and capital depreciation assumptions), it is possible to calculate the investment needs and thus forecast future SII demand. The underlying raw data is obtained through a combination of a survey to 40 SII market players, interviews and publicly available data sources, in a mixed bottom-up (sector level) and survey approach. 98 © OECD 2015
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Fund Azzad Ethical Mid Cap Fund Bri
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Fund Fund A Praxis Growth Index Fun
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development in the US, or are made
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concern, and submitting and voting
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sustain land trusts, to a meeting o
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that are often excluded from market
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Some organisations that have used S
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it helps identify the critical sour
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and shareholder trust through posit
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Approaches Some commentators have i
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Wieland and Handfield (2013) sugges
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EthicalQuote (CEQ) tracks reputatio
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Displaying commitment to CSR is one
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Brand Differentiation CSR can help
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takes health and safety, diversity
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advance with the practice of CSR wh
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Stakeholder Influence One motivatio
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Regulation Fifteen European Union c
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jurisdictions. E.g., some jurisdict
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"Impact investments can be made in
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venture capital community. Investor
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countries via local intermediaries.
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determining views of affected commu
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Another measure of economic impact
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The Board for the CCEG was to inclu
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17 Love Relationship Online dating
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Social Value Act 2012 legislation.
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Development released a report outli
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Benefits and Costs of Social Impact
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UK On 18 March 2010, Secretary of S
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US Massachusetts: The second of two
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US Federal: The U.S. Department of
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would establish a five-year pilot p
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We are dedicated to finding ways to
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In the past, public monies have oft
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indicate that more Americans want t
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Youth" to "Opportunity Youth" in or
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income must file a Form 990. The fo
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In its first three years, SIF has a
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The Office of Social Innovation pri
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of Management at UCLA; and launched
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Notes _____________________________
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Investing for Impact Case Studies A
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Contents What is Impact Investment?
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What is Impact Investment? Impact I
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A case study approach in an asset a
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Segments of Impact Investors High T
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Foundations Like high net worth ind
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in the developed and the developing
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By creating mechanisms through whic
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Asset Allocation Framework Asset cl
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Cash Shorebank Deposit Program fina
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Mezzanine/Quasi Equity Instruments
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Venture Capital Bridges Ventures CD
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Real Estate JP Morgan Urban Renaiss
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absolute return (hedge funds) BelAi
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senior debt Root Capital Impact Fir
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Venture Capital Aavishkaar Impact F
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eal estate Ignia Impact First Inves
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senior debt Root Capital Layered St
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The New York City Acquisition Fund
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Appendix Methodology The Investing
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Websites •• Bridges Ventures: h
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Cash Quasi Equity Public Equity Buy
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SOCIAL IMPACT INVESTMENT: BUILDING
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Page 208 and 209: SOCIAL IMPACT INVESTMENT: BUILDING
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Page 301 and 302: Global Research 29 November 2010 Im
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Impact Investments: An emerging ass
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Advocacy Foundation Publishers The
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XVI for Drug-Free Communities Landm
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Vol. VIII 2022 ComeUnity ReEngineer
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Vol. XV 2029 Inner-Cities Revitaliz
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The e-Advocate Journal of Theologic
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Issue Title Quarterly Vol. I 2015 I
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The e-Advocate Juvenile Justice Rep
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2018 - The Theological Law Firm Aca
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About The Author John C (Jack) John
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Social Impact Investing

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