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Who Likes SIBs? A Bibliometric Analysis of Academic Literature (Time Span 1990–2018)

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Contemporary Issues in Sustainable Finance

Part of the book series: Palgrave Studies in Impact Finance ((SIF))

Abstract

Scientific research into Social Impact Bonds (henceforth, SIBs) has consistently grown over the last 15 years, from an average publication of 10 papers per year (henceforth, PPY) between 2007–2011, to 25 PPY during 2012–2014 and to more than 50 PPY from 2015 (Web of Science, previously known as ISI Web of Knowledge). This chapter aims to explore this development of academic research by using a bibliometric analysis. The findings are organised into two forms of assessment: public sector reform (henceforth, PSR) versus financial sector reform (henceforth, FSR); and optimistic versus pessimistic responses. By combining the two forms, we obtain a matrix in which existing literature can be clustered into four quadrants along a longitudinal study for the period 1990–2018.

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Author information

Authors and Affiliations

  1. Department of Management and Law, University of Rome “Tor Vergata”, Rome, Italy

    Luigi Corvo, Lavinia Pastore & Matteo Ghibelli

Authors
  1. Luigi Corvo
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  2. Lavinia Pastore
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  3. Matteo Ghibelli
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Corresponding author

Correspondence to Matteo Ghibelli .

Editor information

Editors and Affiliations

  1. Department of Management, Sapienza University of Rome, Rome, Italy

    Mario La Torre

  2. Department of Management and Business Administration, G. d’Annunzio University of Chieti-Pescara, Pescara, Italy

    Helen Chiappini

Appendices

Appendix A—List of Papers Per Cluster

2.1.1 Cluster 1—Financial Pessimistic Approach

  1. 1.

    Dey, C., & Gibbon, J. (2018). New development: Private finance over public good? Questioning the value of impact bonds. Public Money & Management, 38(5), 375–378.

  2. 2.

    Castellas, E. I. P., Ormiston, J., & Findlay, S. (2018). Financing social entrepreneurship: The role of impact investment in shaping social enterprise in Australia. Social Enterprise Journal, 14(2), 130–155.

  3. 3.

    Schrötgens, J., & Boenigk, S. (2017). Social impact investment behavior in the nonprofit sector: First insights from an online survey experiment. VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations, 28(6), 2658–2682.

  4. 4.

    Dowling, E. (2017). In the wake of austerity: Social impact bonds and the financialisation of the welfare state in Britain. New Political Economy, 22(3), 294–310.

  5. 5.

    Kish, Z., & Leroy, J. (2015). Bonded life: technologies of racial finance from slave insurance to philanthrocapital. Cultural Studies, 29(5–6), 630–651.

  6. 6.

    Dagher Jr, P. G. (2012). Social Impact Bonds and the Private Benefit Doctrine: Will Participation Jeopardize a Nonprofit’s Tax-Exempt Status. Fordham L. Rev., 81, 3479.

  7. 7.

    Cooper, C., Graham, C., & Himick, D. (2016). Social impact bonds: The securitization of the homeless. Accounting, Organizations and Society, 55, 63–82.

  8. 8.

    Glänzel, G., & Scheuerle, T. (2016). Social impact investing in Germany: Current impediments from investors’ and social entrepreneurs’ perspectives. VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations, 27(4), 1638–1668.

  9. 9.

    Berry, J. M. (2016). Negative returns: The impact of impact investing on empowerment and advocacy. PS: Political Science & Politics, 49(3), 437–441.

  10. 10.

    Joy, M., & Shields, J. (2013). Social impact bonds: The next phase of third sector marketization? Canadian journal of nonprofit and social economy research, 4(2).

2.1.2 Cluster 3—Financial Optimistic Approach

  1. 1.

    Lieberman, D. L. (2018). Hedge Funds and Impact Investing: Considerations for Institutional Investors. The Journal of Investing, 27(2), 47–55.

  2. 2.

    Neyland, D. (2018). On the transformation of children at-risk into an investment proposition: A study of Social Impact Bonds as an anti-market device. The Sociological Review, 66(3), 492–510.

  3. 3.

    Zheng, S. (2018). Investigation into Funding Strategies of Social Enterprises. The China Nonprofit Review, 10(1), 34–61.

  4. 4.

    Apostolakis, G., van Dijk, G., Kraanen, F., & Blomme, R. J. (2018). Examining socially responsible investment preferences: A discrete choice conjoint experiment. Journal of Behavioral and Experimental Finance, 17, 83–96.

  5. 5.

    Rizzi, F., Pellegrini, C., & Battaglia, M. (2018). The structuring of social finance: Emerging approaches for supporting environmentally and socially impactful projects. Journal of cleaner production, 170, 805–817.

  6. 6.

    Arena, M., Bengo, I., Calderini, M., & Chiodo, V. (2018). Unlocking finance for social tech start-ups: Is there a new opportunity space? Technological Forecasting and Social Change, 127, 154–165.

  7. 7.

    Fischer, R. L., & Richter, F. G. C. (2017). SROI in the pay for success context: Are they at odds? Evaluation and program planning, 64, 105–109.

  8. 8.

    Kim, J. (2018). Social Finance Funding Model for Animal Shelter Programs: Public–Private Partnerships Using Social Impact Bonds. Society & Animals, 26(3), 259–276.

  9. 9.

    Qu, H., & Osili, U. (2017). Beyond Grantmaking: An Investigation of Program-Related Investments by US Foundations. Nonprofit and Voluntary Sector Quarterly, 46(2), 305–329.

  10. 10.

    Bloom, B. E. (2015). Creating new economic incentives for repurposing generic drugs for unsolved diseases using social finance. Assay and drug development technologies, 13(10), 606–611.

  11. 11.

    Schinckus, C. (2018). The valuation of social impact bonds: An introductory perspective with the Peterborough SIB. Research in International Business and Finance, 45, 1–6.

  12. 12.

    Aggarwala, R. T., & Frasch, C. A. (2017). The Philanthropy As One Big Impact Investment: A Framework For Evaluating A Foundation’s Blended Performance. The Foundation Review, 9(2), 13.

  13. 13.

    Smeets, D. J. A. (2017). Collaborative learning processes in social impact bonds: a case study from the Netherlands. Journal of Social Entrepreneurship, 8(1), 67–87.

  14. 14.

    Gripne, S. L., Kelley, J., & Merchant, K. (2016). Laying the Groundwork for a National Impact Investing Marketplace. The Foundation Review, 8(5), 8.

  15. 15.

    Peterson, G. (2016). Partnering for Impact: Developing The McKnight Foundation’s Carbon Efficiency Strategy. The Foundation Review, 8(3), 9.

  16. 16.

    Apostolakis, G., Kraanen, F., & van Dijk, G. (2016). Pension beneficiaries’ and fund managers’ perceptions of responsible investment: a focus group study. Corporate Governance: The international journal of business in society, 16(1), 1–20.

  17. 17.

    Höchstädter, A. K., & Scheck, B. (2015). What’s in a name: An analysis of impact investing understandings by academics and practitioners. Journal of Business Ethics, 132(2), 449–475.

  18. 18.

    Ormiston, J., Charlton, K., Donald, M. S., & Seymour, R. G. (2015). Overcoming the challenges of impact investing: Insights from leading investors. Journal of Social Entrepreneurship, 6(3), 352–378.

  19. 19.

    Lyons, T. S., & Kickul, J. R. (2013). The social enterprise financing landscape: The lay of the land and new research on the horizon. Entrepreneurship Research Journal, 3(2), 147–159.

  20. 20.

    Humphries, K. W. (2013). Not your older brother’s bonds: the use and regulation of social-impact bonds in the United States. Law & Contemp. Probs., 76, 433.

  21. 21.

    Langford, A. R. (2011). Social impact bonds in canada: From theory to implementation.

  22. 22.

    Liang, M., Mansberger, B., & Spieler, A. C. (2014). An overview of social impact bonds. J. Int’l Bus. & L., 13, 267.

  23. 23.

    Moore, M. L., Westley, F. R., & Nicholls, A. (2012). The social finance and social innovation nexus.

2.1.3 Cluster 3—Public Pessimistic Approach

  1. 1.

    Joy, M., & Shields, J. (2018). Austerity in the making: reconfiguring social policy through social impact bonds. Policy & Politics, 46(4), 681–695.

  2. 2.

    Wiggan, J. (2018). Policy boostering the social impact investment market in the UK. Journal of Social Policy, 47(4), 721–738.

  3. 3.

    Overholser, G. M. (2018). Pay for success is quietly undergoing a radical simplification. The ANNALS of the American Academy of Political and Social Science, 678(1), 103–110.

  4. 4.

    Gosling, H. (2018). A critical insight into practitioners’ lived experience of payment by results in the alcohol and drug treatment sector. Critical Social Policy, 38(2), 244–261.

  5. 5.

    Edmiston, D., & Nicholls, A. (2018). Social Impact Bonds: the role of private capital in outcome-based commissioning. Journal of Social Policy, 47(1), 57–76.

  6. 6.

    Mitchell, K. (2017). Metrics millennium: Social impact investment and the measurement of value. Comparative European Politics, 15(5), 751–770.

  7. 7.

    Michelucci, F. V. (2017). Social impact investments: does an alternative to the Anglo-Saxon paradigm exist? Voluntas: International Journal of Voluntary and Nonprofit Organizations, 28(6), 2683–2706.

  8. 8.

    Pauly, M. V., & Swanson, A. (2017). Social impact bonds: New product or new package? The Journal of Law, Economics, and Organization, 33(4), 718–760.

  9. 9.

    Farr, M. (2016). Co-production and value co-creation in outcome-based contracting in public services. Public Management Review, 18(5), 654–672.

  10. 10.

    Kuklinski, M. R. (2015). Benefit-Cost Analysis of Prevention and Intervention Programs for Youth and Young Adults: Introduction to the Special Issue. Journal of Benefit-Cost Analysis, 6(3), 455–470.

  11. 11.

    Alessandrini, D., & Jivraj, S. (2017). Conceptualising the Economy-Society Nexus in Well-Being and Happiness Initiatives: Gross National Happiness in Business in Bhutan and Social Impact Bonds in the United Kingdom. International Critical Thought, 7(4), 526–546.

  12. 12.

    Dadush, S. (2015). Regulating Social Finance: Can Social Stock Exchanges Meet the Challenge. U. Pa. J. Int’l L., 37, 139.

  13. 13.

    Giacomantonio, C. (2017). Grant-maximizing but not money-making: A simple decision-tree analysis for social impact bonds. Journal of Social Entrepreneurship, 8(1), 47–66.

  14. 14.

    Warner, M. E. (2013). Private finance for public goods: social impact bonds. Journal of economic policy reform, 16(4), 303–319.

  15. 15.

    Rowe, R., & Stephenson, N. (2016). Speculating on health: public health meets finance in ‘health impact bonds’. Sociology of health & illness, 38(8), 1203–1216.

  16. 16.

    Balboa, C. M. (2016). Accountability of environmental impact bonds: the future of global environmental governance? Global Environmental Politics, 16(2), 33–41.

  17. 17.

    Deering, J. (2014). A future for probation? The Howard Journal of Criminal Justice, 53(1), 1–15.

  18. 18.

    Demel, A. (2012). Second thoughts on social impact bonds. NYUJL & Bus., 9, 503.

  19. 19.

    Lake, R. W. (2015). The financialization of urban policy in the age of Obama. Journal of Urban Affairs, 37(1), 75–78.

  20. 20.

    Warner, M. (2012, September). Profiting from public value? The case of social impact bonds. In conference Creating Public Value in a Multi-Sector, Shared-Power World, University of Minnesota (pp. 20–22).

2.1.4 Cluster 4—Public Optimistic Approach

  1. 1.

    Aschari-Lincoln, J., & Jacobs, C. D. (2018). Enabling Effective Social Impact: Towards a Model for Impact Scaling Agreements. Sustainability, 10(12), 4669.

  2. 2.

    Maier, F., Barbetta, G. P., & Godina, F. (2018). Paradoxes of social impact bonds. Social Policy & Administration, 52(7), 1332–1353.

  3. 3.

    Lehoux, P., Pacifico Silva, H., Pozelli Sabio, R., & Roncarolo, F. (2018). The Unexplored Contribution of Responsible Innovation in Health to Sustainable Development Goals. Sustainability, 10(11), 4015.

  4. 4.

    Todd Young, S. (2018). Generating and Using Evidence Will Help to Reduce Social Problems. The ANNALS of the American Academy of Political and Social Science, 678(1), 194–198.

  5. 5.

    Lantz, P. M., Miller, G., Rhyan, C. N., Rosenbaum, S., Ku, L., & Iovan, S. (2018). “Pay for Success” Financing and Home‐Based Multicomponent Childhood Asthma Interventions: Modeling Results From the Detroit Medicaid Population. The Milbank Quarterly, 96(2), 272–299.

  6. 6.

    Gladilin, A. A., Glotova, I. I., Tomilina, E. P., Klishina, Y. E., & Uglitskikh, O. N. (2018). Social Bonds As A Tool For Financing Higher Education. Research Journal of Pharmaceutical Biological and Chemical Sciences, 9(3), 724–727.

  7. 7.

    Berndt, C., & Wirth, M. (2018). Market, metrics, morals: The Social Impact Bond as an emerging social policy instrument. Geoforum, 90, 27–35.

  8. 8.

    Pandey, S., Cordes, J. J., Pandey, S. K., & Winfrey, W. F. (2018). Use of social impact bonds to address social problems: Understanding contractual risks and transaction costs. Nonprofit Management and Leadership, 28(4), 511–528.

  9. 9.

    Ramsay, I., & Tan, C. (2018). Social Impact Bonds in Australia. Journal of Banking and Finance Law and Practice, 29(3), 248–257.

  10. 10.

    Myers, R. R., & Goddard, T. (2018). Virtuous profits: Pay for success arrangements and the future of recidivism reduction. Punishment & Society, 20(2), 155–173.

  11. 11.

    Mangram, M. E. (2018). “Just Married”—Clean Energy and Impact Investing: A New ‘Impact Class’ and Catalyst for Mutual Growth. The Journal of Alternative Investments, 20(4), 36–50.

  12. 12.

    Appel, T., Bezak, B., & Lisle, J. (2017). DC Water Green Infrastructure Financing: Pay for Success Can Help Water Utilities Pursue Innovative Solutions. Journal‐American Water Works Association, 109(10), 26–31.

  13. 13.

    Steverman, S. M., & Shern, D. L. (2017). Financing mechanisms for reducing adversity and enhancing resilience through implementation of primary prevention. Academic pediatrics, 17(7), S144–S149.

  14. 14.

    Reynolds, A. J., Hayakawa, M., Ou, S. R., Mondi, C. F., Englund, M. M., Candee, A. J., & Smerillo, N. E. (2017). Scaling and sustaining effective early childhood programs through school–family–university collaboration. Child development, 88(5), 1453–1465.

  15. 15.

    Sorensen, G., Nagler, E. M., Pawar, P., Gupta, P. C., Pednekar, M. S., & Wagner, G. R. (2017). Lost in translation: The challenge of adapting integrated approaches for worker health and safety for low-and middle-income countries. PloS one, 12(8), e0182607.

  16. 16.

    Choudhary, R., & Jain, V. (2017). Social Impact Bonds: An Innovative Way for Social Financing. Pacific Business Review International, 9(10), 120–126.

  17. 17.

    Schinckus, C. (2017). Financial innovation as a potential force for a positive social change: The challenging future of social impact bonds. Research in International Business and Finance, 39, 727–736.

  18. 18.

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Appendix B: Cluster Description of the Research Sample Compared with Fraser Sample

Cluster

Present work (N. of documents)

Share per cluster (Present Work) (%)

Fraser et Al. (N. of documents)

Share per cluster (Fraser et Al.) (%)

Financial Pessimistic

7

10.14

2

7.14

Financial Optimistic

18

26.09

6

21.43

Public Pessimistic

15

21.74

5

17.86

Public Optimistic

29

42.03

15

53.57

Total

69

100

28

100

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Corvo, L., Pastore, L., Ghibelli, M. (2021). Who Likes SIBs? A Bibliometric Analysis of Academic Literature (Time Span 1990–2018). In: La Torre, M., Chiappini, H. (eds) Contemporary Issues in Sustainable Finance. Palgrave Studies in Impact Finance. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-65133-6_2

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