Social Impact Bonds and Institutional Investors: An Empirical Analysis of a Complicated Relationship | Zendy

Alfonso Del Giudice | Zendy; Milena Migliavacca | Zendy

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Social Impact Bonds and Institutional Investors: An Empirical Analysis of a Complicated Relationship

Author(s) -

Alfonso Del Giudice,

Milena Migliavacca

Publication year - 2018

Publication title -

nonprofit and voluntary sector quarterly

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 1.098

H-Index - 84

eISSN - 1552-7395

pISSN - 0899-7640

DOI - 10.1177/0899764018797480

Subject(s) - enthusiasm , bond , institutional investor , agency (philosophy) , social capital , business , impact investing , economics , public economics , accounting , finance , political science , corporate governance , emerging markets , sociology , law , psychology , social psychology , social science

Over the past 8 years, social impact bonds (SIBs) have attracted increasing attention from scholars, policy makers, and investors. Notwithstanding good intentions and policy makers’ enthusiasm, SIBs have failed to attract significant private capital. Considering the SIBs issued worldwide until December 2017, we look for the critical success factors of SIB funding by investigating both the financial and contractual characteristics of SIB contracts. We find that institutional investors are more likely to participate in an SIB funding when there are fewer agency problems.

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