TY - JOUR
T1 - Social Impact Bonds and Institutional Investors: An Empirical Analysis of a Complicated Relationship
AU - Del Giudice, Alfonso
AU - Migliavacca, Milena
PY - 2019
Y1 - 2019
N2 - 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.
AB - 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.
KW - NPOs
KW - impact investing
KW - institutional investors
KW - social impact bonds
KW - NPOs
KW - impact investing
KW - institutional investors
KW - social impact bonds
UR - https://publicatt.unicatt.it/handle/10807/125527
UR - https://www.scopus.com/inward/citedby.uri?partnerID=HzOxMe3b&scp=85059340984&origin=inward
UR - https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85059340984&origin=inward
U2 - 10.1177/0899764018797480
DO - 10.1177/0899764018797480
M3 - Article
SN - 0899-7640
SP - 50
EP - 70
JO - Nonprofit and Voluntary Sector Quarterly
JF - Nonprofit and Voluntary Sector Quarterly
IS - 48(I)
ER -