Financing social entrepreneurship: The role of impact investment in shaping social enterprise in Australia

Castellas, EIP; Ormiston, J; Findlay, S

Financing social entrepreneurship: The role of impact investment in shaping social enterprise in Australia

Castellas, EIP Ormiston, J

Findlay, S

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Publisher:: Emerald
Publication Type:: Journal Article
Citation:: Social Enterprise Journal, 2018, 14, (2), pp. 130-155
Issue Date:: 2018-05-10

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Field	Value	Language
dc.contributor.author	Castellas, EIP
dc.contributor.author	Ormiston, J https://orcid.org/0000-0002-5295-0126
dc.contributor.author	Findlay, S
dc.date.accessioned	2022-09-03T22:41:25Z
dc.date.available	2022-09-03T22:41:25Z
dc.date.issued	2018-05-10
dc.identifier.citation	Social Enterprise Journal, 2018, 14, (2), pp. 130-155
dc.identifier.issn	1750-8614
dc.identifier.issn	1750-8533
dc.identifier.uri	http://hdl.handle.net/10453/161304
dc.description.abstract	Purpose: This paper aims to explore the emergence and nature of impact investment in Australia and how it is shaping the development of the social enterprise sector. Design/methodology/approach: Impact investment is an emerging approach to financing social enterprises that aims to achieve blended value by delivering both impact and financial returns. In seeking to deliver blended value, impact investment combines potentially conflicted logics from investment, philanthropy and government spending. This paper utilizes institutional theory as a lens to understand the nature of these competing logics in impact investment. The paper adopts a sequential exploratory mixed methods approach to study the emergence of impact investment in Australia. The mixed methods include 18 qualitative interviews with impact investors in the Australian market and a subsequent online questionnaire on characteristics of impact investment products, activity and performance. Findings: The findings provide empirical evidence of the rapid growth in impact investment in Australia. The analysis reveals the nature of institutional complexity in impact investment and highlights the risk that the impact logic may become overshadowed by the investment logic if the difference in rigor around financial performance measurement and impact performance measurement is maintained. The paper discusses the implications of these findings for the development of the Australian social enterprise sector. Originality/value: This paper provides empirical evidence on the emergence of impact investment in Australia and contributes to a growing global body of evidence about the nature, size and characteristics of impact investment.
dc.language	en
dc.publisher	Emerald
dc.relation.ispartof	Social Enterprise Journal
dc.relation.isbasedon	10.1108/SEJ-02-2017-0006
dc.rights	info:eu-repo/semantics/closedAccess
dc.subject	1402 Applied Economics, 1503 Business and Management, 1699 Other Studies in Human Society
dc.title	Financing social entrepreneurship: The role of impact investment in shaping social enterprise in Australia
dc.type	Journal Article
utslib.citation.volume	14
utslib.for	1402 Applied Economics
utslib.for	1503 Business and Management
utslib.for	1699 Other Studies in Human Society
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Provost
pubs.organisational-group	/University of Technology Sydney/Provost/TD School
utslib.copyright.status	closed_access	*
dc.date.updated	2022-09-03T22:41:24Z
pubs.issue	2
pubs.publication-status	Published
pubs.volume	14
utslib.citation.issue	2

Abstract:

Purpose: This paper aims to explore the emergence and nature of impact investment in Australia and how it is shaping the development of the social enterprise sector. Design/methodology/approach: Impact investment is an emerging approach to financing social enterprises that aims to achieve blended value by delivering both impact and financial returns. In seeking to deliver blended value, impact investment combines potentially conflicted logics from investment, philanthropy and government spending. This paper utilizes institutional theory as a lens to understand the nature of these competing logics in impact investment. The paper adopts a sequential exploratory mixed methods approach to study the emergence of impact investment in Australia. The mixed methods include 18 qualitative interviews with impact investors in the Australian market and a subsequent online questionnaire on characteristics of impact investment products, activity and performance. Findings: The findings provide empirical evidence of the rapid growth in impact investment in Australia. The analysis reveals the nature of institutional complexity in impact investment and highlights the risk that the impact logic may become overshadowed by the investment logic if the difference in rigor around financial performance measurement and impact performance measurement is maintained. The paper discusses the implications of these findings for the development of the Australian social enterprise sector. Originality/value: This paper provides empirical evidence on the emergence of impact investment in Australia and contributes to a growing global body of evidence about the nature, size and characteristics of impact investment.

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http://hdl.handle.net/10453/161304