Позитивные изменения. Том 2, № 2 (2022). Positive changes. Volume 2, Issue 2 (2022)

Our findings provide rich, deep insights into how HNWIs practice impact investing and their underlying motivations. We outline practical implications for different stakeholders, notably regarding the fact that financially attractive SDGs are likely to attract substantial amounts of capital, with other SDGs remaining underfunded.

https://clck.ru/iZuuu

THE STATE OF ESG INVESTING: A PORTFOLIO MANAGEMENT PERSPECTIVE

2022, The Journal of Impact and ESG Investing. Stephen M. Horan, Elroy Dimson, Clive Emery, Kenneth Blay and Glen Yelton

Environmental, social, and governance (ESG) strategies have experienced a massive inflow of capital over the past decade, despite investors having little concrete evidence that ESG investing accomplishes its purported goals. This capital inflow also happened without investors possessing the information, tools, and methods needed to evaluate and communicate their specific ESG values, objectives, and preferences. Without evidence of efficacy and clearly articulated investment objectives, it is impossible for investors with ESG intent to know whether they are receiving what they are paying for, to distinguish between investment managers based on nonfinancial objectives, and to improve the likelihood of achieving positive ESG investing outcomes. This article highlights the key challenges faced by ESG investors and portfolio managers implementing ESG investment mandates. Recommendations include an issuer reporting framework that supports portfolio reporting and evaluation as well as an ESG product template that focuses on nonfinancial investment objectives, process elements, and measurable outcomes.

https://clck.ru/iZRyJ

IMPACT BUSINESS AND GOVERNMENT: HOW THE ESG APPROACH IS CHANGING INVESTMENT

2022, Russian Regions in the Focus of Change: Collection of Reports. D. V. Amelicheva, E. A. Semyonova, N. E. Tikhanov, N. K. Shemetova

The traditional concept of investment is changing under the influence of global trends that have manifested themselves with particular clarity in the recent decades. The article considers the types of investment appearing under the influence of increased attention to corporate social responsibility, their features and advantages, the main reasons that led to cooperation between the government and businesses investing in large, socially significant projects, as well as the most likely outcomes of such implementation.

https://clck.ru/iZpP4

DEVELOPMENT OF COOPERATION BETWEEN BELARUS AND CHINA IN THE FIELD OF SOCIAL ENTREPRENEURSHIP

2022, BSU Publishing Center. A. S. Popkova

The author examines China’s existing social entrepreneurship support system. Particular focus is given to social investment funds, the China Social Enterprise and Investment Forum. Fast-growing business services platforms help social entrepreneurs plan and execute their strategic philanthropic projects. The author notes rapid advancement of the fintech industry and the growth of innovative service delivery models, including inclusive financing. Recommendations on the application of effective schemes to stimulate investment in socially-oriented businesses in the Republic of Belarus are provided.

https://clck.ru/ia5Jw

ASSESSING THE EFFECTIVENESS OF SOCIAL INVESTMENT AND THE IMPACT ON THE SUSTAINABILITY RATING OF COMPANIES

2022, Scientific Journal of NRU ITMO. Economics and Environmental Management series. Yu.D. Murmylo

This article discusses approaches to the establishment of a sustainable development concept. The authors cite various scientists’ debatable opinions on adapting the English word «sustainability» into Russian language and consider the options for replacing this term. Various researchers’ views on the definition of "sustainable development" are considered. The main sources of the reference base of this category are highlighted. The author investigates the place of sustainable development among other sciences, analyzes its relevance, indicates the motivation for application and highlights the problems of its research. The author also considers the relationship between the magnitude of costs and the effectiveness of sustainability actions. The paper proposes a methodology for building an information map of social investment vectors. Data from the largest corporations representing various sectors of the Russian business community is used for analysis. The companies’ investments are classified into four areas, based on the beneficiary (the company itself or the society) and application (internal or external investment). A correlation model used in the article demonstrates a direct relationship between social investment per employee and net profit volumes. The proposed methodology is relatively simple and universal in application to companies of different profiles and scales of operation. A further investigation of other variables that may affect the companies’ income levels is recommended. This approach can establish the basis for rating sustainability performance of various companies, providing a more reasonable pattern of causal relationships between various aspects of corporate social investment and company performance.

https://clck.ru/ia3A4

ARE BUSINESS ETHICS EFFECTIVE? A MARKET FAILURES APPROACH TO IMPACT INVESTING

2022, Journal of Business Ethics. Rodney Schmidt

We evaluate the effectiveness of impact investing from the perspective of the market failures approach (MFA) to business ethics. Under the MFA, businesses are ethically obligated to contribute to market efficiency by mitigating market failures. The MFA ethics literature emphasizes a negative externality interpretation of market failures, with ethical practice as self-regulation. We argue that the MFA also obligates businesses, and investors, to produce positive externalities, a form of private provision of public goods. We develop a graphical MFA ethical framework addressed to impact investing. The framework is based on impact projects’ dual financial and social returns. Dual returns trade-offs originate in market failures and increase with positive externalities. In practice, a key determinant of market failure and the size of returns trade-offs is the availability of intermediate public goods. This varies systematically across sectors and country-markets. We identify the market circumstances under which impact investing is feasible. We show how provision of positive externalities mitigates market failures. We show that the effectiveness of impact investing depends on the interaction of the determinants of feasibility and of the size of project trade-offs. We show how government supporting intervention, through blended finance vehicles, can improve impact investing effectiveness. Finally, we show that evidence of actual patterns of impact investing across sectors and countries supports our analysis.

https://clck.ru/iZVoT

PARTNERSHIPS FOR THE GOALS IN AFRICA: IMPACT INVESTORS AND SOCIAL ENTREPRENEURS THROUGH THE LENS OF THE UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS, CHAPTER IN WORLD SCIENTIFIC ENCYCLOPEDIA OF BUSINESS SUSTAINABILITY, ETHICS AND ENTREPRENEURSHIP

2022, World Scientific Encyclopedia of Business Sustainability, Ethics and Entrepreneurship. Oluwaseun Oguntuase

African countries performed poorly in achieving the Millennium Development Goals (MDGs) and are lagging behind the rest of the world in terms of achieving the United Nations Sustainable Development Goals (SDGs). In Africa, the achievement of development goals depends on the generation and success of entrepreneurship to address sustainability challenges. A major challenge to the success of development goals and entrepreneurship in Africa is lack of finance. Taking financial capital as a prerequisite resource to effectively exploiting social entrepreneurial opportunities, this chapter adopts the resourcebased entrepreneurship theory to identify impact investors as the providers of financial resources to social entrepreneurs for contributing to the achievement of SDGs in Africa. The chapter employs a systematic literature review and illustrative case examples to demonstrate how impact investment can play an essential role in attracting private capital to finance social enterprises toward the realization of SDGs in Africa. The chapter highlights how social entrepreneurs and impact investors distinguish themselves through their social and environmental objectives, and explores how stakeholders could best rally around the overlapping interests in impact investing and social entrepreneurship to achieve the UNSDGs. The chapter argues that investors and social entrepreneurs will play a significant role towards the achievement of SDGs in Africa.

https://clck.ru/iZQQw

SOCIAL IMPACT INVESTING: AN AUSTRALIAN PERSPECTIVE

24.12.2021, Routledge. Stewart Jones, Helena de Anstiss, Carmen Garcia

Social impact investing is gaining ground as one of the most important investment trends in the world. While the size of the social impact investing market is still relatively small in global terms, momentum continues to grow unabated. Australia in particular is looking to develop a vibrant and transparent social impact investment market. This book considers a number of innovative strategies and pragmatic policy initiatives that can see the social impact investment market flourish in Australia and internationally.

The book describes how social impact investing can enter the investment mainstream and how a high-quality regulatory framework governing the measurement, reporting and evaluation of social impact will be critical to building investor confidence and ensuring the credibility, effectiveness and transparency of this market. It also examines different approaches to measurement and evaluation that will ultimately be critical to the success of this market. The authors also recognize that governments have a pivotal role to play in growing the social impact investing market, not only in its capacity as a market facilitator and regulator but also as an active purchaser of social outcomes.

This book will be informative for those who wish to learn more about how governments, private investors, investment intermediaries, social enterprises, service providers and other market participants around the world can work together to initiate and grow a vibrant, transparent and well-functioning social impact investing market.

https://clck.ru/iYyQ2

IMPACT MEASUREMENT CONSIDERATIONS FOR PRIVATE MARKET INVESTORS

2022, The Journal of Wealth Management. Kenneth B. Trippe and Essma Bengabsia

Sustainable and impact investment assets within private markets have risen significantly over the past two decades, with private investment dollars that seek to create environmental or social impact increasing over twentyfold from 2000 to 2020 (Pitchbook, 2021). Yet impact measurement and management remain key challenges for investors and asset owners. In this article, the authors analyze existing approaches to impact measurement and introduce a methodology for calculating and aggregating impact metrics across a private portfolio. This methodology, built based on a mix of leading impact measurement frameworks and insights from expert consultants, provides investors and asset owners with guidance on how to capture, aggregate, and report on impact metrics across an entire portfolio.

https://clck.ru/iZyMr

Новая жизнь издательского проекта «Каталог «Социальное предпринимательство России»

В этом номере мы собрали предприятия, которые реализуют проекты социального воздействия. Таких организаций много, но не все из них сопоставляют свою деятельность с открывающимися возможностями Social Impact Bonds (SIB). Их формат определен в Постановлении Правительства РФ от 21.11.2019 N 1491 «Об организации проведения субъектами Российской Федерации в 2019–2024 годах пилотной апробации проектов социального воздействия» и подробно описан в статье Юлии Вяткиной «Игра вдолгую: точки роста и перспективы Social Impact Bonds в России» и Ивана Смекалина «Песочницы» социальных инвестиций: как в мире развиваются проекты Social Impact Bonds».

В каждом кейсе, представленном ниже, нам важно показать читателю, что в России уже сейчас активно формируется среда для социальных инвестиций, в которую могут включаться не только крупный бизнес, большие корпорации, субъекты РФ, но и те, кто еще незаметен на карте социальных инвестиций деловых изданий, однако формирует его реальную базу и находится на локальной почве социально-экономического развития.

Если этот невидимый «средний класс» социальных инвесторов, с одной стороны, и такой же часто невидимый класс лидеров позитивных изменений, социальных предпринимателей, с другой стороны, смогут найти друг друга и объединиться, понять и создать общую картину будущего, то на рынок социального предпринимательства придет осознание и волна социальных инвестиций с использованием самых разных инструментов, в том числе и SIB.

Приятного открытия новой, позитивной экономической повестки страны!

Владимир Вайнер

Директор «Фабрики позитивных изменений»

Особая сборка

Социальное предприятие для трудоустройства людей с интеллектуальными особенностями развития

https://clck.ru/pWqZP

Проект «Особая сборка» оказывает полный спектр услуг по ручной упаковке продукции для малого и среднего бизнеса и сборке корпоративных подарков. На социальном предприятии трудятся более 100 особых сотрудников. Они выполняют коммерческие заказы и регулярно получают зарплату. Самые успешные при желании устраиваются на различные предприятия города.

РЕШАЕМАЯ ПРОБЛЕМА

В Москве более 3 тысяч инвалидов с ментальными нарушениями хотят работать, но остаются безработными. Социальное предприятие «Особая сборка» создано специально для трудоустройства людей с интеллектуальными особенностями развития. Это в большинстве своем очень ответственные люди, желающие приносить пользу обществу. Они готовы выполнять простые трудовые операции по заданному образцу в течение продолжительного времени.

ДОСТИЖЕНИЯ И НАГРАДЫ