Have we ‘stretched’ social impact bonds too far? An empirical analysis of SIB design in practice

IF 2.3 3区管理学 Q2 PUBLIC ADMINISTRATION

International Public Management Journal Pub Date : 2022-06-02 DOI:10.1080/10967494.2022.2077867

Christina Economy, E. Carter, M. Airoldi

引用次数: 2

Abstract

Abstract When the social impact bond (SIB) model was first introduced in 2010, there were many claims about how these projects could transform public service delivery. This article investigates how SIB projects have been designed in relation to two original intentions: (1) shifting the focus of public service delivery to achieving impact and (2) transferring risk from the government to external investors. Qualitative content analysis of SIB projects launched until 2020 in the US and UK (n = 114) is used to plot and analyze how the design of SIB projects vary across these intentions. We find that SIB design in practice has deviated from the model’s original intent in several important ways: In the UK, payable outcomes are generally not subject to rigorous validation methods. In both the US and the UK, upfront capital is generally independent and at-risk, but risk mitigation strategies may limit the intended transfer of risk to investors.

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我们是否将社会影响纽带“拉得太远”？SIB设计在实践中的实证分析

当社会影响债券(SIB)模型于2010年首次引入时，有许多关于这些项目如何改变公共服务提供的说法。本文研究了SIB项目是如何根据两个初衷设计的:(1)将公共服务提供的重点转移到实现影响上;(2)将风险从政府转移到外部投资者。对2020年之前在美国和英国启动的SIB项目进行定性内容分析(n = 114)，用于绘制和分析SIB项目的设计如何在这些意图中变化。我们发现，实践中的SIB设计在几个重要方面偏离了模型的初衷:在英国，应付结果通常不受严格验证方法的约束。在美国和英国，预付资本通常是独立的，存在风险，但风险缓解策略可能会限制风险向投资者的预期转移。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Public Management Journal PUBLIC ADMINISTRATION-

CiteScore

5.30

自引率

11.50%

发文量

期刊介绍： The International Public Management Journal (IPMJ) publishes high-quality empirical and theoretical work on managing large organizations, particularly public organizations. IPMJ features work from scholars around the world who conduct research in the areas of public management and government reform, comparative public administration, organizational theory, and organizational behavior. IPMJ seeks to provide a bridge between those conducting research on public management and public administration on the one hand, and those working in the areas of organizational behavior and organization theory on the other. IPMJ intends to stimulate and reflect the academic interests of an international constituency of readers and scholars.