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Social Impact Bonds: A New Public Management Perspective

Author

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  • Benjamin Le Pendeven

    (Audencia Business School)

Abstract

The Social Impact Bond (SIB) is a new tool for financing innovative social projects. SIBs were first used in 2010 in the United Kingdom in a programme involving Peterborough prison inmates. This financial technique has since been introduced across the world. We study SIBs within the New Public Management (NPM) framework provided by Dunleavy et al. (2005). We analyse to what extent this new financial tool reflects NPM with respect to its three main characteristics: disaggregation, competition and incentivization. 62 interviews were conducted with SIBs experts and practitioners from public, financial, private and social organisations in several countries. These interviews were made when the first SIBs in English-speaking countries had finished, and at a time when the French government had decided to massively stimulate this new financial tool through a dedicated Call for Projects.

Suggested Citation

  • Benjamin Le Pendeven, 2019. "Social Impact Bonds: A New Public Management Perspective," Revue Finance Contrôle Stratégie, revues.org, vol. 22(N° Spécia), pages 57-84, February.
    • Handle: RePEc:dij:revfcs:v:22:y:2019:i:4:p:57-84
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    File URL: https://journals.openedition.org/fcs/3119
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    Citations

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    Cited by:

    1. Diana Pop & Caroline Marie-Jeanne & Régis Dumoulin, 2023. "Socialium or the Financial Price of Social Responsibility [« Socialium » ou le prix financier de la responsabilité sociale]," Post-Print hal-04120305, HAL.
    2. Alessandro Rizzello & Abdellah Kabli, 2020. "Sustainable Financial Partnerships for the SDGs: The Case of Social Impact Bonds," Sustainability, MDPI, vol. 12(13), pages 1-22, July.
    3. Julie RIJPENS & Marie J. BOUCHARD & Emilien GRUET & Gabriel SALATHÉ-BEAULIEU, 2020. "Social Impact Bonds: Promises versus facts. What does the recent scientific literature tell us?," CIRIEC Working Papers 2015, CIRIEC - Université de Liège.

    More about this item

    Keywords

    social impact bonds; innovation financing; New Public Management; social innovation; financial innovation;
    All these keywords.

    JEL classification:

    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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