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Social Risk and Financial Returns: Evidences from Social Impact Bonds

In: Social Impact Investing Beyond the SIB

Author

Listed:
  • Elisabetta Scognamiglio

    (Federico II University of Naples)

  • Alessandro Rizzello

    (University Magna Graecia of Catanzaro)

  • Helen Chiappini

    (G. d’Annunzio University of Chieti and Pescara)

Abstract

This chapter provides an empirical insight into factors characterizing social risk of social impact bonds (SIBs) and explores the correlation between social risk and financial return. In order to achieve this research aim, the methodology is organized in three different steps: (1) step one includes the implementation of a scoring model for SIB social risk; (2) step two involves data collection and the measurement of social risk scoring components; and (3) the last step tests for a correlation between social risk and financial returns of SIBs. The sample is composed of 34 SIBs that share information publically. Empirical findings show that most SIBs have a medium score of social risk, while social risk and financial return are not significantly correlated.

Suggested Citation

  • Elisabetta Scognamiglio & Alessandro Rizzello & Helen Chiappini, 2018. "Social Risk and Financial Returns: Evidences from Social Impact Bonds," Palgrave Studies in Impact Finance, in: Mario La Torre & Mario Calderini (ed.), Social Impact Investing Beyond the SIB, chapter 3, pages 47-68, Palgrave Macmillan.
    • Handle: RePEc:pal:psifcp:978-3-319-78322-2_3
    DOI: 10.1007/978-3-319-78322-2_3
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    Cited by:

    1. Rosella Carè & Francesco Rania & Riccardo De Lisa, 2020. "Critical Success Factors, Motivations, and Risks in Social Impact Bonds," Sustainability, MDPI, vol. 12(18), pages 1-17, September.
    2. Francesco Rania & Annarita Trotta & Rosella Carè & Maria Cristina Migliazza & Abdellah Kabli, 2020. "Social Uncertainty Evaluation of Social Impact Bonds: A Model and Practical Application," Sustainability, MDPI, vol. 12(9), pages 1-34, May.

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