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The Financial Side of the Social Impact Bond: The Determinants of the Returns

In: Contemporary Issues in Sustainable Finance

Author

Listed:
  • Rachele Hyerace

    (University of Calabria)

  • Maria Mazzuca

    (University of Calabria)

  • Sabrina Ruberto

    (University of Florence)

Abstract

Using a financial lens, we study which factors affect the financial return of a Social Impact Bond (SIB). The hypothesis underlying our empirical strategy is that the SIBs’ diffusion also depends on their attractiveness for the investors that, in turn, typically depends on the (financial) return. However, SIBs are very special schemes that permit to achieve social outcomes using the structured finance. Therefore, it is plausible to imagine that their financial return is blended with a social return. It becomes interesting to investigate the determinants of the financial return to shed light on the interest and the role of the (traditional) finance in these (social finance) schemes. We develop an empirical analysis considering an extensive sample of 181 SIBs since 2010 and using an original dataset. The results are mixed. Overall, findings suggest that these schemes function according to logics different from those driving the other financial schemes/instruments.

Suggested Citation

  • Rachele Hyerace & Maria Mazzuca & Sabrina Ruberto, 2023. "The Financial Side of the Social Impact Bond: The Determinants of the Returns," Palgrave Studies in Impact Finance, in: Mario La Torre & Sabrina Leo (ed.), Contemporary Issues in Sustainable Finance, chapter 0, pages 171-186, Palgrave Macmillan.
    • Handle: RePEc:pal:psifcp:978-3-031-22539-0_7
    DOI: 10.1007/978-3-031-22539-0_7
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