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Overview of Social Enterprises and Impact Investment in Finland


  • Kotiranta, Annu
  • Widgrén, Joona


Abstract The aim of this report has been to produce an analysis of the state of the social enterprises in Finland. Based on a comprehensive survey, there are roughly 19 000 social enterprises in Finland that employ around 125 000 persons. These estimates produced in this report multiply the views on the magnitude of the phenomenon. Self-identified Finnish social enterprises produce social value though their products or services and mostly in the field of social services and welfare. The main hindrances on the way of the growth of the sector are the lack of an unambiguous definition of a social enterprise and the shortages in measuring the most important outcome, social impact. Measuring and valuing the impact is a key element in attracting funding for social enterprises. New means of impact investment attract not only attention but also capital that seeks for targets, especially in Europe. This additional funding is a much needed in the sector that attracts it’s outside financing currently mostly from public sector and struggles to find financing critical for future growth.

Suggested Citation

  • Kotiranta, Annu & Widgrén, Joona, 2015. "Overview of Social Enterprises and Impact Investment in Finland," ETLA Reports 46, The Research Institute of the Finnish Economy.
  • Handle: RePEc:rif:report:46

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    Social enterprises; Impact investment;

    JEL classification:

    • L38 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Public Policy
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • N34 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: 1913-
    • P13 - Economic Systems - - Capitalist Systems - - - Cooperative Enterprises
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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