Routledge Handbook of Social and Sustainable Finance  book cover
1st Edition

Routledge Handbook of Social and Sustainable Finance

Edited By

Othmar M. Lehner





ISBN 9781138343771
Published August 14, 2018 by Routledge
772 Pages 95 B/W Illustrations

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Book Description

Routledge Handbook of Social and Sustainable Finance brings together an international cast of leading authorities to map out and display the disparate voices, traditions and professional communities engaged in social finance activity.

With a clear societal or environmental mission, foundations, individual and group investors, as well as public bodies around the world have become increasingly eager to finance and support innovative forms of doing business. Together, founders and established businesses alike are embracing new sustainable business models with a distinct stakeholder approach to tackle social or environmental problems in what they see as a failed economic system in crisis. As a result, the topic of social and sustainable finance is at the forefront of financial economic thought.

This Handbook is divided up into three parts. The first, "The Landscape of Social and Sustainable Finance and Investments", comprises of chapters from a multitude of perspectives in an effort to grasp the entirety of the landscape. The second, "Challenges, Suggestions, Critiques and Debates", focuses on areas ranging from sociological underpinnings to critical takes on markets, and the identification of specialized business models. Amongst ethical considerations, topics include the scaling of impact, an analysis of sustainability as risk prevention and comparative analyses of various methods of justification and measurement. In the third and final section, "Markets and Institutions", contributions range from various perspectives on sustainable banking to environmental marketplaces, and finally on to practical cases and country specific observations.

This volume is essential reading for both academics and students in economics and finance. It is also of interest to those who study environmental economics, microeconomics and banking.

Table of Contents

PART I

The landscape of Social and Sustainable Finance and Investments

I.1 Introducing Social and Sustainable Finance

1 The landscape and scale of Social and Sustainable Finance

Linne Marie Lauesen

2 Sustainable finance: building a more general theory of finance

Scott Fullwiler

3 The architecture of social finance

Gadaf Rexhepi

4 The emergence and institutionalization of the field of social investment in the United Kingdom

Belinda Bell and Helen Haugh

5 Academic research into social investment and Impact Investing: the status quo and future research

Jess Daggers and Alex Nicholls

I.2 Introducing Impact Investing

6 Impact Investing

Olaf Weber

7 Social Impact Investing: a model and research agenda

Alessandro Rizzello, Maria Cristina Migliazza, Rosella Carè, and Annarita Trotta

8 Impact Investing: funding social innovation

Rebecca Tekula and Archana Shah

I.3 Special Instruments

9 Crowdfunding social ventures: a model and research agenda

Othmar M. Lehner

10 Social Impact Bonds: exploring and understanding an emerging funding approach

Jim Clifford and Tobias Jung

11 Lending to social ventures: existing demand for finance and the potential roles of social investment

Fergus Lyon

PART II

Challenges, Suggestions, Critiques, and Debates

II.1 Social Responsibility in Finance: ideology, risk and new models

12 Social responsibility in Islamic Finance

Ainulashikin Marzuki and Andrew C. Worthington

13 Seeing ourselves as others see us: incorporating reflexivity in Corporate Social Responsibility

Christopher Mason and John Simmons

14 Socially Responsible Investment as emergent risk prevention and means to imbue trust in the post-2008/2009 World Financial Crisis economy

Julia M. Puaschunder

15 Socially Responsible Investments and Islamic investments: is there a difference?

Saeed Binmahfouz

16 Social investment and fiduciary responsibilities

Tommi Lehtonen

17 Corporate Social Responsibility and financial performance in Italian co-operative banks

Eleonora Broccardo, Ericka Costa, and Maria Mazzuca

18 Integral sustainability or how evolutionary forces are driving investors’ trust and the integration of people, planet, and profit

Mariana Bozesan

II.2 Critical Perspectives on Markets, Institutions, and Ideology

19 Studying crowdfunding through extreme cases: cursory reflections on the social value creation process of a potato salad project

Pascal Dey and Laurent Marti

20 Institutional analysis of Venture Philanthropy

Tamaki Onishi

21 The convergence paradox of Islamic Finance: a sociological reinterpretation, with insights for proponents of social finance

Aaron Z. Pitluck

II.3 Hybridity, Business Models, and Measurement

22 Joint social-financial value creation in social enterprise and social finance and its implications for measurement creation and measurement of profit and impact in social financing

Sean Geobey

23 Organizational hybridity in social finance: a comparative analysis

Gunnar Glänzel and Björn Schmitz

24 Measuring and comparing social value creation: advantages and disadvantages of a new comparability method, IRIS, GIIRS, and SROI

Arne Kroeger and Christiana Weber

25 Sustainable institutional investment models and the human capital analytics approach: a great gap to be filled

Carol Royal and G. Sampath S. Windsor

26 Opening the market for Impact Investments: the need for adapted portfolio tools

Lisa Brandstetter and Othmar M. Lehner

PART III

Markets and Institutions

III.1 Social and Sustainable Banking

27 Social banks’ mission and finance

Olaf Weber

28 Growing social banking through (business) associations

Daniel Tischer and Sven Remer

29 Common good disclosure: a framework for analysis

Clelia Fiondella, Marco Maffei, Rosanna Spanò, and Claudia Zagaria

30 The quality of bank capital in cooperative banks: lessons from history and the current financial crisis

Andrea Bonoldi, Eleonora Broccardo, Luca Erzegovesi, and Andrea Leonardi

31 The recent development and performance of ethical investments

Philippe Gillet and Julie Salaber-Ayton

32 The evolution of regulations in banking: a cycle-based approach

Mehmet Hasan Eken, Suleyman Kale, and Hüseyin Selimler

33 Evolving roles of regulators in the implementation of environmental and social governance in the financial institutions of emerging markets

Adeboye Oyegunle

III.2 Trading the Environment

34 Trading under uncertainty: an investigation of the Australia emissions market

Deborah Cotton and Marija Buzevska

35 Credit risk and ecosystem services: a review of small-scale emission-certified agroforestry

Emmanuel Olatunbosun Benjamin and Gertrud Buchenrieder

36 Evolution of the EU emissions trading system: a new emphasis on distributional and scaling-up dimensions

Noriko Fujiwara

37 Climate change mitigation: are carbon markets the "silver bullet" solution?

Scott J. Niblock and Jennifer L. Harrison

III.3 Country Specifics and Cases

38 The landscape of Social and Sustainable Finance in Visegrad (V4) countries

Daniela Majerčáková

39 Government-sponsored Venture Philanthropy and social entrepreneurship in China: an exploratory study

Qihai Cai

40 The role of Social Investors in developing and emerging economies

Lisa M. Hanley, Aline Margaux Laucke, and Tim Weiss

41 Building the Impact Investing market: drivers of demand and the ecosystem conditioning supply

Maximilian Martin

42 Formative dynamics in the UK social investment market, 2000–2015: an "organization rich" agenda on how markets form

Guillermo Casasnovas and Marc J. Ventresca

43 Regional Impact Investing for institutional investors: the Bay Area Impact Investing Initiative

Lauryn Agnew

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Editor(s)

Biography

Othmar M. Lehner is a full professor of Finance and a leading researcher in the field of social finance and impact investment. With a professional background as a bank manager, he now dedicates his academic career to the advancement of the field through research publications, advisory services, conferences, and lecturing in MBA and doctoral programmes.

Reviews

‘The recent decade saw a dramatic rise in the popularity of terms ‘socially responsible’ or ‘sustainable’ and their use in many areas including finance. The terms have been widely utilized by businesses, politicians and researchers alike.  The dramatic diversity in the contexts where these terms were applied blurred the understanding of what exactly meant by ‘sustainable’ finance.  This book is a welcome attempt to put various aspects of sustainability and social responsibility together. It provides an impressively comprehensive taxonomy of thoughts, methods, approaches and ideas in the field. It is an excellent reference not just for researchers in the area but anyone who is open to alternative ideas to traditional finance theories and approaches.’ — Dr Alexandr Akimov, Senior Lecturer in Banking and Finance, Griffith Business School, Griffith University, Australia