Contemporary Issues in Sustainable Finance: Financial Products and Financial Institutions (Palgrave Studies in Impact Finance)

This book sheds light on current issues in sustainable finance through an in-depth analysis and discussion of relevant sustainable products and sustainable initiatives of several financial institutions. This edited collection critically presents and discusses several relevant theoretical issues, case studies of innovative financial products and sustainable institutions, as well as empirically investigates issues related to both financial and social performance. The book focuses on several innovative products across the sustainable finance ecosystem, including social impact bonds, crowdfunding and green bonds. Similarly, the book spotlights the sustainable investment strategies of institutions ranging from family foundations to asset managers. Contemporary Issues in Sustainable Finance Contents Notes on Contributors List of Figures List of Tables List of Boxes 1 Sustainable Finance: Emerging Challenges and Opportunities 1.1 Sustainable Products 1.2 Financial Institutions and Sustainable Practice 1.3 Investee Organizations and Impact Measurement 1.4 Concluding Remarks Over a Global Pandemic References 2 Who Likes SIBs? A Bibliometric Analysis of Academic Literature (Time Span 1990–2018) 2.1 Introduction 2.2 Methodology 2.2.1 Step One: Investigating Keywords 2.2.2 Step Two: Analysis of the Authors’ Sentiment 2.3 Findings 2.3.1 Finding 1: Distribution of Paper by Cluster and Trend 2.3.2 Finding 2: Country Collaboration Map 2.3.3 Finding 3: Authors Distribution by Cluster 2.3.4 Finding 4: Keywords, Clusters and Sources 2.3.5 Finding 5: Intra Cluster Streams 2.4 Conclusion, Limitations and Ideas for Future Research Appendix A—List of Papers Per Cluster Cluster 1—Financial Pessimistic Approach Cluster 3—Financial Optimistic Approach Cluster 3—Public Pessimistic Approach Cluster 4—Public Optimistic Approach Appendix B: Cluster Description of the Research Sample Compared with Fraser Sample References 3 Fighting Poverty and Inequalities Through Social Impact Bonds: Learning from Case Studies to Support the Covid-19 Response 3.1 Introduction 3.2 Background 3.2.1 Social Impact Bonds: A Thematic Perspective 3.2.1.1 Key Narratives and Approaches Identified Through Literature Reviews on SIBs 3.2.1.2 Outcome Metrics and Evaluation Models 3.2.1.3 Social Uncertainty, Risks and Pricing of SIBs 3.2.1.4 Innovativeness of SIBs and New Frameworks 3.2.1.5 Collaborations, Contractual Schemes, and Business Models for Sustainability 3.2.1.6 Empirical Analysis and Case Studies About SIBs 3.2.1.7 Recent Special Issues About SIBs and Open Questions 3.2.2 Prospects for Impact Finance Development in the EU Scenario 3.2.3 A Focus on the Italian Legislative Context for SIB Development 3.3 Research Design, Methods and Data 3.3.1 Methodology Approach 3.3.2 Data Collection and Case Selection 3.4 Empirical Evidence of the SIB Market 3.4.1 The SIB Market: A Snapshot 3.5 The SIB Case Studies: A Description 3.5.1 The SIB “ADIE—Association Pour Le Droit à L’Initiative Economique (Association for the Right to the Economic Initiative)”—France 3.5.2 The SIB “Back on Track”—Belgium 3.5.3 The SIB “Workforce Development SIB: Empleando Futuro (Employing the Future)”—Colombia 3.5.4 The SIB “Chicago Child–Parent Center PFS Initiative”—United States 3.5.5 The SIB “Mother Teresa Middle School”—Canada 3.6 Fighting Poverty and Inequalities Through Social Impact Bonds: Insights from Case Studies 3.6.1 The Role of Banks and Foundations and of Their Reputation to Catalyse Financial Resources 3.6.2 Promoting Inclusion and Poverty Alleviation Through Social Enterprises: The Link for the Development of the SIB Market 3.6.3 Improving the SIB Deal Structure Through Specialized Advisors 3.7 Looking Ahead: Implications for Research and Practice 3.8 Moving Practice Forward: A Proposal for Italy and for Europe 3.8.1 Building National Social Innovation Policies 3.8.2 Unpacking the Role of Social Enterprises in the Implementation of SIB Projects 3.8.3 Exploiting the Role of Microfinance Institutions and Banks 3.9 Final Thoughts References 4 Green Bonds Capital Returns: The Impact of Market and Macroeconomic Variables 4.1 Introduction 4.2 Review of Literature 4.2.1 Green Bonds: General Aspects 4.2.2 Green Bonds: Market Variables 4.3 Sample and Data 4.4 Methodology 4.5 Results and Discussion 4.6 Conclusions Annex References 5 Crowdfunding as a Support Tool for the Activity of Social Investors 5.1 Background and Object 5.2 Methodology and Data Analysis 5.2.1 Meridonare and FBO: A Brief Description 5.2.2 The Meridonare Operating Model and Its Evolution 5.2.3 Data Analysis 5.3 Findings 5.4 Discussion and Conclusion References 6 Environmental, Social, and Governance Integration in Asset Management Strategy: The Case of Candriam 6.1 Introduction 6.2 Theoretical Background 6.2.1 ESG Integration into SRI Strategies 6.2.2 How to Communicate the Integration of ESG Criteria into Investment Strategies 6.3 Research Design 6.3.1 Research Strategy 6.3.2 The Case Company 6.3.3 Data Collection and Content Analysis 6.4 Results 6.5 Discussions 6.6 Final Remarks Appendix—Word-Count Matrix References 7 Family Firms as Prominent Investment Organizations of Social Finance: An Empirical Analysis of U.S. Family Foundations 7.1 Introduction 7.2 Family Firms as Key Social Finance Investment Organizations: Financial Characteristics 7.3 Family Firms as Key Social Finance Investment Organizations: Non-Financial Characteristics 7.4 Methods 7.4.1 Sample Selection 7.4.2 Data Collection 7.5 Results 7.6 Discussion 7.7 Conclusions References 8 Norwegian Pension Fund’s Portfolio: What Happens to the Companies Divested for Environmental Concerns? 8.1 Introduction 8.2 The Norwegian Government Pension Fund-Global Investment Process 8.3 Review of the Literature 8.4 Data and Methodology 8.5 Results 8.6 Conclusions and Hints for Future Research References 9 Women’s Empowerment Through Social Entrepreneurship and Impact Investing in Myanmar 9.1 Introduction 9.2 Women’s Empowerment Through Social Entrepreneurship and Impact Investment: Definitions and Literature Review 9.3 Women’s Empowerment in Myanmar: An Overview 9.4 Government’s Actions to Address Gender Inequality in Myanmar 9.5 The Role of Social Entrepreneurship on Women’s Empowerment in Myanmar 9.6 Barriers Faced by Female Social Entrepreneurs in Myanmar 9.7 Myanmar’s Financial Landscape 9.8 Women’s Financial Exclusion in Myanmar 9.9 The Importance of Impact Investments in Social Enterprises in Myanmar 9.10 Conclusions and Recommendations References 10 Social Impact Assessment: Measurability and Data Management 10.1 Introduction 10.2 Literature Review 10.3 Theoretical Framework 10.4 Methods 10.5 Results 10.6 Conclusion References 11 Social Impact Assessment: A Focus on Italian Innovative Startups with a Social Goal 11.1 Introduction 11.2 Literature Review 11.3 Italian Innovative Startups with a Social Goal 11.3.1 Regulatory Definition and Main Features 11.3.2 Impact Measurement 11.4 Research Design 11.4.1 Peculiarities and Main Demographics on Innovative Startups with a Social Goal in Italy 11.4.2 Method 11.5 Main Findings and Discussions 11.6 Conclusions References 12 Sustainable Finance and COVID-19 Pandemic: Weathering the Storm and Preventing a New One 12.1 Introduction 12.2 Weather the COVID-19 Storm Through Sustainable Finance: The Role of Impact Investments 12.2.1 Social and Sustainable Bonds 12.2.2 Social Impact Investment Funds 12.2.3 Social Impact Bonds 12.3 Preventing New Storm Through The Large Spectrum of Sustainable Finance Products 12.4 From the COVID-19 Outbreak to the Post-Pandemic: Theorizing the Role of Sustainable Finance 12.5 Concluding Remarks References Index