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Alessandro Rizzello
University Magna Græcia of Catanzaro

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Chapter
Published: 30 July 2021 in Innovations in Social Finance
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Social Impact Investing (SII) aims for positive social and environmental impact alongside financial returns. However, within SII research, there is an opacity around the extent to which non-economic externalities are incorporated, managed, and assessed in the SII field, especially in ex-ante evaluations adopting Social Impact Assessments (SIAs) and measurement systems. Approaches to SIA can be qualitative, quantitative, or both (mixed methods), while its application within the field of SII remains loose—financial actors interpret it differently. This gives rise to a multitude of approaches that measure impact across the sector. By addressing this gap in the research, this paper investigates impact measurements as well as methods of ex-ante that are useful to impact investment and presents an experimental approach adopted for an Italian social venture. Starting with the review of different approaches categorized in the SII literature, this study answers the following research questions: (a) How is an ex-ante qualitative impact assessment built in the case of impact investment in social ventures? (b) Is it possible to identify a “one-size-fits-all” model applied within SII in impact-oriented start-ups? (c) How is this qualitative step integrated with quantitative metrics that inform investment decisions? To answer these questions, we undertake an exploratory analysis by presenting a case study application in a social venture. Our results are useful in understanding how theoretical perspectives, with respect to the creation of social value in the financial system, converge in the definition of impact evaluation schemes in the field of SII.

ACS Style

Alessandro Rizzello; Elisabetta Scognamiglio; Ludovica Testa; Lorenzo Liotta. Evaluating Impact Investments: Frameworks and Applications for Social Ventures. Innovations in Social Finance 2021, 437 -461.

AMA Style

Alessandro Rizzello, Elisabetta Scognamiglio, Ludovica Testa, Lorenzo Liotta. Evaluating Impact Investments: Frameworks and Applications for Social Ventures. Innovations in Social Finance. 2021; ():437-461.

Chicago/Turabian Style

Alessandro Rizzello; Elisabetta Scognamiglio; Ludovica Testa; Lorenzo Liotta. 2021. "Evaluating Impact Investments: Frameworks and Applications for Social Ventures." Innovations in Social Finance , no. : 437-461.

Journal article
Published: 07 April 2021 in Sustainability
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In the last year, COVID-19 has tested both advanced and developing economies. Within such a context, the global learning crisis is expected to increase due to difficulties in accessing technology or in receiving learning support. Such a huge need, globally identified with the Sustainable Development Goal number 4 (hereafter SDG 4), implies the need for large-scale solutions from governments around the world, especially in terms of dedicated financial resources. In this context, the impact-investing sector offers an innovative financial tool, i.e., impact bonds (IBs), which are widely applied in the education sector, even if their limitations and potentials remain unexplored in academia. Based on these considerations, our work explores whether and how IBs can contribute to funding and improving educational outcomes, with a focus on their potentials in the post-COVID world. This study adopts a qualitative approach by performing a case study analysis of four IBs. Our pilot analysis is based on the following key dimensions: (i) partnerships and contractual arrangements; (ii) financial terms; and (iii) measurement and impact. The results offer interesting insights by deriving a preliminary model on the role of IBs in the post-COVID-19 world.

ACS Style

Abdellah Kabli; Alessandro Rizzello; Annarita Trotta. Roadmapping New Impact Bonds in a Post-COVID World: Insights from Case Studies in the Education Sector. Sustainability 2021, 13, 4121 .

AMA Style

Abdellah Kabli, Alessandro Rizzello, Annarita Trotta. Roadmapping New Impact Bonds in a Post-COVID World: Insights from Case Studies in the Education Sector. Sustainability. 2021; 13 (8):4121.

Chicago/Turabian Style

Abdellah Kabli; Alessandro Rizzello; Annarita Trotta. 2021. "Roadmapping New Impact Bonds in a Post-COVID World: Insights from Case Studies in the Education Sector." Sustainability 13, no. 8: 4121.

Journal article
Published: 02 July 2020 in Sustainability
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The 2030 Agenda for Sustainable Development brought the critical challenge of how private capital can support its new goals—the Sustainable Development Goals (SDGs)—to the attention of finance, business and policy actors. Impact finance instruments, which aim to obtain both financial and positive social/environmental returns simultaneously, can serve as effective institutional mechanisms to support the financing of SDGs. Social impact bonds (SIBs) are part of this emerging field. SIBs represent multi-stakeholder partnerships, built on outcome-based contracts, designed to harness private impact-oriented investors, service providers and public entities to address social or environmental problems. SDG 17 considers partnerships priority instruments for the achievement of SDs targets. This paper provides an exploratory analysis into the field of Social Impact Bonds and aims to (i) understand how such instruments are suitable for involving sustainable economy actors in SDG-based partnerships; (ii) determine the interplay between SIBs and SDGs. In order to address these questions, the article presents a multiple case study that includes a cross case analysis of four SIBs experienced in different social policy areas and different countries. As secondary step, the study matches phases and activities of SDG-based financial partnerships derived from a literature review with those experienced by each SIB case study. The results show that SIBs are fully compliant with SDG-based financial partnership structures derived from the literature, and their architecture reveals a high degree of SDG investment readiness. The originality of the research consists of including SIBs in the analysis of the new financial tools for the achievement of the SDGs, and extending them into the field of partnerships for the Goals, at the center of SDG 17. The paper fills the significant gap in the current research related to the issues of financing sustainable development and financial sector instruments on sustainability.

ACS Style

Alessandro Rizzello; Abdellah Kabli. Sustainable Financial Partnerships for the SDGs: The Case of Social Impact Bonds. Sustainability 2020, 12, 5362 .

AMA Style

Alessandro Rizzello, Abdellah Kabli. Sustainable Financial Partnerships for the SDGs: The Case of Social Impact Bonds. Sustainability. 2020; 12 (13):5362.

Chicago/Turabian Style

Alessandro Rizzello; Abdellah Kabli. 2020. "Sustainable Financial Partnerships for the SDGs: The Case of Social Impact Bonds." Sustainability 12, no. 13: 5362.

Chapter
Published: 02 July 2020 in Palgrave Studies in Impact Finance
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The 2030 Agenda on Sustainable Development Goals (SDGs) leaves open the question of how best to consider alternative forms of economy, social relations and governance. In this context, finance and economics on one side and corporate law on the other must be indissolubly linked to a greater extent than in the past: the former provides the resources and the latter the legal tools to manage them. Academic discourses around sustainability issues in entrepreneurship, corporate legal models and finance remain fragmented, and each specific discipline analyses these topics from a narrow perspective. However, significant barriers between financial actors and sustainable entrepreneurs exist. Starting from this perspective, this chapter adopts a multidisciplinary approach with the aim of proposing a conceptual framework that assumes the multidisciplinary nature of sustainability.

ACS Style

Raffaele Felicetti; Alessandro Rizzello. Financing Sustainable Goals: Economic and Legal Implications. Palgrave Studies in Impact Finance 2020, 5 -36.

AMA Style

Raffaele Felicetti, Alessandro Rizzello. Financing Sustainable Goals: Economic and Legal Implications. Palgrave Studies in Impact Finance. 2020; ():5-36.

Chicago/Turabian Style

Raffaele Felicetti; Alessandro Rizzello. 2020. "Financing Sustainable Goals: Economic and Legal Implications." Palgrave Studies in Impact Finance , no. : 5-36.

Journal article
Published: 01 January 2020 in ACRN Journal of Finance and Risk Perspectives
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The debate, especially in policy circles, around the emergence of Social and Sustainable Finance (SSF), depict as ‘paradoxical’ the contrast between SSF as a relatively under-developed field of knowledge and thought, and yet as an area of practice with ‘vast potential’ that is experiencing an ‘explosion’ in practitioner numbers. Such potential, in term of economic and social value that SSF can deliver, is reflected in the increasing of interest within the public policy-making arena in the achievement of Sustainable Development Goals (SDGs). More in detail, it is also underlined by the raising of public and private investment into promoting and supporting them. Within such evolving arena, the exact scale and scope of SSF’s contribution to the improvement of SDGs worldwide is difficult to delineate and measure accurately, but there seems to be universal agreement that SDGs represent an ideal and widespread area where SSF can register a significant growth. However, limited research addressed the marriage of these two fields. The purpose of this research are: i) to shed light on existing academic literature embracing both Social and Sustainable Finance and SDGs issues, ii) explore emerging trends deriving from international policy-making actors, market builders, managers, senior academics and, iii) to identify the main areas for further research focusing on SSF and SDGs. In order to derive a research agenda about such emerging research topic, the study adapts a triangulated approach based on qualitative mixed methods. With such objectives in mind, the study provides an extensive literature review in order to depict a comprehensive overview of existing knowledge considering both SSF and SDGs topics. The analysis is therefore enhanced by the trends identified from literature deriving from public policy-making actors and market-builders as well as from invited commentaries on SSF from senior scholars and managers. Thus, a holistic perspective on SSF experience, useful to identify the main areas for further research on SSF in the sustainability industry, was derived. The study, therefore, aims to provide, through a triangulated analysis of the concepts, frameworks and trends, a detailed understanding of the mechanisms for managing the interplay between SSF and SDGs, by highlight future avenues of research in this field.

ACS Style

Alessandro Rizzello; Abdellah Kabli. Social Finance and Sustainable Development Goals: A Literature Synthesis, Current Approaches and Research Agenda. ACRN Journal of Finance and Risk Perspectives 2020, 9, 120 -136.

AMA Style

Alessandro Rizzello, Abdellah Kabli. Social Finance and Sustainable Development Goals: A Literature Synthesis, Current Approaches and Research Agenda. ACRN Journal of Finance and Risk Perspectives. 2020; 9 (1):120-136.

Chicago/Turabian Style

Alessandro Rizzello; Abdellah Kabli. 2020. "Social Finance and Sustainable Development Goals: A Literature Synthesis, Current Approaches and Research Agenda." ACRN Journal of Finance and Risk Perspectives 9, no. 1: 120-136.

Journal article
Published: 29 March 2019 in Sustainability
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Business models for sustainability (BMfS) are relevant topics on research agendas, given their orientation toward sustainability issues. However, traditional versions of these models are often ill-equipped at solving complex social problems. Cross-sector partnerships for sustainability (CSPfS) have been recognized as a new paradigm that mitigates the failure of traditional models. Impact investing, and social impact bonds (SIBs) in particular, represent an interesting field of research in innovative business models for sustainable finance, even though the literature does not consider SIBs within this broader field. We propose an exploratory study based on qualitative methods aimed at conceptualizing SIBs within the framework of BMfS and understanding how SIB collaboration varies across social sectors and geographical areas. Our study identifies three different models of SIBs characterized by the different degrees of collaboration between actors: (i) SIB as a fully collaborative partnership; (ii) SIB as a low-collaborative partnership; and (iii) SIB as a partially collaborative partnership. Our findings are useful to policy makers and practitioners involved in the SIB design, suggesting that a fully collaborative SIB model may stand a better chance of achieving the expected social impacts.

ACS Style

Mario La Torre; Annarita Trotta; Helen Chiappini; Alessandro Rizzello. Business Models for Sustainable Finance: The Case Study of Social Impact Bonds. Sustainability 2019, 11, 1887 .

AMA Style

Mario La Torre, Annarita Trotta, Helen Chiappini, Alessandro Rizzello. Business Models for Sustainable Finance: The Case Study of Social Impact Bonds. Sustainability. 2019; 11 (7):1887.

Chicago/Turabian Style

Mario La Torre; Annarita Trotta; Helen Chiappini; Alessandro Rizzello. 2019. "Business Models for Sustainable Finance: The Case Study of Social Impact Bonds." Sustainability 11, no. 7: 1887.

Review
Published: 19 July 2018 in Social Impact Investing Beyond the SIB
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In recent decades, governments worldwide have begun to extend the use of Payment by Results (PbR) contracts. PbR contracts create a new type of partnership between investors, governments and service providers that engages them in a new way through complex outcome-based financial arrangements. In Italy, the diffusion of such instruments is limited by market and by legal barriers. Based on these considerations, our work aims to present an overview of the literature on PbR models, with Social Impact Bonds (SIBs) as the main subject, and to perform an explorative analysis of multiple case studies (focusing on innovative SIBs in healthcare) of such schemes. The study contributes to the international debate by offering several insights and implications for scholars, practitioners and policy makers. In addition, it aims to help clarify—from a law and economic perspective—the opportunities and obstacles related to the development of PbR instruments in the Italian context.

ACS Style

Alessandro Rizzello; Rossana Caridà; Annarita Trotta; Giuseppe Ferraro; Rosella Carè. The Use of Payment by Results in Healthcare: A Review and Proposal. Social Impact Investing Beyond the SIB 2018, 69 -113.

AMA Style

Alessandro Rizzello, Rossana Caridà, Annarita Trotta, Giuseppe Ferraro, Rosella Carè. The Use of Payment by Results in Healthcare: A Review and Proposal. Social Impact Investing Beyond the SIB. 2018; ():69-113.

Chicago/Turabian Style

Alessandro Rizzello; Rossana Caridà; Annarita Trotta; Giuseppe Ferraro; Rosella Carè. 2018. "The Use of Payment by Results in Healthcare: A Review and Proposal." Social Impact Investing Beyond the SIB , no. : 69-113.

Journal article
Published: 01 July 2018 in Business Horizons
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In recent years, many cities have experienced new forms of collaboration that have an impact on citizens and entrepreneurs. The integration of this field of study with civic crowdfunding can influence economic growth and community building, which may be beneficial for both policymakers and practitioners alike. Civic crowdfunding is a financial model through which citizens, in collaboration with government and local authorities, fund projects to provide a community service. The development of smart cities is related to civic engagement, empowerment, and participation intended to be part of crowdsourcing or entrepreneurial activities. In this sense, cities play a vital role as drivers of (open) innovation and entrepreneurship. Based on these considerations, this study proposes an explorative and qualitative approach to investigate the civic crowdfunding phenomenon and its ability to promote community development. Our exploratory analysis of six projects highlights the challenges and opportunities of civic crowdfunding for the creation, development, and improvement of more inclusive cities.

ACS Style

Stella Carè; Annarita Trotta; Rosella Carè; Alessandro Rizzello. Crowdfunding for the development of smart cities. Business Horizons 2018, 61, 501 -509.

AMA Style

Stella Carè, Annarita Trotta, Rosella Carè, Alessandro Rizzello. Crowdfunding for the development of smart cities. Business Horizons. 2018; 61 (4):501-509.

Chicago/Turabian Style

Stella Carè; Annarita Trotta; Rosella Carè; Alessandro Rizzello. 2018. "Crowdfunding for the development of smart cities." Business Horizons 61, no. 4: 501-509.

Chapter
Published: 23 January 2018 in Designing a Sustainable Financial System
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Alternative finance represents a small but interesting field of research. Concepts such as “alternative financing instruments”, alternative financing channels and “alternative forms of finance” can be found in the recent literature with increasing frequency. Despite all this attention and activities in this field, extant knowledge is fragmented, and various deficiencies exist. Moving from these considerations, the main aims of this chapter are (i) to explore the domain of “alternative finance”; (ii) to map and to assess the intellectual territory of this research field; (iii) to provide a critical analysis of the current state of the art in this new finance approach through the analysis of the ontological, epistemological and methodological issues posed in academia and (iv) to identify and discuss the main emerging streams of research. This chapter also contributes to the ongoing debate on the role of alternative finance for a more sustainable financial system by exploring new concepts, instruments and dynamics of the alternative finance in the service of human welfare and dignity.

ACS Style

Rosella Carè; Annarita Trotta; Alessandro Rizzello. An Alternative Finance Approach for a More Sustainable Financial System. Designing a Sustainable Financial System 2018, 17 -63.

AMA Style

Rosella Carè, Annarita Trotta, Alessandro Rizzello. An Alternative Finance Approach for a More Sustainable Financial System. Designing a Sustainable Financial System. 2018; ():17-63.

Chicago/Turabian Style

Rosella Carè; Annarita Trotta; Alessandro Rizzello. 2018. "An Alternative Finance Approach for a More Sustainable Financial System." Designing a Sustainable Financial System , no. : 17-63.