Indicators and metrics for social business: a review of current approaches

References

• Achleitner, A. K., A. Heinecke, A. Noble, M. Schoning, and W. Spiess-Knalf 2011. “Unlocking the Mystery: An intoduction to Social Investment.” Innovations 6 (3): 41–50.
   Google Scholar
• Alexander, J., J. L. Brudney, and K. Yang 2010. “Introduction to the Symposium: Accountability and Performance Measurement: The Evolving Role of Nonprofits in the Hollow State.” Nonprofit and Voluntary Sector Quarterly 39 (4): 565–570.
   Google Scholar
• Alter, K. A., 2006. “Social Enterprise Models and Their Mission and Money Relationships.” In Social Entrepreneurship: New Models of Sustainable Social Change, edited by A. Nicholls, 205–233. Oxford: Oxford University Press.
   Google Scholar
• Arena, M., G. Azzone, and I. Bengo 2015. “Performance Measurement for Social Enterprises.” VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations 26 (2): 649–672.
   Google Scholar
• Arksey, H., and L. O'Malley 2005. “Scoping Studies: Towards a Methodological Framework.” International Journal of Social Research Methodology 8 (1): 19–32.
   Google Scholar
• Auerswald, P. 2009. “Creating Social Value.” Stanford Social Innovation Review 7 (2): 51–55.
   Google Scholar
• Austin, J., H. Stevenson, and J. Wei-Skillern 2006. “Social and Commercial Entrepreneurship: Same, Different, or Both?.” Entrepreneurship Theory and Practice 30 (1): 1–22.
   Google Scholar
• Bagnoli, L., and C. Megali 2011. “Measuring Performance in Social Enterprises.” Nonprofit and Voluntary Sector Quarterly 40 (1): 149–165.
   Google Scholar
• Bassi, A. 2011. Il valore aggiunto sociale del terzo settore. Verso un sistema di indicatori per la misurazione della performance delle imprese sociali. Milan: QuiEdit.
   Google Scholar
• Bebbington, K. J., R. H. Gray, and D. L. Owen 1999. “Seeing the Wood for the Trees: Taking the Pulse of Social and Environmental Accounting.” Accounting, Auditing and Accountability Journal 12 (1): 47–51
   Google Scholar
• Bebbington, J., J. Unerman, and B. O'Dwyer, eds. 2014. Sustainability Accounting and Accountability. Abingdon: Routledge.
   Google Scholar
• Bebbington, J., and R. Gray 2001. “An Account of Sustainability: Failure, Success and a Reconceptualization.” Critical Perspectives on Accounting 12 (5): 557–588.
   Google Scholar
• Bourne, L., and D. H. T. Walker 2005. “Visualising and Mapping Stakeholder Influence.” Management Decision 43 (5): 649–660.
   Google Scholar
• Brignall, S., and S. Modell 2000. “An Institutional Perspective on Performance Measurement and Management in the ‘New Public Sector’.” Management Accounting Research 11 (3): 281–306.
   Google Scholar
• Brinkman, H. J., S. De Pee, I. Sanogo, L. Subran, and M. W. Bloem 2009. “High Food Prices and the Global Financial Crisis Have Reduced Access to Nutritious Food and Worsened Nutritional Status and Health.” Journal of Nutrition 140 (1): 153S–161S.
   Google Scholar
• Bugg-Levine, A., and J. Emerson 2011. “Impact Investing, Transforming How We Make Money While Making a Difference.” Innovations 6 (3): 31–40.
   Google Scholar
• Bull, M., and H. Crompton 2006. “Business Practices in Social Enterprises.” Social Enterprise Journal 2 (1): 42–60.
   Google Scholar
• Bull, M. 2007. “Balance: The Development of a Social Enterprise Business Performance Analysis Tool.” Social Enterprise Journal 3 (1): 49–66.
   Google Scholar
• Carter, N., R. Klein, and P. Day 1995. How Organisations Measure Success: The Use of Performance Indicators in Government. London: Routledge.
   Google Scholar
• Chan, H. W., V. Makarov, and S. Thompson 2010. “Beyond the “Tradeoff”: A new Analytical Framework for the Social Impact Investing Industry.” Working Paper.
   Google Scholar
• Chan, K. H. 2009. “Impact of Intellectual Capital on Organisational Performance: An Empirical Study of Companies in the Hang Seng Index (Part 1).” Learning Organization 16 (1): 4–21.
   Google Scholar
• Crowther, D., and C. Reis 2011. “Social Responsibility or Social Business?” Social Business 1 (2): 129–148.
   Google Scholar
• Development Trusts Association, DTA. 2008. “Fit for Purpose: The Development Trusts Association Healthcheck for Community Enterprise Organisations.” Accessed October 6th, 2014. http://locality.org.uk/wp-content/uploads/Fit-for-Purpose.pdf.
   Google Scholar
• Ebrahim, A., and K. Rangan 2010. “The Limits of Nonprofit Impact: A Contingency Framework for Measuring Social Performance.” Harvard Business School Working Paper.
   Google Scholar
• Emerson, J., 2003. “The Blended Value Proposition: Integrating Social and Financial Returns.” California Management Review 45 (4): 36
   Google Scholar
• European Commission, 2013. “Social economy and social entrepreneurship, Social Europe guide, Volume 4.” Directorate-General for Employment, Social Affairs and Inclusion, March 2013. Accessed November 10, 2014. http://www.sofisam.se/download/18.3453fc5214836a9a472a0430/1411643786917/EU+kommissionen,+Social+Economy+and+Social+Entreprenreurship.pdf.
   Google Scholar
• European Commission, 2014. “Proposed Approaches to Social Impact Measurement” in European Commission legislation and in practice relating to: EuSEFs and the EaSI. Accessed November 10th 2014. http://www.ec.europa.eu/internal_market/social_business/docs/expert-group/social_impact/140605-sub-group-report_en.pdf.
   Google Scholar
• Fletcher, A., J. Guthrie, P. Steane, G. Roos, and S. Pike. 2003. “Mapping Stakeholder Perceptions for a Third Sector Organization.” Journal of Intellectual Capital 4 (4): 505–527.
   Google Scholar
• Flockhart, A. 2005. “Raising the profile of social enterprises: the use of social return on investment (SROI) and investment ready tools (IRT) to bridge the financial credibility gap.” Social Enterprise Journal, 1 (1): 29–42.
   Google Scholar
• Flynn, N. 1997. Public Sector Management. London: Prentice-Hall/Harvester Wheatsheaf.
   Google Scholar
• Freeman, R. E. 1984. Strategic Management: A Stakeholder Approach. Boston, MA: Pitman Publishing Company.
   Google Scholar
• Freireich, J., and K. Fulton. 2009. Investing For Social and Environmental Impact: A Design for Catalyzing an Emerging Industry. New York, NY: Monitor Group.
   Google Scholar
• Friedman, A. L., and S. Miles. 2002. “Developing Stakeholder Theory.” Journal of Management Studies, 31 (1): 1–21.
   Google Scholar
• Gao, S. S., and J. J. Zhang. 2006. “Stakeholder Engagement, Social Auditing and Corporate Sustainability.” Business Process Management Journal 12 (6): 722–740.
   Google Scholar
• G8, Social Impact Investment Taskforce. 2014. “IMPACT INVESTMENT: The invisible heart of markets harnessing the power of entrepreneurship, innovation and capital for public good.” Accessed November 10th, 2014. http://www.socialimpactinvestment.org/.
   Google Scholar
• Glänzel, G., B. Schmitz, and G. Mildenberger. 2012. “Report on Social Finance Investment Instruments, Markets and Cultures in the EU, a deliverable of the project” The theoretical, empirical and policy foundations for building social innovation in Europe Brussels: European Commission, DG Research.
   Google Scholar
• Global Social Venture Competition, GSV. 2012. “Social Impact Assessment Guidelines.” Accessed September 19th, 2014. http://www.i-edu.org.cn/gsvc/download/2011_GSVC_SIA_Guidelines.pdf
   Google Scholar
• Global Impact Investing Network. 2011. “Impact-Based Incentive Structures, Aligning Fund Manager Compensation with Social and Environmental Performance.” Accessed November 10th, 2014. http://www.thegiin.org/binary-data/RESOURCE/download_file/000/000/332-1.pdf
   Google Scholar
• GRI AND IRIS. 2014. “Linking GRI and IRIS: How to Use the IRIS Metrics in the Preparation of a Sustainability Report Based on the GRI G4 Sustainability Reporting Guidelines.” Accessed February 9th, 2015. http://www.globalreporting.org/G4 and https://iris.thegiin.org
   Google Scholar
• Grabenwarter, U., and H. Liechtenstein. 2011. “In Search of Gamma-An Unconventional Perspective on Impact Investing.” IESE Business School, University of Navarra.
   Google Scholar
• Gray, R. H., C. Dey, D. Owen, R. Evans, and S. Zade. 1997. “Struggling with the Praxis of Social Accounting: Stakeholders, Accountability, Audits and Procedures.” Accounting, Auditing and Accountability Journal 10 (3): 325–364.
   Google Scholar
• Gray, R. H. 2000. “Current Developments and Trends in Social and Environmental Auditing, Reporting and Attestation: A Review and Comment.” International Journal of Auditing 4 (3): 247–268.
   Google Scholar
• Gray, R. 2001. “Thirty Years of Social Accounting, Reporting and Auditing: What (if anything) Have We Learnt?.” Business Ethics: A European Review 10 (1): 9–15.
   Google Scholar
• Gray, R. H. 2002. “The Social Accounting Project and Accounting, Organizations and Society: Privileging Engagement, Imagination, New Accountings and Pragmatism Over Critique?” Accounting, Organizations and Society 27 (7): 687–708.
   Google Scholar
• Guba, E. S., and Y. S. Lincoln. 1989. Fourth Generation Evaluation. Newbury Park, CA: Sage.
   Google Scholar
• Hebb, T. 2013. “Impact Investing and Responsible Investing: What Does It Mean?” Journal of Sustainable Finance and Investment 3 (2): 71–74.
   Google Scholar
• Heinrich, C. J. 2002. “Outcomes-Based Performance Management in the Public Sector: Implications for Government Accountability and Effectiveness.” Public Administration Review 62 (6): 712–725.
   Google Scholar
• Herman, R. D., and D. O. Renz. 1997. “Multiple Constituencies and the Social Construction of Nonprofit Organization Effectiveness.” Nonprofit and Voluntary Sector Quarterly 26 (2): 185–206.
   Google Scholar
• Hornsby, A, 2012. “The Good Analyst, Impact Measurement and Analysis in the Social-Purpose Universe.” Investing for Good. Accessed September 19 th, 2014. http://www.goodanalyst.com/fileadmin/ifg_users/pdf/thegoodanalyst.pdf
   Google Scholar
• Hornsby, A., and G. Blumberg. 2013. “The Good Investor A Book of Best Impact Practice.” Investing for Good. Accessed September 19th, 2014. http://www.goodinvestor.co.uk/download-the-good-investor-pdf/
   Google Scholar
• Hyndman, N., and D. McMahon. 2011. “The Hand of Government in Shaping Accounting and Reporting in the UK Charity Sector.” Public Money & Management 31 (3): 167–174.
   Google Scholar
• Jansson, M., and A. Biel. 2011. “Motives to Engage in Sustainable Investment: A Comparison Between Institutional and Private Investors.” Sustainable Development 19 (2): 135–142.
   Google Scholar
• Jackson, E. T. 2013. “Interrogating the Theory of Change: Evaluating Impact Investing Where It Matters Most.” Journal of Sustainable Finance & Investment 3 (2): 95–110.
   Google Scholar
• Kaplan, R. S., and D. P. Norton 2001. “Transforming the Balanced Scorecard from Performance Measurement to Strategic Management.” Part II. Accounting Horizons 15 (2): 147–160.
   Google Scholar
• Karamchandani, A., M. Kubzansky, and P. Frandano. 2009. “Emerging Markets, Emerging Models: Market Based Solutions to the Challenges of Global Poverty.” Monitor Group. Accessed November 3rd, 2014. http://www.monitor.com/Portals/0/MonitorContent/documents/Monitor_Emerging_Markets_NEDS_03_25_09.pdf
   Google Scholar
• Karanikolos, M., P. Mladovsky, J. Cylus, S. Thomson, S. Basu, D. Stuckler, J. P. Mackenbach, and M. McKee. 2013. “Financial Crisis, Austerity, and Health in Europe.” The Lancet 381 (9874): 1323–1331.
   Google Scholar
• Kendall, J., and M. Knapp. 2000. “Measuring the Performance of Voluntary Organisations.” Public Management 2 (1): 105–132.
   Google Scholar
• Korosec, R. L., and E. M. Berman. 2006. “Municipal Support for Social Entrepreneurship.” Public Administration Review 66 (3): 448–462.
   Google Scholar
• Lawlor, E. 2009. “Social Return on Investments: an Approach to Avoiding False Economies.” Working Paper. TSRC, Birmingham. Accessed September 10th, 2014. http://eprints.mdx.ac.uk/7104/
   Google Scholar
• Lyon, F., M. Arvidson, D. Etherington, and I. Vickers. 2010. “Social Impact Measurement (SIM) Experiences and Future Directions for Third Sector Organisations in the East of England.” Report for EEDA. Accessed October 10th, 2014. http://www.the-guild.co.uk.
   Google Scholar
• Marks, L., and D. J. Hunter. 2007. Social Enterprises and the NHS: Changing Patterns of Ownership and Accountability. London: Unison.
   Google Scholar
• Mathews, M. R. 1997. “Twenty‐five Years of Social and Environmental Accounting Research.” Accounting, Auditing & Accountability Journal 10 (4): 481–531.
   Google Scholar
• Mathews, R. 2004. “Developing a Matrix Approach to Categorise the Social and Environmental Accounting Research Literature.” Qualitative Research in Accounting & Management 1 (1): 30–45.
   Google Scholar
• McLoughlin, J., J. Kaminski, B. Sodgar, S. Khan, R. Harris, G. Arnaudo, and S. Mc Brearty. 2009. “A Strategic Approach to Social Impact Measurement of Social Enterprises. The SIMPLE Methodology.” Social Enterprise Journal 5 (2): 154–178.
   Google Scholar
• Meadows, M., and M. Pike. 2010. “Performance Management for Social Enterprises.” Systemic Practice and Action Research 23 (2): 127–141.
   Google Scholar
• Mook, L., and J. Quarter. 2006. “Accounting for the Social Economy: The Socioeconomic Impact Statement.” Annals of Public and Cooperative Economics 77 (2): 247–269.
   Google Scholar
• Moore, MH. 2003. “The Public Value Scorecard: A Rejoinder and an Alternative to Strategic Performance Measurement and Management in Non-Profit Organizations.” Hauser Center for Nonprofit Organizations Working Paper, 18.
   Google Scholar
• New Economics Foundation (NEF). 2007. “Measuring Real Value: A DIY Guide to Social Return on Investment.” Accessed November 3rd, 2014. http://www.neweconomics.org/
   Google Scholar
• Nicholls, A. 2010a. “Institutionalizing Social Entrepreneurship in Regulatory Space: Reporting and Disclosure by Community Interest Companies.” Accounting, Organizations and Society 35 (4): 394–415.
   Google Scholar
• Nicholls, A. 2010b. “The Legitimacy of Social Entrepreneurship: Reflexive Isomorphism in a Pre‐Paradigmatic Field.” Entrepreneurship Theory and Practice 34 (4): 611–633.
   Google Scholar
• Nicholls, A. 2009. “We Do Good Things, Don't We?: ‘Blended Value Accounting’ in Social Entrepreneurship.” Accounting Organizations and Society 34 (6–7): 755–769.
   Google Scholar
• O'Dwyer, B. 2005. “Stakeholder Democracy: Challenges and Contributions From Social Accounting.” Business Ethics: A European Review 14 (1): 28–41.
   Google Scholar
• OECD. 2014. “General Assessment of the Macroeconomic Situation.” Economic Outlook, no. 2. Accessed October 6th 2014. http://www.oecd.org/eco/outlook/General-assessment-of-the-macroeconomic-situation.pdf
   Google Scholar
• Olsen, S., and Galimidi. 2008. “Catalog of Approaches to Impact Measurement, Assessing Social Impact in Private Ventures.” Social Venture Technology Group. Accessed November 3rd, 2014. http://www.midot.org.il/Sites/midot/content/Flash/CATALOG%20OF%20APPROACHES%20TO%20IMPACT%20MEASUREMENT.pdf
   Google Scholar
• Ormiston, J., and R. Seymour. 2011. “Understanding Value Creation in Social Entrepreneurship: The Importance of Aligning Mission, Strategy and Impact Measurement.” Journal of Social Entrepreneurship 2 (2): 125–150.
   Google Scholar
• Owen, D. L., and T. Swift. 2001. “Social Accounting, Reporting and Auditing: Beyond the Rhetoric?” Business Ethics: A European Review 10 (1): 4–8.
   Google Scholar
• Paton, R. 2003. Managing and Measuring Social Enterprises. London: Sage.
   Google Scholar
• Peredo, A. M., and M. McLean. 2006. “Social Entrepreneurship: A Critical Review of the Concept.” Journal of World Business 41 (1): 56–65.
   Google Scholar
• Perrin, B. 1998. “Effective Use and Misuse of Performance Measurement.” American Journal of Evaluation 19 (3): 367–379.
   Google Scholar
• Plotnieks, D. 2014. “Mechanisms Fostering Social Entrepreneurship as Potential Instruments for Economic Development: The Eastern Partnership Perspective.” Baltic Journal of European Studies 4 (2): 34–49.
   Google Scholar
• Preston, L. E., and T. Donaldson. 1999. “Stakeholder Management and Organizational Wealth.” Academy of Management Review 24 (4): 619.
   Google Scholar
• Richmond, B. J., L. Mook, and J. Quarter. 2003. “Social accounting for nonprofits: Two models.” Nonprofit Management and Leadership 13 (4): 308–324.
   Google Scholar
• Rose, A., and A. Lawton. 1999. Public Services Management. London: Prentice Hall.
   Google Scholar
• Rotheroe, N., and A. Richards. 2007. “Social Return on Investment and Social Enterprise: Transparent Accountability for Sustainable Development.” Social Enterprise Journal 3 (1): 31–48
   Google Scholar
• Sacks, J. 2002. The Money Trail: Measuring Your Impact on the Local Economy Using LM3. London: New Economics Foundation.
   Google Scholar
• Saltuk, Y., A. Idrissi, A. Bouri, A. Mudaliar, and H. Schiff. 2014. “Spotlight on the Market: The Impact Investor Survey.” Global Social Finance, JP Morgan and the Global Impact Investing. London: Network.
   Google Scholar
• Santos, F. M. 2012. “A Positive Theory of Social Entrepreneurship.” Journal of Business Ethics 111 (3): 335–351.
   Google Scholar
• SEC. 2011. “Creating a Favourable Climate for Social Enterprises, Key Stakeholders in the Social Economy and Innovation.” Communication from the commission to the European Parliament, the Council, the European economic and social committee and the committee of the regions. Social Business Initiative. Accessed November 10th, 2014. http://www.europarl.europa.eu/.
   Google Scholar
• Seelos, C., and J. Mair. 2005. “Social Entrepreneurship: Creating New Business Models to Serve the Poor.” Business Horizons 48 (3): 241–246.
   Google Scholar
• Sefton, T. 2000. “Getting Less for More: Economic Evaluation in the Social Welfare Field CASEpare 44”. Centre for Analysis of Social Exclusion, London School of Economics, London. Accessed May 5th, 2015 . http://www.eprints.lse.ac.uk/6444/1/Getting_Less_for_More_Economic_Evaluation_in_the_Social_Welfare_Field.pdf.
   Google Scholar
• Sethi, S. P. 2005. “Investing in Socially Responsible Companies Is a must for Public Pension Funds–Because There Is No Better Alternative.” Journal of Business Ethics 56 (2): 99–129.
   Google Scholar
• Sgherri, S., and E. Zoli. 2009. “Euro Area Sovereign Risk During the Crisis.” International Monetary Fund, Working Paper. Accessed May 5th, 2015. http://www.kif.re.kr/KMFileDir/129001476237347500_IMF%20wp09222.pdf.
   Google Scholar
• Simmons, J. 2003. “Balancing Performance, Accountability and Equity in Stakeholder Relationships: Towards More Socially Responsible HR Practice.” Corporate Social Responsibility and Environmental Management 10 (3): 129–140.
   Google Scholar
• Sinkovics, N., R. R. Sinkovics, and M. Yamin. 2014. “The Role of Social Value Creation in Business Model Formulation at the Bottom of the Pyramid–Implications for MNEs?.” International Business Review 23 (4): 692–707
   Google Scholar
• Smith, P. 1995. “Performance Indicators and Outcomes in the Public Sector.” Public Money & Management 15 (4): 13–16.
   Google Scholar
• Somers, A. B. 2005. “Shaping the Balanced Scorecard for Use in UK Social Enterprises.” Social Enterprise Journal 1 (1): 43–57.
   Google Scholar
• Stone, C. D. 1975. Where the Law Ends. New York, NY: Harper & Row.
   Google Scholar
• Thomson, I., and J. Bebbington. 2005. “Social and Environmental Reporting in the UK: A Pedagogic Evaluation.” Critical Perspectives on Accounting 16 (5): 507–533.
   Google Scholar
• Vis, B., K. Kersbergen, and T. Hylands. 2011. “To What Extent Did the Financial Crisis Intensify the Pressure to Reform the Welfare State?” Social Policy & Administration 45 (4): 338–353.
   Google Scholar
• Wendt, A. 1999. Social Theory of International Politics. Cambridge: Cambridge University Press.
   Google Scholar
• Wilson, F., and E. J. Post. 2013. “Business Models for People, Planet & Profits”: Exploring the Phenomena of Social Business, a Market-Based Approach to Social Value Creation.” Small Business Economics 40 (3): 715–737.
   Google Scholar
• Wilson, K. E. 2014. “New Investment Approaches for Addressing Social and Economic Challenges.” OECD Science, Technology and Industry Policy, Papers No. 15, OECD.
   Google Scholar
• World Bank. 2003. World Development Report 2004. “Making Services Work for Poor People.” World Bank. Accessed September 19th, 2014. https://openknowledge.worldbank.org/handle/10986/5986 License: CC BY 3.0 IGO.
   Google Scholar
• Yang, C. L., R. H. Huang, and Y. C. Lee. 2014. “Building a Performance Assessment Model for Social Enterprises-Views on Social Value Creation.” Science Journal of Business and Management 2 (1): 1–9.
   Google Scholar
• Yunus, M., B. Moingeon, and L. Lehmann-Ortega. 2010. “Building Social Business Models: Lessons from the Grameen Experience.” Long Range Planning 43 (2–3): 308–325.
   Google Scholar
• Yunus, M. 2007. Creating a World Without Poverty: Social Business and the Future of Capitalism. New York, NY: PublicAffairs.
   Google Scholar