1,765
Views
23
CrossRef citations to date
0
Altmetric
ARTICLES

Meeting the challenge of impact investing: how can contracting practices secure social impact without sacrificing performance?

Pages 138-154 | Received 28 Feb 2012, Accepted 20 Dec 2012, Published online: 11 Apr 2013

References

  • Anand, P., and C. J. Cowton. 1993. “The Ethical Investor: Exploring Dimensions of Investment Behaviour.” Journal of Economic Psychology 14 (2): 377–385
  • Baker, G., R. Gibbons, and K. J. Murphy. 1994. “Subjective Performance Measures in Optimal Incentive Contracts.” The Quarterly Journal of Economics 109 (4): 1125–1156
  • Bolton , P. and Dewatripont , M. 2005 . Contract Theory , Cambridge : MIT Press .
  • Bond, P., and A. Gomes. 2009. “Multitask Principal–Agent Problems: Optimal Contracts, Fragility, and Effort Misallocation.” Journal of Economic Theory 144: 175–211
  • Brown , A. and Norman , W. 2011 . Lighting the Touchpaper: Growing the Market for Social Investment in England , London : BCG .
  • Brüggen, A., and F. Moers. 2007. “The Role of Financial Incentives and Social Incentives in Multi-Task Settings.” Journal of Management Accounting Research 19: 25–50
  • Budde , J . 2007 . Performance Measure Congruity and the Balanced Scorecard . Journal of Accounting Research , 45 ( 3 ) : 515 – 539 .
  • Cavaco, S., and P. Crifo. 2010. “The CSR-Firm Performance Missing Link: Complementarity Between Environmental, Social and Business Behavior Criteria?” Working Papers, hal-00504747, HAL. Unpublished
  • Chambers , R. G. and Quiggin , J. 1996 . Non-Point-Source Pollution Regulation as a Multitask Principal-Agent Problem . Journal of Public Economics , 59 ( 1 ) : 95 – 116 .
  • Chambers , R. G. and Quiggin , J. 2005 . Incentives and Standards in Agency Contracts . Journal of Public Economic Theory , 7 ( 2 ) : 201 – 228 .
  • Cheng , P . 2011 . The Impact Investor's Handbook: Lessons from the World of Microfinance , London : CAF Venturesome .
  • Daido , K . 2006 . Formal and Relational Incentives in a Multitask Model . International Review of Law and Economics , 26 ( 3 ) : 380 – 394 .
  • Dewatripont , M. , Jewitt , I. and Tirole , J. 2000 . Multitask Agency Problems: Focus and Task Clustering . European Economic Review , 44 ( 4–6 ) : 869 – 877 .
  • EDFI . 2010 . The Growing Role of the Development Finance Institutions in International Development Policy , Copenhagen : Dalberg Global Development Advisors .
  • Emerson , J . 2003 . The Blended Value Proposition: Integrating Social and Financial Returns . California Management Review , 45 ( 4 ) : 35 – 51 .
  • Feltham , G. A. and Xie , J. 1994 . Performance Measure Congruity and Diversity in Multitask Principal/Agent Relations . The Accounting Review , 69 ( 3 ) : 429 – 453 .
  • Freireich , J. and Fulton , K. 2009 . Investing for Social and Environmental Impact: A Design for Catalyzing an Emerging Industry , Cambridge : Monitor Institute .
  • Garcia-Castro , R. , Ariño , M. and Canela , M. 2010 . Does Social Performance Really Lead to Financial Performance? Accounting for Endogeneity . Journal of Business Ethics , 92 : 107 – 126 .
  • Godeke , S. and Pomares , R. 2009 . Solutions for Impact Investors: From Strategy to Implementation , New York : Rockefeller Philanthropy Advisors .
  • Hannan, R. L., R. Krishnan, and A. H. Newman. 2008. “The Effects of Disseminating Relative Performance Feedback in Tournament and Individual Performance Compensation Plans.” The Accounting Review 83 (4): 893–913
  • Hecht, G. W., I. Tafkov, and K. L. Towry. 2012. “Performance Spillover in a Multitask Environment.” Contemporary Accounting Research 29 (2): 563–589
  • Holmstrom , B. and Milgrom , P. 1991 . Multitask Principal-Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design . Journal of Law, Economics, & Organization , 7 : 24 – 52 .
  • Innes , R. D. 1990 . Limited Liability and Incentive Contracting with Ex-Ante Action Choices . Journal of Economic Theory , 52 ( 1 ) : 45 – 67 .
  • Itoh, H. 1994. “Job Design, Delegation and Cooperation: A Principal-Agent Analysis.” European Economic Review 38: 691–700
  • Joy , I. , de Las Casas , L. and Rickey , B. 2011 . Understanding the Demand for and Supply of Social Finance , London : NESTA and New Philanthropy Capital .
  • Lepper , M. D. and Greene , D. 1978 . The Hidden Cost of Rewards: New Perspectives on the Psychology of Human Motivation , Hillsdale , NY : Erlbaum .
  • Lewis, A. 2001. “A Focus Group Study of the Motivation to Invest: ‘Ethical/Green’ and ‘Ordinary’ Investors Compared.” Journal of Socio-Economics 30 (4): 331–341
  • Lewis, A., and J. Cullis. 1990. “Ethical Investments: Preferences and Morality.” Journal of Behavioral Economics 19 (4): 395–411
  • Lothe , S. and Myrtveit , I. 2003 . Compensation Systems for Green Strategy Implementation: Parametric and Non-Parametric Approaches . Business Strategy and the Environment , 12 ( 3 ) : 191 – 203 .
  • Lothe , S. , Myrtveit , I. and Trapani , T. 1999 . Compensation Systems for Improving Environmental Performance . Business Strategy and the Environment , 8 ( 6 ) : 313 – 321 .
  • Mitchell , L. , Kingston , J. and Goodall , E. 2008 . Financing Civil Society: A Practitioner's View of the UK Social Investment Market , London : CAF Venturesome .
  • O'Donohoe , N. , Leijonhufvud , C. , Saltuk , Y. , Bugg-Levine , A. and Brandenburg , M. 2010 . Impact Investments: An Emerging Asset Class , New York : JPMorgan Chase & Co., The Rockefeller Foundation and Global Impact Investing Network, Inc .
  • Renneboog , L. , Ter Horst , J. and Zhang , C. 2008 . Socially Responsible Investments: Institutional Aspects, Performance, and Investor Behavior . Journal of Banking & Finance , 32 ( 9 ) : 1723 – 1742 .
  • Saltuk , Y. , Bouri , A. and Leung , G. 2011 . Insight into the Impact Investing Market , London : JPMorgan Chase & Co. and the Global Impact Investing Network .
  • Schöttner , A . 2008 . Relational Contracts, Multitasking, and Job Design . Journal of Law, Economics, and Organization , 24 ( 1 ) : 138 – 162 .
  • Sinclair-Desgagné , B. and Gabel , H. L. 1997 . Environmental Auditing in Management Systems and Public Policy . Journal of Environmental Economics and Management , 33 ( 3 ) : 331 – 346 .
  • Swack, M., J. Northrup, and E. Hangen. 2012. CDFI Industry Analysis Summary Report. The University of New Hampshire Carsey Institute
  • Tirole , J . 2006 . The Theory of Corporate Finance , Princeton : Princeton University Press .

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.