Routledge Handbook of Social and Sustainable Finance

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.

‘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

• PART IThe 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 NichollsI.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 ShahI.3 Special Instruments 9 Crowdfunding social ventures: a model and research agenda Othmar M. Lehner10 Social Impact Bonds: exploring and understanding an emerging funding approach Jim Clifford and Tobias Jung11 Lending to social ventures: existing demand for finance and the potential roles of social investment Fergus LyonPART IIChallenges, 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. Worthington13 Seeing ourselves as others see us: incorporating reflexivity in Corporate Social Responsibility Christopher Mason and John Simmons14 Socially Responsible Investment as emergent risk prevention and means to imbue trust in the post-2008/2009 World Financial Crisis economy Julia M. Puaschunder15 Socially Responsible Investments and Islamic investments: is there a difference? Saeed Binmahfouz16 Social investment and fiduciary responsibilities Tommi Lehtonen17 Corporate Social Responsibility and financial performance in Italian co-operative banks Eleonora Broccardo, Ericka Costa, and Maria Mazzuca18 Integral sustainability or how evolutionary forces are driving investors’ trust and the integration of people, planet, and profit Mariana BozesanII.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 Marti20 Institutional analysis of Venture Philanthropy Tamaki Onishi21 The convergence paradox of Islamic Finance: a sociological reinterpretation, with insights for proponents of social finance Aaron Z. PitluckII.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 Geobey23 Organizational hybridity in social finance: a comparative analysis Gunnar Glänzel and Björn Schmitz24 Measuring and comparing social value creation: advantages and disadvantages of a new comparability method, IRIS, GIIRS, and SROI Arne Kroeger and Christiana Weber25 Sustainable institutional investment models and the human capital analytics approach: a great gap to be filled Carol Royal and G. Sampath S. Windsor26 Opening the market for Impact Investments: the need for adapted portfolio tools Lisa Brandstetter and Othmar M. LehnerPART IIIMarkets and Institutions III.1 Social and Sustainable Banking 27 Social banks’ mission and finance Olaf Weber28 Growing social banking through (business) associations Daniel Tischer and Sven Remer29 Common good disclosure: a framework for analysis Clelia Fiondella, Marco Maffei, Rosanna Spanò, and Claudia Zagaria30 The quality of bank capital in cooperative banks: lessons from history and the current financial crisis Andrea Bonoldi, Eleonora Broccardo, Luca Erzegovesi, and Andrea Leonardi31 The recent development and performance of ethical investments Philippe Gillet and Julie Salaber-Ayton32 The evolution of regulations in banking: a cycle-based approach Mehmet Hasan Eken, Suleyman Kale, and Hüseyin Selimler33 Evolving roles of regulators in the implementation of environmental and social governance in the financial institutions of emerging markets Adeboye OyegunleIII.2 Trading the Environment 34 Trading under uncertainty: an investigation of the Australia emissions market Deborah Cotton and Marija Buzevska35 Credit risk and ecosystem services: a review of small-scale emission-certified agroforestry Emmanuel Olatunbosun Benjamin and Gertrud Buchenrieder36 Evolution of the EU emissions trading system: a new emphasis on distributional and scaling-up dimensions Noriko Fujiwara37 Climate change mitigation: are carbon markets the "silver bullet" solution? Scott J. Niblock and Jennifer L. HarrisonIII.3 Country Specifics and Cases 38 The landscape of Social and Sustainable Finance in Visegrad (V4) countries Daniela Majerčáková39 Government-sponsored Venture Philanthropy and social entrepreneurship in China: an exploratory study Qihai Cai40 The role of Social Investors in developing and emerging economies Lisa M. Hanley, Aline Margaux Laucke, and Tim Weiss41 Building the Impact Investing market: drivers of demand and the ecosystem conditioning supply Maximilian Martin42 Formative dynamics in the UK social investment market, 2000–2015: an "organization rich" agenda on how markets form Guillermo Casasnovas and Marc J. Ventresca43 Regional Impact Investing for institutional investors: the Bay Area Impact Investing Initiative Lauryn Agnew