The institutionalization of social investment: The interplay of investment logics and investor rationalities

Journal of Social Entrepreneurship

Volumn 1, Issue 1, 2010, Pages 70-100

  Nicholls, Alex ^a  

^a UNIVERSITY OF OXFORD   (United Kingdom)

Author keywords

Finance; Institutionalism; Social investment; Weber

Indexed keywords

EID: 77955157104     PISSN: 19420676     EISSN: 19420684     Source Type: Journal    
DOI: 10.1080/19420671003701257     Document Type: Article

References (140)

1. Abbott, A., 1988. The system of professions. Chicago: University of Chicago Press.
2. Alter, K., 2006. A social enterprise typology. Available from: www.virtueventures.com/typology.php [Accessed 1 December 2009].
3. Anheier, H., 2004. Civil society: measurement, evaluation, policy. London: Earthscan.
4. Anheier, H., Albrow, M., Glasius, M., Price, M., and Kaldor, M., eds., 2008. Global civil society 2007/8. London: Sage.
5. Anheier, H. and Leat, D., 2006. Creative philanthropy. London: Routledge.
6. Baker, W., 1984. The social structure of a national securities market. American journal of sociology, 89, 775-811.
7. Bank of England, 2003. The financing of social enterprises: a special report by the Bank of England. London: Bank of England. Available from: www.bankofengland.co.uk/financing_social_enterprise_report.pdf [Accessed 1 December 2009].
8. Battle Anderson, B. and Dees, J.G., 2006. Rhetoric, reality, and research: building a solid foundation for the practice of social entrepreneurship. In: A. Nicholls, ed. Social entrepreneurship: new models of sustainable social change. Oxford: Oxford University Press, 144-168
9. Bernholz, L., 2004. Creating philanthropic capital markets. London: Wiley.
10. Biggart, N. and Delbridge, R., 2004. Systems of exchange. Academy of management review, 29 (1), 28-49.
11. Bishop, M. and Green, M., 2008. Philanthrocapitalism: how the rich are trying to save the world: how the rich can save the world and why we should let them. London: A. and C. Black.
12. Bloom, P. and Chatterji, A., 2010. Scaling social entrepreneurial impact. California management review, forthcoming.
13. Bolton, M. and Kingston, J., 2006. Approaches to financing charitable work: tracking developments. London: CAF.
14. Bourdieu, P., 1986. The forms of capital. In: J. Richardson, ed. Handbook of theory and research for the sociology of education. New York: Greenwood Press, 241-258.
15. Burt, R., 1983. Corporate profits and cooptation: networks of market constraints and directorate ties in the American economy. New York: Academic Press.
16. Burt, R., 1992. Structural holes. Cambridge, MA: Harvard University Press.
17. Callon, M., 1986. The sociology of an actor-network. In: M. Callon, J. Law, and A. Rip, eds. Mapping the dynamics of science and technology. Basingstoke: Macmillan, 1-16.
18. Callon, M., ed., 1998. The laws of the market. Oxford: Oxford University Press.
19. Callon, M., 1999. Actor-network theory-the market test. In: J. Law and J. Hassard, eds. Actor network theory and after. Oxford: Blackwell, 35-49.
20. Campanale, M., 2005. Mission related investing and charities. London: Henderson Global Investors.
21. Cantor, R., Henry, S., and Rayner, S., 1992. Making markets: an interdisciplinary perspective on economic exchange. London: Greenwood Press.
22. CDFA (Community Development Finance Association), 2007. Community investment tax relief: call for evidence. London: CDFA.
23. Chavez, R. and Campos, J.-L, 2008. The social economy in the European Union. CIRIEC working paper 2008/02.
24. Clark, C. and Ucak, S., 2006. RISE for-profit social entrepreneur report: balancing markets and values. Columbia Business School, Research Initiative on Social Entrepreneurship.
25. Clotfelter, C., 1992. The distributional consequences of nonprofit activities. In: C. Clotfelter, ed. Who benefits from the nonprofit sector? Chicago: University of Chicago Press, 1-23.
26. Cockerham, W., Abel, T., and Lueschen, G., 1993. Max Weber, formal rationality, and health lifestyles. The sociological quarterly, 34 (3), 413-425.
27. Cohen, J., Hazelrigg, L., and Pope, W., 1975. De-Parsonizing Weber: a critique of Parsons' interpretation of Weber's sociology. American sociological review, 40, 229-241.
28. Commission on Unclaimed Assets, 2006. A social investment bank: consultation paper. London: Commission on Unclaimed Assets.
29. Dart, R., 2004. The legitimacy of social enterprise. Nonprofit management and leadership, 14 (4), 411-424.
30. Davis, G., McAdam, D., Scott, W., and Zald, M., 2005. Social movements and organization theory. Cambridge: Cambridge University Press.
31. Dees, J.G., 1996. The social enterprise spectrum: from philanthropy to commerce. Harvard: Harvard Business School Press.
32. Dees, J.G., 1998a. The meaning of social entrepreneurship. Available from: www.faculty.fuqua.duke.edu/centers/case/files/dees-SE.pdf [Accessed 1 December 2009].
33. Dees, J.G., 1998b. Enterprising nonprofits. Harvard business review, 76 (1), 54-67.
34. Dees, J.G., 2003. Social entrepreneurship is about innovation and impact, not income. Discussion paper on Social Edge. Available from: www.skoll.socialedge.org/?293@218.2JjfaI3NaTC.0@.1ad86d9e [Accessed 1 December 2009].
35. Defourny, J. and Nyssens, M., eds., 2008. Social enterprise in Europe: recent trends and developments. EMES working paper, no. 08/01.
36. Deutsche Bank Research, 2007. Microfinance: an emerging investment opportunity. Berlin: Deutsche Bank.
37. DiMaggio, P., 1994. Culture and economy. In: N. Smelser and R. Swedberg, eds. Handbook of economic sociology. Princeton: Princeton University Press, 27-57.
38. DTI (Department for Trade and Industry), 2002. Social enterprise: a strategy for success. London: DTI.
39. DTI (Department for Trade and Industry), 2003. Social enterprise: a progress report on 'social enterprise: a strategy for success'. London: DTI.
40. Eagleton, T., 2003. Sweet violence: the idea of the tragic. Oxford: Oxford University Press.
41. Economist, 2010. The feeling is mutual. Economist, 9 January.
42. Edwards, M., 2008. Just another emperor? The myths and realities of philanthrocapitalism. London: Young Foundation.
43. Emerson, J., 2003. The blended value proposition: integrating social and financial returns. California management review, 45 (4), 35-51.
44. Emerson, J., 2009. Beyond good versus evil: hedge fund investing, capital markets and the sustainability challenge. Available from: www.blendedvalue.org/publications [Accessed 1 December 2009].
45. Emerson, J., Freundlich, T., and Fruchterman, J., 2007. Nothing ventured, nothing gained. Skoll Centre for Social Entrepreneurship working paper. Available from: www.sbs.ox.ac.uk/centres/skoll/research/Pages/socialfinance.aspx [Accessed 1 December 2009].
46. Emerson, J. and Spitzer, J., 2007. From fragmentation to functionality: critical concepts and writings on social capital market structure, operation, and innovation. Skoll Centre for Social Entrepreneurship working paper. Available from: www.sbs.ox.ac.uk/centres/skoll/research/Pages/socialfinance.aspx [Accessed 1 December 2009].
47. Etzioni, A., 1988. Normative-affective factors: toward a new decision-making model. Journal of economic psychology, 9 (2), 125-115.
48. Eurosif, 2008. SRI studies. Available from: www.eurosif.org/publications/sri_studies [Accessed 1 December 2009].
49. Evers, A. and Laville, J-L., 2004. The third sector in Europe. London: Edward Elgar.
50. FB Heron Foundation, 2007. 2007 annual report. Available from: www.fbheron.org/documents/ar.2007.pdf [Accessed 1 December 2009].
51. Fligstein, N., 1996. Markets as politics: a political cultural approach to market institutions. American sociological review, 61, 656-673.
52. Fligstein, N., 2001. The architecture of markets. Princeton: Princeton University Press.
53. Fligstein, N. and Stone Sweet, A., 2002. Constructing politics and markets: an institutionalist account of European integration. American journal of sociology, 107 (5), 1206-1243.
54. Freidman, M., 1962. Capitalism as freedom. Chicago: Chicago University Press.
55. Freireich, J. and Fulton, K., 2009. Investing for social and environmental impact: a design for catalyzing an emerging industry. New York: Monitor Group.
56. Glyn, A., 2006. Capitalism unleashed: finance, globalization, and welfare. Oxford: Oxford University Press.
57. Goodall, E. and Kingston, J., 2009. Access to capital: a briefing paper. London: Venturesome.
58. Granovetter, M., 1985. Economic action and social structure: a theory of embeddedness. American journal of sociology, 91, 481-510.
59. Haakonssen, K., ed., 2002. Adam Smith: the theory of moral sentiments. Cambridge: Cambridge Texts in the History of Philosophy.
60. Habermas, J., 1984. The theory of communicative action. Boston: Beacon Press.
61. Hammack, D. and Heydemann, S., eds., 2009. Globalization, philanthropy, and civil society. Bloomington: Indiana University Press.
62. Hammond, A., Kramer, W., Katz, R., Tran, J., and Walker, C., 2007. The next four billion. Market size and business strategy at the base of the pyramid. New York: World Resources Institute/International Finance Corporation.
63. Harding, R., 2007. Social entrepreneurship monitor. London: GEM UK, London Business School and Barclays Bank.
64. Hartzell, J., 2007. Creating an ethical stock exchange. Skoll Centre for Social Entrepreneurship working paper. Available from: www.sbs.ox.ac.uk/centres/skoll/research/Pages/socialfinance.aspx [Accessed 1 December 2009].
65. Harvey, D., 2005. A brief history of neo-liberalism. Oxford: Oxford University Press.
66. Hayek, F., 1944. The road to serfdom. London: Routledge.
67. John, R., 2006. Venture philanthropy: the evolution of high engagement philanthropy in Europe. Skoll Centre for Social Entrepreneurship working paper. Available from: www.sbs.ox.ac.uk/centres/skoll/research/Pages/socialfinance.aspx [Accessed 1 December 2009].
68. Jowell, T., 2009. Mutual moment. Progress magazine, 15 December. Available from: www.progressonline.org.uk/Magazine/article.asp?a=5121 [Accessed 1 March 2010].
69. Karamchandani, A., Kubzansky, M., and Frandano, P., 2009. Emerging markets, emerging models. New York: Monitor Group.
70. Keynes, J.M., 1936. The general theory of employment, interest and money. London: Palgrave Macmillan.
71. Krosinsky, C. and Robins, N., eds., 2008. Sustainable investing: the art of long-term performance. London: Earthscan.
72. Kuhn, T., 1962. The structure of scientific revolutions. Chicago: University of Chicago Press.
73. Leifer, E. and White, H., 1987. A structural approach to markets. In: M. Mizruchi and M. Schwartz, eds. The structural analysis of business. Cambridge: Cambridge University Press, 85-108.
74. Light, P., 2008. The search for social entrepreneurship. Washington DC: Brookings Institute.
75. Lounsbury, M., Ventresca, M., and Hirsch, P., 2003. Social movements, fields frames and industry emergence: a cultural-political perspective on U.S. recycling. Socio-economic review, 1, 71-104.
76. Marshall, A., 1907. The social possibilities of economic chivalry. The economic journal, 17 (65), 7-29.
77. Martin, M., 2009. Managing philanthropy after the downturn: what is ahead for social investment? In: M. Martin and A. Ernst, eds. Viewpoint 2010. Geneva: IJ Partners, 11-21.
78. Martin, M. and Ernst, A., eds., 2009. Viewpoint 2010: what is ahead for social investment? Geneva: IJ Partners.
79. Mathiason, N., 2007. Bridging the great divide. The Observer Business, 18 March, p. 7.
80. Moore, M., 1995. Creating public value. Harvard: Harvard University Press.
81. Morgan, G., 2008. Market formation and governance in international financial markets: the case of OTC derivatives. Human relations, 61 (5), 637-660.
82. Morrill, C., in press. Institutional change and interstitial emergence: the growth of alternative dispute resolution in American law 1965-1995. In: W. Powell and D. Jones, eds. How institutions change. Chicago: Chicago University Press.
83. Mulgan, G., 2007. Social innovation. Skoll Centre for Social Entrepreneurship. Available from: www.sbs.ox.ac.uk/skoll/research/Short{thorn}papers/Short{thorn}papers.htm [Accessed 1 December 2009].
84. Mulgan, G., 2009. After capitalism. Prospect magazine, 157, April.
85. Mutuo, 2009. The mutuals yearbook 2009. London: Mutuo.
86. NCVO (National Council of Voluntary Organizations), 2008. UK voluntary sector almanac 2007. NCVO.
87. Nef (New Economics Foundation)/CAF (Charities Aid Foundation), 2006. Developing a social equity capital market 2006: views from the sector. Nef/CAF.
88. NESTA (National Endowment for Science Technology and the Arts), 2009. Capital business. Risk finance for social enterprises. London: NESTA.
89. New Energy Finance, 2009a. Global trends in clean energy finance Q4 2009 fact pack. Available from: www.newenergymatters.com/UserFiles/File/Presentations/NEF_Q4_Fact_Pack_06_01_2010(Short)(1).pdf [Accessed 1 March 2010].
90. New Energy Finance, 2009b. Global carbon market shrinks in Q3, but activity in North America and in the international credit market sees continued growth. Press release 26 October 2009. Available from: www.acarbon.newenergyfinance.com [Accessed 1 December 2009].
91. New Profit Inc, 2009. 2008-9 annual report. Available from: www.newprofit.com/cgi-bin/iowa/about/31.html [Accessed 1 December 2009].
92. Nicholls, J., 2004. Social return on investment: valuing what matters. London: New Economics Foundation.
93. Nicholls, A., 2007. What is the future of social enterprise in ethical markets? London: Office of The Third Sector. Available from: www.cabinetoffice.gov.uk/third_sector/Research_and_statistics/social_enterprise_research/think_pieces.aspx [Accessed 1 December 2009].
94. Nicholls, A., 2009. Learning to walk: social entrepreneurship. Innovations: special edition Skoll World Forum, 209-222.
95. Nicholls, 2010a. The landscape of social finance in the UK. Third Sector Research Centre working paper, University of Birmingham.
96. Nicholls A., 2010b. The functions of measurement in social entrepreneurship. In: K. Hockerts, J. Robinson, and J. Mair, eds. Handbook of social entrepreneurship research. London: Palgrave Macmillan, forthcoming.
97. Nicholls, A. and Cho, A., 2006. Social entrepreneurship: the structuration of a field. In: A. Nicholls, ed. Social entrepreneurship: new paradigms of sustainable social change. Oxford: Oxford University Press, 99-118.
98. Nicholls, A. and Opal, C., 2005. Fair trade: market driven ethical consumption. London: Sage.
99. Nicholls, A. and Pharoah, C., 2007. The landscape of social finance. Skoll Centre for Social Entrepreneurship. Available from: www.sbs.ox.ac.uk/centres/skoll/research/Pages/socialfinance.aspx [Accessed 1 December 2009].
100. Nicholls, A. and Young, R., 2008. Preface to the paperback edition. In: A. Nicholls, ed. Social entrepreneurship: new paradigms of sustainable social change. Oxford: Oxford University Press, vii-xxiii.
101. North, D., 1977. Markets and other allocation systems in history: the challenge of Karl Polanyi. Journal of European economic history, 6, 703-716.
102. Nyssens, M., 2006. Social enterprise. London: Palgrave Macmillan.
103. Offer, A., 1997. Between the gift and the market: the economy of regard. Economic history review, 50 (3), 450-476.
104. Offer, A., 2003. Welfare measurement and human well-being. In: P. David and M. Thomas, eds. The economic future in historical perspective. Oxford: Oxford University Press, 371-399.
105. Offer, A., 2006. The challenge of affluence. Oxford: Oxford University Press.
106. Offer, A., 2007. A vision of prosperity. Sustainable Development Commission. Available from: www.sdcommission.org.uk/publications.php?id=741 [Accessed 1 December 2009].
107. OTS (Office of the Third Sector), Cabinet Office, 2006. Social enterprise action plan: scaling new heights. London: Office of the Third Sector.
108. OTS (Office of the Third Sector), 2008. Social investment pilots. London: Cabinet Office.
109. OTS (Office of the Third Sector), 2009. Social investment wholesale bank: a consultation on the functions and design. London: Cabinet Office.
110. Pepin, J., 2004. Venture capitalists and entrepreneurs become venture philanthropists. John Pepin Associates. Available from: http://www.evpa.eu.com/downloads/PepinArticle_VenturePhilanthropy_revised0404_pdf.pdf [Accessed 1 December 2009].
111. Perrini, F., 2006. The new social entrepreneurship. London: Edward Elgar.
112. Philanthropy UK, 2010. Venture philanthropy. Available from: www.philanthropyuk.org/Resources/Venturephilanthropy [Accessed 1 March 2010].
113. Podolny, J., 1993. A status-based model of market competition. American journal of sociology, 98, 829-872.
114. Polanyi, K., 1944. The great transformation: the political and economic origins of our time. Boston: Beacon Press.
115. Porter, M. and Kramer, M., 1999. Philanthropy's new agenda: creating value. Harvard business review, November-December, 121-130.
116. Prahalad, C.K., 2006. The fortune at the bottom of the pyramid: eradicating poverty through profits. New Jersey: Wharton Business School Press.
117. Rose-Ackerman, S., 1996. Altruism, non-profits and economic theory. Journal of economic literature, 34, 701-728.
118. Salamon, L. and Anheier, H., 1999. The emerging sector revisited. Baltimore: John Hopkins University.
119. Salamon, L., Anheier, H., List, R., Toepler, S., and Sokolowski, S., eds., 2003. Global civil society: dimensions of the nonprofit sector. Baltimore: John Hopkins University.
120. Schneiberg, M. and Lounsbury, M., 2008. Social movements and institutional analysis. In: R. Greenwood, C. Oliver, K. Sahlin, and R. Suddaby, eds. The Sage handbook of organizational institutionalism. London: Sage, 650-672.
121. Seo, M. and Creed, W., 2002. Institutional contradictions, praxis, and institutional change: a dialectic perspective. Academy of management review, 27, 222-247.
122. Sen, A., 1987. On ethics and economics. Oxford: Blackwell.
123. Social Enterprise, 2009. Good deals 2009. The social investment almanack. London: Social Enterprise.
124. Social Finance, 2009. Social impact bonds: rethinking finance for social outcomes. London: Social Finance.
125. Social Investment Forum, 2008. 2007 report on socially responsible investing trends in the United States. Washington, DC.
126. Spear, R., 2006. Social entrepreneurship: a different model? International journal of social economics, 33 (5/6), 399-411.
127. Stryker, R., 2000. Legitimacy processes as institutional politics: implications for theory and research in the sociology of organizations. Research in the sociology of organizations, 17, 179-223.
128. Suchman, M., 1995. Managing legitimacy: strategic and institutional approaches. Academy of management review, 20 (3), 571-610.
129. Unwin, J., 2006. An intermediary for the social investment market? London: CAF Venturesome/ Futurebuilders.
130. Venture Philanthropy Partners, 2009. Investment portfolio. Available from: www.venturephilanthropypartners.org/portfolio/index.html [Accessed 1 December 2009].
131. Weber, M., 1978. Economy and society. G. Roth and C. Wittich, eds. California: University of California Press.
132. Weber, M., 2002. The Protestant ethic and 'the spirit of capitalism'. P. Baehr and G. Wells, trans. London: Penguin.
133. Whimster, S. and Lash, S., eds., 1987. Max Weber, rationality, and modernity. London: Allen and Unwin.
134. Williamson, O., 1975. Markets and hierarchies: analysis and anti-trust implications. New York: Free Press.
135. Williamson, O., 1994. The economic institutions of capitalism: firms, markets, relational contracting. New York: Free Press.
136. Wood, A., 2008. A new template for philanthropy? Washington, DC: Ashoka.
137. Wood, A., 2009a. Exploring a new financial paradigm in social investment. In: Social space, 2. Singapore: Lien Centre for Social Innovation, 113-115.
138. Wood, A., 2009b. A new social contract for philanthropy? In: M. Martin and A. Ernst, eds. Viewpoint 2010. Geneva: IJ Partners, 68-74.
139. Zaret, D., 1980. From Weber to Parsons to Schulz: the eclipse of history in modern social theory. American journal of sociology, 85 (5), 1180-1201.
140. Zelizer, V., 1988. Beyond the polemics of the market: establishing a theoretical and empirical agenda. Sociological forum, 3, 614-634.