Social Impact Bonds: A New Public Management Perspective

Benjamin Le Pendeven ()
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Benjamin Le Pendeven: Audencia Business School

Revue Finance Contrôle Stratégie, 2019, vol. 22, issue N° Spécial 5, 57-84

Abstract: The Social Impact Bond (SIB) is a new tool for financing innovative social projects. SIBs were first used in 2010 in the United Kingdom in a programme involving Peterborough prison inmates. This financial technique has since been introduced across the world. We study SIBs within the New Public Management (NPM) framework provided by Dunleavy et al. (2005). We analyse to what extent this new financial tool reflects NPM with respect to its three main characteristics: disaggregation, competition and incentivization. 62 interviews were conducted with SIBs experts and practitioners from public, financial, private and social organisations in several countries. These interviews were made when the first SIBs in English-speaking countries had finished, and at a time when the French government had decided to massively stimulate this new financial tool through a dedicated Call for Projects.

Keywords: social impact bonds; innovation financing; New Public Management; social innovation; financial innovation (search for similar items in EconPapers)
JEL-codes: L33 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:dij:revfcs:v:22:y:2019:i:4:p:57-84

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