Collaborative governance in Social Impact Bonds: aligning interests within divergent accountabilities?

Reinhard Millner and Michael Meyer

Public Management Review, 2022, vol. 24, issue 5, 729-751

Abstract: Social Impact Bonds (SIBs) are a novel form of cross-sector collaborations and an alternative way of financing innovative social services. Based on an in-depth longitudinal case analysis and drawing from agency theory as well as resource dependence theory, we examine the process of interest alignment among involved partners over the lifespan of a SIB pilot project in Austria. Our study shows the multitude of problems and costs that such a challenging arrangement of multiple stakeholders brings along, thus dampening overoptimistic expectations in SIBs. We also suggest an analytical framework that improves the assessment of SIBs’ probability of success.

Date: 2022
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DOI: 10.1080/14719037.2021.2000253

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