Social Investment in the UK: The Emergence of a Hollow Field

Belinda Bell ()
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Belinda Bell: Cambridge Judge Business School

A chapter in Innovations in Social Finance, 2021, pp 463-482 from Springer

Abstract: Abstract This chapter introduces a novel concept, that of “Hollow Fields.” I use academic literature and gray literature from the field of social investment to demonstrate that despite the appearances of a coherent, established field, meaningful activity in UK social investment—in terms of the value of social investment deals completed—is unexpectedly low. A hollow field is thus described as one which, despite initial appearances, is not substantiated. The chapter argues that in the case of social investment, the field has been characterized by a significant amount of institutional work leading to a high degree of institutionalization and the outward trappings of an established field, and yet a low degree of meaningful or productive activity. I conclude with suggestions of likely pre-conditions for the emergence of hollow fields.

Keywords: Social investment; Impact investing; Social finance; Institutional theory; Field theory; Hollow fields (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-72535-8_21

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DOI: 10.1007/978-3-030-72535-8_21

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