Unmasking the barriers to financing social enterprises
The institutional complexity of social enterprises (SEs) often hinders their access to financing from conventional investors. To align the interests of SEs and their investors, innovative investment instruments of social finance are emerging. However, there is evidence of a mismatch between the fina...
| Autores: | , |
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| Tipo de recurso: | artículo |
| Fecha de publicación: | 2022 |
| País: | España |
| Institución: | Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya) |
| Repositorio: | Recercat. Dipósit de la Recerca de Catalunya |
| OAI Identifier: | oai:recercat.cat:20.500.12328/3981 |
| Acceso en línea: | http://hdl.handle.net/20.500.12328/3981 https://dx.doi.org/10.1007/s11266-022-00498-z |
| Access Level: | acceso abierto |
| Palabra clave: | Empresa social Finances socials Teoria de l'agència Inversió d'impacte Impacte social Organitzacions sense ànim de lucre Finanzas sociales Teoría de la Agencia Inversión de impacto Impacto social Organizaciones sin ánimo de lucro Social enterprise Social finance Agency theory Impact investing Social impact Non-profit organizations 3 |
| Sumario: | The institutional complexity of social enterprises (SEs) often hinders their access to financing from conventional investors. To align the interests of SEs and their investors, innovative investment instruments of social finance are emerging. However, there is evidence of a mismatch between the financial needs of SEs and the instruments offered by social finance entities (SFEs). The analysis of 34 SEs and 6 SFEs through the lens of agency theory shows that some barriers are caused by contradictory agent—steward models of behaviour, whereas others are deficiencies of the SE sector in general. The study demonstrates that the SE financing gap is a complex problem that requires multifaceted solutions. |
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