DOI:
10.31063/2073-6517/2019.16-4.19
For citation:
Kozinskaya, K. M. (2019). Mechanisms of Financial Support for Social Entrepreneurship in the World Practice. Zhurnal ekonomicheskoj Teorii [Russian Journal of Economic Theory], 16(4), 836-841
Abstract:
Social entrepreneurship as an alternative way of providing social services serves as interest at various levels of management. The aim of this study is to determinate the mechanisms for supporting social entrepreneurship in international practice. In the paper traditional support mechanisms were highlighted; their limitations for development of social-entrepreneurial projects was shown. In addition, new support mechanisms for this type of activity used in international practice, including crowdfunding, impact investment and, social impact bonds were described. The theoretical significance lies in clearing up the list of mechanisms for designing social entrepreneurship. The practical significance of the results is to expand the support opportunities for social entrepreneurs based on international practice.
Gladilin, A. A. Glotova, I. I., & Tomilina, E. P. (2017). Social’nye obligacii kak instrument finansirovaniy vysshego obrazovaniya [Social bonds as a tool for financing higher education]. KANT [KANT], 2017, 2, 118–123. (In Russ).
Popov, E., Veretennikova, A., & Kozinskaya, K. (2019). Mirovye nauchnye shkoly issledovanija social’nogo predprinimatel’stva [World Schools of Social Entrepreneurship Research]. Vestnik Tumenskogo gosudarstvennogo universiteta. Social’noekonomicheskie i pravovye issledovanija [Tyumen State University Herald. Social, Economic, and Law Research], 5 (1), 157–177. (In Russ).
Popov, E. V., Veretennikova, A. Ju., & Kozinskaya, K. M. (2019). Finansovye instrumenty razvitija social’nogo predprinimatel’stva [Financial Tools to Develop Social Entrepreneurship]. Ekonomicheskie i social’nye peremeny: fakty, tendencii, prognoz [Economic and social changes: facts, trends, forecast], 12 (5), 91–108. (In Russ).
Ahlers, G., Cumming, D., Günther, C., & Schweizer, D. (2015). Signaling in equity crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955–980.
Annual impact investor survey (2019), available at: https://thegiin.org/research/publication/impinv-survey-2019 (accessed 01.08.2019).
Belleflamme, P., Lambert T., & Schwienbacher, A. (2014). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585–609.
Bruton, G., Khavul, S., Siegel, D., & Wright, M. (2015). New Financial Alternatives in Seeding Entrepreneurship: Microfinance, Crowdfunding, and Peer to Peer Innovations. Entrepreneurship Theory and Practice, 39(1), 9–26.
Choi, N., & Majumdar, S. (2014). Social entrepreneurship as an essentially contested concept: Opening a new avenue for systematic future research. Journal of Business Venturing, 29 (3), 363–376.
Defourny, J., & Nyssens, M. (2012). The EMES Approach of Social Enterprise in a Comparative Perspective. Working Papers Series, 12(3), Liege: EMES European Research Network.
Harji, K., & Jackson, E. T. (2012). Accelerating impact: Achievements, challenges and what’s next in building the impact investing industry. New York, NY: The Rockefeller Foundation.
Kerlin, J. (2006). Social Enterprise in the United States and Europe: Understanding and Learning from the Differences. Voluntas, 17(3), 247–263.
Kleemann, F., Vob, G., & Rieder, K. (2008). Underpaid Innovators: The Commercial Utilization of Consumer Work through Crowdsourcing. Science. Technology & Innovation Studies, 4(1), 5–26.
Lambert, T., & Schwienbacher, A. (2010). An Empirical Analysis of Crowdfunding. Social Science Research Network, 1578175.
Lehner, O. (2003). Crowdfunding social ventures: a model and research agenda. Venture Capital, 15(4), 289–311.
Lehner, O., & Nicholls, A. (2014). Social finance and crowdfunding for social enterprises: a public–private case study providing legitimacy and leverage. Venture Capital: An International Journal of Entrepreneurial Finance, 16(3), 271–286. DOI: 10.1080/13691066.2014.925305
Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1–16. Noya, A., & Clarence, E. (2007). The social economy. Building inclusive economies (Chapter 3).The Role of the Social Economy in Local Development. Paris: OECD (Organisation for Economic Cooperation and Development).
Nyssens, M. (2006). Social Enterprise: At the Crossroads of Markets, Public Policies and Civil Society. London: Routledge, Taylor Francis Group. DOI: 10.4324/9780203946909 2
Quero, M., & Ventura, R. (2014). Co-creacion de valor. Un estudio de casos de crowdfunding. Universia Business Review, 3, 128–143.
Schwienbacher, A., & Larralde, B. (2010). Crowdfunding of small entrepreneurial ventures. Social Science Research Network Electronic Journal, 4. DOI: 10.2139/ssrn.1699183
The 2015 Brookings Financial and Digital Inclusion Project (FDIP), available at: https://www.brookings.edu/wp-content/uploads/2016/06/fdip2015.pdf.
Wardrop,R., Zhang, B., Rau ,R., & Gray, M. (2015). Moving Mainstream. The European alternative finance benchmarking report.
Zahra, S., & Wright, M. (2016). Understanding the Social Role of Entrepreneurship. Journal of Management Studies, 2016, 53(4), 610–629.