Development of the impact investing ecosystem in Ukraine
-
DOIhttp://dx.doi.org/10.21511/imfi.16(3).2019.20
-
Article InfoVolume 16 2019, Issue #3, pp. 217-228
- Cited by
- 960 Views
-
144 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
The impact investing ecosystem is currently in its infancy in Ukraine. The aim of the paper is to identify the problems of impact investing development in Ukraine and to propose the ways to develop the ecosystem of social investment in the country. In the course of the research, general scientific methods of analysis were used: formal, logical, and comparative. Results of the research suggest that theory and practice of state regulation in Ukraine still lack the conceptualized mechanisms of impact investing and the corresponding institutional environment. On the other hand, there is a high level of interest and engagement in it from both the public and potential and current investors. The data obtained prove the importance of civil society cooperation in creating a favorable ecosystem of impact investing to maximize its integration into the economy. The development of impact investing ecosystem in Ukraine depends on certain socio-economic and legal barriers at an initial stage such as: low level of public understanding about the problem, absence of clear legal regulation and uncertainty of the “rules of the game” at the legislative level, openness and publicity of enterprises, which is not a characteristic feature of the economic environment in the country today. Furthermore, effective directions and mechanisms for development of the impact investing ecosystem are proposed.
- Keywords
-
JEL Classification (Paper profile tab)A14, D64, D71
-
References33
-
Tables1
-
Figures3
-
- Figure 1. Geographical location of social investors (headquarters) under the GIIN review
- Figure 2. Perspective areas of impact investing in Ukraine
- Figure 3. Methodology for acquiring impact investing skills
-
- Table 1. Ongoing impact investment projects of the United Nations Development Programme in Ukraine
-
- Alter, S. K. (2001). Managing the Double Bottom Line: A Business Planning Resource Guide for Social Enterprises. Pact Publications, Washington, DC.
- Alter, S. K. (2002). Case Studies in Social Enterprise: Counterpart International’s Experience. Washington, DC.
- Alter, S. K. (2006). Social Enterprise Typology. Virtue Ventures LLC, Washington, D.C.
- Amosov, S. O. (2014, November). Проблеми розвитку соціально відповідального бізнесу [Problemy rozvytku sotsialno vidpovidalnoho biznesu]. In Державне регулювання соціального підприємництва та соціально відповідального бізнесу: Матеріали ІІ Міжнародної наук.-практ. конференції, 25 листопада 2010 р. [Derzhavne rehuliuvannia sotsialnoho pidpryiemnytstva ta sotsialno vidpovidalnoho biznesu: Materialy II Mizharodnoi nauk.-prakt. konferentsii, 25 lystopada 2010 r.] (pp. 102-122). Kharkiv: Mahistr.
- Annual Impact Investor Survey 2017. (2017). Global Impact Investing Network.
- Berenbach, S. (2002). From SRI to Community Investment. Calvert Foundation.
- Bielefeld, W. (2009). Issues in Social Enterprise and Social Entrepreneurship. Journal of Public Affairs in Education, 15(1), 69-86.
- Brenkert, G. G. (2002). Entrepreneurship, Ethics and the Good Society. In R. E. Freeman & S. Venkataraman (Eds.), Ruffin Series in Business Ethic, 3, Ethics and the Entrepreneur (pp. 5-43).
- Brest, P., & Born, K. (2013). Unpacking the Impact in Impact Investing. Stanford Social Innovation Review.
- Chiappini, H. (2017). Social Impact Funds: Definition, Assessment and Performance. Rome, Italy: Sapienza University of Rome.
- Cooney, K. (2012). Mission Control: Examining the Institutionalization of New Legal Forms of Social Enterprise in Different Strategic Action Fields. In B. Gidron & Y. Hasenfeld (Eds.), Social Enterprises: An Organizational Perspective. Basingstoke, Palgrave Macmillan.
- Dees, J. G. (1998). The meaning of social entrepreneurship. Kauffman Foundation and Stanford University, Kansas City, MO and Palo Alto, CA.
- European Commission Synthesis Report. A map of social enterprises and their ecosystems in Europe. (2015). Directorate-General for Employment, Social Affairs and Inclusion. Luxembourg: Publications Office of the European Union.
- Gidron, B., & Hasenfeld, Y. (Eds.) (2012). Introduction. In Social Enterprises: An Organizational Perspective. Basingstoke: Palgrave Macmillan.
- Global Impact Investing Network (2017). Impact Investing.
- Halushka, Z. I. (2013). Феномен соціального підприємництва: поняття та перспективи розвитку в Україні [Fenomen sotsialnoho pidpryiemnytsva: poniattia ta perspektyvy rozvytku v Ukraini]. Visnyk Kyivskoho natsionalnoho universytetu im. Tarasa Shevchenka. Seriia: ekonomika, 148, 15-17.
- Ihnatovych, N., & Hura, V. (2014). Зарубіжний досвід розвитку соціального підприємництва [Zarubizhnyi dosvid rozvytku sotsialnoho pidpryiemnytsva]. Visnyk Kyivskoho natsionalnoho universytetu im. Tarasa Shevchenka. Seriia: ekonomika, 12, 22-25.
- Keohane, G. L. (2013). Social Entrepreneurship for the 21st Century. Innovation Cross the Nonprofit, Private and Public Sectors. New York: MC Graw Hill.
- Kickul, J., & Thomas, L. (2012). Understanding Social Entrepreneurship: The Relentless Pursuit of Mission in an Ever Changing World. 711 Third Avenue, New York: Routledge.
- Kickul, J., Gras, D., Bacq, S., & Griffiths, M. D. (2013). Social Entrepreneurship. An Elgar research collection. The international library of entrepreneurship, Edward Elgar Publishing Limited, Cheltenham, UK, Northampton, MA, USA.
- Kuchmyeyev, O. (2015). Nature and characteristics of social responsibility of business. Scientific Journal of Kherson State University. Series “Economic Sciences”, 15 (2), 132-134.
- Mair, J. (2006). Social entrepreneurship research: A source of explanation, prediction, and delight. Journal of World Business, 41(1), 37-41.
- Olginskiy, K. (2017). Инвестиции завтрашнего дня [Investitsii zavtrashnego zavtrashneho dnya].
- OECD (2013). Policy Brief on Scaling the Impact of Social Enterprises.
- Roper, J., & Cheney, G. (2005). The meanings of social entrepreneurship today. Corporate Governance, 5, 95-104.
- Spreckley, F. (2014). Danger! Socially incompetent enterprises ahead. Pioneers Post.
- Stephan, U., Kelly C., & Patterson M. (2013). Business-driven Social Change. A systematic Review of the Evidence. NBS.net, London.
- Teasdale, S. (2010). How Can Social Enterprise Address Disadvantage? Evidence from an Inner City Community. Journal of Nonprofit & Public Sector Marketing, 22(2), 89-107.
- Teasdale, S., Lyon, F., & Baldock, R. (2013). Playing with Numbers: A Methodological Critique of the Social Enterprise Growth Myth. Journal of Social Entrepreneurship, 4, 113-131.
- The Verkhovna Rada of Ukraine (2015). The Draft Law on Social Enterprises.
- Ukrainian Social Investment Fund (2018). Official website.
- United Nations Development Programme. UNDP in Ukraine (n.d.). All projects.
- Weber, C., Kröger, A., & Demirtas, C. (2015). Scaling Social Impact in Europe: Quantitative Analysis of National and Transnational Scaling Strategies of 358 Social Enterprises. Berthelsmann Stiftung, Gutersloh, Germany.