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SOSYAL SORUMLU YATIRIMDAN ETKİ YATIRIMLARINA: SOSYAL FİNANSTA GÜNCEL GELİŞMELER

Year 2018, Volume: 5 Issue: 4, 385 - 394, 30.12.2018
https://doi.org/10.17261/Pressacademia.2018.1005

Abstract

Amaç- Sosyal sorumlu finans, gittikçe büyüyen bir ilginin olduğu alan olarak karşımıza çıkmaktadır. Bu çalışmada, halen hızlı bir gelişim içerisinde olan sosyal sorumlu yatırımlar ve etki yatırımlarının kavramsal çerçevesini ortaya koymak, bu alanlarda öne çıkan güncel yaklaşımları tartışmak amaçlanmıştır.

Yöntem- Güncel bir literatür taraması yapılarak, ilgili alanda yayınlanmış akademik çalışmalar ve uygulamacı raporları incelenmiştir.

Bulgular- Sosyal sorumlu yatırımların gelişimine öncülük etmek için pek çok sivil kuruluşla birlikte, çeşitli uluslararası örgütlerin küresel düzeyde çalışmalar yaptığı belirlenmiştir. Yakın zamanda kavramsal çerçeve gelişirken, en çok gelişmelerin olduğu alan, sosyal etkinin ölçülmesi metodolojisi olmuştur.

Sonuç- Bireysel faydadan ziyade, toplumsal etki, sürdürülebilirlik ve kurumsal yönetişimi önceleyen bir finansal anlayışın hem teorik alanda hem de uygulamada gelişmekte olduğu görülmektedir. Buna paralel olarak, farklı sosyal ihtiyaçlara hitap eden yeni yaklaşımların ve yeni finansal araçların tasarlanmasına, düzenlemelerin geliştirilmesine ihtiyaç vardır. Tüm toplumun faydasını gözeten, çevre gibi sürdürülebilirlik konularında duyarlılık gösteren bir finans ve yatırım modelinin gelişmesi gelecek vadetmektedir.

References

  • Addis, R. (2015). The roles of government policy in social finance. (Ed. A. Nicholls, R. Paton & J. Emerson) Social Finance içinde, 383-459. Oxford: Oxford University Press.
  • Baker, H. K. & Nofsinger, J. R. (2012). Socially Responsible Finance and Investing. New Jersey: Wiley.
  • B Lab. (2018). GIIRS. (Erişim tarihi: 18.10.2018) http://b-analytics.net/giirs-funds.
  • B Lab. (2018). About B-Corps. (Erişim tarihi: 15.10.2018) https://www.bcorporation.net/what-are-b-corps.
  • Bollen, N. P. B. (2007). Mutual fund attributes and investor behavior. Journal of Financial and Quantitative Analysis 42(3): 683−708.
  • Chiappini, H. (2017). Social Impact Funds: Definition, Assessment and Performance. Palgrave Studies in Impact Finance, Springer.
  • Commonfund Institute, (2013). From SRI to ESG: The changing world of responsible investing. (Erişim tarihi: 10.09.2018) http://info.commonfund.org/from-sri-to-esg-the-changing-world-of-responsible-investing.
  • Commonfund Institute, (2018). The challenges of terminology. (Erişim tarihi: 10.09.2018) https://www.commonfund.org/news-research/blog/what-are-the-differences-between-sri-and-esg/.
  • Drexler, M. & Noble, A. (2013). From the margin to the mainstream: Assessment of the impact investment sector and opportunities to engage mainstream investors. Cologny: World Economic Forum. http://www3.weforum.org/docs/WEF_II_FromMarginsMainstream_Report_2013.pdf.
  • Eurosif. (2016). European SRI study 2016. (Erişim tarihi: 10.09.2018) http://www.eurosif.org/wp-content/uploads/2016/11/SRI-study-2016-HR.pdf.
  • Fullweiler, S. (2016). Sustainable finance. (Ed. O. M. Lehner) Routledge Handbook of Social and Sustainable Finance içinde, 17-34. New York: Routledge.
  • GIIN. (2018). What you need to know about impact investing. (Erişim tarihi: 10.09.2018) https://thegiin.org/impact-investing/need-to-know/.
  • GRI. (2018). The GRI standard. (Erişim tarihi: 18.10.2018) https://www.globalreporting.org/information/sustainability-reporting/Pages/gri-standards.aspx.
  • Harji, K. & Jackson, E.T. (2012). Accelerating impact: Achievements, challenges and what’s next in building the impact investing industry. New York: The Rockefeller Foundation. (Erişim tarihi: 21.09.2018) https://assets.rockefellerfoundation.org/app/uploads/20120707215852/Accelerating-Impact-Full-Summary.pdf.
  • Höchstädter, A.K. & Scheck, B. (2015). What’s in a name: An analysis of impact investing understanding by academics and practitioners. Journal of Business Ethics 132(2): 449–475.
  • IRIS, (2015). Getting started with the IRIS. (Erişim tarihi: 18.10.2018) https://iris.thegiin.org/guide/getting-started-guide/summary.
  • Lehner, O.M. (2016). Crowdfunding social ventures. (Ed. O. M. Lehner) Routledge Handbook of Social and Sustainable Finance içinde, 139-160. New York: Routledge.
  • O’Donohoe, N., Leijonjufvud, C., Saltuk, Y., Bugg-Levine, A. & Brandenburg, M. (2010). Impact investment: An emerging asset class. New York: J.P. Morgan. (Erişim tarihi: 14.09.2018) http://www.compromisoytransparencia.org/upload/07/45/1._Impact_Investments.pdf
  • Schinckus, C. (2018). The valuation of social impact bonds: An introductory perspective with the Peterborough SIB. Research in International Business and Finance, 45, 1-6.
  • SIIT. (2014a). Allocating for impact. (Erişim tarihi: 14.09.2018) http://gsgii.org/wp-content/uploads/2017/07/Asset-Allocation-WG-paper-16.2.16-FINAL.pdf.
  • SIIT. (2014b). Impact investment: The invisible heart of markets. (Erişim tarihi: 14.09.2018) http://gsgii.org/wp-content/uploads/2017/05/Impact-Investment-Report.pdf.
  • SIIT. (2014c). Measuring impact. (Erişim tarihi: 18.10.2018) https://iris.thegiin.org/research/measuring-impact-subject-paper-of-the-impact-measurement-working-group.pdf.
  • Social Value UK. (2016). GIIRS and SROI: What is the relationship? (Erişim tarihi: 18/10/2018) http://www.socialvalueuk.org/app/uploads/2016/03/GIIRS%20and%20SROI%20(2).pdf.
  • SROI Network. (2012). A Guide to social return on investment. (Erişim tarihi 18.09.2018) http://www.socialvalueuk.org/app/uploads/2016/03/The%20Guide%20to%20Social%20Return%20on%20Investment%202015.pdf.
  • UN PRI. (2016). Principles for Responsible Investment brochure. (Erişim tarihi 10.09.2018) https://www.unpri.org/download?ac=1534.
  • US SIF. (2016). The impact of sustainable and responsible investment. (Erişim tarihi 10.09. 2018) https://www.ussif.org/files/Publications/USSIF_ImpactofSRI_FINAL.pdf.
  • US SIF. (2017). 2017 Annual report: US SIF and US SIF Foundation. (Erişim tarihi 10.09. 2018) https://www.ussif.org/files/Publications/2017USSIFAnnualReport_online.pdf.
  • Weber, O. & Duan, Y., (2012). Social Finance and Banking. Baker & Nofsinger. (Ed.) Socially Responsible Finance and Investing içinde, 161-180. New Jersey: Wiley.
  • Wilson, K. E., Silva, F., & Ricardson, D. (2015). Social Impact Investment: Building the Evidence Base. Paris: OECD Publications. https://ssrn.com/abstract=2562082.

SOCIALLY RESPONSIBLE INVESTING TOWARDS IMPACT INVESTMENTS: RECENT DEVELOPMENTS IN SOCIAL FINANCE

Year 2018, Volume: 5 Issue: 4, 385 - 394, 30.12.2018
https://doi.org/10.17261/Pressacademia.2018.1005

Abstract

Purpose - Socially responsible finance has emerged as a growing area of interest. In this study, the objective is to define the conceptual framework of socially responsible investing and impact investments and to discuss the recent approaches which have become prominent.

Methodology – We discussed the current literature by reviewing published academic studies and practitioners’ reports.

Findings- We determined that various non-governmental organizations and international organizations endeavored to promote the development of socially responsible investing globally. While the conceptual framework has been growing recently, measuring social impact has been the area in which the most important developments have been seen.

Conclusion- A perception, that prioritizes social impact, sustainability and corporate governance rather than individual benefit, has been advancing theoretically and practically. Concordantly, new approaches should be designed; new financial instruments, which address various social needs, should be innovated. Moreover, new regulations should be adopted. It is promising that a financial model, which pursues the whole society’s benefit and cares about sustainability issues such as environment, is progressing.

References

  • Addis, R. (2015). The roles of government policy in social finance. (Ed. A. Nicholls, R. Paton & J. Emerson) Social Finance içinde, 383-459. Oxford: Oxford University Press.
  • Baker, H. K. & Nofsinger, J. R. (2012). Socially Responsible Finance and Investing. New Jersey: Wiley.
  • B Lab. (2018). GIIRS. (Erişim tarihi: 18.10.2018) http://b-analytics.net/giirs-funds.
  • B Lab. (2018). About B-Corps. (Erişim tarihi: 15.10.2018) https://www.bcorporation.net/what-are-b-corps.
  • Bollen, N. P. B. (2007). Mutual fund attributes and investor behavior. Journal of Financial and Quantitative Analysis 42(3): 683−708.
  • Chiappini, H. (2017). Social Impact Funds: Definition, Assessment and Performance. Palgrave Studies in Impact Finance, Springer.
  • Commonfund Institute, (2013). From SRI to ESG: The changing world of responsible investing. (Erişim tarihi: 10.09.2018) http://info.commonfund.org/from-sri-to-esg-the-changing-world-of-responsible-investing.
  • Commonfund Institute, (2018). The challenges of terminology. (Erişim tarihi: 10.09.2018) https://www.commonfund.org/news-research/blog/what-are-the-differences-between-sri-and-esg/.
  • Drexler, M. & Noble, A. (2013). From the margin to the mainstream: Assessment of the impact investment sector and opportunities to engage mainstream investors. Cologny: World Economic Forum. http://www3.weforum.org/docs/WEF_II_FromMarginsMainstream_Report_2013.pdf.
  • Eurosif. (2016). European SRI study 2016. (Erişim tarihi: 10.09.2018) http://www.eurosif.org/wp-content/uploads/2016/11/SRI-study-2016-HR.pdf.
  • Fullweiler, S. (2016). Sustainable finance. (Ed. O. M. Lehner) Routledge Handbook of Social and Sustainable Finance içinde, 17-34. New York: Routledge.
  • GIIN. (2018). What you need to know about impact investing. (Erişim tarihi: 10.09.2018) https://thegiin.org/impact-investing/need-to-know/.
  • GRI. (2018). The GRI standard. (Erişim tarihi: 18.10.2018) https://www.globalreporting.org/information/sustainability-reporting/Pages/gri-standards.aspx.
  • Harji, K. & Jackson, E.T. (2012). Accelerating impact: Achievements, challenges and what’s next in building the impact investing industry. New York: The Rockefeller Foundation. (Erişim tarihi: 21.09.2018) https://assets.rockefellerfoundation.org/app/uploads/20120707215852/Accelerating-Impact-Full-Summary.pdf.
  • Höchstädter, A.K. & Scheck, B. (2015). What’s in a name: An analysis of impact investing understanding by academics and practitioners. Journal of Business Ethics 132(2): 449–475.
  • IRIS, (2015). Getting started with the IRIS. (Erişim tarihi: 18.10.2018) https://iris.thegiin.org/guide/getting-started-guide/summary.
  • Lehner, O.M. (2016). Crowdfunding social ventures. (Ed. O. M. Lehner) Routledge Handbook of Social and Sustainable Finance içinde, 139-160. New York: Routledge.
  • O’Donohoe, N., Leijonjufvud, C., Saltuk, Y., Bugg-Levine, A. & Brandenburg, M. (2010). Impact investment: An emerging asset class. New York: J.P. Morgan. (Erişim tarihi: 14.09.2018) http://www.compromisoytransparencia.org/upload/07/45/1._Impact_Investments.pdf
  • Schinckus, C. (2018). The valuation of social impact bonds: An introductory perspective with the Peterborough SIB. Research in International Business and Finance, 45, 1-6.
  • SIIT. (2014a). Allocating for impact. (Erişim tarihi: 14.09.2018) http://gsgii.org/wp-content/uploads/2017/07/Asset-Allocation-WG-paper-16.2.16-FINAL.pdf.
  • SIIT. (2014b). Impact investment: The invisible heart of markets. (Erişim tarihi: 14.09.2018) http://gsgii.org/wp-content/uploads/2017/05/Impact-Investment-Report.pdf.
  • SIIT. (2014c). Measuring impact. (Erişim tarihi: 18.10.2018) https://iris.thegiin.org/research/measuring-impact-subject-paper-of-the-impact-measurement-working-group.pdf.
  • Social Value UK. (2016). GIIRS and SROI: What is the relationship? (Erişim tarihi: 18/10/2018) http://www.socialvalueuk.org/app/uploads/2016/03/GIIRS%20and%20SROI%20(2).pdf.
  • SROI Network. (2012). A Guide to social return on investment. (Erişim tarihi 18.09.2018) http://www.socialvalueuk.org/app/uploads/2016/03/The%20Guide%20to%20Social%20Return%20on%20Investment%202015.pdf.
  • UN PRI. (2016). Principles for Responsible Investment brochure. (Erişim tarihi 10.09.2018) https://www.unpri.org/download?ac=1534.
  • US SIF. (2016). The impact of sustainable and responsible investment. (Erişim tarihi 10.09. 2018) https://www.ussif.org/files/Publications/USSIF_ImpactofSRI_FINAL.pdf.
  • US SIF. (2017). 2017 Annual report: US SIF and US SIF Foundation. (Erişim tarihi 10.09. 2018) https://www.ussif.org/files/Publications/2017USSIFAnnualReport_online.pdf.
  • Weber, O. & Duan, Y., (2012). Social Finance and Banking. Baker & Nofsinger. (Ed.) Socially Responsible Finance and Investing içinde, 161-180. New Jersey: Wiley.
  • Wilson, K. E., Silva, F., & Ricardson, D. (2015). Social Impact Investment: Building the Evidence Base. Paris: OECD Publications. https://ssrn.com/abstract=2562082.
There are 29 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Narman Kuzucu This is me 0000-0003-2265-6492

Publication Date December 30, 2018
Published in Issue Year 2018 Volume: 5 Issue: 4

Cite

APA Kuzucu, N. (2018). SOCIALLY RESPONSIBLE INVESTING TOWARDS IMPACT INVESTMENTS: RECENT DEVELOPMENTS IN SOCIAL FINANCE. Journal of Economics Finance and Accounting, 5(4), 385-394. https://doi.org/10.17261/Pressacademia.2018.1005

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