Social impact bonds: a wolf in sheep’s clothing?

By N. McHugh, S. Sinclair, Michael J. Roy, L. Huckfield, C. Donaldson. 2013

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Social Impact Bonds: The Role of Private Capital in Outcome-Based Commissioning (2017, background): “SIBs are ‘a form of payment by results but extend this by harnessing social investment from capital markets’ to cover the up-front costs of service intervention (McHugh et al., 2013: 247; Sinclair et al., 2014; Nicholls and Tomkinson, 2015).”
[Accepted Manuscript] Narratives of Promise, Narratives of Caution: A Review of the Literature on Social Impact Bonds (2016, background): “The focus on measurement also raises significant questions about the attribution of outcomes to the actions of providers and financiers, and how any ‘SIB effect’ can adequately be interpreted and validated (Fox and Albertson, 2011; Fitzgerald, 2013; McHugh et al, 2013; Sinclair et al, 2014).”
Social finance and crowdfunding for social enterprises: a public–private case study providing legitimacy and leverage (2014, background): “McHugh et al. (2013) for example warn about unintended consequences for the social outcomes and see SIBs as just ‘the latest manifestation of the ideological shift which the UK third sector is undergoing’.”