Although Chile has been recently ranked as the sixth best place to be a social entrepreneur worldwide, social enterprises are living their earlier stages in a context marked by the lack of investment opportunities and market infrastructure. Impact investing, as a market-driven solution to support the growth of social entrepreneurship, has not fully been developed in the country and little is known about it. In fact, during a wide range of practitioner studies have been done but little has been said by scholar and even less in developing economies. With the objective of bridging this gap, the present research discusses impediments and challenges on the growth of impact investing in Chile making use of an inductive and qualitative research approach. In a first stage, on the base of what is said in the literature and Luhmann’s social systems theory, the author offers conceptual burdens of impact investing, its system and related actors. The author then drafts a set of potential obstacles that may be hampering the development of the sector by dividing them into 5 areas of analysis: social enterprises, investors, intermediaries, enablers, and methodologies and processes. Next, by a conduction of interviews and questionnaires applied to 24 different actors within the social entrepreneurial ecosystem of the country, the author drafts further issues on impact investing and tests the hypotheses outlined. The results indicate that out of the 20 hypotheses tested, 13 confirmed, 3 rejected and 4 remained as undefined due to the lack of evidence. Some of the issues detected were the early-stage of development of the market, lack of suitable investment deals for social enterprises, over-dependence on public funding, underdevelopment of intermediaries, lack of impact measurement practices, among others. Further tensions related to impact investing and its development are also discussed in this research as well as further considerations for future research.
Anche se Cile è stato recentemente classificato come il sesto posto migliore per essere un imprenditore sociale in tutto il mondo, le imprese sociali vivono le loro prime fasi in un contesto segnato dalla mancanza di opportunità di investimento e infrastrutture di mercato. L’investimento ad impatto sociale, come una soluzione nata dal mercato per sostenere la crescita di l’imprenditorialità sociale, non si è pienamente sviluppata nel paese e poco si sa su di esso. Infatti, una vasta gamma di studi pratichi sono stati fatti, ma poco è stato detto da accademici e ancor meno in paesi in via di sviluppo. Con l'obiettivo di riempire questa lacuna, la presente ricerca discute ostacoli e sfide sulla crescita di impatto investire in Cile facendo uso di un approccio di ricerca induttiva e qualitativa. In una prima fase, sulla base di quanto detto in letteratura e la teoria dei sistemi sociali di Luhmann, l'autore offre le demarcazioni concettuali per investimento ad impatto sociale, il suo sistema e gli attori correlate. L'autore redige poi una serie di potenziali ostacoli che possono impedire lo sviluppo del settore, dividendoli in 5 aree di analisi: imprese sociali, investitori, intermediari, abilitanti e metodologie e processi. Poi, da una conduzione di interviste e questionari applicati a 24 diversi attori appartenenti all’ecosistema imprenditoriale sociale del paese, l'autore formula ulteriori problemi per l’investimento ad impatto social, e pure testa l’ipotesi delineate. I risultati indicano che dei 20 ipotesi testate, 13 vengono confermate, 3 vengono respinte e 4 rimasero come indefinita a causa della mancanza di evidenza. Alcuni dei problemi rilevati sono la fase di sviluppo del mercato, la mancanza di adeguate opportunità di investimento per le imprese sociali, l'eccessiva dipendenza dai finanziamenti pubblici, il sottosviluppo degli intermediari, la mancanza di pratiche di misura di impatto, tra altri. Ulteriori tensioni legate all'impatto investire e il suo sviluppo sono discussi anche in questa ricerca, e inoltre altre considerazioni per futura ricerca.
Impediments and challenges to impact investing : evidence drawn from practitioners’ perspectives in Chile
SEGUEL, OMAR
2016/2017
Abstract
Although Chile has been recently ranked as the sixth best place to be a social entrepreneur worldwide, social enterprises are living their earlier stages in a context marked by the lack of investment opportunities and market infrastructure. Impact investing, as a market-driven solution to support the growth of social entrepreneurship, has not fully been developed in the country and little is known about it. In fact, during a wide range of practitioner studies have been done but little has been said by scholar and even less in developing economies. With the objective of bridging this gap, the present research discusses impediments and challenges on the growth of impact investing in Chile making use of an inductive and qualitative research approach. In a first stage, on the base of what is said in the literature and Luhmann’s social systems theory, the author offers conceptual burdens of impact investing, its system and related actors. The author then drafts a set of potential obstacles that may be hampering the development of the sector by dividing them into 5 areas of analysis: social enterprises, investors, intermediaries, enablers, and methodologies and processes. Next, by a conduction of interviews and questionnaires applied to 24 different actors within the social entrepreneurial ecosystem of the country, the author drafts further issues on impact investing and tests the hypotheses outlined. The results indicate that out of the 20 hypotheses tested, 13 confirmed, 3 rejected and 4 remained as undefined due to the lack of evidence. Some of the issues detected were the early-stage of development of the market, lack of suitable investment deals for social enterprises, over-dependence on public funding, underdevelopment of intermediaries, lack of impact measurement practices, among others. Further tensions related to impact investing and its development are also discussed in this research as well as further considerations for future research.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/131172