Triggered by the negative economic and social consequences of the 2008/09 global financial crisis, critical questions about how financial markets operate and how they benefit society have received renewed attention. In response to these questions, new investment strategies whose objectives go beyond pure financial return have emerged. Impact investing, a concept which closely co-exists with investment strategies such as socially responsible investing and responsible investing, is the latest attempt to combine financial return with a contribution to the sustainable development of society. Although still in the early days of its development, impact investing is a maturing field to the extent that it has developed into a global phenomenon with an emerging global support structure. While impact investing still occupies a tiny niche in South Africa's investment market, there is, at least compared to other developing countries on the African continent, a large community of South African impact investors who are looking to invest locally and beyond. This research investigates how far the understanding and practice of impact investing in South Africa is influenced by global efforts to build the field and to what extent context specific factors are shaping the way in which it is currently evolving. In other words, how both global convergence and local divergence mechanisms interplay to form what is the South African impact investing market. The research findings suggest that while the international movement towards the standardisation of impact investing practices has reached South Africa, context specific factors such as, among others, the social, racial and political legacy of apartheid and the existence of a sophisticated financial system are central to the way in which the field is taking shape.

The landscape of South African National Development Finance Institutions (DFIs) is comprised of twelve entities. Their institutional objectives range from supporting farmers, financing industrialisation, infrastructural development, and promoting financial inclusion. These DFI objectives fall under the umbrella of Private Sector Development (PSD) interventions. Literature established that the success of PSD is contingent on effective impact evaluation. Consequently, the main research question explored in this dissertation is: In what ways, and using what tools and systems, do South African DFIs measure the development impact of their investments? In support of the main question, two sub-questions were are also investigated. Firstly, whether impact evaluation systems provide credible, timely and relevant information. Secondly, whether impact evaluation systems support evidence-based decision making and learning. In response to these questions, a qualitative case study of six National DFIs was carried out. Semi-structured interviews were conducted with DFI staff members involved in impact evaluation. This was supported by secondary data from annual reports and organisational websites. It was established that, firstly, DFIs use non-uniform impact evaluation systems and tools to measure the impact of their investments. Secondly, the systems lack qualitative detail and focus on measuring outputs instead of outcomes. Thus, much emphasis is placed on monitoring instead of impact evaluation. This renders the impact evaluation systems and tools highly ineffective. Finally, whilst the avowed objective of DFIs is development, financial viability takes precedence when selecting projects. Therefore, an emerging conclusion was that systems in place do not support development impact evidence-based decision-making. These findings generated recommendations for changing the development impact evaluation tools and systems used by South African National DFIs. It is expected that recommended changes will maximise DFI socio-economic benefits.

Kenya has over the last few years witnessed tremendous growth as an emerging market with the GDP growing at 5% and the capital markets having a year on year growth of 19%. Despite the growth and sophistication of the financial markets, a host of hurdles have kept Kenya off the mainstream Responsible Investing agenda. This has resulted in no Socially Responsible Investment (SRI) fund assets and none of the market players being signatories to the United Nations Principles for Responsible Investing (PRI). One of the building blocks to this journey could be introducing a Sustainability Index for listed companies on the Nairobi Securities Exchange (NSE). This would form a basis for integrating Environmental, Social and Governance (ESG) aspects into the private sector and other proponents of the society, including the public sector. This research is thus aimed at linking the growing sophistication of the financial markets in Kenya with the possible creation of a Sustainability Index. In this sense, financial markets are seen to have the power to affect social, economic, and environmental outcomes in which a Sustainability Index could become a good tool in measuring such outcomes. The study adopted a qualitative research design which was used to obtain information based on the key research questions of the study. The research findings suggest that Responsible Investing (RI) is understood within the realm of business ethics and corporate governance. RI is inferred to as a manner of doing business that goes beyond short term financial returns and also takes into account the needs of other stakeholders. ESG aspects identified from the study provide for the requisite issues out of which a Sustainability Index can be developed for measuring the impact of Responsible Investing. Within the framework of a Sustainability Index, it is clear that companies will be made more accountable; redefine their corporate boundaries and through shared value, measure the social and environmental impact of their business model. However, there is still need for increased awareness on RI, stakeholder activism and an improved regulatory framework. Embedding Responsible Investing in Kenya will entail understanding the system of actors, so as to look at opportunities of Creating Shared Value whilst setting this up in the right disclosure model.

Over the years, investors demand greater transparency on how their funds are being invested. Whilst in the past it would have been enough for investment firms to seek primarily financial returns against all else; it is now becoming more common for investors to demand some form of positive impact above and beyond financial returns. In response to this, many strategies that seek more than just financial returns have been developed and impact investing being one such strategy. This research explores how fund managers and, or investors operating in the impact investment space communicate their practices to stakeholders in order to obtain an understanding of what they understand impact investing to be, and for those who may be investing for impact, understand the type of impact they seek to attain and also to appreciate how impact is being measured. The research findings suggest that despite much effort being put into the development of impact investing as a distinctive field, there are still a number of issues to iron out particularly with how companies communicate impact. The confusion and use of related terminology interchangeably is also an issue that is found to be detracting instead of adding to the development of the field.

京都大学 / 0048 / 新制・課程博士 / 博士(地球環境学) / 甲第21239号 / 地環博第175号 / 新制||地環||35(附属図書館) / 京都大学大学院地球環境学舎地球環境学専攻 / (主査)准教授 森 晶寿, 准教授 SINGER JANE, 教授 宇佐美 誠 / 学位規則第4条第1項該当 / Doctor of Global Environmental Studies / Kyoto University / DFAM

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Financial feasibility analysis is an essential component in the increasingly complex real estate development process. Participants in that process who expect to have an impact on the shape and nature of the built environment must develop a basic understanding of this form of analysis. This thesis will describe financial feasibility analysis, introduce a computer model that measures the financial performance of a proposed real estate development, and document the use of the computer model with a case study. It is a hoped that this thesis will be practical resource for the students. and faculty in the College. / M. Arch.

Thesis (MDF (Development Finance))--Stellenbosch University, 2008. / ENGLISH ABSTRACT: Small and Medium Enterprises (SMEs) are regarded as core drivers of private sector development in many countries. By their nature, SMEs encounter enormous problems, ranging from usage of appropriate technology, access to raw materials, lack of skills, etc. However, access to finance is frequently cited as the most prominent problem facing the SMEs. Access to finance is defined as the easiness to access credit from financial institutions and the costs associated with accessing credit from such institutions. This study focuses on credit guarantee schemes as one of financial instruments commonly used to encourage banks to provide credit to small businesses and first time borrowers. Specifically, we review the performance of the two schemes initiated by the Government of Lesotho through assistance of the donor community. The first scheme (Comprehensive Export Finance Scheme) was administered by the Central Bank of Lesotho through Lesotho National Development Cooperation between 1988 and 1996. The second scheme (Facility for small-scale financing scheme) was funded by United Nation Capital Development Fund, United Nations Development Programme and Lesotho Government. The latter was operated by Basotho Enterprise Development Corporation (BEDCO), Women in Business and Lesotho Council of Non Governmental Organisations (NGOs) between 1992 and 1997. We analyse the performance of these schemes in relation to their diversification and outreach objectives. We also compare these schemes in terms of the design features and operational issues as per global best practices. Further, some of the factors that affected effectiveness of the two schemes under consideration and the overall financial intermediation process in Lesotho are outlined. One of the findings of this study is that generally the two schemes failed to achieve the intended objectives as a result of a number of problems. Apart from the deficiencies of the scheme itself, problems in the business and financial sector affected the performance of these schemes. A striking common feature of these schemes is that they concentrated in few sectors. We also observed a general negligence by the banks in relation to screening and monitoring as a result of low risk exposure. In retaliation of poor due diligence by the banks, and a resultant high default rate by borrowers, guarantors repudiated claims and this led to the eventual erosion of the credibility of the schemes, and ultimate deterioration of guarantor lender relationships. From the findings, we have concluded that the schemes should be designed and be operated according to global best practices. For example, risk exposure should be shared in such a way that all the three parties, that is guarantor, lenders and borrowers, are exposed to some degree of risk. At the same time, where defaults occur, we recommend a speedy processing of claims by the guarantor, and that loan loss recovery activities are continued even when claims have been paid. We also make some recommendation in respect of the financial sector and business sector respectively. For the financial sector the recommendations include the establishment of credit bureaus and a National Identification System so that financial institutions can isolate good clients and price products accordingly. In respect of the business sector, key recommendations include the improvement of basic infrastructure, decentralisation of key support services to the districts, linking smaller entrepreneurs with large foreign firms, and increasing vocational and technical training in Lesotho. / AFRIKAANSE OPSOMMING: Kleinsake word in baie lande as die vernaamste dryfkrag van groei in die privaatsektor beskou. Vanwee hulle aard ondervind kleinsake egter 'n wye reeks probleme, wat strek van die benutting van gepaste tegnologiee en die toegang tot natuurlike hulpbronne tot die beskikbaarheid van die regte vaardighede. Toegang tot finansiering word dikwels as die mees belangrike probleem van klein sake beskou. Dit word gesien as die toeganklikheid van finansiele instellings vir krediet aan kleinsake en die koste van sodanige finansiering. Hierdie studie plaas die klem op kredietwaarborgskemas as een van die finansiele instsrumente om banke aan te moedig om krediet aan kleinsake en sakebeginners toe te staan. Binne die konteks van Lesotho kyk ons na twee sodanige skemas, geinisieer deur die regering van Lesotho, in samewerking met buitelandse donateurs. Die eerste skema (die "Comprehensive Export Finance Scheme") is gedurende die jare 1988 en 1996 deur die Central Bank of Lesotho geadministreer, in samewerking met die Lesotho National Development Corporation. Die tweede skema (die "Faculty for Small-Scale financing") is geborg deur die UN Capital Development Fund, die UNDP en die regering van Lesotho. Dit is geadministreer deur die Basotho Enterprise Development Corporation (BEDCO), "Women in Business" en die Lesotho Council of NGOs en was aktief gedurende die jare 1992 en 1997. Die studie ontleed die werking van kredietwetskemas met die oog veral op hul dekkingswydte en trefkrag. Daar word ook gekyk na die aard en operasionele besonderhede van die skemas, teen die agtergrond van wereldwye praktyke. Ten derde word gekyk hoe die skemas ingepas het by die breer finansiele proses van Lesotho. Die studie toon dat albei skemas, vanwee 'n hele reeks faktore, in hul oogmerke gefaal het. Afgesien van 'n reeks tekortkominge van die twee skemas self het probleme in die sakemilieu en die finansiele sektor hul werking nadelig beinvloed. Een van die tekortkominge van die skemas was 'n te eng fokus op slegs enkele sektore. Daar was ook 'n gebrek aan deeglike voorondersoeke en monitereing, o.a. as gevolg van 'n lae risikoblootstelling aan die kant van die banke. Een van die gevolge van die beperkte aandag van banke en die hoe mislukkingskoers van kleinsake was 'n toenemende onbereidwilligheid van die skemas om eise te erken. Dit weer het die geloofwaardigheid van die skemas in gevaar gestel en verhoudings tussen die uitleners (banke) en waarborgvoorsieners vertroebel. Die ondersoeke kom tot die slotsom dat die skemas volgens die beginsels van internasionale skemas van die soort hersien behoort te word. Dit sluit in die behoorlike deling van risikos (tussen lener, uitlener en waarborgverskaffer). Dit behoort ook 'n spoediger afhandeling van eise in te sluit. Die studie maak ook enkele voorstelle gerig op die wyer finansiele en sakesektor van Lesotho, soos bv. die noodsaaklikheid van "kredietburo's" en 'n nasionale identifikasiestelsel. Op 'n nog wyer vlak word verwys na die belangrikheid van 'n beter kommunikasie-infrastsruktuur, die desentralisasie van ondersteuningsdienste, nouer skakeling tussen klein sake en groter ondernemings asook beter tegniese- en sakeopleiding.

Thesis (MDF (Development Finance))--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: The purpose of this study is to determine the effects of the global financial, economic, and food price crises on microfinance institutions (MFIs), and on the microfinance industry in general as well as to illuminate microfinance‘s way forward in the medium-term (2-3 year) future. The research report took the form of an international survey representing the responses of 59 MFIs in 39 countries. It is unique in its focus on microfinance practitioners from MFIs of all sizes and profit orientations, and that it only sought responses from the six developing regions of the world—Latin American and the Caribbean, Eastern Europe and Central Asia, the Middle East and North Africa, Sub-Saharan Africa, South Asia, and East Asia and the Pacific. This report identifies 23 impacts of the crises and groups them into four classifications—client impacts, liquidity and profitability impacts, MFI growth and development impacts, and political and reputational impacts. This study demonstrates that the crises have affected MFIs around the world profoundly, and that MFIs have faced a resilient hierarchy of impact groups. Across MFI regions, sizes, ages, product offerings, registration status classifications, and affiliations, the four impact groups were shown to maintain the same order of severity, with client impacts being the category of biggest concern of MFI respondents. Also severe were liquidity and profitability impacts. The least severe categories of impacts were found to be MFI growth and development impacts and political and reputational impacts, respectively. Through quantitative and qualitative analysis of microfinance practitioner responses, this report establishes an overall ranking of the 23 impacts the global crises are having on the industry. The analysis has further revealed that Sub-Saharan Africa reported the highest impacts of the crises out of all the regions surveyed. The size of an MFI affects its resilience against the crises, with small MFIs being more severely affected than large MFIs. Age was found to have an inverse relationship with MFI impact ratings, and there were very few significant differences between for- and non-profit MFIs. This research report has demonstrated that the benefits afforded to MFIs by accepting deposits may have been over-promoted by industry observers during the early stages of the crises, as no apparent benefits have emerged from responses to this survey. The report concludes with a summary of respondent indications about the way forward for the microfinance industry.

Thesis (MDF (Development Finance))--University of Stellenbosch, 2010.