This study is within the field of impact investments. Impact investors relates to a twofold requirement of both financial return and positive impact from investments. The purpose of this study is to investigate how impact investors assess impact in their investment evaluation processes and how impact is aligned with the requirement on financial return. Literature have addressed the problem of assessing and quantifying impact, but it fails to tell us how impact is incorporated in the pre-investment evaluation of different investment opportunities. The field of impact investments is increasing in popularity among investors and through a qualitative study based on eight semi-structured interviews with impact investors in Sweden, we try to gain insight in how they address the twofold incentive of both financial return and impact.Our findings show that impact investors apply similar evaluation processes as mainstream venture capitalists with the additional assessment of social impact. We find that investors approach the impact assessment in different ways and that there are split views on the ability of measuring impact in the pre-investment phase. The task of combining the financial measurements with impact is found to be challenging due to the contradicting characteristics of the two, as well as the difficulty of measuring social impact. Often the impact aspect is integrated as a pre-investment evaluation “gate”, where a subjective assessment is central. We contribute to literature by addressing the identified research gap and we aim to contribute to social entrepreneurs’ understanding of how investors relate to impact in their investment decision making processes.

O setor da saúde no Brasil passa por uma difícil situação no que tange ao financiamento e ao atendimento das demandas sociais. O estrangulamento orçamentário do setor público vem aumentando os desafios encontrados na área da saúde. Neste sentido, o desenvolvimento de iniciativas que apresentam impactos sócio econômicos positivos, ou seja, que cooperam no atendimento das demandas básicas de saúde da população brasileira passam a ser importante para a sociedade. Entretanto, o financiamento de tais iniciativas também se apresenta como um desafio para sua implementação. Assim, os negócios sociais ou investimentos de impacto, que conciliam oportunidades de investimentos com impacto social, representam uma via alternativa para incremento no atendimento de demandas sociais, possibilitando maior alcance da assistência na saúde, mesmo considerando a restrição pública orçamentária de curto prazo. Neste contexto, o presente estudo propõe avaliar o impacto de um programa de atendimento gratuito na área de saúde, considerando uma iniciativa de investimento, analisada sobre o modelo de avaliação de impacto e da teoria de mudança. Como resultado, observou-se que o modelo de negócio estudado gerou contribuição significativa para a sociedade local, apresentando impacto econômico direto de R$ 507.678,48, somente no ano de 2016. Destaca-se a relevância do estudo para o desenvolvimento de iniciativas de impacto socioeconômicos para direcionamento dos esforços públicos e privados, auxiliando nas ações e formulações de estratégias no setor da saúde / The health sector in Brazil faces a difficult situation in terms of financing and meeting social demands. The public-sector budget bottleneck has been increasing the health challenges. In this sense, the development of initiatives that have positive socio-economic impacts, that is, that cooperate in meeting the basic health demands of the Brazilian population are important for society. However, funding for such initiatives is also a challenge for their implementation. Thus, social businesses or impact investments, which reconcile investment opportunities with social impact, represent an alternative way to increase social assistance, allowing a greater reach of health care, even considering the public short-term budget constraint. In this context, the present study proposes to evaluate the impact of a free health care program, considering an investment initiative, analyzed by impact investment model and theory of change. As a result, it was observed that the business model studied generated a significant contribution to the local society, with a direct economic impact of R$ 507.678,48, only in 2016. It is worth highlighting the relevance of the study for the development of socioeconomic impact to guide public and private efforts, assisting in the actions and formulations of strategies in the health sector

O setor da saúde no Brasil passa por uma difícil situação no que tange ao financiamento e ao atendimento das demandas sociais. O estrangulamento orçamentário do setor público vem aumentando os desafios encontrados na área da saúde. Neste sentido, o desenvolvimento de iniciativas que apresentam impactos sócio econômicos positivos, ou seja, que cooperam no atendimento das demandas básicas de saúde da população brasileira passam a ser importante para a sociedade. Entretanto, o financiamento de tais iniciativas também se apresenta como um desafio para sua implementação. Assim, os negócios sociais ou investimentos de impacto, que conciliam oportunidades de investimentos com impacto social, representam uma via alternativa para incremento no atendimento de demandas sociais, possibilitando maior alcance da assistência na saúde, mesmo considerando a restrição pública orçamentária de curto prazo. Neste contexto, o presente estudo propõe avaliar o impacto de um programa de atendimento gratuito na área de saúde, considerando uma iniciativa de investimento, analisada sobre o modelo de avaliação de impacto e da teoria de mudança. Como resultado, observou-se que o modelo de negócio estudado gerou contribuição significativa para a sociedade local, apresentando impacto econômico direto de R$ 507.678,48, somente no ano de 2016. Destaca-se a relevância do estudo para o desenvolvimento de iniciativas de impacto socioeconômicos para direcionamento dos esforços públicos e privados, auxiliando nas ações e formulações de estratégias no setor da saúde / The health sector in Brazil faces a difficult situation in terms of financing and meeting social demands. The public-sector budget bottleneck has been increasing the health challenges. In this sense, the development of initiatives that have positive socio-economic impacts, that is, that cooperate in meeting the basic health demands of the Brazilian population are important for society. However, funding for such initiatives is also a challenge for their implementation. Thus, social businesses or impact investments, which reconcile investment opportunities with social impact, represent an alternative way to increase social assistance, allowing a greater reach of health care, even considering the public short-term budget constraint. In this context, the present study proposes to evaluate the impact of a free health care program, considering an investment initiative, analyzed by impact investment model and theory of change. As a result, it was observed that the business model studied generated a significant contribution to the local society, with a direct economic impact of R$ 507.678,48, only in 2016. It is worth highlighting the relevance of the study for the development of socioeconomic impact to guide public and private efforts, assisting in the actions and formulations of strategies in the health sector

No description available.

[Context] Social impact refers to the positive and negative consequences of any organization on the environment and society. One actor in the social impact landscape is the impact investor who expects financial return for their investments as well as positive social impact. Although the impact investor plays a crucial role in the social impact capital market by financing organizations that explicitly address social and environmental problems, the academic literature regarding impact investing has yet to develop especially from the investor perspective. One reason for the lack of academic research in this field is that the impact investor stands at a crossroad, between social impact and social enterprise research. [Purpose] Therefore, the purpose of this research is to determine the current state of impact investment processes as well as the challenges that investors face and, lastly, the role of social impact measurement within the impact investing process. [Findings] An exploratory multi-case study was conducted with semi-structured interviews which resulted in eight interviews from impact investors across four countries and within different focus areas in the social impact landscape. The findings show that impact investors face a variety of challenges based on the stage of their portfolio enterprises, the alignment of the social enterprise’s business model with their social impact mission, the horizon of their investments and, last but not least, their investment exit strategies. As for the role of social impact measurement in the investment process, the findings show that the majority of impact investors measure the impact of their investments although the method of measurement varies while the remaining investors, that do not measure social impact, illustrate the challenges that come with measuring impact in their personal contexts such as the difficulty of measuring the impact of an early stage social enterprise that may be susceptible to pivots. / [Kontext] Social påverkan avser de positiva och negativa konsekvenserna av alla organisationer på miljön och samhället. En aktör i det sociala påverkanslandskapet är påverkansinvesterare som förväntar sig ekonomisk avkastning för sina investeringar samt positiva sociala effekter. Även om påverkansinvesterare spelar en avgörande roll på kapitalmarknaden för social påverkan genom att finansiera organisationer som uttryckligen behandlar sociala och miljömässiga problem, har den akademiska litteraturen angående impact investering ännu inte utvecklats särskilt ur investerarperspektivet. En anledning till bristen på akademisk forskning inom detta område är att påverkansinvesterare står vid en korsning mellan social påverkan och social företagsforskning. [Syfte] Syftet med denna forskning är därför att undersöka det aktuella tillståndet för effekterna av investeringsprocesser samt de utmaningar som investerare står inför och slutligen rollen för mätning av sociala effekter i effekten av investeringsprocessen. [Resultat] En undersökande multifallstudie genomfördes med semistrukturerade intervjuer som resulterade i åtta intervjuer från påverkansinvesterare i fyra länder och inom olika fokusområden i det sociala påverkanslandskapet. Resultaten visar att påverkansinvesterare möter olika utmaningar baserat på affärsfas i deras portföljföretag, anpassningen av det sociala företagets affärsmodell med deras sociala påverkan, deras investeringshorisont och, sist men inte minst, deras investeringsutgångsstrategier . När det gäller rollen för mätning av sociala konsekvenser i investeringsprocessen visar resultaten att majoriteten av påverkansinvesterare mäter effekterna av sina investeringar även om mätmetoden varierar medan de återstående investerarna, som inte mäter social påverkan, illustrerar de utmaningar som komma med att mäta påverkan i deras personliga sammanhang, såsom svårigheten att mäta effekterna av ett tidigt skede socialt företag som kan vara känsligt för svängningar.

The aim of the master‘s thesis is to evaluate the economic and financial impacts of the investment project on the public sector. It is defined the financial management of the investor – the village Ludkovice – for the assessing of the impacts. Selected project is the construction of a sports complex in Ludkovice. Outputs are determined by using eCBA application that uses method of Cost Benefit Analysis. The thesis connects together theoretical knowledge of evaluation economic indicators such as Net Present Value, Internal Rate of Return and Profitability Index and use this calculations to evaluate the overall effectiveness of investment and the possibility of financing in practice.

No description available.