The topic of Impact Investing has been creating waves and generating a lot of interest in the funding ecosystem with the growth of impact startups & because of pressure from the populace in the face of global challenges. At the same time the field has been under-explored by scholars. The exploration of the investment industry is performed by collecting investors' perspective on the self defined concept of Impact investing. The research attempts to portray the perspective of the established Venture Capital regime on Impact Investment and understand whether it is still perceived as philanthropic endeavors investing in an alternative asset class, suggested by previous academic research or an industry wide transition and change of investment practices as portrayed by the industry research. This study is focused on the Swedish & U.S. Venture Capital regimes. Sweden, a country that has been described as the “Impact Capital”, and the U.S. that represents worlds largest VC capital sector. Semi-structured qualitative interviews were used in this study to explore the industry dynamics using a MLP(Multi Level Perspective) framework. The interviews with VCs help understand the current sentiment on the growth in impact investing and why the Swedish market is seeing an industry-wide transition while the U.S. VC’s treat it as a separate asset class.  The authors identified that the U.S. regime is currently in the emergence phase of transition while the Swedish regime has reached the transformation phase. Additionally four key themes that differentiate the perspective of the Swedish and US regimes were identified; Risk, Profitability, Use-Case & Branding. / Impact Investing är ett ämne som har skapat vågor och genererat ett stort intresse för finansieringsekosystemet i samband med tillväxten av nystartade företag och påtryckningar från befolkningen inför de globala utmaningarna. Trots det har ämnet sett begränsad akademisk forskning. Explorationen av investeringsbranschen utförs genom att samla investerarnas perspektiv på det självdefinierade konceptet Impact Investing. Forskningen försöker skildra hur den etablerade riskkapitalregimen ser på Impact Investment och förstå om det fortfarande uppfattas som filantropiska initiativ av att investera i en alternativ tillgångskategori, som föreslås av tidigare akademisk forskning eller en branschomfattande övergång och förändring av investeringspraxis som framställts av industriforskningen.  Denna studie fokuserar på riskkapitalsregiment i Sverige och Amerika. Sverige, ett land som har beskrivits som "Impact Capital", och USA som representerar världens största VC-kapitalsektor. Semistrukturerade kvalitativa intervjuer används i denna studie för att utforska industridynamiken med hjälp av MLP(Multi Level Perspective)-ramverket. Intervjuerna med riskkapitalister hjälper till att förstå den nuvarande uppfattningen om tillväxten av impact investment och varför den svenska marknaden ser en branschomfattande förändringsprocess medan amerikanska VC:s behandlar det som en separat tillgångskategori. Författarna identifierade att den amerikanska regimen för närvarande befinner sig i begynnelsefasen medan den svenska regimen har nått transformationsfasen. Dessutom identifierades fyra nyckelteman som skiljer de svenska och amerikanska regimernas perspektiv; Risk, Lönsamhet, användningsfall & varumärke.

I april år 2016 upprättades den första svenska versionen av en Social Impact Bond, då ett avtal ingicks mellan Norrköpings kommun och den privata investeraren Leksell Social Ventures AB. Avtalet är ett utfallskontrakt och är en ny form av investeringsinstrument med ursprung i impact investments. Målet med utfallskontraktet är att förbättra situationen för barn och ungdomar som placerats i vårdboenden i Norrköpings kommun. Uppsatsens syfte är att öka förståelsen för utfallskontraktet som instrument genom att undersöka förutsättningarna, samt vilka eventuella målkonflikter som kan föreligga mellan parterna. Analysen skall behandla parternas inbördes ställning och hur parternas intressen tillvaratas och regleras i kontraktet. Slutligen ämnar uppsatsen att utvärdera huruvida utfallskontraktet är ett effektivt instrument för att genomföra sociala investeringar. Uppsatsens tillvägagångssätt är en deskriptiv fallstudie av det sociala utfallskontraktet. Vi har genomfört semistrukturella djupintervjuer som kompletterar vårt empiriska material som huvudsak består av utfallskontraktet. Analysen är uppdelad i kontraktets förutsättningar, den sociala insatsen, kontraktet och ingående aktörer. Varje del av kontraktet analyseras utifrån en analysmodell som innehåller principal agent-teorin och transaktionskostnads-teori. Förutsättningarna som föreligger i realiteten gör att utfallskontraktet kan anses vara ett bra finansieringsverktyg, som kontrollerar parternas beteende och samtidigt tillåter flexibilitet. De målkonflikter som eventuellt kan uppstå kan minskas genom att utfallskontraktet har en anpassad styrningsstruktur och tydligt preciserade mål för utfallet. Ersättningsmodellen för utfallskontraktet är baserat på ekonomiska incitament, som står i proportion till insatsens måluppfyllelse. Kontraktets villkor beskriver och reglerar hur insatsens utförare skall rekryteras och indirekt hur dessa aktörer skall styras av reglering, information och ekonomiska incitament. För att utfallskontraktet skall vara effektivt krävs tydliga mål med mätbara kriterier för insatsen. Med kontraktet i Norrköping som utgångspunkt kan man generellt säga att fördelarna med ett utfallskontrakt ökar i takt med insatsens specialiseringsgrad. Men för enklare åtgärder eller insatser så är utfallskontraktet en kostsam lösning.

Bakgrund: Impact investment är en ny finansieringsform, som med sitt ursprung och framväxt i både USA och Europa nu spridits till Sverige. Fenomenet beskrivs inom populärvetenskapen som investeringar med avsikten att generera en mätbar samhällsmässig och/eller miljömässig avkastning tillsammans med en finansiell avkastning. I Sverige har impact investment sedan bara några år tillbaka uppmärksammats av svenska aktörer som har börjat arbeta med investeringsformen. Fenomenet kan ses som en idé som överförts till ett nytt sammanhang, därden har uppmärksammats och blivit till verksamhetsaktiviteter. Syfte: Syftet med studien är att skapa förståelse för fenomenet impact investment i Sverige och att analysera på vilket sätt impact investment har formats av sitt sammanhang. Metod: Studien har en hermeneutisk forskningsansats och har genomförts med en kvalitativ metod. En intervjustudie har utförts med totalt sju nyckelpersoner inom det svenska organisationsfältet för impact investment. Internationella rapporter om fenomenet har även använts för att kartlägga de aktiviteter som genomförts i de länder som ingår i studien. Slutsats: Studien visar att impact investment har flera olika innebörder i Sverige. Impact investment har formats av sitt sammanhang vilket har resulterat i att impact investment har översatts av nya hybridorganisationer i samhället. / Background: Impact investment is a new funding that has its origin and growth in both the USA and Europe. It is now emerging to Sweden. The phenomenon is described in the popular science literature as investments with the intention to generate measurable social and/or environmental impact along with a financial return. In Sweden impact investment has been observed for only a few years. Swedish operators have started to use the funding and the phenomenon can be understood as an idea that has moved to a new context, where it has been noticed and used in operational activities. Aim: The aim of the study is to create an understanding of the phenomenon impact investment in Sweden and to analyse in what way impact investment has been formed by its context. Methodology: The study has a hermeneutic research approach and has been conducted with a qualitative approach. The study has been realized with a total of seven key figures in the Swedish organizational field of impact investment. International reports of the phenomenon have been used to track the activities conducted in the countries included in the study. Conclusion: The study shows that impact investment has many different meanings in Sweden. Impact investment has been formed by its context and has been translated by new hybrid organisations in the society.

Os negócios sociais são um fenômeno em expansão no Brasil e no mundo.Este trabalho teve como objetivo geral investigar e analisar se os negócios sociais utilizam práticas de avaliação e se isso gera processos de aprendizagem organizacional, tomando por objeto de estudo organizações que atuam no Estado de São Paulo. Na pesquisa bibliográfica, diversos conceitos de negócios sociais foram identificados, porém, não foram encontradas visões definitivas sobre como avaliar tais organizações. A literatura sobre aprendizagem organizacional também ofereceu insumos à pesquisa. Para alcançar o objetivo proposto, foi usada metodologia de estudo de casos múltiplos, com coleta de dados por meio de entrevistas e análise documental, que se mostrou adequada devido à necessidade de compreensão do contexto das organizações e ao fato de a literatura sobre o tema ainda estar em estágio exploratório. A escolha dos casos se deu a partir de sugestões de fundos de investimento. Em um primeiro momento, os fundos foram contatados e entrevistados, depois indicaram para a pesquisa negócios sociais com os quais se relacionavam, além de duas organizações de avaliação do campo, totalizando quatorze organizações pesquisadas. Os principais resultados deste estudo são: a) caracterização dos negócios sociais que avaliam: destacou-se uma concentração na área de saúde e o alcance ou intenção da sustentabilidade financeira; b) análise das avaliações: elas são principalmente sobre aspectos tradicionais, como operacional e financeiro e acontecem de maneira informal; c) caracterizar se os processos de avaliação geram aprendizagem: sim, os aprendizados acontecem em vários momentos, mas induzidos também por diversos outros fatores além da avaliação, tais como tentativas e erros; d) principais barreiras e dificuldades para a avaliação: dificuldades técnicas nas avaliações sociais e custo em geral. Os negócios sociais pesquisados utilizam práticas de avaliação, mas isso nem sempre gerou aprendizados reconhecidos pelos respondentes. Uma sugestão de pesquisa seria um estudo de caráter qualitativo que investigasse porque essas avaliações não geram todo o aprendizado que poderiam de acordo com a literatura (FRANCO-SANTOS et al., 2007) e o que precisaria mudar para que isso acontecesse.A contribuição teórica dessa pesquisa é uma maior compreensão dos fenômenos de avaliação e aprendizagem nos negócios sociais. A contribuição empírica consiste na indicação de que talvez seja necessário desenvolver o campo em outros aspectos até ele estar maduro o suficiente para executar e tirar benefícios de avaliações. A contribuição de ensino é o questionamento da avaliação como premissa para aprendizagem e melhorias organizacionais. / Social businesses are a phenomenon in expansion in Brazil and worldwide. This study aims to analyze whether social business working in the state of São Paulo use evaluation practices and, from that, if they experience organizational learning processes. In literature review, different social business concepts have been identified, but there were no definite views on how to evaluate such organizations. The literature on organizational learning and business ecosystem were also reviewed to give input the research. In order to reach the proposed objective, a multiple case study methodology was used, with data collection through interviews and documentary analysis, which was justified by the need to understand the context of organizations and the fact that a literature on the subject is still in an exploratory stage. The cases choice was based on investment fund suggestions. Initially, the funds were contacted and interviewed, then they indicated social business they invested on to be researched, in addition to two field evaluation organizations, totaling fourteen researched organizations. The main results of this study were: a) characterization of the social businesses that evaluate: a concentration in the health area and the reach of the intention of the financial sustainability; b) Analysis of evaluations: they are mainly informal about tradition aspects such as finance and operations; c) To identify if the processes of evaluation generate learning: yes, the learnings take place at several moments, but also induced by several other factors besides the evaluation, such as trial and error; d) Main barriers and difficulties for evaluation: technical difficulties of social evaluations and cost in general. The businesses researched evaluate their performance, but it did not always generated learning recognized by respondents. A research suggestion would be qualitative investigation to discover why assessments did not lead to learning in a better way as literature suggests (FRANCO-SANTOS et al., 2007) and what would need to change for this to happen. The theoretical contribution of the research is an early understanding of the phenomena of evaluation and learning in business. The empirical contribution is the indication that it may be necessary to develop the social business ecosystem in other aspects until it is mature enough to perform and benefit from evaluation. The contribution for teaching is questioning evaluation as a premise for learning organizational and improvements.

Os negócios sociais são um fenômeno em expansão no Brasil e no mundo.Este trabalho teve como objetivo geral investigar e analisar se os negócios sociais utilizam práticas de avaliação e se isso gera processos de aprendizagem organizacional, tomando por objeto de estudo organizações que atuam no Estado de São Paulo. Na pesquisa bibliográfica, diversos conceitos de negócios sociais foram identificados, porém, não foram encontradas visões definitivas sobre como avaliar tais organizações. A literatura sobre aprendizagem organizacional também ofereceu insumos à pesquisa. Para alcançar o objetivo proposto, foi usada metodologia de estudo de casos múltiplos, com coleta de dados por meio de entrevistas e análise documental, que se mostrou adequada devido à necessidade de compreensão do contexto das organizações e ao fato de a literatura sobre o tema ainda estar em estágio exploratório. A escolha dos casos se deu a partir de sugestões de fundos de investimento. Em um primeiro momento, os fundos foram contatados e entrevistados, depois indicaram para a pesquisa negócios sociais com os quais se relacionavam, além de duas organizações de avaliação do campo, totalizando quatorze organizações pesquisadas. Os principais resultados deste estudo são: a) caracterização dos negócios sociais que avaliam: destacou-se uma concentração na área de saúde e o alcance ou intenção da sustentabilidade financeira; b) análise das avaliações: elas são principalmente sobre aspectos tradicionais, como operacional e financeiro e acontecem de maneira informal; c) caracterizar se os processos de avaliação geram aprendizagem: sim, os aprendizados acontecem em vários momentos, mas induzidos também por diversos outros fatores além da avaliação, tais como tentativas e erros; d) principais barreiras e dificuldades para a avaliação: dificuldades técnicas nas avaliações sociais e custo em geral. Os negócios sociais pesquisados utilizam práticas de avaliação, mas isso nem sempre gerou aprendizados reconhecidos pelos respondentes. Uma sugestão de pesquisa seria um estudo de caráter qualitativo que investigasse porque essas avaliações não geram todo o aprendizado que poderiam de acordo com a literatura (FRANCO-SANTOS et al., 2007) e o que precisaria mudar para que isso acontecesse.A contribuição teórica dessa pesquisa é uma maior compreensão dos fenômenos de avaliação e aprendizagem nos negócios sociais. A contribuição empírica consiste na indicação de que talvez seja necessário desenvolver o campo em outros aspectos até ele estar maduro o suficiente para executar e tirar benefícios de avaliações. A contribuição de ensino é o questionamento da avaliação como premissa para aprendizagem e melhorias organizacionais. / Social businesses are a phenomenon in expansion in Brazil and worldwide. This study aims to analyze whether social business working in the state of São Paulo use evaluation practices and, from that, if they experience organizational learning processes. In literature review, different social business concepts have been identified, but there were no definite views on how to evaluate such organizations. The literature on organizational learning and business ecosystem were also reviewed to give input the research. In order to reach the proposed objective, a multiple case study methodology was used, with data collection through interviews and documentary analysis, which was justified by the need to understand the context of organizations and the fact that a literature on the subject is still in an exploratory stage. The cases choice was based on investment fund suggestions. Initially, the funds were contacted and interviewed, then they indicated social business they invested on to be researched, in addition to two field evaluation organizations, totaling fourteen researched organizations. The main results of this study were: a) characterization of the social businesses that evaluate: a concentration in the health area and the reach of the intention of the financial sustainability; b) Analysis of evaluations: they are mainly informal about tradition aspects such as finance and operations; c) To identify if the processes of evaluation generate learning: yes, the learnings take place at several moments, but also induced by several other factors besides the evaluation, such as trial and error; d) Main barriers and difficulties for evaluation: technical difficulties of social evaluations and cost in general. The businesses researched evaluate their performance, but it did not always generated learning recognized by respondents. A research suggestion would be qualitative investigation to discover why assessments did not lead to learning in a better way as literature suggests (FRANCO-SANTOS et al., 2007) and what would need to change for this to happen. The theoretical contribution of the research is an early understanding of the phenomena of evaluation and learning in business. The empirical contribution is the indication that it may be necessary to develop the social business ecosystem in other aspects until it is mature enough to perform and benefit from evaluation. The contribution for teaching is questioning evaluation as a premise for learning organizational and improvements.

Social Enterprises face funding challenges. As investors focus too narrowly on risk and return, social enterprises may struggle to compete with commercial enterprises for investment capital. In this context, lending and equity crowdfunding have not been sufficiently examined, and its growing importance for business financing makes it valuable to understand its implications for social enterprises. This study collects qualitative data and uses thematic analysis to identify advantages and disadvantages that social entrepreneurs experience when using lending or equity crowdfunding. By conducting six semi-structured interviews we identified nine major advantages which are Viable funding option, Publicity and marketing, Engagement creation, Access to impact-minded investors, Alignment with company principles, Higher valuation of the company, Tests market viability, Favourable power balance towards investors and Large pool of capital; and five major disadvantages which includes Higher costs, Large number of investors, Inexperienced investors, Public exposure & Efficiency concerns. We discuss that crowdfunding represents values that are attractive for social enterprises. Further, crowdfunding sometimes offer higher valuation or more capital to social enterprises, compared to other funding sources. We see that several advantages are especially important in business’s startup phase. However, crowdfunding can also cause greater stress on the management team, and require time and resources. Entrepreneurs also need to consider factors such as public embarrassment when campaigns fail.

The most used design approach for civil engineering structures is a trial and error procedure; the designer chooses an initial configuration, tests it and changes it until all safety requirements are met with good material utilization. Such a procedure is time consuming and eventually leads to a feasible solution, while several better ones could be found. Indeed, together with safety, environmental impact and investment cost should be decisive factors for the selection of structural solutions. Thus, structural optimization with respect to environmental impact and cost has been the subject of many researches in the last decades. However, design techniques based on optimization haven’t replaced the traditional design procedure yet. One of the reasons might be the constructive feasibility of the optimal solution. Moreover, concerning reinforced concrete beam bridges, to the best of the author knowledge, no study in the literature has been published dealing with the optimization of the entire bridge including both the structural configuration and cross-section dimensions. In this thesis, a two-steps automatic design and optimization procedure for reinforced concrete road beam bridges is presented. The optimization procedure finds the solution that minimizes the investment cost and the environmental impact of the bridge, while fulfilling all requirements of Eurocodes. In the first step, given the soil morphology and the two points to connect, it selects the optimal number of spans, type of piers-deck connections and piers location taking into account any obstacle the bridge has to cross. In the second and final step, it finds the optimal dimensions of the deck cross-section and produces the detailed reinforcement design. Constructability is considered and quantified within the investment cost to avoid a merely theoretical optimization. The wellknown Genetic Algorithm (GA) and Pattern Search optimization algorithms have been used. However, to reduce the computational effort and make the procedure more user-friendly, a memory system has been integrated and a modified version of GA has been developed. Moreover, the design and optimization procedure is used to study the relationship between the optimal solutions concerning investment cost and environmental impact. One case study concerning the re-design of an existing road bridge is presented. Potential savings obtained using the proposed method instead of the classic design procedure are presented. Finally, parametric studies on the total bridge length have been carried out and guidelines for designers have been produced regarding the optimal number of spans. / <p>QC 20190304</p> / Optimala betongbrolösningar med hänsyn till klimatpåverkan och investeringskostnad

The most used design approach for civil engineering structures is a trial and error procedure; the designer chooses an initial configuration, tests it and changes it until all safety requirements are met with good material utilization. Such a procedure is time consuming and eventually leads to a feasible solution, while several better ones could be found. Indeed, together with safety, environmental impact and investment cost should be decisive factors for the selection of structural solutions. Thus, structural optimization with respect to environmental impact and cost has been the subject of many researches in the last decades. However, design techniques based on optimization haven’t replaced the traditional design procedure yet. One of the reasons might be the constructive feasibility of the optimal solution. Moreover, concerning reinforced concrete beam bridges, to the best of the author knowledge, no study in the literature has been published dealing with the optimization of the entire bridge including both the structural configuration and cross-section dimensions. In this thesis, a two-steps automatic design and optimization procedure for reinforced concrete road beam bridges is presented. The optimization procedure finds the solution that minimizes the investment cost and the environmental impact of the bridge, while fulfilling all requirements of Eurocodes. In the first step, given the soil morphology and the two points to connect, it selects the optimal number of spans, type of piers-deck connections and piers location taking into account any obstacle the bridge has to cross. In the second and final step, it finds the optimal dimensions of the deck cross-section and produces the detailed reinforcement design. Constructability is considered and quantified within the investment cost to avoid a merely theoretical optimization. The wellknown Genetic Algorithm (GA) and Pattern Search optimization algorithms have been used. However, to reduce the computational effort and make the procedure more user-friendly, a memory system has been integrated and a modified version of GA has been developed. Moreover, the design and optimization procedure is used to study the relationship between the optimal solutions concerning investment cost and environmental impact. One case study concerning the re-design of an existing road bridge is presented. Potential savings obtained using the proposed method instead of the classic design procedure are presented. Finally, parametric studies on the total bridge length have been carried out and guidelines for designers have been produced regarding the optimal number of spans. / <p>QC 20190304</p>

Markets are arenas of social interaction for the exchange of products and services that are embedded in specific networks, cultures, and political relations. The study of how new markets come into being is a lively area of scholarly debate, and the purpose of this thesis is to shed light on the dynamics of these early moments of market formation. These nascent markets are characterized by the lack of shared meanings and settled rules around their participants, processes, and infrastructure. I approach them with arguments from economic sociology and from theories of organizations and institutions. The empirical context is a longitudinal study of the UK social investment market from 2000 to 2015, a field that intersects the social, financial, and public sectors. Social investment refers to the combination of financial returns and social impact, but the contest over its meaning and practice is itself a part of this analysis. The core data collection is based on interviews, reports, field events, and online sources, which provide an empirical basis to understand the social, cultural, and political processes that are shaping this market. I build on different traditions in the sociology of markets to explore changes over time in the rules, identities, practices, and dominant actors during the early moments of the UK social investment market. My first main finding is that the initial period of uncontested ambiguity is followed by efforts from mainstream organizations to reduce that ambiguity by reshaping rules and practices. This then results in a period of collaborative contestation, where peripheral actors challenge the core features of the field and hinder the path to stability. The second finding is about the role played by intermediary organizations in nascent markets, which consists of building the market infrastructure by connecting actors, developing a language, and establishing rules and practices. These findings point to the importance of theorizing about ambiguity in the early moments of markets. I contribute to this endeavor by specifying some of its features and dynamics, and by emphasizing the centrality of intermediation. I also further our understanding of those markets that span across the worlds of business, policy, and civil society.

The structure of the master's thesis includes an introduction, three chapters, conclusion, list of references and applications. The first chapter reviews the theoretical foundations of impact-investment, analyzes the experience of existing projects in this area, and discusses the prospects for the development of impact-investment. The second chapter examines the methodological foundations and develops recommendations for improving the processes of assessing social efficiency from the implementation of impact-investment projects. The third chapter developed the concept of a project for the construction of a social business center in the urban-type settlement. Igrim, KhMAO-Ugra. A feasibility study and calculation of the effectiveness of the proposed project implementation are given. / Структура магистерской диссертации включает в себя введение, три главы, заключение, список использованных источников и приложения. В первой главе рассмотрены теоретические основы impact-инвестирования, проанализирован опыт существующих проектов в данной сфере и рассмотрены перспективы развития impact-инвестирования. Во второй главе исследованы методические основы и разработаны рекомендации по совершенствованию процессов оценки социальной эффективности от реализации проектов impact-инвестирования. В третьей главе разработана концепция проекта по строительству общественно-делового центра в п.г.т. Игрим, ХМАО-Югра. Дано технико-экономическое обоснование и расчет эффективности реализации предложенного проекта.