PRME

The purpose of this paper is to explore the recent financial trends affecting grain and farm supply cooperatives. Review of and descriptive analysis of current cooperative finance topics. In recent years three important trends have become apparent among grain marketing and farm supply cooperatives. These farmer-owned firms have been rapidly investing in infrastructure, reformulating profit distribution and equity strategies, and have pursued consolidation with other cooperatives. Grain and farm supply cooperatives are changing at a rapid clip to meet the needs of their evolving and growing farmer-owners. New research is needed to help these cooperatives meet these needs, and this paper identifies new areas of research in cooperative finance.
SDG Topics: Decent Work & Economic Growth / Industry, Innovation & Infrastructure / Reduced Inequalities / Sustainable Cities & Communities / Partnerships for the Goals.

Over the past decade a new form of philanthropy has emerged, termed ‘philanthrocapitalism’. Champions of philanthrocapitalism suggest that private giving can fill the void left by diminished government spending on social and development programmes. Critics suggest that philanthropy is no substitute for strong governmental support for social welfare. Both arguments perpetuate a dichotomy between the public and the private, implying that philanthrocapitalism operates in a vacuum largely divorced from governmental interventions. In this article I challenge that assumption, exploring how new philanthropic initiatives have compelled increased financial support from governments toward the private sector.
SDG Topics: Industry, Innovation & Infrastructure / Sustainable Cities & Communities / Responsible Consumption & Production.

This publication examines the unique nature of water challenges in conflict-affected or high-risk areas and how the management of water resources can in turn affect business operations and society – particularly through its potential to exacerbate conflict.
SDG Topics: Clean Water and Sanitation / Peace, Justice and Strong Institutions.

This publication aims to assist companies in implementing responsible business practices in conflict-affected and high-risk areas consistent with the Global Compact Ten Principles. Available in English, Mandarin and Spanish.
SDG Topics: Peace, Justice and Strong Institutions / Partnerships for the Goals.

Empirical studies, which analyze the performance of socially responsible investment (SRI) funds relative to conventional funds, find contradictory results. The aim of this paper is to investigate, with the help of a meta-analysis, how selected primary study characteristics influence the probability of a significant under- or outperformance of SRI funds compared with conventionalfunds. 25 studies with more than 500 observations are included in the meta-analysis. The results of this paper suggest that the consideration of the survivorship bias in a study increases (decreases) the probability of a significant outperformance (underperformance) of SRI funds relative to conventional funds.
SDG Topics: Decent Work & Economic Growth / Sustainable Cities & Communities / Peace, justice & Strong Institutions / Partnerships for the Goals.

The purpose of this paper is to study a range of options for providing equity finance (equity capital) in social enterprises. The UK government's keenness for social enterprises to overcome the sector's cultural aversion to borrowing and seek finance for their activities and end grant dependency within the sector is discussed. The briefing considers the different motives of ethical investors and the potentially blurred boundary between what constitutes a social enterprise and what constitutes a private enterprise.
SDG Topics: Industry, Innovation & Infrastructure / Sustainable Cities & Communities / Responsible Consumption & Production.

Corporations increasingly are embracing the dual challenges of maximizing profits while also promoting the protection of human rights. The latter is at the core of corporate social responsibility and it holds the promise of being good for business. Corporate strategic philanthropy plays a central role in this dual mission of profitability and responsibility. This Good Practice Note provides the context for and offers recommendations relating to each of these elements while demonstrating how corporations are using the shift from traditional philanthropy to strategic philanthropy in the most valuable and measurable way.
SDG Topics: Decent Work and Economic Growth / Reduced Inequalities.

Studies have examined socially responsible investing (SRI) performance at both a relatively general (i.e., non-statistical) level and a more rigorous (statistical) level. In general, results have been mixed. In assessing the performance of SRI, we examine the performance of Canadian SRI mutual funds. Of the 24 mutual funds that screen according to social or environmental criteria, only six of the funds are classified as Canadian Equity or Canadian Large Cap Equity in terms of asset class. We focus on these two asset classes. By choosing this benchmark, we are comparing the performance of SRI mutual funds to the market, as opposed to evaluating the performance of SRI mutual funds relative to conventional (non-SRI) mutual funds. We implicitly assume that the average conventional domestic equity mutual fund performance is similar to the overall market performance. If in fact the average fund underperforms the benchmark, then this is a tougher test of outperformance. 
SDG Topics: Decent Work & Economic Growth / Sustainable Cities & Communities / Peace, justice & Strong Institutions / Partnerships for the Goals.

Research on female entrepreneurship is imperative to create a knowledge base of women's experiences with regards to being financially excluded in South Africa. There is a realisation, however, that, while race has historically been the primary driver of economic disparities in South Africa, other forms of discrimination also prevent certain groups from accessing economic freedom and opportunities. Women, who represent 52% of the South African population, still suffer from historical and cultural prejudice in accessing opportunities, for a number of reasons that are outlined in this study. While access to financial services continues to be largely racially defined in South Africa, the gender gap between men and women does exist, and is likely to grow if special efforts are not undertaken to address the underlying issues now. Black women are the largest single self-employed segment of the population; a fact that is not reflected in the current industry targets for business activity. This paper examines the extent to which financial service providers in the country were sufficiently aware of the challenges facing women entrepreneurs in South Africa.
SDG Topics: No Poverty / Gender Equality / Decent Work and Economic Growth / Industry, Innovation & Infrastructure / Reduced Inequalities / Peace, Justice & Strong Institutions.

Research on female entrepreneurship is imperative to create a knowledge base of women's experiences with regards to being financially excluded in South Africa. There is a realisation, however, that, while race has historically been the primary driver of economic disparities in South Africa, other forms of discrimination also prevent certain groups from accessing economic freedom and opportunities. Women, who represent 52% of the South African population, still suffer from historical and cultural prejudice in accessing opportunities, for a number of reasons that are outlined in this study. While access to financial services continues to be largely racially defined in South Africa, the gender gap between men and women does exist, and is likely to grow if special efforts are not undertaken to address the underlying issues now. Black women are the largest single self-employed segment of the population; a fact that is not reflected in the current industry targets for business activity. This paper examines the extent to which financial service providers in the country were sufficiently aware of the challenges facing women entrepreneurs in South Africa.
SDG Topics: No Poverty / Gender Equality / Decent Work and Economic Growth / Industry, Innovation & Infrastructure / Reduced Inequalities / Peace, Justice & Strong Institutions.

There is a vast literature on discrepancies in consumer credit related to race and ethnicity. I explore a pattern that was first identified in aggregate data by Han, Keys, and Li (2011) in their study of credit access: Blacks were approximately 27% less likely to receive offers from credit card lenders during the sample period, even after controlling for variables such as credit history, household income, and local economic conditions. Hispanics were 17% less likely to receive an offer, after including controls. The discrepancy is robust to lender-specific regressions and the inclusion of a large number of explanatory variables. The findings in this paper imply that marketing is an important area for analysis of discrimination in consumer credit.
SDG Topics: No Poverty / Responsible Consumption & Production / Reduced Inequalities.

Corporations increasingly are embracing the dual challenges of maximizing profits while also promoting the protection of human rights. The latter is at the core of corporate social responsibility and it holds the promise of being good for business. Corporate strategic philanthropy plays a central role in this dual mission of profitability and responsibility. This Good Practice Note provides the context for and offers recommendations relating to each of these elements while demonstrating how corporations are using the shift from traditional philanthropy to strategic philanthropy in the most valuable and measurable way.
SDG Topics: Decent Work and Economic Growth / Reduced Inequalities.

The purpose of this article is to explore three technical challenges and misconceptions involved in measuring social return on investment (SROI). Although there is considerable information available about the conceptual framework of SROI, its application is a relatively young discipline. As a result, there is great variability in how SROI is applied across interventions. This makes robust and consistent comparisons across socialventures difficult, while rendering the validity of SROI measures vulnerable to contestation. This article looks at some of the least discussed yet significant technical challenges and misconceptions in working with SROI, based on the authors ' experience of measuring social investment returns. 
SDG Topics: Decent Work & Economic Growth / Sustainable Cities & Communities / Responsible Consumption & Production / Peace, Justice & Strong Institutions.

The purpose of this case study is to highlight the complexities involved in conducting a social return on investment (SROI) forecast in a small social enterprise, The Wooden Canal Boat Society. 
SDG Topics: Responsible Consumption & Production / Sustainable Cities & Communities / Decent Work & Economic Growth / Peace, Justice & Strong Institutions.

Research on female entrepreneurship is imperative to create a knowledge base of women's experiences with regards to being financially excluded in South Africa. There is a realisation, however, that, while race has historically been the primary driver of economic disparities in South Africa, other forms of discrimination also prevent certain groups from accessing economic freedom and opportunities. Women, who represent 52% of the South African population, still suffer from historical and cultural prejudice in accessing opportunities, for a number of reasons that are outlined in this study. While access to financial services continues to be largely racially defined in South Africa, the gender gap between men and women does exist, and is likely to grow if special efforts are not undertaken to address the underlying issues now. Black women are the largest single self-employed segment of the population; a fact that is not reflected in the current industry targets for business activity. This paper examines the extent to which financial service providers in the country were sufficiently aware of the challenges facing women entrepreneurs in South Africa.
SDG Topics: No Poverty / Gender Equality / Decent Work and Economic Growth / Industry, Innovation & Infrastructure / Reduced Inequalities / Peace, Justice & Strong Institutions.

This publication aims to assist companies in implementing responsible business practices in conflict-affected and high-risk areas consistent with the Global Compact Ten Principles. Available in English, Mandarin and Spanish.
SDG Topics: Peace, Justice and Strong Institutions / Partnerships for the Goals.

Research on female entrepreneurship is imperative to create a knowledge base of women's experiences with regards to being financially excluded in South Africa. There is a realisation, however, that, while race has historically been the primary driver of economic disparities in South Africa, other forms of discrimination also prevent certain groups from accessing economic freedom and opportunities. Women, who represent 52% of the South African population, still suffer from historical and cultural prejudice in accessing opportunities, for a number of reasons that are outlined in this study. While access to financial services continues to be largely racially defined in South Africa, the gender gap between men and women does exist, and is likely to grow if special efforts are not undertaken to address the underlying issues now. Black women are the largest single self-employed segment of the population; a fact that is not reflected in the current industry targets for business activity. This paper examines the extent to which financial service providers in the country were sufficiently aware of the challenges facing women entrepreneurs in South Africa.
SDG Topics: No Poverty / Gender Equality / Decent Work and Economic Growth / Industry, Innovation & Infrastructure / Reduced Inequalities / Peace, Justice & Strong Institutions.

The purpose of this paper is to explore the recent financial trends affecting grain and farm supply cooperatives. Review of and descriptive analysis of current cooperative finance topics. In recent years three important trends have become apparent among grain marketing and farm supply cooperatives. These farmer-owned firms have been rapidly investing in infrastructure, reformulating profit distribution and equity strategies, and have pursued consolidation with other cooperatives. Grain and farm supply cooperatives are changing at a rapid clip to meet the needs of their evolving and growing farmer-owners. New research is needed to help these cooperatives meet these needs, and this paper identifies new areas of research in cooperative finance.
SDG Topics: Decent Work & Economic Growth / Industry, Innovation & Infrastructure / Reduced Inequalities / Sustainable Cities & Communities / Partnerships for the Goals.

The purpose of this article is to explore three technical challenges and misconceptions involved in measuring social return on investment (SROI). Although there is considerable information available about the conceptual framework of SROI, its application is a relatively young discipline. As a result, there is great variability in how SROI is applied across interventions. This makes robust and consistent comparisons across socialventures difficult, while rendering the validity of SROI measures vulnerable to contestation. This article looks at some of the least discussed yet significant technical challenges and misconceptions in working with SROI, based on the authors ' experience of measuring social investment returns. 
SDG Topics: Decent Work & Economic Growth / Sustainable Cities & Communities / Responsible Consumption & Production / Peace, Justice & Strong Institutions.

The purpose of this case study is to highlight the complexities involved in conducting a social return on investment (SROI) forecast in a small social enterprise, The Wooden Canal Boat Society. 
SDG Topics: Responsible Consumption & Production / Sustainable Cities & Communities / Decent Work & Economic Growth / Peace, Justice & Strong Institutions.

The purpose of this paper is to study a range of options for providing equity finance (equity capital) in social enterprises. The UK government's keenness for social enterprises to overcome the sector's cultural aversion to borrowing and seek finance for their activities and end grant dependency within the sector is discussed. The briefing considers the different motives of ethical investors and the potentially blurred boundary between what constitutes a social enterprise and what constitutes a private enterprise.
SDG Topics: Industry, Innovation & Infrastructure / Sustainable Cities & Communities / Responsible Consumption & Production.

Studies have examined socially responsible investing (SRI) performance at both a relatively general (i.e., non-statistical) level and a more rigorous (statistical) level. In general, results have been mixed. In assessing the performance of SRI, we examine the performance of Canadian SRI mutual funds. Of the 24 mutual funds that screen according to social or environmental criteria, only six of the funds are classified as Canadian Equity or Canadian Large Cap Equity in terms of asset class. We focus on these two asset classes. By choosing this benchmark, we are comparing the performance of SRI mutual funds to the market, as opposed to evaluating the performance of SRI mutual funds relative to conventional (non-SRI) mutual funds. We implicitly assume that the average conventional domestic equity mutual fund performance is similar to the overall market performance. If in fact the average fund underperforms the benchmark, then this is a tougher test of outperformance. 
SDG Topics: Decent Work & Economic Growth / Sustainable Cities & Communities / Peace, justice & Strong Institutions / Partnerships for the Goals.

Empirical studies, which analyze the performance of socially responsible investment (SRI) funds relative to conventional funds, find contradictory results. The aim of this paper is to investigate, with the help of a meta-analysis, how selected primary study characteristics influence the probability of a significant under- or outperformance of SRI funds compared with conventionalfunds. 25 studies with more than 500 observations are included in the meta-analysis. The results of this paper suggest that the consideration of the survivorship bias in a study increases (decreases) the probability of a significant outperformance (underperformance) of SRI funds relative to conventional funds.
SDG Topics: Decent Work & Economic Growth / Sustainable Cities & Communities / Peace, justice & Strong Institutions / Partnerships for the Goals.

This publication aims to assist companies in implementing responsible business practices in conflict-affected and high-risk areas consistent with the Global Compact Ten Principles. Available in English, Mandarin and Spanish.
SDG Topics: Peace, Justice and Strong Institutions / Partnerships for the Goals.

Corporations increasingly are embracing the dual challenges of maximizing profits while also promoting the protection of human rights. The latter is at the core of corporate social responsibility and it holds the promise of being good for business. Corporate strategic philanthropy plays a central role in this dual mission of profitability and responsibility. This Good Practice Note provides the context for and offers recommendations relating to each of these elements while demonstrating how corporations are using the shift from traditional philanthropy to strategic philanthropy in the most valuable and measurable way.
SDG Topics: Decent Work and Economic Growth / Reduced Inequalities.

Crowdfunding (CF) in a social entrepreneurship (SE) context is praised in media narrations for its multifaceted potential. From an academic point of view, little has been written about CF as a whole, and enquiries from the SE sphere are mostly concerned with donation-based CF. This paper first reviews extant literature on financing social ventures and CF. Based upon the findings, the author draws up a schema of CF's inner workings and subsequently discusses it in an SE context. 
SDG Topics: Industry, Innovation & Infrastructure / Sustainable Cities & Communities / Partnerships for the Goals.

The relatively new phenomenon of CF can not only provide necessary funds for the socialenterprises, it may also lead to a higher legitimacy of these through early societal interaction and participation. This legitimacy can be understood as a strong positive signal for further investors. Governmental tax-reliefs and guarantees from venture-philanthropic funds provide additional incentives for investment and endorse future scaling by leveraging additional debt-finance from specialized social banks. This case study identifies idiosyncratic hurdles to why an efficient social finance market has yet to be created and examines a schema as a case of how individual players’ strengths and weaknesses can be balanced out by a concerted action. The paper discusses the necessary actions, benefits and implications for the involved actors from the public, private and third sector. 
SDG Topics: Industry, Innovation & Infrastructure / Sustainable Cities & Communities / Partnerships for the Goals.

The gender gap in wealth at retirement is a cause for concern if it does not simply reflect individual choices based on heterogeneous preferences. This paper contributes to our understanding of this issue by asking whether the unexplained portion of the gap can be attributed to gender differences in risk preferences.
SDG Topics: Gender Equality / Reduced Inequalities

This paper aims to examine the extent to which urban social enterprises (SEs) have diversified their funding sources and shifted towards loans and development finance in recent years. The paper seeks to consider the underlying reasons for a limited demand for loans by comparing two theoretical perspectives on SE development. The concept of “social bricolage” implies SEs do not seek conventional business loans or equity finance, because they survive in resource poor environments by improvising and re-using redundant capital. A second evolutionary approach implies that SE financing will be dominated by a reliance on habits and practices learnt from the contexts in which social entrepreneurs have operated. 
SDG Topics: Industry, Innovation & Infrastructure / Sustainable Cities & Communities / Responsible Consumption & Production.

This publication examines the unique nature of water challenges in conflict-affected or high-risk areas and how the management of water resources can in turn affect business operations and society – particularly through its potential to exacerbate conflict.
SDG Topics: Clean Water and Sanitation / Peace, Justice and Strong Institutions.

This publication aims to assist companies in implementing responsible business practices in conflict-affected and high-risk areas consistent with the Global Compact Ten Principles. Available in English, Mandarin and Spanish.
SDG Topics: Peace, Justice and Strong Institutions / Partnerships for the Goals.

The gender gap in wealth at retirement is a cause for concern if it does not simply reflect individual choices based on heterogeneous preferences. This paper contributes to our understanding of this issue by asking whether the unexplained portion of the gap can be attributed to gender differences in risk preferences.
SDG Topics: Gender Equality / Reduced Inequalities

The purpose of this case study is to highlight the complexities involved in conducting a social return on investment (SROI) forecast in a small social enterprise, The Wooden Canal Boat Society. 
SDG Topics: Responsible Consumption & Production / Sustainable Cities & Communities / Decent Work & Economic Growth / Peace, Justice & Strong Institutions.

Research on female entrepreneurship is imperative to create a knowledge base of women's experiences with regards to being financially excluded in South Africa. There is a realisation, however, that, while race has historically been the primary driver of economic disparities in South Africa, other forms of discrimination also prevent certain groups from accessing economic freedom and opportunities. Women, who represent 52% of the South African population, still suffer from historical and cultural prejudice in accessing opportunities, for a number of reasons that are outlined in this study. While access to financial services continues to be largely racially defined in South Africa, the gender gap between men and women does exist, and is likely to grow if special efforts are not undertaken to address the underlying issues now. Black women are the largest single self-employed segment of the population; a fact that is not reflected in the current industry targets for business activity. This paper examines the extent to which financial service providers in the country were sufficiently aware of the challenges facing women entrepreneurs in South Africa.
SDG Topics: No Poverty / Gender Equality / Decent Work and Economic Growth / Industry, Innovation & Infrastructure / Reduced Inequalities / Peace, Justice & Strong Institutions.

The relatively new phenomenon of CF can not only provide necessary funds for the socialenterprises, it may also lead to a higher legitimacy of these through early societal interaction and participation. This legitimacy can be understood as a strong positive signal for further investors. Governmental tax-reliefs and guarantees from venture-philanthropic funds provide additional incentives for investment and endorse future scaling by leveraging additional debt-finance from specialized social banks. This case study identifies idiosyncratic hurdles to why an efficient social finance market has yet to be created and examines a schema as a case of how individual players’ strengths and weaknesses can be balanced out by a concerted action. The paper discusses the necessary actions, benefits and implications for the involved actors from the public, private and third sector. 
SDG Topics: Industry, Innovation & Infrastructure / Sustainable Cities & Communities / Partnerships for the Goals.

This paper aims to examine the extent to which urban social enterprises (SEs) have diversified their funding sources and shifted towards loans and development finance in recent years. The paper seeks to consider the underlying reasons for a limited demand for loans by comparing two theoretical perspectives on SE development. The concept of “social bricolage” implies SEs do not seek conventional business loans or equity finance, because they survive in resource poor environments by improvising and re-using redundant capital. A second evolutionary approach implies that SE financing will be dominated by a reliance on habits and practices learnt from the contexts in which social entrepreneurs have operated. 
SDG Topics: Industry, Innovation & Infrastructure / Sustainable Cities & Communities / Responsible Consumption & Production.

The purpose of this paper is to study a range of options for providing equity finance (equity capital) in social enterprises. The UK government's keenness for social enterprises to overcome the sector's cultural aversion to borrowing and seek finance for their activities and end grant dependency within the sector is discussed. The briefing considers the different motives of ethical investors and the potentially blurred boundary between what constitutes a social enterprise and what constitutes a private enterprise.
SDG Topics: Industry, Innovation & Infrastructure / Sustainable Cities & Communities / Responsible Consumption & Production.

Crowdfunding (CF) in a social entrepreneurship (SE) context is praised in media narrations for its multifaceted potential. From an academic point of view, little has been written about CF as a whole, and enquiries from the SE sphere are mostly concerned with donation-based CF. This paper first reviews extant literature on financing social ventures and CF. Based upon the findings, the author draws up a schema of CF's inner workings and subsequently discusses it in an SE context. 
SDG Topics: Industry, Innovation & Infrastructure / Sustainable Cities & Communities / Partnerships for the Goals.

The purpose of this article is to explore three technical challenges and misconceptions involved in measuring social return on investment (SROI). Although there is considerable information available about the conceptual framework of SROI, its application is a relatively young discipline. As a result, there is great variability in how SROI is applied across interventions. This makes robust and consistent comparisons across socialventures difficult, while rendering the validity of SROI measures vulnerable to contestation. This article looks at some of the least discussed yet significant technical challenges and misconceptions in working with SROI, based on the authors ' experience of measuring social investment returns. 
SDG Topics: Decent Work & Economic Growth / Sustainable Cities & Communities / Responsible Consumption & Production / Peace, Justice & Strong Institutions.

The purpose of this case study is to highlight the complexities involved in conducting a social return on investment (SROI) forecast in a small social enterprise, The Wooden Canal Boat Society. 
SDG Topics: Responsible Consumption & Production / Sustainable Cities & Communities / Decent Work & Economic Growth / Peace, Justice & Strong Institutions.