Social Impact Bonds (SIBs) are a novel form of cross-sector collaborations and an alternative way of financing innovative social services. Based on an in-depth longitudinal case analysis and drawing from agency theory as well as resource dependence theory, we examine the process of interest alignment among involved partners over the lifespan of a SIB pilot project in Austria. Our study shows the multitude of problems and costs that such a challenging arrangement of multiple stakeholders brings along, thus dampening overoptimistic expectations in SIBs. We also suggest an analytical framework that improves the assessment of SIBs’ probability of success.
Austrian Classification of Fields of Science and Technology (ÖFOS)
- 506009 Organisation theory
- 502023 NPO research
- 504007 Empirical social research