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Social investment (SI) policies have been implemented by governments of affluent countries in hopes of safeguarding against new social risks and mitigating social exclusion by encouraging employment and making it easier for parents to balance work and family. Governments hope that human capital investment (education and job training) will better prepare workers for jobs, promote their employment and social inclusion, and reduce poverty. This article investigates whether SI policies contribute to lower poverty and inequality by analyzing data from 18 Organization for Economic Cooperation and Development countries between 1980 and 2013. The analysis finds, first, that SI policies (education and active labor market policy (ALMP)) alone may be less effective in generating lower poverty and inequality without redistribution, but when accompanied and supported by redistribution, SI policies are more effective in creating lower poverty and inequality. I propose the explanation that SI policies create lower-income poverty and inequality by creating individuals and households that can be salvaged and lifted out of poverty with redistribution, because SI policies help improve their skills and knowledge and employability, although they may be not quite able to escape poverty or low income without redistribution. As partial evidence, I present the result that education is associated with a lower poverty gap in market income. The analysis also finds that education and ALMP produce lower poverty and/or inequality in interaction with social market economies that redistribute more, and that augments the equalizing effects of education and ALMP. The results, thus, suggest the complementary roles of SI policies and redistribution. [ABSTRACT FROM AUTHOR]

A substantial number of social science studies have shown a lack of conceptual clarity, inadequate understanding of the nature of the empirical research approaches, and undue preference for deduction, which have caused much confusion, created paradigmatic incommensurability, and impeded scientific advancement. This study, through conceptual review and analysis of canonical discussions of concepts and the reasoning approaches of deduction and induction and their applications in social science theorization by philosophers and social scientists, is purported to unveil the logical nature of empirical research and examine the legitimacy of the preference of deduction among social scientists. The findings note that conceptual clarity as the foundation of social science research, exchange, and replication can be achieved through interdisciplinary stress of conceptual analyses to establish universal measurements and that the primacy of deduction in social sciences needs to concede to or be balanced with induction for new knowledge, more discoveries, and scientific advancement. The study recommends that institutions and researchers of social sciences invest more in conceptual analysis and inductive research through collaboration and separate efforts. [ABSTRACT FROM AUTHOR]

• Adoption of sustainable investing exchange-traded funds is shaped by various factors. • Insurance companies and pension funds with positive effects. • Also supporting impact of stock markets, new technologies and financial development. • Lesser importance of the financial motives. • In case of mutual funds and institutional variables results are mixed. Despite the growing interest in various topics related to sustainable (ESG) investing, some issues remain understudied, such as the determinants of their utilization at the macro level. This paper contributes to the state of knowledge two-directionally. First, it shows the development of sustainable investing exchange-traded funds (ETFs) in European countries. Second, it traces the significant determinants of adopting sustainable investing/ESG ETFs in Europe. More specifically, we aim to determine which financial, technological, social or institutional factors have the most significant impact on the growth of levels and over-time dynamics of the sustainable investing ETFs. The empirical sample covers five European economies: France, Germany, Italy, Switzerland, and the United Kingdom and the period of the analysis is 2006–2020. Adopting panel regression analysis, we investigate twenty different variables that potentially impact the development of sustainable investing ETFs across examined countries. Our results confirm the positive effects of the development of insurance companies and pension funds for the assets of the ESG ETFs. Also, factors such as stock markets development, ICT adoption, financial access and literacy, and the prevalence of tertiary-level education demonstrate a positive impact on ESG ETFs. The role of the financial performance and tax levels resulted in being neutral, thus indicating the lesser importance of the financial motives in relation to the other factors. The results were mixed in the case of the mutual funds and institutional variables. [ABSTRACT FROM AUTHOR]

Political investorism involves the use of financial investments to promote political aims, but has, with some recent exceptions, received scarce attention from political scientists although there are valid theoretical reasons to consider this a new form of political participation. Here, we add new knowledge to this research agenda by examining empirically whether political investorism constitutes a distinct mode of political participation. Furthermore, we explore the characteristics of political investors and why they use political investorism. We examine these issues using an original survey from Finland (n = 1065). Our results demonstrate that political investorism constitutes a distinct mode of participation that in particular appeals to young and well-educated women living in an urban setting. Finally, cultural ideological divisions (measured with GAL-TAN: Green-Alternative-Libertarian and Traditional-Authoritarian-Nationalist) mediate socio-demographic characteristics when explaining participation. [ABSTRACT FROM AUTHOR]

A team of four experts - with experience upskilling refugees, facilitating job linkages, impact investing, researching economic inclusion, and lived experience as a refugee - discuss the barriers that displaced people face in accessing digital work and how these can be overcome. [ABSTRACT FROM AUTHOR]

Background: Informativeness, in the context of clinical trials, defines whether a study's results definitively answer its research questions with meaningful next steps. Many clinical trials end uninformatively. Clinical trial protocols are required to go through reviews in regulatory and ethical domains: areas that focus on specifics outside of trial design, biostatistics, and research methods. Private foundations and government funders rarely require focused scientific design reviews for these areas. There are no documented standards and processes, or even best practices, toward a capability for funders to perform scientific design reviews after their peer review process prior to a funding commitment. Main body: Considering the investment in and standardization of ethical and regulatory reviews, and the prevalence of studies never finishing or failing to provide definitive results, it may be that scientific reviews of trial designs with a focus on informativeness offer the best chance for improved outcomes and return-on-investment in clinical trials. A maturity model is a helpful tool for knowledge transfer to help grow capabilities in a new area or for those looking to perform a self-assessment in an existing area. Such a model is offered for scientific design reviews of clinical trial protocols. This maturity model includes 11 process areas and 5 maturity levels. Each of the 55 process area levels is populated with descriptions on a continuum toward an optimal state to improve trial protocols in the areas of risk of failure or uninformativeness. Conclusion: This tool allows for prescriptive guidance on next investments to improve attributes of post-funding reviews of trials, with a focus on informativeness. Traditional pre-funding peer review has limited capacity for trial design review, especially for detailed biostatistical and methodological review. Select non-industry funders have begun to explore or invest in post-funding review programs of grantee protocols, based on exemplars of such programs. Funders with a desire to meet fiduciary responsibilities and mission goals can use the described model to enhance efforts supporting trial participant commitment and faster cures. [ABSTRACT FROM AUTHOR]

The article explores risk management and structuring solutions when promoting environmental, social and governance (ESG) investing by trustees. Topics discussed include ethical investing, lessons from legal developments relating to pension funds and charitable trusts, and structuring of express privates trusts to allow ethical investing.

Scholars, policymakers, and citizens alike remain invested in the impact of infectious diseases worldwide. Studies have found that emerging diseases and disease outbreaks burden global economies and public health goals. This article explores the potential link between measles outbreaks and various forms of civil unrest, such as demonstrations, riots, strikes, and other anti-government violence, in four central African countries from 1996 to 2005. Using a difference-in-differences model, we examine whether disease outbreaks have a discernible impact on the prevalence of civil unrest. While our findings indicate that the relationship between disease and civil unrest is not as strong as previously suggested, we identify a notable trend that warrants further investigation. These results have significant implications for health and policy officials in understanding the complex interplay between state fragility, civil unrest, and the spread of disease. [ABSTRACT FROM AUTHOR]

This article applies a modified Multiple Streams Framework (MSF) to an in-depth case study of the contentious issue of integrating ethics into the Norwegian oil fund strategy. By exploring how ethical investment guidelines evolved from a discredited and allegedly unrealistic idea into policy consensus and, ultimately, a global exemplar, the study contributes to the literature in two ways. First, it contributes to the ongoing theoretical refinement of the MSF perspective by illustrating how the framework proves valuable in examining both agenda-setting and decision-making processes. Specifically, it confirms the relevance of a two-phase model for a more rigorous analysis of the decision-making process. Second, while prior literature defines the output of agenda-setting as a ready proposal, it is demonstrated that this outcome may not necessarily signify a fully developed policy proposal. To account for a broader range of scenarios, this article suggests redefining the output of the agenda-setting process as a policy commitment, rather than a worked-out proposal ready for negotiations in the political stream. Acknowledging the uncertainty and ambiguity in the decision-making process highlights the significance of developments in the problem and policy streams that past literature has not given due attention. Consequently, the article proposes a revised two-phase model to enhance the conceptualisation of decision-making within the MSF. [ABSTRACT FROM AUTHOR]

A growing number of states use performance-based funding (PBF) systems to tie appropriations to student outcomes. Yet while many studies have examined the effects of PBF on enrollment and completion outcomes, no research has considered whether PBF affects post-college outcomes. This is of particular importance as more states directly incentivize colleges to improve student earnings and have students major in high-demand fields. We used the first detailed longitudinal dataset of state PBF policies to examine the effects of PBF on student earnings and found some modest positive effects concentrated among students who were already enrolled in college when PBF was first implemented. However, these small increases could also reflect other trends occurring prior to the implementation of PBF and analyses show this increase was not sustained among later cohorts. [ABSTRACT FROM AUTHOR]

Purpose: The main goal of this paper is better understand the risk/return trade-off of investing in socially responsible investment funds (SRIF) and green investment funds (GIF). Design/methodology/approach: To achieve our aim a green investment fund portfolio, a socially responsible investment portfolio and a conventional fund (CF) portfolio from the United States of America (USA) were selected to compare the efficiency of these three different portfolios, by using Value-Based Data Envelopment Analysis (DEA) methodology. Findings: The results point out that SRIF and GIF are more efficient than CF. For five years, the CFs have not outperformed the GIF. Originality/value: The results suggest that there is a growing awareness on the part of investors that sustainable companies are the companies that will allow a better quality of life and a more sustainable environment. It seems that somehow managers and investors are aware that the market will compensate them for thinking about a cleaner and more equitable world. [ABSTRACT FROM AUTHOR]

This study aims to test the animal spirits theory by Akerlof and Shiller (Animal spirits - how human psychology drives the economy, and why it matters for global capitalism? Princeton University Press) for ethical stock markets using Islamic and sustainable stock indexes during calm and crisis periods. This question helps determine whether ethical finance is driven more by its specific rules or determined by animal spirits. We used data covering January 1996–September 2021, which includes both calm periods and crisis periods (dot-com bubble of 2000, subprime crisis of 2007, global financial crisis of 2008–2009, and COVID-19 recession). Accordingly, we applied different time series tests, ran a quantile regression, and built an econometric framework to empirically test the animal spirits theory. We provide two key findings. First, investor sentiment and consumer confidence significantly affect the dynamics of both ethical stock returns, suggesting further evidence of animal spirits. This finding supports the assumption that investors' emotions and sentiments affect their behaviors and related feelings, for example, spontaneous instinctive that urge to action than inaction, optimism, and so forth, might help to apprehend some investment actions. Second, and interestingly, animal spirit effects enter asymmetrically and nonlinearly as their effects on ethical stock returns are time-varying and vary with the quantile under consideration. [ABSTRACT FROM AUTHOR]

Metrics and other forms of quantification as technologies for rendering knowledge as measurable, usually quantitative "data," in simplified, legible, and portable ways, have become increasingly central within discussions of the economy, and these quantitative tools have equally become the subject of anthropological discussion and critique. The motivations behind and effects of numbers in the field of "responsible finance," already a space where the "ethical claims" of the economy are made explicit, have themselves become the center of ethical discussion, both within the field of responsible finance and among those anthropologists studying that field. The authors of this article (one an academic, one a practitioner in impact investing, and one a hybrid academic‐practitioner in climate finance) respond to the argument that we suggest is implicitly or explicitly present in most of the work around quantification and metrics, namely, that quantification acts as a kind of "antipolitics machine," rendering political problems as technical ones and simplifying complex realities. [ABSTRACT FROM AUTHOR]

This document is a correction notice for an article titled "Past, present, and future of sustainable finance: insights from big data analytics through machine learning of scholarly research." It provides information on the most influential articles and authors in the field of sustainable finance research. The most cited article in the field is by Branco and Rodrigues (2006), followed by articles by Renneboog, Ter Horst, and Zhang (2008) and Edmans (2011). Two of the top three most-cited articles are about impact investing. The top contributing authors are Scholtens and Cortez, with Ter Horst and Derwall being the most influential authors. The document provides a table showing the rankings of researchers in the field of sustainability, based on factors such as the number of publications, citations, and h-index. The researchers listed come from various countries and institutions around the world. The document is neutral and does not make any judgments or evaluations of the researchers or their work. [Extracted from the article]

The article focuses on the disparities in healthcare plans regarding social care services and the regulatory considerations influencing the design and implementation of such programs. It discusses how health plans navigate complex regulatory frameworks to offer social care interventions, highlighting variations in policy levers across different states and markets, and the need for clear guidelines to ensure compliance and effective delivery of services.

The article discusses Elizabeth Anderson's book, "Hijacked: how neoliberalism turned the work ethic against workers and how workers can take it back." The book explores the origins of the Protestant work ethic and its influence on major thinkers of political economy. Anderson argues that there are two rival interpretations of the work ethic: a conservative tradition that supports the existing social order and a progressive conception that advocates for political and economic changes to better recognize and protect the virtues of the work ethic. The book offers a critical history of the work ethic and its implications for social democracy. It also provides insights for scholars and practitioners of the Capabilities Approach, emphasizing the importance of considering organizational contexts and distinguishing between different cognitive frames. [Extracted from the article]

Institutional investors routinely hold blocks of stocks in multiple firms within an industry. While such cross-blockholding boosts a portfolio firm's financial performance, could it distract investors from attending to firm activities in a nonfinancial domain, hurting its performance in that domain? The authors answer this question in the context of corporate social responsibility (CSR). They first document that cross-held firms perform worse on social responsibility than non-cross-held firms do. A quasi-natural experiment based on mergers between institutional blockholders helps establish causality. Next and as their primary contribution, the authors demonstrate investor distraction as the mechanism. Using two proxies of distraction—EDGAR search volume and shareholder proposals on socially responsible investment—they show that the negative impact of institutional cross-blockholding on CSR mainly comes from investor distraction when investors hold multiple blocks simultaneously. By highlighting the social cost of institutional cross-blockholding, this article finds a distraction effect of institutional cross-ownership, which extends our understanding of this unique ownership structure. [ABSTRACT FROM AUTHOR]

Objective: Personality traits change in both mean levels and variance across the life span but the mechanisms underlying these developmental trends remain unclear. Social Investment Principle (SIP) suggests that social expectations drive personality changes in adulthood. Accordingly, we tested whether differences between personality traits in social expectations for them can explain their different change trajectories in young adulthood. Methods: A pool of 257 personality items was used to measure personality traits' means and variances (N = 1096), and levels expected by friends, partners and bosses/supervisors (N = 121). Results: Raters were consistent in their expectations for how young adults should think, feel and behave. Traits under stronger expectations had higher mean levels and lower variances than traits under lower expectations; trait means and variances increased with age, but inconsistently with the SIP, these increases were unrelated to the traits' expected levels. Conclusion: Our results are only partially consistent with the SIP. [ABSTRACT FROM AUTHOR]

This paper explores the current state of the social impact measurement (SIM) field to better understand common practices in measuring the post-intervention social impact of a program or project and to identify strategies to improve measurement in practice. This study employed a systematic literature review. Articles were manually coded deductively and inductively in NVivo to complete a descriptive and thematic analysis of the literature. The thematic analysis provided an in-depth understanding of the SIM field. We found that similarities existed across the definitions of social impact (e.g., environmental impact is part of social impact). Additionally, social return on investment (SROI) is the most common measurement model and theory of change was identified as a core concept across SIM literature. Strategies are presented for practitioners to consider when measuring social impact, including: (i) engage stakeholders throughout the process, (ii) mobilize existing operational data, (iii) increase measurement capacity, and (iv) use both qualitative and quantitative data. This study reveals the nuances of SIM based on academic literature published across the globe over the span of a decade. It places emphasis on the post-intervention stage and identifies strategies to improve the application of measurement models in practice. Lastly, it outlines future research directions. [ABSTRACT FROM AUTHOR]

• Cultural heritage institutions are evaluated by combining objective and subjective value indicators that reveal their economic value and social impact. • Services linked to public goods are higher valuated than those closer to the market. • The most satisfied users are more likely to make a monetary contribution. • Results justify the function of libraries as providers of public goods and enhancing social wellbeing. • The set of public libraries in Medellín is taken as a case study, enlarging applications in developing countries. Evaluation of cultural heritage organisations and the returns on the resources they are provided with is becoming increasingly important, not only because of the economic efficiency implications but also vis-à-vis measuring their performance in terms of social policy and public governance. The present study seeks to estimate the social impact of libraries, as heritage representative institutions, from the case of the Medellin Public Library System (Spanish acronym – SBPM) in Colombia. This network of libraries is made up of 26 units that – in addition to traditional functions involving loans and custody – offer activities geared towards personal development and the enhancement of the community. The proposed method entails a combination of direct observation indicators together with other indirect or subjective indicators aimed at gauging social impact, applying two different yet complementary techniques; social return on investment (SROI), and contingent valuation (CV). The indicators obtained evidence different results when including subjective valuations in the calculations based on direct observations and financial returns, in line with the differences between the notions of price and value. Based on the findings to emerge, we show that public libraries are socially viable institutions and that they contribute towards the subjective well-being of their users, thereby legitimizing the public investment made to ensure their existence and functioning in the areas where they are located. [ABSTRACT FROM AUTHOR]

This article establishes a new basis for examining the participation, mobilisation and impact of investors at a time when market-based activism for social change is rising in prominence. Existing terminology describing the expression of political values through investment decisions lacks conceptual clarity. Political participation by shareholders and other investors is variously described as shareholder activism or socially responsible investment, and currently conceptualised under the banner of political consumerism. However, this term fails to capture the unique political role and diverse actions of investors. We put forward 'political investorism' as a cohering term for investment-based political participation to remedy existing conceptual confusion, to distinguish between investors and consumers as political actors and to set an agenda for the future study of market-based activism. This article defines and develops the concept of political investorism, drawing upon illustrative cases from Australia to identify hallmarks, actors and tactics of this form of political participation. [ABSTRACT FROM AUTHOR]

Purpose: This study explores municipal leaders' perceptions on strategic human resource management in their local government organization. Previous studies on companies demonstrate that the top manager's perceptions of the importance of human resource management (HRM) for the organization are reflected in the quality of human resource management and its strategic role. The authors are interested in how leaders in municipalities perceive HRM. Design/methodology/approach: The authors interviewed 30 leaders of Finnish municipalities for this qualitative study focused on municipal leaders' perceptions of HRM. The authors applied a discourse analytical approach in the analysis. Findings: The authors recognized four discourses that frame perceptions of HRM: HRM as a strategic weapon, HRM as an underperformer, HRM as a matter of formality and HRM as a cost generator. In addition, the authors recognized that the discourses reflected leaders' self-positioning in relation to the power to impact issues related to HRM. Shifting between distinct roles demonstrated that municipal leaders' emphasis on HRM and its strategic alignment reflects the power relations in the municipality and the attitudes to the importance of HRM. Originality/value: This study contributes to the academic discussions on HRM in municipalities and provides views on the municipal leader's role and impact on valuing and investing in HRM. From a practical point of view, the study will increase municipal leaders' knowledge of HRM's impact on the performance of the organization and also of the possible means of HRM. [ABSTRACT FROM AUTHOR]

• Institutional investors from high-social trust countries are less prone to underinvesting in foreign equity. • Capital allocations of trusting investors exhibit higher cross-country diversification and an improved risk-return trade-off. • Investor social trust matters most when host countries exhibit weak formal institutions and information asymmetries are high. We study the role of social trust in the equity allocation decisions of global investors using a large sample of institutionally managed portfolios of 8,088 investors from 33 countries over the 2000 through 2017 period. The negative relationship between social trust and foreign bias suggests that institutional investors from high-social trust countries are less prone to underinvesting in foreign equity. Our results provide credence to an information-based explanation, indicating that social trust reduces foreign bias by compensating for the lack of information about foreign stock markets. Moreover, the effect of social trust on foreign bias is stronger if host-country institutions are weak, while it vanishes when the host country is characterized by strong institutions. The informal institution of social trust compensates for the lack of well-functioning formal country-level institutions in international portfolio decisions. Finally, the allocation effect resulting from social trust is different from "blind" trust. The portfolios of high-trust investors exhibit higher cross-country diversification and an enhanced portfolio risk-return trade-off. [ABSTRACT FROM AUTHOR]

The lack of objective sustainability indicators and measurements leaves the performance of agricultural systems under-valued, limiting the possibility of communicating any evidence about promoting economic, social, and environmental values to food system stakeholders. In this study, a cost-benefit analysis based on the social return on investment (SROI) was designed and applied to five community-supported agriculture (CSA) initiatives. CSA are local food supply chains that have become popular in recent years, characterized by features such as member volunteer commitment, reduction of synthetic inputs in food production, and shortening of the supply chain to reduce costs and environmental impact. Social and environmental outcomes related to the wider spread of impacts were comprehensively assessed in the study. A participatory assessment with CSA representatives resulted in the incorporation of several ecosystem service (ES) indicators identified from the literature. Findings revealed that the case studies analyzed are characterized by a limited but positive socio-environmental performance compared to conventional food supply chains, thereby demonstrating that they can create real value in terms of social gains and mitigation of environmental impacts. [ABSTRACT FROM AUTHOR]

Grant-making foundations commonly use financial returns on investment in support of a public purpose. Recently, more attention has been given in academic research to the role of foundations as sustainable investors. According to the concept of socially responsible investing (SRI), foundations should integrate their social purposes into their investment strategies. However, foundations are also required to comply with national legal frameworks. Our research interest lies in those investment funds that are specifically developed for foundations in Germany. In this study, we answer two research questions: First, what are the characteristics of the market for foundation investment funds in Germany? Second, to what extent are foundation investment funds useful for foundations pursuing an SRI strategy? We build on a full sample comprising all 52 German foundation investment funds that are currently available and then use data from MSCI to apply a sustainability rating for these funds. With these data, we evaluate the financial performance of foundation investment funds in relation to their sustainability ratings. Multidimensional Scaling (MDS) was used to reduce complexity in the dataset and detect similarities among a set of objects. Our findings differentiate between two distinct clusters of foundation investment funds. The first "discrete" cluster represents the majority of funds, and these funds are generally smaller with lower performance and lower levels of SRI conformity. The funds in the second "attached" cluster are generally larger, more diversified, and have higher performance. Finally, we call for further research offer implications for both fund managers and foundation asset managers. Plain Language Summary: Shortcommings in sustainable investing through foundation investment funds Grant-making foundations commonly use financial returns on investment in support of a public purpose. Recently, more attention has been given in academic research to the role of foundations as sustainable investors. According to the concept of socially responsible investing (SRI), foundations should integrate their social purposes into their investment strategies. However, foundations are also required to comply with national legal frameworks. Analyzing the performance of specific foundation investment funds in Germany we find two distinct clusters. The first "discrete" cluster represents the majority of funds, and these funds are generally smaller with lower performance and lower levels of SRI conformity. The funds in the second "attached" cluster are generally larger, more diversified, and have higher performance. This study highlights the need for foundations to develop their own SRI investment policies and thoroughly check the investment vehicles they use. [ABSTRACT FROM AUTHOR]

China's Opium Replacement Policy (ORP) is one of the country's earliest cross-border development interventions in the upper Mekong region. A massive state subsidy program for "alternative" development in the northern parts of Myanmar and Laos, the ORP helped finance a wave of Chinese agribusiness investments abroad since the mid-2000s, causing significant social and ecological transformation. Yet key details about the program remain opaque. In this article, we contribute to a growing literature on the rising economic power of China's "peripheral centers," borderland prefectures whose role in foreign affairs has increased significantly as the country's borders become more porous. We review state motives for establishing the ORP and use public records about the program's activities in Myanmar and Laos to interrogate the vertical politics that structure and complicate the ORP's implementation. The program's public records are characterized by a mix of transparency and opacity which we analyse to show that the ORP's increasing transparency since around 2010 has moved away from regulating impacts abroad and instead toward securing and distributing benefits for borderland business (and their interlinked political) interests in China. As borderland authorities play a growing role in China's foreign trade, we show that the vertical politics that increasingly shape the regulatory environment have allowed the ORP to proliferate in size and influence as state oversight of its activities abroad has waned. [ABSTRACT FROM AUTHOR]

A question of professional and scholarly interest to public administration is: What should state and local governments do with public funds received to produce public goods and services between the point of revenue collection and the time of their spending? Historically, the ethical answer has varied from (a) keep the money in safes and drawers until they are needed; (b) retain the funds in liquid accounts, such as checking accounts or other instruments, where they are on call; (c) invest in securities that provide investment incomes to governments, thereby adding value to public money. This article focuses on U.S. governments, and it examines what ethical considerations have influenced public managers' investment decision effectiveness over the last six decades. It identifies periods since the 1960s in ethical investment decision-making, and it notes that ethical considerations often influence public managers' decisions. The article concludes with a discussion on how contemporary public organizations can increase the value of taxpayers' money by investing in processes, understanding their policy environment, and developing the human capital of public managers in ethical decision-making. [ABSTRACT FROM AUTHOR]

The study focuses on the analysis of the Social Return on Investment (SROI) of the Sekar Arum Centralized Wastewater Treatment System (SPALD) in Malang, Indonesia. The research attempts to answer the main question regarding the economic, social, and environmental impacts produced by this program. The research methodology involved collecting both quantitative and qualitative data and consulting with stakeholders to understand their perceptions of the value and benefits of this initiative. The main findings suggest that investments in sanitation produce broad and multiplying benefits, including improved public health, reduced environmental pollution, and enhanced quality of life. The thesis delves into the significant implications of investing in sanitation and offers recommendations for increasing the effectiveness of the SPALD program. In conclusion, this thesis strengthens the understanding that investment in sanitation is a profitable and sustainable strategy that can help improve societal well-being and environmental health. [ABSTRACT FROM AUTHOR]

Purpose: This paper sets out to investigate investors' sustainable preferences under different market conditions. Specifically, the authors examine the existence of a positive sustainable asset pricing gap, and whether it is influenced by the socioeconomic and financial sentiments. The increase of uncertainty rises investors' skepticism whether sustainable companies are under-performing the traditional counterparts, causing larger increasing gap. Conversely, if sustainable assets are overperforming, the increase of market uncertainty raises investors' sustainable preferences. Design/methodology/approach: The authors examine the existence of a positive sustainable asset pricing gap, and whether it is influenced by the socioeconomic and financial sentiments. Through a quantile regression, the authors remark the variability of sustainable preferences where market participants, although recognizing the present and future value added of sustainable investing, also show skepticism (i.e. asymmetric tail behavior). However, the analysis of the total change of sustainable investments returns over time demonstrates the emergence of positive viewpoints incentivized by economic and market uncertainty. Findings: The market-driven social responsibility exalts the positive insights regarding the future of sustainable developments. As the authors discuss along the paper, investors are gaining awareness about the environmental and social goals pursued by socially responsible companies. Hence, the authors consider how economic instability might stimulate the assessment of the social and environmental impact of the unsustainable production systems, switching investments toward virtuous sustainable companies. This could generate a series of positive externalities that might improve the welfare conditions of the whole society. Originality/value: The authors conduct an original empirical exercise, combining different techniques (i.e. quantile regressions and wavelet analysis). To the best of the authors' knowledge, this is the first paper trying to evidence a systematic connection between market uncertainty and sustainable preferences accounting for different market states (thanks to quantile regressions). [ABSTRACT FROM AUTHOR]

Introduction This study examined the association of four domains of human capital development (cognitive development, social and emotional development, physical health, and mental health) and exclusive and concurrent tobacco and cannabis use (TCU) among black youth. Aims and Methods Nationally representative annual cross-sectional data for black adolescents (12–17 years; N  = 9017) in the National Survey on Drug Use and Health 2015–2019 were analyzed. Analyses examined the influence of human capital factors (cognitive development, social and emotional development, physical health, and mental health) on exclusive and concurrent TCU. Results In total, 50.4% were males; prevalence of 12-month tobacco use fluctuated insignificantly between 5.6% and 7.6% across survey years. Similarly, prevalence of 12-month cannabis use remained relatively stable around 13%, with no significant linear change. Prevalence of concurrent TCU also fluctuated insignificantly between 3.5% and 5.3%. Investment in cognitive development decreased the odds of tobacco (aOR = 0.58, p  < .001), cannabis (aOR = 0.64, p  < .001), and concurrent tobacco and cannabis (aOR = 0.58, p  < .001) use. Similarly, investment in social and emotional development reduced the odds of tobacco (aOR = 086, p  < .001), cannabis (aOR = 0.83, p  < .001), and concurrent tobacco and cannabis (aOR = 0.81, p  < .001) use. Good physical health reduced the odds of tobacco (aOR = 0.52, p  < .1), cannabis (aOR = 0.63, p  < .05), and concurrent TCU (aOR = 0.54, p  < .05). Major depressive episodes increased the likelihood of cannabis use (aOR = 1.62, p  < .001). Conclusions Investment in cognitive, social, and emotional aspects of human capital development, and physical health among black youth is protective against TCU. Efforts to sustain human capital development among black adolescents may contribute to reducing TCU disparities. Implications This is one of few studies to examine human capital development factors and their associations with TCU among black youth. Efforts to eliminate tobacco/cannabis-related disparities among black youth should also invest in social, emotional, cognitive, and physical health development opportunities. [ABSTRACT FROM AUTHOR]

Background: Psychotic disorders often develop a chronic course with devastating consequences for individuals, families, and societies. Early intervention programs for people in the first 5 years after the initial psychotic episode (early psychosis) can significantly improve the outcome and are therefore strongly recommended in national and international guidelines. However, most early intervention programs still focus on improving symptoms and relapse prevention, rather than targeting educational and vocational recovery. The aim of the present study is to explore the effects of Supported Employment and Education (SEE) following the Individual Placement and Support (IPS) model in people with early psychosis. Methods: The SEEearly trial compares treatment as usual (TAU) plus SEE to TAU alone in outpatient psychiatric settings. The study is a six-site, two-arm, single-blinded, superiority randomized controlled trial (RCT). Participants are randomly assigned (1:1) to the intervention or control group. Aiming to recruit 184 participants, with an assumed drop-out rate of 22%, we will be able to detect a 24% difference in the main outcome of employment/education with 90% power. We make assessments at baseline and at 6- and 12-month follow-ups. Outcome data on employment/education, medication, and current psychiatric treatment is obtained monthly through phone based short assessments. The primary outcome is steady participation for at least 50% of the 12-month follow-up in competitive employment and/or mainstream education. Secondary employment outcomes capture length of employment/education, time to first employment/education, monthly wages/educational attainment, and social return on investment (SROI). Secondary non-employment outcomes include subjective quality of life, psychopathology, substance use, relapse, hospitalization, and functional impairment. To be eligible, participants must be between 16 and 35 years, fulfill diagnostic criteria for early psychosis, and be interested in competitive employment and/or mainstream education. Discussion: In SEEearly, we hypothesize that participants with psychosis, who receive TAU plus SEE, present with better primary and secondary outcomes than participants, who receive TAU alone. Positive results of this study will justify SEE as an evidence-based strategy for clinical routine treatment in people with early psychosis. Trial registration: SEEearly was registered nationally and internationally in the German Clinical Trials Register (DRKS; identifier: DRKS00029660) on October 14, 2022. [ABSTRACT FROM AUTHOR]

In public goods games, it is common for agents to learn strategies from those who possess the highest utility. However, in reality, because of the lack of information, strategies and utilities from others cannot be obtained or predicted during learning and updating. To address this issue, we introduce a learning update mechanism based on aspirations. To make this model more universal, we study goods that can be shared with k-hop neighbors. Additionally, when a free rider accesses an investor, it is required to pay an access cost to him. We investigate the influence of aspiration, shared scope k, and access cost on the social invest level and utility. It is shown that large shared scope k, moderate aspiration, and moderate access cost are conducive to the maximum utilization of social benefits. However, with low aspiration, the utilities of investors are very close and limited, while both the high aspiration and high access cost could disrupt the social stability. [ABSTRACT FROM AUTHOR]

Simple Summary: Companion animals are valued members of many families, providing companionship, affection, and someone to nurture and love. Some situations such as being suddenly hospitalized for mental or physical health or becoming homeless make it difficult for people to keep their animal companions, especially for those who have a limited support network. The RSPCA NSW Emergency Boarding and Homelessness program supports people experiencing a crisis to access boarding and veterinary treatment for their animals, helping to keep the family together in the long term. This study aimed to understand the social value created by the program and to express this value in monetary terms. We interviewed 13 stakeholders including program clients, RSPCA Inspectors, and human service providers to understand what changed for them because of the program and how they valued that change. The main changes were experienced by program clients and their animals. The most valuable changes were being able to keep their companion animal and improved mental health and wellbeing. We estimate that this program results in social value worth AUD 8.21 for each AUD 1 invested into running the program. This study shows the importance of considering companion animals as part of the family unit and supporting people experiencing a crisis to keep their companion animal. Companion animals play a central role in many families and are especially valued by those who are socially isolated. Crisis situations such as acute hospitalizations, homelessness, and natural disasters can make it difficult to preserve the human–animal bond and can result in animals being surrendered or euthanized. Social support programs like the RSPCA NSW Emergency Boarding and Homelessness program support people experiencing crisis situations with emergency pet boarding, access to veterinary treatment and individualized case management. This study aimed to estimate the social return on investment (SROI) for this program using the standard SROI methodology. In-depth interviews were conducted with 13 program stakeholders and questionnaire responses were received from 29 program clients. Outcomes were quantified for four stakeholder groups: program clients, client's animals, RSPCA Inspectors, animal pounds, and shelters. Clients and their animals experienced the bulk of the benefit from the program, estimated to have a combined value of over AUD 5 million for the 2020–2021 financial year. The estimated social return on investment was AUD 8.21 for each AUD 1 invested. The study demonstrates that keeping people together with their companion animals or ensuring they are reunited as soon as possible can reduce stressors and improve outcomes for people and animals. [ABSTRACT FROM AUTHOR]

While value‐based health care (VBHC) is transforming Australia's health system, with its focus on patient‐centred care and outcomes, it cannot transform Australia's health without policy action to address the social determinants of health. Australia is moving towards a wellbeing economy, but governments have not been explicit in the methods by which the health system will contribute to the development of a wellbeing economy at a macro level. It is also unclear how governments will ensure that approaches to valuing wellbeing will complement current health care innovations in defining and evaluating value in relation to health outcomes. To address this gap, we present a value‐based public health (VBPH) framework to conceptualise a health‐informed model to expand current thinking about defining, delivering and evaluating the value of population health and wellbeing. The framework provides a critical and innovative approach beyond VBHC for improving population health and wellbeing outcomes, in alignment with principles and measures being put forth in early examples of governments using wellbeing economy policies. In VBPH, the focus is on ensuring value in interventions to improve population outcomes. VBPH offers an approach for joined‐up policy across government, using Health in All Policies for multi‐sector public health interventions in response to population needs, across full cycles of policy development, implementation and evaluation. It promotes social return on investment methods to measure outcomes that matter to diverse stakeholders within and across communities. VBPH also requires cost estimation from a whole of government perspective, across complete cycles and stages of policy. [ABSTRACT FROM AUTHOR]

Background: Psychotic disorders often develop a chronic course with devastating consequences for individuals, families, and societies. Early intervention programs for people in the first 5 years after the initial psychotic episode (early psychosis) can significantly improve the outcome and are therefore strongly recommended in national and international guidelines. However, most early intervention programs still focus on improving symptoms and relapse prevention, rather than targeting educational and vocational recovery. The aim of the present study is to explore the effects of Supported Employment and Education (SEE) following the Individual Placement and Support (IPS) model in people with early psychosis. Methods: The SEEearly trial compares treatment as usual (TAU) plus SEE to TAU alone in outpatient psychiatric settings. The study is a six-site, two-arm, single-blinded, superiority randomized controlled trial (RCT). Participants are randomly assigned (1:1) to the intervention or control group. Aiming to recruit 184 participants, with an assumed drop-out rate of 22%, we will be able to detect a 24% difference in the main outcome of employment/education with 90% power. We make assessments at baseline and at 6- and 12-month follow-ups. Outcome data on employment/education, medication, and current psychiatric treatment is obtained monthly through phone based short assessments. The primary outcome is steady participation for at least 50% of the 12-month follow-up in competitive employment and/or mainstream education. Secondary employment outcomes capture length of employment/education, time to first employment/education, monthly wages/educational attainment, and social return on investment (SROI). Secondary non-employment outcomes include subjective quality of life, psychopathology, substance use, relapse, hospitalization, and functional impairment. To be eligible, participants must be between 16 and 35 years, fulfill diagnostic criteria for early psychosis, and be interested in competitive employment and/or mainstream education. Discussion: In SEEearly, we hypothesize that participants with psychosis, who receive TAU plus SEE, present with better primary and secondary outcomes than participants, who receive TAU alone. Positive results of this study will justify SEE as an evidence-based strategy for clinical routine treatment in people with early psychosis. Trial registration: SEEearly was registered nationally and internationally in the German Clinical Trials Register (DRKS; identifier: DRKS00029660) on October 14, 2022. [ABSTRACT FROM AUTHOR]

This article looks at the discourse of the impact investing industry (a term that designates an investment whose stated intention is to produce both a social or environmental impact and a financial return on investment) through the case of the Global Impact Investing Network, one of the largest organizations promoting this investment approach worldwide. Illustrating the 'caring' shift (Barman E., 2015) in capitalist discourse at the beginning of the 21st century, impact investors argue that it is possible to finance businesses with a mission to solve social or environmental problems (poverty, poor access to education or health, non-renewable energy, climate or biodiversity crisis, etc.) without having to sacrifice financial returns. Based on a document analysis, we first describe the vague concept of impact investing which is at the heart of its discourse. To make impact exist and promote its discourse, the GIIN uses two 'concretization' techniques: objectification techniques make impact exist through measurements and quantifiable indicators. Exemplification techniques focus on investors and emphasize their intentions as opposed to investees or beneficiary populations. Finally, we show that the concept of impact investment is supported by a more general discourse that is built around a so-called 'win-win' logic. According to the GIIN, this new practice of sustainable finance would have the advantage of producing only winners, thus reversing the idea that what is gained on one side is lost on the other. [ABSTRACT FROM AUTHOR]

Background: There is extensive evidence for the cost-effectiveness of programmatic and additional tuberculosis (TB) interventions, but no studies have employed the social return on investment (SROI) methodology. We conducted a SROI analysis to measure the benefits of a community health worker (CHW) model for active TB case finding and patient-centered care. Methods: This mixed-method study took place alongside a TB intervention implemented in Ho Chi Minh City, Viet Nam, between October-2017 – September-2019. The valuation encompassed beneficiary, health system and societal perspectives over a 5-year time-horizon. We conducted a rapid literature review, two focus group discussions and 14 in-depth interviews to identify and validate pertinent stakeholders and material value drivers. We compiled quantitative data from the TB program's and the intervention's surveillance systems, ecological databases, scientific publications, project accounts and 11 beneficiary surveys. We mapped, quantified and monetized value drivers to derive a crude financial benefit, which was adjusted for four counterfactuals. We calculated a SROI based on the net present value (NPV) of benefits and investments using a discounted cash flow model with a discount rate of 3.5%. A scenario analysis assessed SROI at varying discount rates of 0-10%. Results: The mathematical model yielded NPVs of US$235,511 in investments and US$8,497,183 in benefits. This suggested a return of US$36.08 for each dollar invested, ranging from US$31.66-US39.00 for varying discount rate scenarios. Conclusions: The evaluated CHW-based TB intervention generated substantial individual and societal benefits. The SROI methodology may be an alternative for the economic evaluation of healthcare interventions. [ABSTRACT FROM AUTHOR]

This paper empirically analyzes which different pecuniary and non-pecuniary motives are relevant for sustainable investments at the individual level. We examine data from an incentivized framed field experiment that was part of an online survey among a broad sample of financial decision makers in Germany. We find strong preferences for sustainable funds. These preferences are driven by both pecuniary and non-pecuniary motives. We can largely confirm the results of previous studies showing that social preferences are key to explain individual sustainable investing. In addition, we identify feelings of warm glow, financial literacy, and environmental values as further key factors. Feelings of warm glow are most relevant of these factors. Our results are thus consistent with other recent results by Heeb et al. (2022), suggesting that positive emotions play an important role in sustainable investment behavior. Our findings provide useful implications for mobilizing individual investors for sustainable development. [ABSTRACT FROM AUTHOR]

Do investors invest in green projects because they expect higher returns, to help the environment, or to help other people? To separate these motivations, we run a decision experiment in which crowdfunders choose between a higher return or a positive environmental impact, and between a higher return or a positive social impact. A majority of investors choose environmental and social impact over higher returns, conditional on large enough impact. Combining the experimental data with historical investments, we find that investors allocate a larger share of funds to green projects if they value environmental impact more and if they expect a higher return, but not if they value social impact more, all else equal. These findings suggest that investors have a preference for positive environmental impact, and satisfy it by investing in green projects. Finally, we introduce new survey measures of impact for future use, which are experimentally validated and predict field behavior. [ABSTRACT FROM AUTHOR]

The Impact Investing market which seeks to create intentional social impact, requires effective impact measurement. This research used exploratory methods to examine the Impact Investing market in South Africa. In total, 12 professionals in South Africa were interviewed using semi-structured interviews. The interview pool included evaluation experts, managers and directors within intermediary businesses and owners of businesses who receive impact investment funds. While existing literature indicates three stakeholder groups, our study identified four groups and highlighted the lack of attention to beneficiaries as a stakeholder group. Our study found that stakeholder engagement should be a continuous process. We identified three key phases within an investment cycle and aligned important impact measurement and stakeholder engagement processes within each of the phases. Noting the different needs of intermediaries and investees, the key phases and corresponding processes are mapped in a Stakeholder Integrated Impact Measurement Conceptual Framework. [ABSTRACT FROM AUTHOR]

Objective: To analyze how much democracy, economic freedom and go-vernance influence the flow of direct external investments in countries, considering the Population Index and Gross Domestic Product (GDP) per capita as control variables. Method: Statistical analysis through structu-ral equation modeling that made it possible to simultaneously analyze multiple variables in 144 countries on six continents, from 2008 to 2018. Main Results: It was confirmed that democracy, economic freedom, and governance influence the flow of direct external investments and how much each of them does so. Another finding is that the size of the po-pulation has a greater influence than the independent variables studied. Relevance / Originality: Previous studies have devoted themselves to analyzing the impact of one or other factors on the flow of direct exter-nal investments, but the results among the studies remain controversial. Theoretical / Methodological Contributions: The article used the me-thod of modeling structural equations, which allowed us to analyze how much variables influence the flow of direct external investments. No ar-ticles were found that analyzed these variables together and how much each influenced the flow of direct external investments in the countries. Social Contributions / Contributions to the Management: Foreign di-rect investment contributes to the development of the countries that receive these investments, understanding which factors are most attrac-tive to investors allows countries to adopt policies and develop more assertive actions. [ABSTRACT FROM AUTHOR]

This article is a study of the causes and consequences of making Palestinian land into an ethical investment. It builds on fieldwork in villages north of Ramallah where a Palestinian real estate company purchased devalued agricultural lands and offered them to Palestinian buyers as an ethical investment. It argues that through private titling, planning, and infrastructure, this company secured land for potential investors and produced an imaginary of rural areas as empty and unowned. It created enclaves that protect the rights of new owners but undermine the possibilities for collective land defence, and it pioneered a model of development that will transform the use and control of village land across the West Bank. Rather than an example of a company that uses human rights to cover up illegality, this case illuminates the limits of human rights for critiquing capital and settler colonialism and for understanding the forces that are reshaping rural Palestine. [ABSTRACT FROM AUTHOR]