n AfricaGrowth Agenda - Social value equation of impact investment : the financial intermediary perspective in an emerging economy

Volume 2016, Issue 04
  • ISSN : 1811-5187


This study examined the measurement of social value of impact investment, focusing on how the financial intermediaries measure social progress. A multiple qualitative case study method utilising purposive sampling that included three of the top five commercial South African banks, one development bank, the Banking Association of South Africa, one supply-side, and one demand-side was employed. The findings developed a financial intermediary social equation model that depicts that the combined account (financial and non-financial) of impact investment consists of two main ratios: Cost (Cr) and Hybrid Returns (HYr) ratios. Both ratios posit that the cost of social impact and quantified social value are part of inclusive product costs and hybrid returns of the impact investment transaction.

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