Sustainability and Social Finance: A Research on Social Impact Bonds

Year 2023, Volume: 3 Issue: 1, 11 - 35, 31.01.2023

Fatih Konak , Yasemin Demir

Abstract

Sustainability, which we could define as taking into account all of human activities collectively and the requirements of future generations rather than simply today's conditions or possibilities, also implies that for something to be sustainable, there must be continuity and renewability. By concentrating on the challenges that occur in the areas of social and environmental need, social finance, which we may consider inside or in conjunction with this idea, refers to financial services that endeavor to provide funds to accomplish a social purpose. Social and financial gains are integrated in sustainability and social finance. In this context, the research's goals are to conceptually analyze social impact bonds in the context of sustainability and social finance, to thoroughly assess the current situation, particularly with regard to social impact bonds, and to establish a data set for the future decisions that will have to be taken. Throughout the examinations, it was observed that the idea of social finance, which has several application areas, has gained prominence subsequently. Particularly noticeable are the steady increases in the issuing of social impact bonds since 2013 and the jump in the COVID-19 pandemic period, particularly in 2021. It is reasonable to describe this condition as striving toward the eradication of the requirements of the pandemic situation, the issues encountered in the area of supply, and the results of large-scale economic difficulties.

Keywords

Sustainability, Social Finance, Social Impact Bonds

Sürdürülebilirlik ve Sosyal Finans: Sosyal Etki Tahvilleri Üzerine Bir Araştırma

Abstract

Sadece bugünün koşullarını veya imkanlarını dikkate alıp hareket etmektense, gelecek nesillerin ihtiyaçlarını da düşünerek yaptığımız tüm fiilleri bir bütün halinde ele almak şeklinde tanımlayabileceğimiz sürdürülebilirlik, herhangi bir şeyin sürdürülebilir olması için devamlılığının ve yenilenebilirliğinin olması anlamına da gelmektedir. Bu kavram içerisinde veya paralelinde göz önüne alabileceğimiz sosyal finans ise, sosyal ve çevresel ihtiyaç duyulan alanlarda oluşan zorlukları odak noktasına koyarak sosyal bir amaca ulaşmak için fon sağlanmasını amaçlayan finansal hizmetlerdir. Sürdürülebilirlik ve sosyal finans hem finansal hem de sosyal getirileri bir araya getirmektedir. Bu çerçevede, araştırmanın amacı, sürdürülebilirlik ve sosyal finans bağlamında sosyal etki tahvilleri üzerine kavramsal bir inceleme yapmak ve var olan durumu, sosyal etki tahvilleri özelinde, detaylı şekilde tespit ederek geleceğe yönelik atılacak adımlara bilgi seti oluşturmaktır. Yapılan incelemeler neticesinde, farklı uygulama alanları olan sosyal finans kavramının, son yıllarda giderek yaygınlaştığı görülmüştür. Özellikle, sosyal etki tahvil ihracının 2013 yılında bu yana sürekli bir artış gösteriyor olması tespitinin yanında, COVID-19 sürecinde, spesifik olarak 2021 yılında, sıçrama yapışı dikkat çekmektedir. Bu durumu, salgın sürecinin ihtiyaçları, tedarik alanında yaşanan sıkıntılar ve küresel ölçekli ekonomik sorunların yaşattığı etkilerin giderilmesi amacına hizmet etmek olarak ifade etmek mümkündür.

Keywords

Sürdürülebilirlik, Sosyal Finans, Sosyal Etki Tahvilleri

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