A framework for assessing the social and economic impact of sustainable investments

• Autorzy: Räikkönen M. , Kunttu S. , Uusitalo T. , Takala J. , Shakeel S. R. , Tilabi S. , Forss T. , Koivunen J.

Identyfikatory

DOI

10.1515/mper-2016-0027

• Języki publikacji: EN

Abstrakty

EN

Investments towards sustainable development are vital for the future and they must be carefully planned to deliver immediate and long-term benefits. Hence, the ability to communicate the forms of impact of sustainable investments to local societies, people, investors and other stakeholders can provide a competitive advantage. However, the assessments are often under pressure to demonstrate short-term effects rather than emphasise the long-term impact. In addition, indirect and intangible forms of impacts should not be measured solely in economic terms. This paper proposes an assessment framework to support the integrated economic and social impact assessment of sustainable investments aimed at improving physical and socio-economic wellbeing. The framework is demonstrated in two case studies: new construction and renovation investments in affordable housing and social impact investment in sustainable development. The investments in the case studies are evaluated, selected and prioritized not only in terms of money but also with regard to sustainability, social acceptability and their overall impact on society, as a whole. The results indicate that a systematic integrated assessment of monetary and non-monetary factors can be successfully combined with the sustainable development decisions.

Słowa kluczowe

EN

investment; impact; sustainable development; decision-making; assessment; affordable housing

• Wydawca: Production Engineering Committee of the Polish Academy of Sciences ; Polish Association for Production Management
• Czasopismo: Management and Production Engineering Review
• Rocznik: 2016
• Tom: Vol. 7, No. 3
• Strony: 79--86
• Opis fizyczny: Bibliogr. 29 poz., rys., tab.

Twórcy

autor

Räikkönen M.

• VTT Technical Research Centre of Finland Ltd., Finland

autor

Kunttu S.

• VTT Technical Research Centre of Finland Ltd., Finland

autor

Uusitalo T.

• VTT Technical Research Centre of Finland Ltd., Finland

autor

Takala J.

• University of Vaasa, Finland

autor

Shakeel S. R.

• University of Vaasa, Finland

autor

Tilabi S.

• TVT Asunnot Ltd., Finland

autor

Forss T.

• TVT Asunnot Ltd., Finland

autor

Koivunen J.

• Humming World Ltd., Finland

Bibliografia

• [1] Evans S., Rana P., Short S., D2.1 - Stateof-practice in business modelling and valuenetworks, emphasising potential future models that could deliver sustainable value, 2012, available: http://www.sustainvalue.eu/publications/D2 1 Final Rev1 0 web.pdf. Last accessed 21th June 2016.
• [2] Porter M.E., Kramer M.R., Creating shared value, Harv. Bus. Rev., 89, 2-17, 2011.
• [3] Camarinha-Matos L.M., Macedo P., A conceptual model of value systems in collaborative networks, Journal of Intelligent Manufacturing, 21, 3, 287-299, 2010.
• [4] Abreu A., Camarinha-Matos L.M., On the role of value systems to promote the sustainability of collaborative networks, International Journal of Production Research, 46, 5, 1207-1229, 2008.
• [5] Allee V., Reconfiguring the value network, Journal of Business Strategy, 21, 4, 36-39, 2000.
• [6] Porter M.E., Hills G., Pfitzer M., Patscheke S., Hawkins E., Measuring shared value: how to unlock value by linking social and business results, FSG, 2012.
• [7] What You Need to Know About Impact Investing | The GIIN https://thegiin.org/impactinvesting/need-to-know/, last accessed 21 June 2016.
• [8] Social Impact Investment Taskforce, Measuring Impact, Subject paper of the Impact Measurement Working Group, 2014.
• [9] Götze U., Northcott D., Schuster P., Investment appraisal: methods and models, Springer-Verlag: Berlin-Heidelberg, 2008.
• [10] Pike R., Neale B., Corporate finance and investment: decisions and strategies, 4th ed. Prentice Hall: Harlow, 2003.
• [11] Keeney L., Raiffa H., Decisions with multiple objectives: preferences and value trade-offs, Cambridge University Press, 1993.
• [12] IEC 60300-3-3 ed2.0. Dependability management - Part 3-3: Application guide - Life cycle costing, 2004.
• [13] Boardman A.E., Greenberg D.H., Vining A.R., Weimer D.L., Cost-benefit analysis: concepts and practice, 3rd ed. Prentice Hall, 2006.
• [14] Fuguitt D., Wilcox S.J., Cost-benefit analysis for public decision makers, Quorum Books; Westport, CT, 1999.
• [15] Bond A., Pope, J., The state of the art of impact assessment in 2012, Impact Assessment and Project Appraisal, 30, 1, 1-4, 2012.
• [16] Räikkönen M., Välisalo T., Shylina D., Tilabi S., Supporting asset management decision-making -new value creation perspective, 10th World Congress on Engineering Asset Management, WCEAM 2015, 28-30 September 2015, Tampere, Finland Proceedings of the 10th World Congress on Engineering Asset Management (WCEAM 2015) Lecture Notes in Mechanical Engineering, Springer, 479-486, 2016.
• [17] Räikkönen M., Pilli-Sihvola K., Kunttu S., Yliaho J., Jähi M., Zuccaro G., Del Cogliano D., Assessing economic impacts of crises - a decision-support approach to long-term strategic planning, Proceedings of the IX International Conference on Risk Analysis and Hazard Mitigation, C.A. Brebbia [Ed.], WIT Press (Wessex Institute of Technology), pp. 229- 241, Risk Analysis 2014, New Forest, UK, 4-6 June 2014.
• [18] Forss T.,Improving operational performance within social housing, dissertation, Acta Wasaensia 280, 2013, ISBN 978-952-476-449-0.
• [19] TVT Asunnot Ltd., http://tvt.fi/english/.
• [20] Higham A.P., Fortune C., Boothman J.C., Sustainability and investment appraisal for housing regeneration projects, Structural Survey, 34, 2, 150-167, 2016.
• [21] Saaty T.L., The analytic hierarchy process, McGraw-Hill, New York, 1980.
• [22] Kortelainen H., Räikkönen M., Komonen K., Corporate asset management - a semi-quantitative business-driven approach to support evaluation of improvement options, Int. J. Strategic Engineering Asset Management, 2, 2, 208-222, 2015.
• [23] Humming World Ltd., http://hummingworld.com/,
• [24] W.K. Kellogg Foundation, Logic Model Development Guide, 2014.
• [25] Clark C., Rosenzweig W., Long D., Olsen S., Double bottom line project report: assessing social impact in double bottom line ventures, Methods Catalog. University of California, Berkeley, 2004.
• [26] Hehenberger L., Harling A.-M., Scholten P., A practical guide to measuring and managing impact, European Venture Philanthropy Association, 2013.
• [27] Social impact Investment taskforce, Measuring impact. Subject paper of the Impact Measurement Working Group, 2014.
• [28] Outcomes matrix, http://www.goodfinance.org.uk/ impact-matrix.
• [29] Beschen D., Day R., Gretchen J., Rohm H., The performance-based management - collecting data to assess performance, volume four, PerformanceBased Management Special Interest Group (PBM SIG), 2001.

Uwagi

Opracowanie ze środków MNiSW w ramach umowy 812/P-DUN/2016 na działalność upowszechniającą naukę.