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outcomes as proxies for final outcomes.
It is not always possible to assess the long-term results of social projects. In some cases, intermediate outcomes are sufficient, as they are often well scaled and accurately indicate immediate direct impacts. Furthermore, the final results assessed using this methodological approach do not need to be confirmed by more rigorous impact assessments. Experimental or quasi-experimental analyses can subsequently be conducted, but such studies are not — and should not be — common practice in the socially transformative investment industry. This approach assumes that causal relationships cannot be established and instead examines outcomes that can be linked to investments. Finally, intermediate and final outcomes are interrelated and multifaceted. This analysis provides some illustrative examples, but the data available to investors does not always reveal the full theory of change. For example, improving access to education and training can be assessed using multiple outcome measures, such as average student test scores or the number of occupied jobs. But spillovers may not be fully accounted for in this model.
It is not always possible to assess the long-term results of social projects.
3.3. CLUSTERING THE FINDINGS
Clustering is the process of dividing and grouping impact outcomes into segments that enable a responsible and meaningful assessment of performance. Given the wide range of factors that determine impact performance, a single investment may belong to several distinct clusters.
Impact performance analysis results can be grouped or segmented in different ways, each of which provides insights into one or more of the key decisions underlying investment strategy, choice, investment management and exit. By segmenting the results into different categorical variables describing the investment context (Section 2.1), such as investment instrument or business stage, investors gain insight into the possible relationship between such factors and the resulting impact.
STEP 4. DRAWING CONCLUSIONS
This step gives investors the opportunity to use the analysis to make key decisions related to investment strategy, selection, management and exit. Let's look at how this works.
Some types of analysis can be used to inform investors about impacts and changes in investment strategies.
The methodological process of bringing the results to the investment level, reviewing the outcomes and grouping or splitting the results helps investors better understand the impact and performance of their own portfolios, compare them to peers and also assess how performance varies from one segment to another. By looking at this information together with risk, return and time horizons, a number of questions can be answered and therefore inform decision-making at various stages of the investment process. At the same time, investors can improve the quality and usefulness of their internal reporting and public disclosure of impact information.
Some types of analysis can be used to inform investors about impacts and changes in investment strategies to optimize impact outcomes. With an evidence base, investors can identify future strategies more effectively by grouping outcomes by variable and better understanding the links between strategy/investment framework and impact outcomes.
Investors can use historical information about impact performance to pre-screen, due diligence and select investments. This understanding is further enhanced by segmenting or filtering outcomes according to strategic objectives or impact objectives.
By comparing their own current normalized impact performance against similar past performance, investors can gain a deeper understanding of the strengths and weaknesses of their performance. This information allows investors to assess impact outcomes in real time and identify areas that need additional support from investees, such as technical assistance or course correction measures to increase the likelihood of investees achieving a given set of impact outcomes.
By analyzing the relationship between normalized impact outcomes and post-exit financial returns, the investor can track which market segments have seen positive or negative performance correlations and what level of target returns can be expected in the future. This analysis strengthens the investor's strategy and creates more realistic expectations for the future.
GIIN's socio-economic impact assessment methodology gives investors greater opportunity to integrate social and environmental factors into their decision-making process, along with consideration of risk, rate of return and time horizons. Using the methodology, investors can assess the potential impact of a project, optimize and adjust the course of action and reduce the risk of subjective evaluation of the outcome.
By applying comparable impact information to each scenario, investors are better able to shape their strategies and allocate funds to ensure the right impact through the provision of capital and engagement. This practice will allow investors to realize the full potential of their capital for change.
REFERENCES
1. Bass R., Sunderji S, Nova N., Hand D. "Methodology for Standardizing and Comparing Impact Performance". New York: GIIN, 2020.
2. Bass R., Sunderji S., Nova N. "Understanding Impact Performance". New York: GIIN, 2020.
3. The Bridgespan Group. "Intended Impact / Theory of Change", accessed August 2020.
4. Ebrahim A. "Measuring Social Change: Performance and Accountability in a Complex World". Stanford, CA: Stanford Business Books, Stanford University Press, 2019.
5. Puttick R., Ludlow J. "Nesta Standards of Evidence: An Approach That Balances the Need for Evidence Innovation". Nesta, 2013.
Исследования / Research Studies
Импакт и импакт-инвестиции в СМИ и социальных медиа
Всеволод Муронец
DOI 10.55140/2782-5817-2022-2-1-44-53
Понятия «импакт» и «импакт-инвестирование» давно существуют в поле российских СМИ, но до сих пор никто не изучал их с информационной точки зрения. В 2021 году компания PR News по заказу Центра содействия инновациям в обществе СОЛь провела исследование «Импакт и импакт-инвестиции. Анализ семантической структуры образа в традиционных СМИ и социальных медиа». Его результаты позволяют по-новому взглянуть на картину импакт-инвестирования в России.
Всеволод Муронец
Центр содействия инновациям в обществе СОЛь
Исследование рассматривало публикации за период 15 апреля 2020 года — 15 апреля 2021 года и ставило перед собой две задачи: 1) анализ информационного присутствия понятий «импакт» и «импакт-инвестиции» в традиционных СМИ и социальных медиа; 2) исследование семантической
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