Social investing: an evaluation on efficiency, issues, prospects
DOI:
https://doi.org/10.17162/au.v11i4.858Keywords:
State social investing, corporate social investing, efficiency, national projects, public private partnership.Abstract
Social investing is a dynamic research object characterizing social policy of the state and responsible behavior of business. In the contemporary conditions, the target reference point of social investments is the development of human potential, active participation in solving relevant social issues of the public. The objective of this research is evaluating the efficiency of social investing in Russia while also revealing its issues and development prospects. Analysis, synthesis, comparison, generalization were used within the research. Approaches to understanding the indicators for assessing the efficiency of social investing have been identified. Efficiency of social investing in the RF has been evaluated. The research has shown that in conditions of budget deficit, the necessity of searching for new sources of financing for developing the social sphere becomes relevant. In particular, so does transition to public private partnership – it allows bringing in private investments into the social sphere development, alongside the state financing. The research findings can be used by the state agencies for substantiating social policy at the macro- and meso-levels and in elaborating programs of socially responsible behavior for business to adopt.Downloads
References
Afanasyev, V. V., Gribkova, O. V., & Ukolova, K. V. (2019). Methodology and methods of scientific research: a study guide. Moscow: Yurait publishing house. https://urait.ru/book/metodologiya-i-metody-nauchnogo-issledovaniya-438292
Analytical Center for the Government of the Russian Federation (2020). Most regions of Russia succeeded in augmenting investment volume in the first half of 2020. https://ac.gov.ru/news/page/bolsinstvo-regionov-rossii-smogli-uvelicit-obem-investicij-v-pervom-polugodii-2020-goda-26856
Arrow, K. J. (1965). Criteria for social investment. Water resources research, 1 (1), 1-8. https://agupubs.onlinelibrary.wiley.com/doi/abs/10.1029/WR001i001p00001
Bengtsson, M., Porte, C., & Jacobsson, K. (2017). Market policy under conditions of permanent austerity: any sign of social investment? Social Policy and Administration, 51 (2), 367–388. https://www.fachportalpaedagogik.de/suche/trefferliste.html?searchIn[]=fis&feldname1=Freitext&bool1=AND&suche=einfach&feldinhalt1=Market+Policy+under+Conditions+of+Permanent+Austerity
Biygautane, M., Neesham, C., Al-Yahya, K. O. (2019). Institutional entrepreneurship and infrastructure public-private partnership (PPP): Unpacking the role of social actors in implementing PPP projects. International Journal of Project Management, 37(1), 192-219. DOI: 10.1016/j.ijproman.2018.12.005
Busemeyer, M. R., & Garritzmann, J. L. (2019). Compensation or social investment? Revisiting the link between globalisation and popular demand for the welfare state. Journal of Social Policy, 48 (3), 427–448. https://www.cambridge.org/core/journals/journal-of-social-policy/article/abs/compensation-or-social-investment-revisiting-the-link-between-globalisation-and-popular-demand-for-the-welfare-state/B2398F21A26EF40FEBC587DD00B58586
Decree of the President of the Russian Federation No. 683, December 31, 2015, “On the strategy of national security of the Russian Federation” (2015). https://rg.ru/2015/12/31/nac-bezopasnost-site-dok.html
Executive Order of the Government of the RF “On the of long-term social and economic development of the Russian Federation for the period of up to 2020” (2008). Approved by executive order of the Government of the RF dated November 17, 2008, No. 1662-r. http://www.consultant.ru/document/cons_doc_LAW_82134/28c7f9e359e8af09d7244d8033c66928fa27e527/
Federal State Statistics Service (Rosstat) (2021). https://rosstat.gov.ru/opendata/
Gingrich, J., & Ansell, B. W. (2015). The dynamics of social investment: Human capital, activation, and care. In: Beramendi P., Häusermann S., Kitschelt H., Kriesi, H. (eds.). The politics of advanced capitalism (pp. 282-304). Cambridge, UK: Cambridge University Press. https://www.cambridge.org/core/books/politics-of-advanced-capitalism/7DDFD56C784EEB3C284098D05BACF104
Glazyev, S., & Lokosov, V. (2012). Appraisal of marginally critical values of indicators of condition of the Russian society and the use thereof in managing social and economic development. Economic and Social Changes: Facts, Trends, Forecast, 84 (4), 22–41. https://www.msn.com/ru-ru/?OCID=IE11FREDHP&pc=EUPP_UF01
Gordeev, A. A. (2014). On development factors, trends, and mechanisms of social investments. Financial Economy, 5, 46-50. https://elibrary.ru/item.asp?id=23001423
Gorlova, A. I., Starovojtova, L. I., Akhtyan, A. G., Troska, Z. A., & Karandeeva, L. G. (2020). Social potential of inclusive volunteering in Russia: determinants and developmental prospects. Ad Alta-Journal of Interdisciplinary Research, 10 (1), 72-75. http://www.magnanimitas.cz/ADALTA/100111/PDF/100111.pdf
Gorodetskiy, A. E. (2018). State administration institutions in conditions of new challenges of social and economic development. Moscow: RAS Institute of Economics. https://search.rsl.ru/ru/record/01009724906
Hemerijck, A. (2017). The Uses of Social Investment. Oxford: Oxford University Press.
Ivanov, O., Zavyalova, E., Ryazantsev, S. (2019). Public-private partnership in the countries of the eurasian economic union. Central Asia and the Caucasus, 20(2), 33-47. https://mgimo.ru/library/publications/public_private_partnership_in_the_countries_of_the_eurasian_economic_union/
Katyrin, S. (2020). Around 50 thousand social enterprises are active in Russia. Chamber of Commerce and Industry of the Russian Federation. https://tpprf.ru/ru/news/sergey-katyrin-v-rossii-rabotayut-okolo-50-tys-sotsialnykh-predpriyatiy-i371202/
Kharaeva, M. S. (2019). Main ways for improving the efficiency of social investments: abstract of PhD thesis. Moscow: Russian Presidential Academy of National Economy and Public Administration. https://www.elibrary.ru/item.asp?id=15945991
Kim, S. W., & Ahn, S.-H. (2019). Social investment effects of public education, health care, and welfare service expenditures on economic growth. Social work and policy, 14, 34–44. https://onlinelibrary.wiley.com/doi/abs/10.1111/aswp.12190
Kotov, N. M. (2013). On the questions of state control of social investing. International interactive online video conference of Russian and foreign universities, G. V. Plekhanov RUE “Administrating spatial development in conditions of social state.” Collection of abstracts of the conference reports and papers (pp. 115-119). Moscow: LLC Tretyakov publishing house. https://elibrary.ru/item.asp?id=23682061
Kovalevskiy, V. V., Nikitina, T. I., & Azarenko, N. Y. (2014). Social investments and innovations in Russia. Moscow: Pero.
Krivorotov, V. V., Kalina, A. V., & Eriashvili, N. D. (2012). Economic security of the state and its regions. Moscow: UNITY-DANA. https://search.rsl.ru/ru/record/01006530351
Kvist, J. (2016). A framework for social investment strategies: Integrating generational, life course and gender perspectives in the EU social investment strategy. Comparative European Politics, 13 (1), 131–149. https://link.springer.com/chapter/10.1057/978-1-137-58
Laszlo, C., Cooperrider, D., Fry, R. (2020). Global challenges as opportunity to transform business for good. Sustainability (Switzerland), 12(19), 8053. DOI 10.3390/su12198053
Leshchenko, Y. A. (2015). Indicators of sustainable development and quality of life of the society: problems of selection and relevance. Human Ecology, (11), 48-55. https://www.elibrary.ru/item.asp?id=24869607
Lomovtseva, O. A., & Soboleva, S. Y. (2009). Methodological aspects of identifying the essence and efficiency of social investments. Belgorod State University Scientific Bulletin (Via in Tempore). Series: History. Political Science, 1 (56), 223-228. https://elibrary.ru/item.asp?id=13089049
Makhonina, U. S. (2010). Public private partnership as one of the principal kinds of social investing. Bulletin of UNECON. Series: Economics, 2 (37), 399–402. https://elibrary.ru/item.asp?id=13227902
Margolin, A. (2014). Methodological approaches to estimating prospects of social investments. Public Administration, 6 (92), 44-48. https://elibrary.ru/item.asp?id=22699766
Margulyan, Y. A., & Bulatetskaya, A. Y. (2017). Technology of corporate social investing: regional specific features, principles, and implementation stages. Sociology and Law, 4(38), 11–19. https://elibrary.ru/item.asp?id=32312718
McKelvey, M., Zaring, O. (2018). Co-delivery of social innovations: exploring the university’s role in academic engagement with society. Industry and Innovation,25(6), 594-611. DOI: 10.1080/13662716.2017.1295364
Mekush, G. E. (2006). Approaches to elaborating sustainable development indicators at the regional level. Geography and Natural Resources, 1, 18–24. https://www.elibrary.ru/item.asp?id=9220954
Ministry of Industry and Trade of the Russian Federation and Russian Venture Company to create fund for supporting medical projects (2020). https://tass.ru/ekonomika/6518521
Ohotina, A., Lavrinenko, O., Gladevich, J., Lazdans, D. (2018). The investment climate in Latvia's, Lithuania's and Belarus's cross-border regions: The subjective-objective assessment. Entrepreneurship and Sustainability Issues, 6(2), 767-780. DOI 10.9770/jesi.2018.6.2(20)
Ojo, A., Mellouli, S. (2018). Deploying governance networks for societal challenges. Government Information Quarterly, 35(4), 106-112. DOI: 10.1016/j.giq.2016.04.001
O’Leary, Ch., Baines, S., Bailey, G., McNeil, B., Csoba, J., & Sipos, F. (2018). Innovation and social investment programs in Europe. European Policy Analysis, 4 (2), 294–312. https://www.jstor.org/stable/j.ctv9hj7tc
Pchelintseva, I. N. (2009). Development of organizational economic mechanism of social investing in microeconomic systems: theory and methodology. [Unpublished PhD thesis, Samara State University of Economics].
Petrov, I. V., & Oganyan, T. M. (2012). Some aspects in classification of region's economic security indicators. Terra Economicus, 10 (1-3), 201–204. https://cyberleninka.ru/article/n/nekotorye-aspekty-klassifikatsii-indikatorov-ekonomicheskoy-bezopasnosti-regiona
Pogodina, T. V., Udaltsova, N. L. (2018). Development of investment management methods in Russian tourism. Financial and Economic Tools Used in the World Hospitality Industry - Proceedings of the 5th International Conference on Management and Technology in Knowledge, Service, Tourism and Hospitality, SERVE 2017. Amsterdam: CRC Press/Balkema, 171-176. https://www.taylorfrancis.com/chapters/edit/10.1201/9781315148762-33/development-investment-management-methods-russian-tourism-tatiana-vitalievna-pogodina-natalya-leonidovna-udaltsova
Postan-Aizik, D., & Strier, R. (2021). From social investment to investing in the social: insiders' perceptions, experiences, and expectations. Journal of Social Policy, 50 (2), 267-284. DOI: 10.1017/S0047279420000069
Sakamoto, T. (2020). Social investment policy, economic growth, and welfare states: Channels of pro-growth effects of policy. Social Forces, 99 (2), 590-615. DOI: 10.1093/sf/soz178
Sapir, E. V., Karachev, I. A. (2020). Challenges of a new investment policy: Investment promotion and protection. Finance: Theory and Practice, 24(3), 118-131. DOI 10.26794/2587-5671-2020-24-3-118-131
Senchagov, V. K. (2005). Economic security of Russia: a general course. Moscow: Delo: Acad. of National Economy under the Government of the RF (RANEPA).
Shamanin, E. A. (2018). Social investments and socially responsible investing as forms of cooperation between business and state in resolving social issues. Economics and management: problems, solutions, 3 (12), 180-185. https://elibrary.ru/item.asp?id=36865811
Sitkovskiy, D. A. (2010). Corporate social investments as a regional level economic development factor. Management of Economic Systems: Scientific Electronic Journal, 4 (24), 575-581. https://elibrary.ru/item.asp?id=16220917
Smith, A. (2007). An inquiry into the nature and causes of the wealth of nations. Moscow: Eksmo.
Starovojtova, L. I., Akhtyan, A. G., Arishina, E. S., Kalabukhova, G. V., & Yurchenko, O. V. (2020). Development of the social support system for the elderly in the Russian Federation as a basis for successful aging. International Journal of Applied Exercise Physiology, 9 (2), 111-118. https://www.elibrary.ru/item.asp?id=42585497
Steiauf, T., Schäfer, H. (2014). From integration to impact–a new investment climate for Germany's SRI landscape. Journal of Sustainable Finance and Investment, 4(1), 38-60. DOI 10.1080/20430795.2014.887347
Stewart, F., Ranis, G., & Samman, E. (2018). Advancing human development: theory and practice. Oxford: Oxford University Press.
Tabakh, A., & Podrughina, A. (2020). National projects: expectations, results, prospects. https://raexpert.ru/researches/national_project_2020/
Tulchinskiy, G. L. (2012). Corporate social investments and social partnership: technologies and evaluation of efficiency. Saint Petersburg: Instant print department of NRU HSE.
Tumanyants, K. (2017). Spending on social policy of Russian regions in terms of expenses vs. result. Economic Policy, 12 (5), 128-149. https://elibrary.ru/item.asp?id=30783926
Uvarova, S., Gumba, K., Lapaev, D. (2018). Substantiation of the methodological approach to the assessment of the investment climate of the regions. MATEC Web of Conferences, 170, 01125. DOI 10.1051/matecconf/201817001125
van Wijk, J., Zietsma, C., Dorado, S., de Bakker, F.G.A., Martí, I. (2019). Social Innovation: Integrating Micro, Meso, and Macro Level Insights from Institutional Theory. Business and Society, 58(5), 887-918. DOI: 10.1177/0007650318789104
Verevochkina, A. A. (2011). Social investing within the system of corporate responsibility of business. [PhD thesis, National Scientific Research Institute for Labor and Social Protection]. https://www.elibrary.ru/item.asp?id=19341333
Zubarevich, N. V., & Gorina, E. A. (2012). Sustainable development of Russia's regions: challenges, risks, strategies. Proceedings of the 19th International scientific and practical conference: celebrating 25th anniversary of the Humanitarian University (ed. by V.V. Matveev). Moscow: Ruscience. https://search.rsl.ru/ru/record/01008726348
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2021 Tatyana A. Efremova, Svetlana M. Makeikina
This work is licensed under a Creative Commons Attribution 4.0 International License.
- The authors retain their copyright but assign to the journal the right of the first publication, with the work registered under the Creative Commons attribution license, which allows third parties to use the published information as long as they mention the authorship of the work and that it was first published in this journal.
- Authors may make other independent or additional contractual arrangements for non-exclusive distribution of the version of the article published in this journal (eg, include it in an institutional repository or publish it in a book) as long as it clearly indicates that the work was first published in this journal.
- Authors are encouraged and advised to publish their work on the Internet (for example, on institutional or personal pages) before and during the review and publication process, as it can lead to productive exchanges and a greater and faster dissemination of the published work (see The Effect of Open Access).
