Social Stock Exchange between academics and practitioners' view

  • Davide Calandra Università degli Studi di Torino
  • Matteo Favareto Università degli Studi di Torino
Keywords: Social stock exchange, Social enterprises, Impact investing, Academics, Practitioners


This paper aims to investigate social stock exchange (SSE) as an alternative market considering both academics and practitioners’ view. SSE is a platform typically used by social entrepreneurs to collect financial resources for measurable social or environmental projects. Through the analysis of 12 scientific papers and 132 documents, websites, blogs and titles reviewed by experts, the authors identify the main themes strictly connected to SSE. Notably, based on the previous gap analysis, this paper reveals definitions and tools which social stock exchange could address. Despite the potential importance of this alternative market, the study shows few SSEs. The discussion between academics and practitioners shows interest by social entrepreneurs in this investment vehicle, considering the debate under the accreditation and sectors. Thus, the paper contributes theoretically and practically to the primary literature providing to overcome the lack of evidence on SSE. This article concludes its journey suggesting a structured future research agenda.


Adhana, D. (2020). Social Stock Exchange: An Innovative Financing Platform for Social Enterprises in India. SSRN Electronic Journal.

Agapitova, N., Sanchez, B., & Tinsley, E. (2017). Government Support to the Social Enterprise Sector: Comparative Review of Policy Frameworks and Tools. World Bank Group. dex.pdf

Bandini, C. (2014). Social Stock Exchanges—Innovative Financing for International Development. 24.

Battilana, J., & Lee, M. (2014). Advancing Research on Hybrid Organizing – Insights from the Study of Social Enterprises. Academy of Management Annals, 8(1), 397–441.

Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585–609.

Bernardino, S., Santos, J., & Ribeiro, J. (2016). Social Crowdfunding: A New Model for Financing Regional Development ? Journal of Urban and Regional Analysis, 8, 97–115.

Bernardino, S. & Freitas Santos, J. (2016). Financing social ventures by crowdfunding: The influence of entrepreneurs’ personality traits. The International Journal of Entrepreneurship and Innovation, Vol. 17(3) 173–183.

Biancone, P. P., Secinaro, S., Brescia, V., & Calandra, D. (2019). Data Quality Methods and Applications in Health Care System: A Systematic Literature Review. International Journal of Business and Management, 14(4), p35.

Biancone, P., Secinaro, S., Brescia, V., & Iannaci, D. (2020). Business Model innovation for Sustainability and Social Impact. International Journal of Management Sciences and Business Research, 9(5), 30–40.

Boguslavskaya, S., & Demushkina, I. (2013). Social stock exchange a new socio-economic phenomenon. RIUESS 2013.

Bugg-Levine, A., Kogut, B., & Kulatilaka, N. (2012, gennaio 1). A New Approach to Funding Social Enterprises. Harvard Business Review, January–February 2012.

Calderini, M., Chiodo, V., & Michelucci, F. V. (2018). The social impact investment race: Toward an interpretative framework. European Business Review, 30(1), 66–81.

Chaturvedi, S., Sabyasachi, S., & Arun S., N. (2019). Social Stock Exchange for Social Enterprises and Social Incubators: An Exploratory Study for India | Research and Information System For Developing Countries. Research and Information System for Developing Countries. exploratory-study-india

Colasanti, N., Frondizi, R., & Meneguzzo, M. (2020). Creating virtuous circles: Worker-managed firms and local communities. Piccola Impresa / Small Business, 0(2), Article 2.

Dadush, S. (2015). Regulating Social Finance: Can Social Stock Exchanges Meet the Challenge? (SSRN Scholarly Paper ID 2574921). Social Science Research Network.

Dal Mas, F., Massaro, M., Lombardi, R., & Garlatti, A. (2019). From output to outcome measures in the public sector: A structured literature review. International Journal of Organizational Analysis, 27(5), 1631–1656. 09-2018-1523

Dart, R. (2004). The legitimacy of social enterprise. Nonprofit Management and Leadership, 14(4), 411–424.

Dees, J. G. (2018). The Meaning of Social Entrepreneurship 1 , 2. In J. Hamschmidt & M. Pirson (A c. Di), Case Studies in Social Entrepreneurship and Sustainability (1o ed., pagg. 22–30). Routledge.

Doherty, B., Haugh, H., & Lyon, F. (2014). Social enterprises as hybrid organisations: A review and research agenda. International Journal of Management Reviews, 16(4), 417–436.

Elo, S., & Kyngäs, H. (2008). The qualitative content analysis process. Journal of Advanced Nursing, 62(1), 107–115.

Falagas, M. E., Pitsouni, E. I., Malietzis, G. A., & Pappas, G. (2007). Comparison of PubMed, Scopus, Web of Science, and Google Scholar: Strengths and weaknesses. The FASEB Journal, 22(2), 338–342.

Flick, U., von Kardoff, E., & Steinke, I. (2004). A Companion to Qualitative Research.

Galaskiewicz, J., & Barringer, S. N. (2012). Social Enterprises and Social Categories. In B. Gidron & Y. Hasenfeld (A c. Di), Social Enterprises: An Organisational Perspective (pagg. 47–70). Palgrave Macmillan UK.

Galina, S., Rebehy, P., Carvalho, L., & Costa, M. (2013). Determinants of Attractiveness in Social Stock Exchange. Journal of Management and Sustainability, 3, 157.

Lecy, J. D., & Beatty, K. E. (2012). Representative Literature Reviews Using Constrained Snowball Sampling and Citation Network Analysis (SSRN Scholarly Paper ID 1992601). Social Science Research Network.

Liberati, A., Altman, D. G., Tetzlaff, J., Mulrow, C., Gøtzsche, P. C., Ioannidis, J. P. A., Clarke, M., Devereaux, P. J., Kleijnen, J., & Moher, D. (2009). The PRISMA Statement for Reporting Systematic Reviews and Meta-Analyses of Studies That Evaluate Health Care Interventions: Explanation and Elaboration. PLoS Medicine, 6(7), e1000100.

Mair, J. (2010). Social Entrepreneurship: Taking Stock and Looking Ahead. Working Paper No. WP-888, 1–13.

Massaro, M., Dumay, J., & Guthrie, J. (2016). On the shoulders of giants: Undertaking a structured literature review in accounting. Accounting Auditing & Accountability Journal, 29(5), 767–801.

Massaro, Maurizio, Dumay, J., Garlatti, A., & Dal Mas, F. (2018). Practitioners’ views on intellectual capital and sustainability: From a performance-based to a worth-based perspective. Journal of Intellectual Capital, 19(2), 367–386.

Mauksch, S., Dey, P., Rowe, M., & Teasdale, S. (2017). Ethnographies of social enterprise. Social Enterprise Journal, 13(02), 114–127.

McWade, W. (2012). The Role for Social Enterprises and Social Investors in the Development Struggle. Journal of Social Entrepreneurship, 3(1), 96–112.

Meeks, K. (2018). Ulrichsweb Review. Journal of Electronic Resources in Medical Libraries, 15(1), 26–35.

Mendell, M., & Nogales, R. (2009). Social Enterprises in OECD Member Countries: What are the Financial Streams? 89– 138.

Mongeon, P., & Paul-Hus, A. (2016). The journal coverage of Web of Science and Scopus: A comparative analysis. Scientometrics, 106(1), 213–228.

Moritz, A., & Block, J. H. (2016). Crowdfunding: A Literature Review and Research Directions. In D. Brüntje & O. Gajda (A c. Di), Crowdfunding in Europe: State of the Art in Theory and Practice (pagg. 25–53). Springer International Publishing.

Paul, J., & Criado, A. R. (2020). The art of writing literature review: What do we know and what do we need to know? International Business Review, 29(4), 101717.

Pavlov, R. (2017). Social Stock Exchange as a Factor of Increasing the Innovation Potential of Social Enterprises. In ECIE 2017 12th European Conference on Innovation and Entrepreneurship.

Pavlov, R. (2019). Determining the Factors Which Deter the Development of Social Entrepreneurship in Russia. European Conference on Innovation and Entrepreneurship.

Romme, A. G. L., Avenier, M.-J., Denyer, D., Hodgkinson, G. P., Pandza, K., Starkey, K., & Worren, N. (2015). Towards Common Ground and Trading Zones in Management Research and Practice. British Journal of Management, 26(3), 544–559.

Secinaro, S., Corvo, L., Brescia, V., & Iannaci, D. (2019). Hybrid organisations: A Systematic Review of the Current Literature. International Business Research, 12(11), p1.

Smith, W., Gonin, M., Besharov, M. (2013). Managing Social-Business Tensions: A Review and Research Agenda for Social Enterprise. Business Ethics Quarterly 23:3, 407–442.

Sparkes, R. (2001). Ethical investment: Whose ethics, which investment? Business Ethics: A European Review, 10(3), 194– 205.

Steiner, A. (2016). The Playground of the Rich? Growing Social Business in the 21st Century. Social Enterprise Journal, 12.

Wendt, K. (2017). Social Stock Exchanges—Democratisation of Capital Investing for Impact. SSRN Electronic Journal.

How to Cite
Calandra, D., & Favareto, M. (2020). Social Stock Exchange between academics and practitioners’ view. European Journal of Social Impact and Circular Economy, 1(1b), 53-65.