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SIBs,Tsukamoto&Sin full paper IRSPM 2019 conference

Political contexts and inter-organizational relations in SIBs ― Comparative study on SIBs in Japan and the UK


This paper focuses on differences in political contexts of emergence and development process of SIBs in the UK and Japan. In this analysis, the differnce in political contexts underpinning SIBs development is explored through examining circumstance of marketization and institutionalization in the UK’s and Japan’s SIBs. To explore this research agenda, this study used both qualitative and quantitative researches on SIBs in Japan and the UK. In conclusion, SIB stakeholders in the UK are more NPG (New Public Governance) oriented in that social investors and commissioners favor inter-organizational collaboration with social sector. By contrast, in Japan, investors and commissioners have payed less attention to collaboration with social sector organizations. In relation to this, in Japan, policy areas have been less diverse. Service providers and investors tend to voluntarily accept government agendas. In another word, the tendency toward “governmentality” or “institutional isomorphism” among stakeholders of SIB seems to be stronger in Japan than in the UK.


  • Author:Ichiro Tsukamoto, Professor,Meiji University / Dr. Chih Hoong Sin, Director, OPM
  • Presented at IRSPM Annual Conference 2019, Victoria University of Wellington, Tuesday 16th April
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IRSPM 2018 Full paper. social impact bonds Tsukamoto& Nishimura and Sin 2018.4.8

Value creation, cost-benefit and public service innovation in Social Impact Bonds ― The potential and limitation of new contractual relationships



  • Author : Ichiro Tsukamoto, Professor,Meiji University / Dr. Chih Hoong Sin, Director, OPM / Mariko Nishimura, Professor, Meijigakuin University
  • The date of publication: 2018.4.8
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Full paper presented at Beijing Forum 2017

Social Impact Bonds in the UK ― Limitations of Existing Impact Measurement

Author. Ichiro Tsukamoto

 This work explores the limitations in existing outcome metrics and impact measurements in SIBs in the UK. In addition, alternative view of outcome metrics is raised in conclusion. In our view, existing outcome metrics and impact measurement frameworks in the UK are based at notions which are borrowed partly from cost-benefit analysis. CBA approach itself is indispensable to outcome contracts such as SIBs. However, in most cases, social benefits tend to be merely connected with fiscal values such as cost saving. In fact, social benefits can be not restricted to just social outcomes bringing about cost saving. Social outcomes can result in increase of the cost of public services.

 This study does not intend do comparative research on SIBs between the UK and Japan. Because in Japan. engagements in SIBs have been still at early evolving stage and most cases are experiments. Accordingly, it is difficult to compare equally engagements in the UK to those in Japan. Thereby, this study focuses on the UK cases. However, examining its implication for Japanese and other Asian countries’ engagements through leaning from the UK lessons seems to be meaningful.


  • Presented at Beijing Forum 2017, 5th November 2017 at Peking University, China

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Nonprofit and Public Management Studies Research Report No.30

2015 US Study Tour Report Impact Investments and Social Impact Bonds in the United States: Lessons for Japan

 With financial support from the Japanese Ministry of Education, Culture, Sports, Science, and Technology, Meiji University Institute of Nonprofit and Public Management Studies (INPMS) has been conducting research on the effects of social impact investments on public service provision by nonprofit organizations and social enterprises in the UK, the US, and Japan.

 As part of this research, from January 12 to January 16, 2015, in New York City and Boston in the US, the INPMS project members interviewed eight organizations and two experts of impact investments, Social Impact Bonds (SIBs), and social enterprises. This report focuses on three interviews which are the most relevant to SIBs and Pay for Success.


  • September 2015
  • Meiji University Institute of Nonprofit and Public Management Studies
  • ISSN 1883-6755

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Nonprofit and Public Management Studies Research Report No.29

2014 UK Study Tour Report
Social Impact Investments, Social Impact Bonds and Impact Measurement in the United Kingdom: Lessons for Japan

 With financial support from the Japanese Ministry of Education, Culture, Sports, Science, and Technology, Meiji University Institute of Nonprofit and Public Management Studies (INPMS) has been conducting research on the effects of social impact investments on public service provision by nonprofit organizations and social enterprises in the UK, the US, and Japan.

 As part of this research, From October 27 to October 31, 2014 in London in the UK, the INPMS project members interviewed 10 organizations and two experts of social impact investments, social impact bonds (SIBs), social enterprises, and impact measurement. This report focuses on five interviews which are most relevant to social impact investments, SIBs, and impact measurement.


  • July 2015
  • Meiji University Institute of Nonprofit and Public Management Studies
  • ISSN 1883-6755

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