Definition
First introduced in 2000 (Emerson, Harvard Social Enterprise Series 2000), Blended Value is a theory of both capital and organizational value creation which posits that value itself is whole and non-divisible. Within a Blended Value framework, all value is understood as being generated (by organizations and the application of capital) through the interaction over time of three primary value components: social, economic, and environmental, which together comprise organizational value creation and capital returns. (Emerson 2000–2003).
Introduction
We live in a bifurcated world that asks us to choose between doing well or doing good, making an investment or a grant, and working for a nonprofit/NGO or working for a for-profit. We are taught that there are trade-offs between the creation of social/environmental and economic components of value creation. Yet, most would acknowledge for-profit firms create both economic and social/economic value and NGOs create social conditions of...
References
Emerson, J. (2000). The nature of returns: A social capital markets inquiry into the elements of investment and the blended value proposition. Harvard Business School working paper, Social enterprise series no. 17.
Emerson, J. (2000–2003). Blended value framework: Papers may be found at www.blendedvalue.org
Emerson, J. (2002, January). A capital idea: Total foundation asset management and the unified investment strategy. Stanford Business School, Research paper no. 1786.
Emerson, J. (2003a). The blended value proposition: Integrating social and financial returns. California Management Review, 45(4). Summer.
Emerson, J. (2003b). Unified investment strategy. Where money meets mission: Breaking down the firewall between foundation investments and programming. Stanford Social Innovation Review, 1(2), Summer.
Emerson, J., & Bonini, S. (2003). The blended value map: Tracking the intersects and opportunities of economic, environmental and social value creation. Hewlett Foundation, October.
Emerson, J., Spitzer, J., & Mulhair, G. (2006). Blended value investing: Capital investment opportunities for social and environmental impact. World Economic Forum ref. paper no. 270306, March.
Hart, S. (2010). Capitalism at the crossroads: Next generation business strategies for a post-crisis world. Upper Saddle River: Prentice Hall.
Porter, M. E., & Kramer, M. R. (2011). Creating shared value. Harvard Business Review, 89(1/2), 62–77.
Spitzer, J., Emerson, J., & Harold, J. (2007). Blended value investing: Innovations in real estate. Oxford University, Said Business School, ISBN: 978-1-905551-56-9, Fall.
Visser, W., & Kymal, C. (2014). Creating integrated value: Beyond CSR and CSV to CIV. Kaleidoscope Futures paper series, no. 3.
Further Reading
Bugg-Levine, A., & Emerson, J. (2011). Impact investing: Transforming how we make money while making a difference. San Francisco: Jossey Bass.
Emerson, J. (Ed.). (2017). The Impact Assets handbook for investors: Generating social and environmental value through capital investing. London: Anthem.
Emerson, J. (2019). The purpose of capital: Elements of impact, financial flows and natural being. San Francisco: Blended Value Press.
Nicholls, A., Paton, R., & Emerson, J. (Eds.). (2015). Social finance. Oxford, UK: Oxford University Press.
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Emerson, J. (2020). Blended Value. In: List, R., Anheier, H., Toepler, S. (eds) International Encyclopedia of Civil Society. Springer, Cham. https://doi.org/10.1007/978-3-319-99675-2_67-1
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DOI: https://doi.org/10.1007/978-3-319-99675-2_67-1
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