Social Return on Investment: What is and How far has been Researched?

Authors

  • Hasna Maliha SMART Indonesia

DOI:

https://doi.org/10.58968/isf.v4i2.649

Keywords:

Social Return on Investment, Research Map, Bibliometric, VosViewer, SROI

Abstract

This study aims to examine the development of research on the topic "Social Return on Investment" and to identify potential research agendas based on journals published on this theme. The research employs a qualitative method with a bibliometric analysis approach. The data used is secondary data on the theme "Social Return on Investment" from the Scopus database, comprising 466 journal articles. The data was then processed and analyzed using VosViewer software to map the bibliometric development of "Social Return on Investment" research globally. The study found 4 clusters with the most frequently used keywords being social return on investment, investment, human, humans, social value, social impact, and cost-benefit analysis. Subsequently, research path topics related to Social Return on Investment are SROI for Sustainable Development, SROI in Health Economics, SROI and Social Well-being, and SROI through Economic Evaluation.

Downloads

Download data is not yet available.

References

Antonio, M. S., Rusydiana, A. S., Purwoko, D., Khatimah, H., & Puspita, A. T. (2021). Islamic library: History, classification, and waqf role. Library Philosophy and Practice, 2021, 1-17.

Banke-Thomas, A. O., Madaj, B., Charles, A., & Van Den Broek, N. (2015). Social Return on Investment (SROI) methodology to account for value for money of public health interventions: a systematic review. BMC public health, 15(1), 582. https://doi.org/10.1186/s12889-015-1935-7

Bellucci, M., Nitti, C., Franchi, S., Testi, E., & Bagnoli, L. (2019). Accounting for social return on investment (SROI) The costs and benefits of family-centred care by the Ronald McDonald House Charities. Social Enterprise Journal, 15(1), 46-75. https://doi.org/10.1108/SEJ-05-2018-0044

Corvo, L., Pastore, L., Mastrodascio, M., & Cepiku, D. (2022). The social return on investment model: a systematic literature review. Meditari Accountancy Research, 30(7), 49-86. https://doi.org/10.1108/MEDAR-05-2021-1307

Doungsong, K., Hartfiel, N., Gladman, J., Harwood, R., & Edwards, R. T. (2024). RCT-based Social Return on Investment (SROI) of a Home Exercise Program for People With Early Dementia Comparing In-Person and Blended Delivery Before and During the COVID-19 Pandemic. INQUIRY: The Journal of Health Care Organization, Provision, and Financing, 61, 00469580241246468. https://doi.org/ 10.1177/00469580241246468

Edwards, R. T., & Lawrence, C. L. (2021). ‘What You See is All There is’: the importance of heuristics in cost-benefit analysis (CBA) and social return on investment (SROI) in the evaluation of public health interventions. Applied Health Economics and Health Policy, 19(5), 653-664. https://doi.org/10.1007/s40258-021-00653-5

Gosselin, V., Boccanfuso, D., & Laberge, S. (2020). Social return on investment (SROI) method to evaluate physical activity and sport interventions: a systematic review. International Journal of Behavioral Nutrition and Physical Activity, 17(1), 26. https://doi.org/10.1186/s12966-020-00931-w

Granger, R., Hartfiel, N., Ezeofor, V., Abba, K., Corcoran, R., Anderson de Cuevas, R., ... & Edwards, R. T. (2025). Social return on investment (sroi) evaluation of Citizens advice on prescription: A whole-systems approach to mitigating poverty and improving wellbeing. International Journal of Environmental Research and Public Health, 22(2), 301. https://doi.org/ 10.3390/ijerph22020301

Gutiérrez-Nieto, B., Camón-Cala, J., Cuéllar-Fernández, B., & Fuertes-Callén, Y. (2025). A bibliometric analysis of the social return on investment. Humanities and Social Sciences Communications, 12(1), 1-14. https://doi.org/10.1057/s41599-025-05529-w

Kim, D. J., & Ji, Y. S. (2020). The evaluation model on an application of SROI for sustainable social enterprises. Journal of Open Innovation: Technology, Market, and Complexity, 6(1), 7. https://doi.org/10.3390/joitmc6010007

Kumar, S. R., & Banke-Thomas, A. (2016). Social return on investment (SROI): an innovative approach to sustainable development goals for sexual and reproductive health programming in sub-Saharan Africa. African journal of reproductive health, 20(3), 85-93. https://hdl.handle.net/10520/EJC195768

Laila, N., Rusdiana, A. S., & Assalafiyah, A. (2021). The impact of Covid-19 on the halal economy: A bibliometric approach. Library Philosophy and Practice (e-journal), 1-18.

Lettieri, E., Biasin, C., Selva, A., Isella, L., Onofrio, R., & Bertelè, P. (2021). SROI Methods for Impact Assessment in Economy of Wellbeing. In Digital Health Technology for Better Aging: A multidisciplinary approach (pp. 245-266). Cham: Springer International Publishing. https://doi.org/10.1007/978-3-030-72663-8_15

Lombardo, G., Mazzocchetti, A., Rapallo, I., Tayser, N., & Cincotti, S. (2019). Assessment of the economic and social impact using SROI: An application to sport companies. Sustainability, 11(13), 3612. https://doi.org/10.3390/su11133612

Maldonado, M., & Corbey, M. (2016). Social Return on Investment (SROI): a review of the technique. Maandblad Voor Accountancy en Bedrijfseconomie, 90(3), 79-86.

Moroń, D., & Klimowicz, M. (2021). Using the social return on investment (SROI) as a measure of the effectiveness of social innovation projects implemented under public policies. Social Enterprise Journal, 17(2), 302-327. https://doi.org/10.1108/SEJ-12-2019-0098

Munthe, A. A., Nazaruddin., & Sembiring, M. T. (2024). Applying of Social Return on Investment (SROI): A Practical Review to Financial Social Value and Benefits. Jurnal Sistem Teknik Industri, 26(1), 1-10. https://doi.org/10.32734/jsti.v26i1.11250

Oppenheim, S., Gough, M., Larocque, S., Bill, E., Biggs, B., Pier, D., & Mallorey, J. (2012, September). Sustainable Return on Investment–Metro Wastewater Reclamation District's Application of Nutrient Criteria Cost Benefit Alternative Analyses. In WEFTEC 2012. Water Environment Federation. https://doi.org/10.2175/193864712811709256

Pastore, L., Corvo, L., Santangelo, A. E., Resce, G., & Lelo, A. (2025). Measuring sustainability impacts through SROI: a case study of the Italian glass industry’s contribution to the SDGs. Accounting, Auditing & Accountability Journal, 38(5), 1483-1498. https://doi.org/10.1108/AAAJ-04-2024-7041

Pathak, P., & Dattani, P. (2014). Social return on investment: three technical challenges. Social Enterprise Journal, 10(2), 91-104. https://doi.org/10.1108/SEJ-06-2012-0019

Reupert, A. E., Freeman, N. C., Nandakumar, N., Hine, R., Cain, R., & Foster, K. (2025). The Social Return on Investment in programs designed for young people living with a family member who experiences mental health challenges: study protocol. Frontiers in Public Health, 12, 1411580. https://doi.org/ 10.3389/fpubh.2024.1411580

Ruiz-Lozano, M., Tirado-Valencia, P., Sianes, A., Ariza-Montes, A., Fernandez-Rodriguez, V., & López-Martín, M. C. (2020). SROI methodology for public administration decisions about financing with social criteria. A case study. Sustainability, 12(3), 1070. http://dx.doi.org/10.3390/su12031070

Ricket, A. L., & Goodspeed, T. (2025). Impact measurement for social enterprises: Social return on investment and subjective well-being valuation in the United States. Journal of the International Council for Small Business, 1-23. https://doi.org/10.1080/26437015.2025.2532775

Rusydiana, A. S., & Al Farisi, S. (2016). How far has our wakaf been researched?. Etikonomi, 15(1), 31-42.

Tulla, A. F., Vera, A., Guirado, C., & Valldeperas, N. (2020). The return on investment in social farming: a strategy for sustainable rural development in rural Catalonia. Sustainability, 12(11), 4632. https://doi.org/ 10.3390/su12114632

Whelan, G. (2015). Understanding the social value and well-being benefits created by museums: A case for social return on investment methodology. Arts & Health, 7(3), 216-230. https://doi.org/10.1080/17533015.2015.1065574

Whiteley, H., Lynch, M., Hartfiel, N., Cuthbert, A., Beharrell, W., & Edwards, R. T. (2025). Health Economics-Informed Social Return on Investment (SROI) analysis of a nature-based social prescribing craft and horticulture programme for mental health and well-being. International Journal of Environmental Research and Public Health, 22(8), 1184. https://doi.org/10.3390/ijerph22081184

Williams, J. F., & Parker, J. C. (2010, January). Measuring the sustainable return on investment (SROI) of waste-to-energy. In North American Waste-to-Energy Conference (Vol. 43932, pp. 173-191). https://doi.org/ 10.1115/nawtec18-3552.

Downloads

Published

2025-10-21

How to Cite

Maliha, H. . (2025). Social Return on Investment: What is and How far has been Researched?. Islamic Social Finance, 4(2). https://doi.org/10.58968/isf.v4i2.649