The promise and performance of social impact bonds

This article examines social impact bonds (SIBs), first scrutinizing early discourse on their promises—increased accountability through competitive public-private partnerships, outcomes measurement, and a learning approach to performance management—drawing on theories of New Public Management and New Public Governance. Then, a structured review of empirical research is used to evaluate SIB performance against their public management reform promises. Findings show that while SIBs sometimes foster intersectoral collaboration, they can also surface power imbalances, institutionalize gaming, and inadvertently reduce public accountability. A faltering commitment to robust outcomes measurement is also demonstrated, with negative implications for effective governance and public value.