Publications
Some of the recent publications include the list below.
The Sustainable Finance Operating System
The Sustainable Finance Operating System examines the transformation of financial markets under new sustainability regulations. It introduces a framework for the flow of information and capital between companies and investors, focusing on the redirection of global capital. The text details how these regulations affect decision-making for capital managers and outlines the IT infrastructure required for compliance. It provides an analysis of the integration of sustainability into the capital value chain and the current landscape of financial services.
Artificial Intelligence and Blockchain for Social Impact
Artificial Intelligence and Blockchain for Social Impact provides an overview of artificial intelligence and blockchain technologies within the context of social enterprises and impact investing. It identifies the challenges of the impact space and details how these technologies apply to social business models and impact finance. The text examines the principles of AI and blockchain, focusing on their roles in enhancing transparency, resource allocation, and decision-making for organizations pursuing social goals. Case studies illustrate practical applications, and the final chapters discuss the potential for future integration of cryptocurrencies and AI in the impact sector.
Impact Investing
Impact Investing: Instruments, Mechanisms and Actors (2nd Edition) offers a framework for social finance, detailing the market’s core actors and financial instruments. The text covers impact measurement and management, providing tools to evaluate investment strategies and social outcomes. It also addresses valuation and fund modeling techniques that influence investment decisions within the sector. This edition, which is also available in a German translation, serves as a reference for the integration of financial returns and societal benefits.
Journals
Achleitner, A.-K., Heinecke, A., Noble, A., Schöning, M., & Spiess-Knafl, W. (2011). Unlocking the Mystery: An Introduction to Social Investment. innovations, 6(3), 145-154.
Achleitner, A.-K., Lutz, E., Mayer, J., & Spiess-Knafl, W. (2014). Disentangling Gut Feeling: Assessing the Integrity of Social Entrepreneurs. Voluntas: International Journal of Voluntary and Nonprofit Organizations, 24(1), 93-124.
Achleitner, A.-K., Spiess-Knafl, W., & Volk, S. (2014). The financing structure of social enterprises: conflicts and implications. International Journal of Entrepreneurial Venturing, 6(1), 85-99.
Fliegauf, M. & Spiess-Knafl, W (2016). Investition, Innovation, sozialer Fortschritt – Ehernes Gesetz oder Trias der Beliebigkeit. Sozialer Fortschritt.65, 45-50.
Scheuerle, T., Schmitz, B., Spiess-Knafl, W., Schües, R., & Richter, S. (2015). Mapping social entrepreneurship in Germany-a quantitative analysis. International Journal of Social Entrepreneurship and Innovation, 3(6), 484-511.
Spiess-Knafl, W. & Aschari-Lincon, J. (2015). Understanding mechanisms in the social investment market: what are venture philanthropy funds financing and how? Journal of Sustainable Finance & Investment. 5(3), 103-120.
Spiess-Knafl, W., Mast, C. & Jansen, S. (2015). On the Nature of Social Business Model Innovation. Social Business, 5(2), 113-130.
Parola, Giulia, Wolfgang Spiess-Knafl, & Julia Thaler (2022). The Butterfly Effect: How Academics’ and Practitioners’ Micro-practices Shape Turning Points in Response to Paradox. Academy of Management Learning & Education, (2022).
Book Chapters
Achleitner, A.-K., Heister, P., & Spiess-Knafl, W. (2010). Venture Philanthropy und Sozialunternehmertum. In P. Hoelscher, T. Ebermann & A. Schlüter (Eds.), Venture Philanthropy in Theorie und Praxis (pp. 81-89). Stuttgart: Lucius & Lucius.
Achleitner, A.-K., Heister, P., & Spiess-Knafl, W. (2015). Kapitaleinwerbung aus Sicht eines Sozialunternehmens. In J. Freiling & T. Kollmann (Eds.), Entrepreneurial Marketing. Wiesbaden: Springer. 121-134
Achleitner, A.-K., Heister, P., & Spiess-Knafl, W. (2014). What Really Matters – Building a Model for the Assessment of Social Enterprises. In P. Phan, J. Kickul, M. Nordqvist & S. Bacq (Eds.), Theory and Empirical Research in Social Entrepreneurship (pp. 154-173). Northampton: JHU Research Series on Entrepreneurship and Innovation. Edward Elgar.
Achleitner, A.-K., Mayer, J., & Spiess-Knafl, W. (2013). Sozialunternehmen und ihre Kapitalgeber. In S. A. Jansen, R. G. Heinze & C. M. Beckman (Eds.), Sozialunternehmen in Deutschland (pp. 153-165). Wiesbaden: Springer VS.
Achleitner, A.-K., Spiess-Knafl, W., & Volk, S. (2011). Finanzierung von Social Enterprises – Neue Herausforderungen für die Finanzmärkte. In H. Hackenberg & S. Empter (Eds.), Social Entrepreneurship – Social Business: Für die Gesellschaft unternehmen (pp. 269-286). Wiesbaden: VS Verlag.
Jansen, S.A., Mast, C. & Spiess-Knafl, W. (2021). Social Finance Investments with a Focus on Digital Social Business Models. Innovations in Social Finance (pp. 235-239). Cham: PalgraveMacMillan.
Jansen, S.A. & Spiess-Knafl, W. (2019). Intersektorale Kooperationen und Akquisitionen. CSR und Social Enterprise. Springer Gabler, Berlin, Heidelberg. 49-64.
Freiburg, M. & Spiess-Knafl, W. (2024). Finanzierung von gemeinwohlorientierten Unternehmen in Deutschland mit Impact Investing. In Kenel, P., Eschweiler, J., Hackenberg, H. & Wihlenda, M. (Eds). Social Entrepreneurship in Deutschland: Handbuch für Wissenschaft und Praxis (pp. 265-278). transcript Verlag, Bielefeld.
Spiess-Knafl (2016). Herausforderungen bei der Finanzierung sozialer Innovationen. In J. Krall, R. Lernbass, H. Mahrer, O. Neumayer & O. Stauber (Eds). Philanthropie 2.0. Frankfurt am Main: Peter Lang Verlag.
Scheck, B., & Spiess-Knafl, W. (2014). Die Besonderheiten von Sozialunternehmen hinsichtlich Finanzierung und Reporting. In V. Brinkmann (Ed.), Sozialunternehmertum. (pp 139-152). Baltmannsweiler: Schneider Verlag Hohengehren.
Spiess-Knafl, W., & Achleitner, A.-K. (2012). Financing of Social Entrepreneurship. In C. Volkmann, K. Tokarski & K. Ernst (Eds.), Understanding Social Entrepreneurship & Social Business (pp. 157-173). Wiesbaden: Springer.
Spiess-Knafl, W., & Jansen, S. A. (2014). Social Enterprises and the Financing of different Scaling Strategies. In C. Wankel & L. Pate (Eds.), Emerging Research Directions in Social Entrepreneurship (pp. 67-83). Springer.
Spiess-Knafl, W. & Langer, H. (2019). Finanzierung sozialer Innovationen – Theorie und Praxis am Beispiel von Ennovent. Netzwerke und soziale Innovationen. Springer, Wiesbaden. 139-152.
Spiess-Knafl, W., Schües, R., Richter, S., Scheuerle, T., & Schmitz, B. (2013). Eine Vermessung der Landschaft deutscher Sozialunternehmen. In S. A. Jansen, R. G. Heinze & M. Beckmann (Eds.), Sozialunternehmen in Deutschland (pp. 21-34). Wiesbaden: Springer VS.
Spiess-Knafl, W (in press). Artificial intelligence in social enterprises. Oxford University Press, Oxford.
Other
Achleitner, A.-K., & Spiess-Knafl, W. (2013a). Der soziale Kapitalmarkt. In K. Baus (Ed.), Philanthrophie einmal anders. Soziale Investments – eine überlegenswerte Option für die engagierte Unternehmerfamilie (pp. 7-14). Stuttgart: Schriftenreihe des Kirsten Baus Instituts für Familienstrategie.
Achleitner, A.-K., Spiess-Knafl, W., Heinecke, A., Schöning, M., & Noble, A. (2011). Social Investment Manual.
Haarich, S., Holstein, F., Spule, S., Galera, G., Franchini, B., Borzaga, C., Chiomento, S., Spiess-Knafl, W., Scheck, B., Salvatori, G. (2020). Impact of the European Commission’s Social Business Initiative (SBI) and its Follow-up Actions. Study for DG Employment, Social Affairs and Inclusion, European Commission.
Jansen, S. A., Richter, S., Hahnke, E., Achleitner, A.-K., Spiess-Knafl, W., Volk, S., Schmitz, B. (2010). Eine Definition von Social Entrepreneurship.
Scheck, B. & Spiess-Knafl, W. (2017). Bestmögliche Wirkung erzielen. StiftungsWelt 01-2017.
Scheck, B. & Spiess-Knafl, W. (2020). Impact investing in the framework of business and human rights. Study for the European Parliament’s Subcommittee on Human Rights
Spiess-Knafl, W. (2016). Social Finance – Der soziale Kapitalmarkt in Europa mit einem besonderen Fokus auf Österreich. Study for NEOS Lab & ELF.
Spiess-Knafl, W. (2012). Neue Formen der Finanzierung von Sozialunternehmen. In A. Hildebrandt & H. Schwiezer (Eds.), Gesichter der Nachhaltigkeit (pp. 336-341). Heidelberg: abcverlag.
Spiess-Knafl, W., & Gasparini, G.-L. (2023a). Climate Finance for Ethical Banking. Research paper published by FEBEA.
Spiess-Knafl, W., & Gasparini, G.-L. (2023b). The role of Artificial Intelligence in Social Finance. Research paper published by FEBEA.
Spiess-Knafl, W., & Gasparini, G.-L. (2023c). The role of Blockchain in Social Finance. Research paper published by FEBEA.
Spiess-Knafl, W., & Jansen, S. A. (2013a). Finanzierung von Sozialunternehmen – Eine 3-Phasen-Exploration. Study for KfW Banking Group.
Spiess-Knafl, W., & Jansen, S. A. (2013b). Imperfections in the social investment market and options on how to address them. Ex-Ante Evaluation for the European Commission.
Spiess-Knafl, W. & Strüwer, B. (2014). Social Investing. Fundamentals of an impact-first investment strategy.
Spiess-Knafl, W. (2025). Kulturelle, ökonomische und soziale Wertschöpfung der österreichischen Filmwirtschaft. Study for Film and Music Austria.
Spiess-Knafl, W. (2018). You Had One Job. Transforming Social Security Systems into the Digital Working Age. Study for NEOS Lab & ELF.
Spiess-Knafl, W. & Scheck, B. (2019). Social enterprise finance market analysis and recommendations for delivery options. Luxembourg: Publications Office of the European Union.
Unterberg, M., Richter, D., Spiess-Knafl, W., Sänger, R., Förster, N., Jahnke, T. (2016). Herausforderungen bei der Gründung und Skalierung von Sozialunternehmen. Welche Rahmenbedinungen benötigen Social Entrepreneurs. Study for the BMWi.