Key Publications

The Sustainable Finance Operating System

The Sustainable Finance Operating System

This work 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, detailing how regulations affect decision-making and the IT infrastructure required for compliance.

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Artificial Intelligence and Blockchain for Social Impact

Artificial Intelligence and Blockchain for Social Impact

An overview of AI and blockchain technologies within the context of social enterprises and impact investing. The text examines how these technologies enhance transparency, resource allocation, and decision-making for organizations pursuing social goals.

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Impact Investing

Impact Investing

Instruments, Mechanisms and Actors (2nd Edition). Offers a comprehensive framework for social finance, detailing market actors and financial instruments. Covers impact measurement, valuation, and fund modeling techniques.

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Academic Contributions

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.), Philanthropie 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.