Articulating the ‘How’ of Social Return on Investment: Foregrounding the Plural and Pluralizing Character of Its ‘Moments of Judgment’
本文探讨社会会计实践中价值评估的“如何”问题，强调在评估链条中关注价值构建的节点，通过社会投资回报（SROI）案例揭示评估过程的复杂性、争议性和规范性，对从事社会会计或非营利评估的学者和实践者有启发。
ABSTRACT Social accounting practices attribute value to an organization's activities beyond traditional economic conceptions of success. In assessing the merit of such practices, we argue that it is helpful to extend our analytical focus beyond questions of what is evaluated and who evaluates to how valuations are performed. Social accounting literature has already explored a crucial aspect of the “how question,” emphasizing the need to widen stakeholder input and engage in agonistic democratic deliberation beyond applying technical expertise. We extend these insights by drawing attention to an important dimension of the how question that remains underexplored, namely, where such deliberation can or should be applied and explaining why this matters. In doing so, we disclose the complexity and messiness of social accounting processes, as well as their normative and political significance. We deploy political discourse theory to highlight the virtues of focusing on where value is constructed along the social accounting chain, illustrating our contribution with examples drawn from our experience conducting a Social Return on Investment (SROI) for a not‐for‐profit organization. We present and unpack key decision‐junctures in the SROI process, demonstrating the plural and pluralizing character of these “moments of judgment” by showing how contestability and normativity enter the valuation process, aspects that are often obfuscated by an over‐reliance on, and the rhetoric of, the technical aspects of quantification and monetization. By foregrounding the contingency and subjectivity embedded in valuation practices, we argue there is a need to navigate agonistically, deliberatively, and pragmatically their plural and complex character.