THE IMPACT OF THE IMPACT: STAKEHOLDERS’ PERCEPTIONS

This study aims to examine the long-term impacts of Social Return on Investment (SROI) on cultural activities, through the lenses of a case-study approach: the Verdi Festival of Parma, a renowned cultural event promoting the music culture in the city of Parma. The objective of the paper consists in determining whether a continuous impact assessment can improve relations between the Festival’s organization and its stakeholders: can a consistent and continuous communication of obtained socioeconomic impacts of the Festival be a potential tool to further improve such socioeconomic impact? Through a six-year longitudinal study, this paper explores how a consistent communication between stakeholders and Festival’s organization has been able to influence the Festival’s approach to cultural production and stakeholder engagement, particularly focusing on the dynamic between impact assessments and stakeholder expectations. To do so, the framework of “expectation gap” has been used: are stakeholder expectations’ met when it comes to sharing impact assessment? To address the research question posed, a mixed-methods approach combining socioeconomic impact assessment through the SROI calculations and qualitative interviews, has been used. Key findings suggest that repeated and detailed SROI assessments have significantly shaped the festival’s operational and strategic decisions, leading to a more impact-conscious organisational culture. Notably, the study reveals that such assessments have fostered a deeper understanding and appreciation among stakeholders, particularly sponsors, regarding the festival’s social and cultural impacts. This enhanced understanding has reduced the expectation gap, leading to stronger and more sustained support from stakeholders. 2 The implications of these findings extend beyond the Verdi Festival, suggesting that systematic impact assessments can serve as critical tools for cultural organisations, aiding in strategic planning, improving stakeholder relationships, and enhancing accountability and transparency. This paper argues for the adoption of continuous, rigorous impact evaluations in cultural organisations, positing that such practices not only fulfill accountability imperatives but also catalyse strategic enhancements that align more closely with both organisational goals and stakeholder expectations. As the cultural sector continues to evolve amidst increasing demands for transparency and impact, the findings from this study offer valuable insights for other festivals and cultural entities aiming to substantiate their social value and refine their operational strategies accordingly.