Дисертації з теми "Investissements responsables"
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Saadaoui, Khaled. "La performance financière de l'investissement socialement responsable : cas des fonds socialement responsables français et canadiens." Paris 11, 2009. http://www.theses.fr/2009PA111006.
Andronic, Liviu. "Shareholder Engagement and Corporate Behavior : The Case of Environmental and Social Issues." Thesis, Toulouse 1, 2016. http://www.theses.fr/2016TOU10023/document.
In this thesis we examine several aspects surrounding socially responsible investing. First we look into firms' response to shareholder engagement on environmental and social topics. Using data on shareholder-sponsored proposals in S&P 1500 firms, we investigate whether following a voted or withdrawn proposal there are changes in the extra-financial performance of firms. After controlling for endogeneity concerns, we find that being targeted on both environmental and social topics in the same year is associated with improvements in extra-financial performance, both in the short term and in the long term. The results suggest that shareholder engagement on a broad set of issues, as well as stronger shareholder pressure, is more conducive to changes in the extra-financial performance of firms. Further we study the dynamics of voting on shareholder proposals, specifically how past or concurrent votes (or withdrawals) on similar issues may affect a vote on a proposal in the present. We find that when a shareholder-sponsored proposal on a similar issue has already been discussed in the past, such a proposal would gather less shareholder support in the present. Moreover, a low level of past voting support for proposals on similar topics would induce a reduced voting support in the present. In addition we also attempt to quantify whether ESG information is being incorporated into the financial flows of information. More specifically, we seek to determine whether financial analysts incorporate extra-financial information into the financial forecasts. We find that overall financial analysts expect improvements in social strengths to translate into lower earnings per share (EPS) in the short term, whereas this effect isn't detected when using realized EPS, suggesting that the analysts may be wrong in their estimations. A decrease in social concerns (i.e. an improvement) is however reflected in both improved EPS forecasts and an improved realized EPS, suggesting that financial analysts are correct in perceiving positive shifts in (the largely exogenous) social concerns as a positive signal for the firms' financial performance
Morvan, Jérémy. "La gouvernance d’entreprise managériale : positionnement et rôle des gérants de fonds socialement responsables." Brest, 2005. http://www.theses.fr/2005BRESA001.
This thesis deals with a new. Corporate governance model based on legitimacy. In the first part, we develop a theoretical model of corporate governance. In the first chapter, we present agency theory and stakeholder theory to identify the firm’s stakeholders. In the second chapter, we develop a paradigm based on power legitimacy within the firm. In the second part, we aim at understanding how pragmatic, cognitive and moral legitimacy are intermingle with a view to gaining stakeholder’s support. In the third chapter, an analysis of textual data allows us to identify what socially responsible (SR) funds expect from firms, financially but also as stakeholders and citizens, stakeholder and citizen. In the fourth chapter, we compare the performance of SR indices and funds to traditional ones
Vallee, Lou-Salomé. "Essays on sustainable finance." Electronic Thesis or Diss., Paris 10, 2024. http://www.theses.fr/2024PA100023.
This doctoral thesis focuses on the theme of sustainable finance, more specifically on ESG investments in the debt market. This research aims to develop a formal framework for incorporating Environmental, Social and Governance (ESG) criteria into risk management and investment decisions involving sovereign bonds. Indeed, the integration of sustainability considerations into the decision-making process for investments, as measured by ESG indicators is becoming mainstream but is not systematic into sovereign bond investment analysis and investment decision-making due to a lack of understanding among investors of how to integrate ESG issues into sovereign debt analysis and a lack of consistency in defining and measuring material ESG factors. The absence of a coherent investment framework for such integration is consistent with the relative scarcity of available academic research on the subject, which has focused more on ESG investing in equity markets and corporate bonds. The first part of this thesis investigates the impact of ESG criteria on the risk and return of sovereign bonds, from an investor's perspective. The second part of this thesis analyses ESG integration in sovereign bond portfolios and its implications in terms of risk management and investment decisions
Drut, Bastien. "Investissement socialement responsable et sélection de portefeuille." Thesis, Paris 10, 2011. http://www.theses.fr/2011PA100131/document.
This thesis aims at determining the theoretical and empirical consequences of the consideration of socially responsible indicators in the traditional portfolio selection. The first chapter studies the significance of the mean-variance efficiency loss of a sovereign bond portfolio when introducing a constraint on the average socially responsible ratings of the governments. By using a sample of developed sovereign bonds on the period 1995-2008, we show that it is possible to increase sensibly the average socially responsible rating without significantly losing in terms of diversification. The second chapter proposes a theoretical analysis of the impact on the efficient frontier of a constraint on the socially responsible ratings of the portfolio. We highlight that different cases may arise depending on the correlation between the expected returns and the socially responsible ratings and on the investor’s risk aversion. Lastly, as the issue of the efficiency of socially responsible portfolios is a central point in the financial literature, the last chapter proposes a new mean-variance efficiency test in the realistic case where there is no available risk-free asset
Benlemlih, Mohammed. "The double edged sword of corporate social responsibility : mechanisms to sustain shareholders' wealth and avoid social overinvestment." Thesis, Grenoble, 2014. http://www.theses.fr/2014GRENG012.
Corporate Social Responsibility (CSR) is, nowadays, considered one of the most debated topics in both theory and practice. This dissertation investigates some financial implications associated with high CSR involvement. After Synthesizing the existing literature in the field, we perform three empirical studies. The first empirical study examines the impact of CSR on firm financial risk (measured by total, systematic and specific risks). Using a database of 5,716 firm-year observations between 2001 and 2011, we show that a socially responsible firm avoids certain risks acknowledged by the financial market as socially responsible systematic risks, like environment penalties and consumer disloyalty. Socially responsible firms also own a moral capital that reduces the impact of some firm specific shocks and thus the idiosyncratic risk level. It appears that the most important reduction of financial risk is due to the “human resources” sub-rating, followed by “business behavior” and “corporate governance”. The second empirical study investigates the impact of CSR on firm debt maturity. Using a large sample of US firms, we find robust evidence that high CSR firms significantly reduce their debt maturity. Furthermore, high CSR firms substitute shareholders' equity for long-term debt. CSR decreases the extent to which investments are financed with long-term debt and increases the extent to which investments are financed by short-term debt and shareholders' equity. The third empirical study uses a sample of 22,839 US firm-year observations over the 1991–2012 period in order to explore the relationship between CSR and dividend payout policy. We find that high CSR firms pay more dividends than low CSR firms. Moreover, socially irresponsible firms adjust dividends quicker than socially responsible firms: dividend payout is more stable in high CSR firms than in low CSR firms. Additional results show that firms involved in two controversial activities –military business and alcohol – are associated with low dividend payouts, which is likely to be due to the high cost of external funding for these firms. Overall, our results support the expectation that socially responsible firms use debt maturity and dividend payout as mechanisms to avoid CSR overinvestment problems and to maintain the positive effects associated with high CSR strategies (i.e., risk reduction)
Revelli, Christophe. "La performance financière de l'investissement socialement responsable (ISR) : approche méta-analytique." Thesis, Montpellier 1, 2011. http://www.theses.fr/2011MON10035/document.
This thesis evaluates the financial performance of socially responsible investment (SRI). In the purpose of overcoming the lack of consensus on the research theme, we propose to approach the question under the angle of generalization across a meta-analytical approach, aiming to demonstrate a link between SRI and financial performances (or stock exchange performance) and identify the methodological determinants of this causal relationship. Across the study of an empirical corpus observation, including 75 studies (161 experimentations) across the 1972-2009 period, all selected on the basis of our own typological definition of SRI, we articulate our research around two studies : exploratory and meta-analytical approach.By the use of non-parametric tests (chi square), and of data analysis (simple and multiple correspondence analysis, ascending hierarchical clustering), the exploratory study provides typologies of SRI effects on the financial performance, gathering the nature of SRI impacts on performance (positive, negative or neutral) ant the terms of methodological variables (SRI market, data comparison method, financial performance measure...). The meta-analytical approach (first one in the field of research) explores the relation between SRI and financial performance on a reduced corpus (61 studies / 123 experimentations). The results we observed tend to prove that ethics has no financial cost and generates similar profitability (even slightly more) than a conventional investment. We also observe that the empirical choices made by the authors have a considerable influence on the nature of the ISR financial performance
Yerbanga, Raissa. "Investissement socialement responsable : impacts sur la performance et le risque des portefeuilles." Thesis, Montpellier, 2017. http://www.theses.fr/2017MONTD028/document.
This thesis examines the impact of socially responsible investment on the risk and performance of portfolios. It is based on four studies, including three empirical studies.The first study proposes an inventory and a critical analysis of the portfolios' CSR risks. It indicates that CSR risks assessed in different ways by the actors still exist within the portfolios and evolve with the institutional context. Their level may be low or high depending on the CSR practices of the companies in which the resources are invested. The second study deals with the comparative analysis of the financial risk of SRI funds and conventional funds. On a sample of funds distributed in France over the period 2002-2012, our results show that SRI funds may have a higher level of diversification than matched conventional matched regardless of market conditions. These are SRI funds invested in the Eurozone and globally. However, regardless of market conditions, SRI funds invested in the Eurozone, Europe and France have a greater systematic risk than their traditional counterparts, contrary to SRI global funds. The third study analyzes the financial risk of portfolios built according to companies’ level of ESG performance over the period 2002-2014. These portfolios cover the Eurozone and the U.S. firms. Our analysis shows that the U.S. portfolios which over-perform on the aggregate ESG criteria or individually on the three ESG criteria have a lower financial risk than those that underperform on these dimensions. For the same types of portfolios, the Eurozone exhibit a lower specific risk. The results on the systematic risk are influenced by the industry-specific effects for the U.S. portfolios and the country-specific effects for the Eurozone portfolios. The fourth study examines the financial performance persistence of SRI and conventional funds. It shows through non-parametric tests that there is no performance persistence for both SRI and conventional funds
Hobeika, Samer. "L' investissement socialement responsable : des épargnants particuliers aux investisseurs institutionnel de long terme." Palaiseau, Ecole polytechnique, 2011. https://pastel.archives-ouvertes.fr/pastel-00680255.
Erragraguy, Elias. "L'éthique en finance : le cas de l'investissement socialement responsable et de l'investissement islamique." Thesis, Toulon, 2015. http://www.theses.fr/2015TOUL2001/document.
The instability and lack of regulation that originated the cyclical financial crises were factors conducive to questioning the ethics of finance. This thesis proposes first to question the epistemology of "Financial science" and its normative attributes. This question allows us to highlight the logical interconnections that exist between positivist and normative approaches before proposing a mapping of ethical reference shaping financial decisions. This theoretical work prefigures the empirical questions developed in the second part of the thesis. In this part, we confront two distinct ethical and financial practices: Socially Responsible Investment (SRI) and Shariah-Compliant Investment (SCI). Our studies identify their distinguishing features and the possible links between them. In the first study, after taking into account the stochastic profile of 24 domestic indexes we measure and identify the origin of their respective performance. The results confirm the resilience of SCI indexes during the subprimes crisis, while emphasizing the influence of the level of development and integration of stock markets. The second empirical study explores the causal link between the SCI and SRI criteria by investigating the relationship between Companies Social Performance (CSP) and its debt structure. The results obtained from a sample of 1,745 US companies indicate that only small and strictly controversial firms (not engaged in any CSR policy) have a significant higher leverage, therefore suggesting that these firms are more likely to be excluded from SCI portfolios. The last study measures, through an experimental approach, the financial impact of the combination of SRI and SCI criteria. Contrary to predictions suggested by modern portfolio theory, the results indicate no negative effect on performance due to the joint application of Islamic and ESG filters
Erragraguy, Elias. "L'éthique en finance : le cas de l'investissement socialement responsable et de l'investissement islamique." Electronic Thesis or Diss., Toulon, 2015. http://bu.univ-tln.fr/userfiles/file/intranet/travuniv/theses/eco_gestion/2015/2015_Erragraguy.pdf.
The instability and lack of regulation that originated the cyclical financial crises were factors conducive to questioning the ethics of finance. This thesis proposes first to question the epistemology of "Financial science" and its normative attributes. This question allows us to highlight the logical interconnections that exist between positivist and normative approaches before proposing a mapping of ethical reference shaping financial decisions. This theoretical work prefigures the empirical questions developed in the second part of the thesis. In this part, we confront two distinct ethical and financial practices: Socially Responsible Investment (SRI) and Shariah-Compliant Investment (SCI). Our studies identify their distinguishing features and the possible links between them. In the first study, after taking into account the stochastic profile of 24 domestic indexes we measure and identify the origin of their respective performance. The results confirm the resilience of SCI indexes during the subprimes crisis, while emphasizing the influence of the level of development and integration of stock markets. The second empirical study explores the causal link between the SCI and SRI criteria by investigating the relationship between Companies Social Performance (CSP) and its debt structure. The results obtained from a sample of 1,745 US companies indicate that only small and strictly controversial firms (not engaged in any CSR policy) have a significant higher leverage, therefore suggesting that these firms are more likely to be excluded from SCI portfolios. The last study measures, through an experimental approach, the financial impact of the combination of SRI and SCI criteria. Contrary to predictions suggested by modern portfolio theory, the results indicate no negative effect on performance due to the joint application of Islamic and ESG filters
Chrétien, Samuel. "La performance environnementale des entreprises et le risque de réputation : une approche axée sur le comportement." Mémoire, Université de Sherbrooke, 2016. http://hdl.handle.net/11143/9771.
Arjaliès, Diane-Laure. "Les mécanismes du changement institutionnel - Le cas de l'Investissement Socialement Responsable." Phd thesis, Paris 10, 2010. http://tel.archives-ouvertes.fr/tel-00497342.
Déjean, Frédérique. "Contribution à l'étude de l'investissement socialement responsable : Les stratégies de légitimation des sociétés de gestion." Paris 9, 2004. https://bu.dauphine.psl.eu/fileviewer/index.php?doc=2004PA090038.
This dissertation gives an account of a study of the emergence of socially responsible investment in France. We adopt an interpretative and qualitative approach. The research aims at understanding the process favouring the integration of socially responsible investment within financial market. We focus on the role of mutual funds. The interpretation is elaborated with legitimacy theory, more precisely with Suchman's (1995) typology. The methodological data collection is based on semi-structured interviews and complementary data. We analyse interviews with the qualitative content analysis software NVivo. The interpretation underscores legitimation strategies. Results underline the importance of creation strategy initiated by social rating agencies, regarded as experts. In particular, the diffusion of a new model to evaluating corporate social performance seems to be a vehicle for the integration of socially responsible investment within financial market
Brochu, Maxime. "Vertueux vs opportuniste, analyse de l'effet réputation sur la performance des entreprises américaines." Mémoire, Université de Sherbrooke, 2017. http://hdl.handle.net/11143/10607.
Loher-Delalune, Carol-Anne. "Trois essais sur l’engagement actionnarial : contribution à la compréhension des origines, des pratiques et des acteurs dans le contexte français." Electronic Thesis or Diss., Lorient, 2023. http://www.theses.fr/2023LORIL651.
For more than thirty years, we have been witnessing a change in the financial system, especially with the rise of socially responsible investment and sustainable finance. Among socially responsible investment strategies, shareholder engagement consists in the use of the shareholders' rights in order to influence the strategy of the company in which they hold a share of capital towards an approach that is more respectful of environmental, social and governance criteria. It seems that shareholders are increasingly using this strategy. The thesis contributes, on the basis of an exploratory approach, to the understanding of the phenomenon of shareholder engagement in the French context through three essays. The first essay recounts the origins and emergence of shareholder engagement in France. The second essay presents the complexity of the ecosystem of shareholder engagement and identifies the obstacles to and levers for this practice in the French context. The third essay focuses on the complex role of non- governmental organizations and their contributions to the process of shareholder engagement
Déjean, Frédérique. "Contribution à l'étude de l'investissement socialement responsable - Les stratégies de légitimation des sociétés de gestion." Phd thesis, Université Paris Dauphine - Paris IX, 2004. http://tel.archives-ouvertes.fr/tel-00731703.
Amin, Azmat Najma. "Commercialisation de Microfinance : comment les Institutions de Microfinance (IMFs) peut attirer les investisseurs ?" Thesis, Pau, 2017. http://www.theses.fr/2017PAUU2029/document.
This research examines the link between Corporate Social Responsibility (CSR) of Microfinance Institutions (MFIs) and foreign investors (F.Is) in the context that commercialized Microfinance has double-bottom-line. The theoretical and conceptual framework for this study includes the agency theory, stakeholder’s theory, resource dependence theory and the concept of Socially Responsible Investment (SRI). The empirical study is based on a two-step process, an initial exploratory qualitative study carried out through semi-structured interviews with 9 fund managers (SRI) in order to understand well the topic and enrich the theories and concepts. The second step is a quantitative analysis through ordinary least squares (OLS) and logistic regression models using data of 615 MFIs for the year 2012 to verify the link between F.I and CSR and if financial performance plays a mediator or moderator role. For the first time in microfinance, a comprehensive/multi-dimensional definition of CSR is used and indicators calculated based on that. The results show that CSR is a key factor in investment decisions of F.Is and it shows a mediation effect of financial performance on the relationship between CSR and F.Is. In order to provide access to financial services at the bottom of the pyramid, MFIs need access to foreign investors. As CSR is taken into account by investors in their investment decision, therefore, MFIs need to focus on managing and reporting relevant CSR activities in order to attract and satisfy these investors
Forget, Vanina. "Les Fonds de Capital Investissement Peuvent-Ils Promouvoir la Responsabilité Sociale des Entreprises ?" Phd thesis, Ecole Polytechnique X, 2012. http://tel.archives-ouvertes.fr/tel-00797217.
Milosevic, Marina. "Le Crowdfunding (ou financement participatif) comme nouveau mode de financement responsable de l'entreprise : focus sur le CrowdInvesting (financement participatif en investissement)." Thesis, Paris 1, 2017. http://www.theses.fr/2017PA01E006.
This thesis in management sciences focuses on studying the triptych relation between investment-based Crowdfunding, CSR and responsible investment (SRI). The research reposes on a three-dimensional research model identifying three dimensions of the CSR. The ethical, managerial and measurable dimension. The ethical dimension questions the social engagement of the “crowd”, based on their motivations to invest (following the “SRI approach”). The managerial dimension tries to identify the “crowd” as a stakeholder through the adaptation of the Mitchel et al (1997) model. Finally the measurable dimension illustrates the capacity that the platforms have developed with regards to measuring the impact of the projects they select for funding. The research model identifies different levels of social responsiveness of the observed CrowdInvesting platforms, according to the presence of these three above stated dimensions. The thesis is based on the qualitative research with an exploratory aim, using the case study as a research method based on a two case study design, namely 1001PACT and LUMO. The empirical analysis includes 13 semi direct interviews two online questionnaire conducted through an online survey website. The “crowd” is characterized as an “active impact investor”, confirming the existence of the Ethical CSR dimension. The “crowd” affirms to possess the characteristics of Mitchel et al. (1997) model, and qualifies as a “core stakeholder” (Legitimacy, power and urgency) of the enterprise in the case of 1001PACT, and as a “dominant stakeholder” in the case of LUMO (Legitimacy and power). The measurable CSR dimension appears as non-existent. Our research model therefore identifies “Social CrowdInvesting” platforms as integrating the category of a “progressive” level of social responsiveness. However, since the measurable CSR dimension is still in the development phase, we cannot confirm CrowdInvesting's classification as an SRI
Hobeika, Samer. "L'investissement socialement responsable: des épargnants particuliers aux investisseurs institutionnels de long terme." Phd thesis, Ecole Polytechnique X, 2011. http://pastel.archives-ouvertes.fr/pastel-00680255.
Penalva, Icher Élise. "Réseaux et régulation d'un marché financier "socialement responsable" : en attendant la concurrence." Lille 1, 2007. https://pepite-depot.univ-lille.fr/LIBRE/Th_Num/2007/50377-2007-17.pdf.
Mayssour, Yasser. "Organisation d'une émission obligataire socialement responsable : la perception du gestionnaire d'actifs." Thesis, Brest, 2018. http://www.theses.fr/2018BRES0051/document.
The evolution of the new practices of the socially responsible investment opens the way for innovative modes of organization. A big market was born between supply and demand, new "transactional architectures" proposing socially responsible bond issues. The objective being to create the liquidity and to contribute to the economic and social development.The study of the organizational arrangements which succeeded to emit a socially responsible obligation aimed at the management company feeds on two experiences pioneers. The organizational context brings us to wonder about the place of the fund manager in the financing of the united economy. The asset management, at the heart of the organization modes, is positioned between the bond issuer and the investors wishing to integrate extra-financial dimension into their choices of selection of asset.The problem of our research work is interested in the study of the attractiveness of the asset managers in the face of mechanisms differentiated of Voluntary and united Sector.So, within the framework of this thesis, we suggest studying the perception from the point of view of the fund manager of two different modes of organization, which end in the construction of a product qualified as SRI in the sense where he meets the expectations of investors wishing to integrate extra-financial dimensions into their choices of selection of products.From this perspective, the fund manager SRI is brought to make decisions as for the choice of products in its process of construction of the portfolio. He plays double role of construction social performance and financial intermediary and has to face a set of constraints of management but also towards these partners
Diouf, Dominique. "La mesure des performances de développement durable et l'investissement socialement responsable : perceptions des parties prenantes et stratégies de légitimation." Doctoral thesis, Université Laval, 2016. http://hdl.handle.net/20.500.11794/27420.
Interest in measurement of sustainability performance has increased considerably in recent years. In this context, a wide range of actors and organizations emerged to manage the measurement, disclosure, auditing and reporting of sustainability performance. In the specific field of socially responsible investment (SRI), the importance attached to the measurement of sustainability performance was reinforced by the growth of sustainability funds. Taking advantage of this trend, a large body of academic research has been devoted to the measurement of sustainability performance. However, social and institutional processes through which the measurement of sustainability performance is constructed are still understudied. This research aims to analyze the measurement of corporate sustainability performance (CSP) in the context of SRI by highlighting the perceptions and discourses of actors as well as their legitimation strategies. Using a qualitative approach, this study is based on a series of semi-structured interviews with SRI professionals and data collected from the websites of organizations, official documents and newspaper articles. Impression management, institutional theory, sociology of quantification and rhetoric have especially been mobilized to analyze the results of this research. The first paper sheds light on the perceptions of stakeholders - involved in the field of SRI- of the quality of GRI reports. It shows the reflexivity of practitioners vis-à-vis the information published by the companies, the lack of application of some principles of the GRI and the impression management strategies underlying the disclosure of information in this area. The second paper explores the discursive strategies used by SRI professionals to justify the selection of controversial companies in the portfolios of some SRI funds. This paper highlights three modes of justification (rationalization, authorization and identification) deployed by SRI professionals to deal with controversies and build their legitimacy. These three modes of justification are underpinned by three types of discourses (strategic, expertise and dialectic) through which actors within the SRI field attempt to maintain the status quo, build their expertise and credibility and seek new forms of legitimacy. The third article examines the mechanisms through which the measurement of CSP shapes the SRI field. It shows that the institutionalization of SRI practices, including the assessment of CSP, plays a crucial role in the social construction of the SRI field. Overall, this research sheds light on both processes of questioning and legitimizing the measurement of CSP. Keywords: Socially responsible investment; measurement of corporate sustainability performance; GRI; legitimacy, rhetoric, controversy.
Dimitriadis, Alexandros. "Ressources et Leviers Stratégiques des Fonds d'Investissement Socialement Responsable." Thesis, Lyon 3, 2011. http://www.theses.fr/2011LYO30091/document.
The focal interest of this doctoral thesis is French Socially Responsible Investment (SRI) funds. According to Modern Portfolio Theory (MPT) their performance should be inferior to “traditional” fund performance. The results from previous research however have been contradicting; we have thus chosen to make use of the Resource Based View (RBV) in order to interpret this incoherency between theory and practice and shed some light into the complex interactions that govern their behavior.We approach the field using an exploratory qualitative methodology, combining interviews with lexical analysis. We validate part of our qualitative results quantitatively through a multiple linear regression of SRI funds’ performance relative to their benchmark. Based on our framework, we believe we have identified two strategic resources available to SRI funds, leveraged into competitive advantage by two drivers. The two resources are the fund manager’s competency and the indirect subsidizing of the fund’s fees by its Asset Management (AM) company. The two drivers are the tendency of AM companies to diversify their services and organizational learning inside AM companies.Our research should appeal to three types of readers: researchers, since RBV offers a more compelling (as per Occam’s Razor) interpretation of SRI funds’ erratic performance than MPT; managers, since it enables us to formulate proposals for SRI funds’ organization; and laymen, since it breaks down SRI funds to their components, offering a rarely seen view of their inner workings and ulterior motivations
Gainet, Céline. "Les déterminants de la responsabilité sociale des entreprises et les effets de l'investissement socialement responsable dans le contexte européen." Paris 1, 2010. http://www.theses.fr/2010PA010075.
Forget, Elisabeth. "L'investissement éthique : analyse juridique." Thesis, Strasbourg, 2013. http://www.theses.fr/2013STRAA017.
Ethical investment is based on non-financial criteria: the investor expects a return on the investment while pursuing a non-material objective, based on the respect of certain values. Ethics bring a nuance, which impacts the set of rules for this type of investment. It establishes the content of the investment policy and requires financial intermediaries to inform investors adequately. It also forces them to ensure ethical compliance of the investment to its ending. Ethical investment, however, is not limited to this. By adopting a consequentialist approach, investors can engage with issuers to defend their values. From a theoretical point of view, this shareholder activism highlights the failure of traditional theories to define the purpose of companies. Because the concept of “intérêt social”, which the French doctrine struggles to define, leads to a deadlock, a cross-disciplinary approach, the Stakeholder Theory, should be preferred
Girel, Marc. "Approche exploratoire d’une possible évaluation multi-dimensionnelle de la performance de l’investissement socialement responsable." Thesis, Aix-Marseille, 2012. http://www.theses.fr/2012AIXM1088.
The Socially Responsible Investment (SRI) is a mode of rapidly growing investment. The ontology which accompanies it suggests that the "socially responsible" character calls questions to the potential investor as for the criteria to be retained to define the research for performance. This one does not confront any more through an exclusively financial prism, but opens in the other more qualitative criteria. The satisfaction of the shareholder well that legally maximized is associated with the consideration of interests of the other stakeholders in the process of production. The Corporate Social Responsability (CSR) verifies this validating approach initiative or so invalidating the eligibility of a company in a process of investment ISR. This thesis estimates the performance of an OPCVM ISR in a multidimensional way by leaning on a possible triptych of stock-exchange, extra-financial and moral performance. The conclusions of this research underline the complexity of implementation of such an approach so much the stakes, the perceptions collections and the objectives can diverge from a category of actors in the other one. Finally, the thesis underlines the importance of the confidence of the investors to adhere to the strategy ISR of an OPCVM in compliance with their wishes without having the capacity to verify or to control in a irrefutable way the implementation of the approach
Acosta, Raphael. "Développement durable et marchés émergents : le cas de l'ISR en Afrique du Sud, au Brésil et en Inde." Thesis, Sorbonne Paris Cité, 2017. http://www.theses.fr/2017USPCD013/document.
According to traditional financial theory, markets are deemed efficient and investors rational. They base the choice of their portfolios on well-defined financial parameters, following their own risk aversion. With the development of socially responsible investments (SRIs) in the middle of the 90s, a vast domain of research became available when selectingone’s portfolio. Indeed, investors integrate new elements which are out of the financial scope to their strategy of portfolio management, thus diverging from the traditional financial theory. The birth and development of this new type of investments has triggered the scientific community’s enthusiasm with more and more academic publications being written on the matter. Research has mostly tackled SRIs related to the main western marketplaces withdiverging results. The objective of this thesis is to deepen the analysis of the financial behavior of these funds and socially responsible indicators from three emerging markets – South-Africa, Brazil and India – while taking into consideration the risks specific to thesemarketplaces and funds, and to appreciate their interest in terms of internationaldiversification of portfolios.This thesis is divided into four independent sections which follow a certain logic in writing and composition in order to answer our questions in the best way possible. The two first sections will introduce the subject and domain of this research. They will mostly deal with the theoretical aspect in order to conceptualize the research’s subject and put it into context. The two following sections will focus on empirical analysis. SRIs will be analyzed as pure financial performances, but also as vectors of diversification for portfolios which is, to our knowledge, relatively absent from academic publications. Moreover, two scales were used for space and time, dividing the research according to the different phases of the 2008financial crisis and by analyzing performances following local and international dimensions. On the theoretical aspect, this study brings new elements concerning the comprehension of SRIs in a cross-cultural context, by questioning ethical perception, resulting financial strategies, and their economic impact. The empirical results have shown the financial interest for SRIs in these three markets in terms of performance and diversification of portfolios, from both a domestic and an international point of view
Na teoria financeira clássica, os mercados são supostamente eficientes e osinvestidores supostamente racionais. Esses últimos selecionam suas carteiras de açõesbaseando-se em parâmetros financeiros definidos em função do seu sentimento de aversão aorisco. Com o desenvolvimento do Investimento Socialmente Responsável (ISR), meados dosanos 90, abriu-se um vasto campo de pesquisa em seleção de carteiras de ações. De fato, osinvestidores integram dados extra-financeiros na elaboração de suas estratégias de gestão dascarteiras de ações, rompendo, assim, com a teoria financeira clássica. O desenvolvimento desse novo tipo de investimento entusiasmou a comunidadecientífica e multiplicaram-se as publicações acadêmicas. As pesquisas concentraram-se nasperformances dos ISR nos grandes mercados financeiros ocidentais, obtendo-se entretantoresultados divergentes. O objetivo dessa tese é aprofundar a análise do comportamentofinanceiro dos fundos e índices SR nos mercados emergentes – África do Sul, Brasil e Índia –levando em conta seus riscos específicos e apreciar o seu interesse no que concerne adiversificação internacional das carteiras de ações.Nossa tese compõe-se de quatro capítulos independentes seguindo uma lógica deredação e composição afim de responder da melhor forma possível as questões da pesquisa.Os dois primeiros capítulos introduzem o objeto do campo de pesquisa. Eles apresentam uminteresse essencialmente teórico para conceituar o objeto da pesquisa e contextualizar o seucampo de aplicação. Os dois últimos capítulos são consagrados as análises empíricas. Os ISR sãoanalisados como objetos de performances financeiras puras e também como vetores dediversificação das carteiras de ações, o que, a nosso conhecimento, ainda é relativamenteausente das publicações acadêmicas. Por outro lado, duas escalas de tempo e espaço foramcruzadas dividindo a pesquisa segundo as diferentes fases da crise financeira de 2008 eanalisando as performances a nível local e internacional.No campo teórico esse estudo traz novos elementos para a compreensão dos ISRdentro de uma visão intercultural, questionando a percepção da ética, as estratégiasfinanceiras resultantes e seus impactos econômicos. Os resultados das análises empíricasdemonstraram o interesse financeiro dos ISR nos três mercados em termos de performances ede diversificação tanto no nível nacional que internacional
Kamelgarn, Yona. "Valorisation des critères de durabilité des actifs immobiliers tertiaires." Thesis, Paris 9, 2015. http://www.theses.fr/2015PA090036/document.
In relations with the rising concerns on sustainable development and Corporate Social Responsibility (CSR), sustainability-related topics have become a key trend in the real estate sector. This dissertation examines sustainable real estate, and investigates more particularly the value it holds for various stakeholders. Each of the five chapters focuses on different market players to analyse how sustainability-related topics are perceived, and the extent to which these perceptions shape practices. Chapter 1 questions the notion of value associated with sustainability-related features at a building level. Chapter 2 examines the value creation strategies associated with sustainability-related topics at corporate level. Chapters 3 and 4 focus respectively on the diffusion of sustainability certification schemes, and occupiers’ perceptions of their brand value. Chapter 5 explores the impacts of sustainability-related trends on the long term management of the building stock
Giamporcaro, Stéphanie. "L'investissement socialement responsable entre l'offre et la demande : analyse et enjeux de la construction sociale d'une épargne politique." Phd thesis, Université René Descartes - Paris V, 2006. http://tel.archives-ouvertes.fr/tel-00357511.
Sandwidi, Blaise. "Responsabilité sociale et risque financier de l'entreprise." Thesis, Paris Est, 2015. http://www.theses.fr/2015PESC0061.
This dissertation examines the relations between Corporate Social Responsibility and financial risk, with a particular focus on their interactions. It proposes a conceptual scheme of these relations and 4 empirical studies. The first study examines the relation between the corporate social performance, measured by Vigeo scores, and the financial risk of 554 companies pertaining to the Stoxx Europe 600 Index, from 2004-2011. It shows that companies with higher corporate responsibility have lower specific and total risks, and lower volatility of return on assets (Roa), particularly in human resources. The relation is positive and strong when we consider the investments' beta and the analysts' forecasts dispersion. The second study examines the reaction of the European stock market to CSR alerts. It examines the alerts' informational contribution compared to the public announce¬ments of the triggering events. Based on a sample of 480 alerts released by Vigeo over the period 2004-2011, we find a positive stock market reaction to the first alert for the affected company. The alert reduces the information asymmetry between managers and investors. It limits the investors' estimation risk and thus their uncertainty. Environmental alerts are a specific case, as they affect negatively the stock prices. The third study tests and confirms the risk management theory: when a CSR risk occurs (referenced by Vigeo), higher CSR performers have lower abnormal returns and lower abnormal trading volumes. The fourth study examines the interaction between financial risk and CSR commitment. It goes beyond Europe by considering 23,194 Asset4 scores related to 3,787 companies in 67 countries. It shows that prior aggregate ESG scores are associated with reduced subsequent specific and total risks and Roa volatility, thus confirming that high ESG performers have lower financial risk. CSR performances are positively associated with the risk if we consider the investments' beta and the analysts' forecasts dispersion. The study evidences a virtuous cycle between financial risk and ESG performance. Social and governance performances contribute more significantly to reduce this risk. Prior low financial risks incite firms to invest in CSR, first in environmental and governance, then in social policies or activities.Keywords: Financial risk, corporate social responsibility, corporate social performance, corporate social responsibility risk, interaction
Bonnafos, Vincent de. "La valorisation de l'entreprise citoyenne." Thesis, Aix-Marseille, 2018. http://www.theses.fr/2018AIXM0432.
What is a responsible company? How do such companies differ from standard companies? What role does law play in ascertaining whether a company is responsible or not? What about ethics and CSR? Can a company engage in responsible actions? Should a company seek to enhance and promote such responsible actions? How should such enhancement and promotion take place? These questions will be answered in our thesis which is a study under French law. A responsible company is one that engages in responsible actions. In the absence of any legal requirement, the responsible company will voluntarily act beyond its strict short-term interest to reach out to contracting parties as well as third parties (e.g. employees, suppliers and non-profit organisations) and place them in a better situation, had the company not taken any action. Law should enable such companies to promote their responsible actions and enhance their attractiveness with stakeholders
Khalil, Rosette. "Finance alternative : quels sont les avantages?" Thesis, Pau, 2021. http://www.theses.fr/2021PAUU2090.
Socially Responsible Investing (SRI) which is described as “ethical”, “green” or “sustainable” investing is established on a similar principal which is based on the principle of ESG investments. Thus, Islamic finance, through the sector filtering it imposes, represents an interesting socially responsible investment option. It is considered that through sustainable development, the objectives of SRI and Islamic finance are converged. Created in January 2009, by “Satoshi Nakamoto”,many virtual currencies like Bitcoin are strongly interested to be a part of the services portfolio of the Islamic Financial system.The thesis is divided into four chapters. In the first chapter, we illustrate the history and the expansion of Islamic finance worldwide. We show the growth in terms of Islamic finance in Muslim countries and non-Muslim countries as well. Wealso mention the main transactions applied by Islamic financial institutions and which are based on the Islamic law “Shariah”. We mention accordingly in a simplified manner the prohibited items in Islam.In the second chapter, we study the efficiency of 41 pure Islamic banks operating in in 5 GCC countries for the period 2004 and 2017. We estimate the cost efficiency of our banks by considering three inputs and three outputs. We rely on twoorientations which differentiate in terms of constraints: input orientation and output orientation. In order to do this, we rely on the cost stochastic frontier and data envelopment method. From our results, we see that the Islamic banks operating in the GCC region do not operate on the efficient cost frontier maybe due to managerial inefficiency and misuse of production factors. The use of the output-oriented does not change the obtained results significantly. In this context, the results showed that the efficiency scores could not be explained solely by financial ratios, as they are related to external factors corresponding to the X-inefficiency and economic environment.In the third chapter, we study the characteristics of Bitcoin as a virtual currency versus four Islamic indices. We rely on Garch family models to detect the level and the persistence of volatility during the period 2010 until 2018. We also rely onthe Markov switching model to study the duration of persistence of the indices during low risk regime and high risk regime. From our results, we notice that Islamic indices and Bitcoin are not immune to financial shocks. However, thevolatility persistence of Bitcoin is more important than the case of Islamic stock market. In addition, we confirm the role of Bitcoin as a hedge during normal moments and as a safe haven during moment of anxiety.In the fourth chapter, we study the interaction between three Islamic indices versus their sustainable counterparts. We apply the autoregressive distributed lag model to see the existence of the short-run and long-run relationship between theindices. In the second step, we use the Domain frequency causality to study the dynamic causality and its directness between each Islamic index and its counterpart. Our results show the existence of a long-run equilibrium and the position of the stock markets as complements mainly on the short term and substitutes on the long-term. The “frequency-byfrequency” causality outputs show the existence of a causal relationship on the Short-term between the three sustainable stock market and their Islamic counterparts
Lapointe, Vincent. "Essays on corporate social responsibility and socially responsible investment." Thesis, Aix-Marseille, 2013. http://www.theses.fr/2013AIXM1093/document.
Our thesis examines corporate social responsibility (CSR) and how it is linked to a firm’s economic and financial performance, as well as socially responsible investment (SRI). With the current environmental and economic uncertainty, these issues are attracting increasing interest. Our thesis is organized in four chapters. Chapter 1 is a literature review on CSR and SRI. We propose an interdisciplinary review of the academic literature in both economics and management sciences (ethics applied to business, strategy and finance). Chapter 2 is an empirical analysis of the relationship between CSR and a firm’s financial performance in terms of cost of capital. We look at the impact of publishing an evaluation of the firm’s involvement in CSR on the liquidity of its stocks and the size of its investor base. Chapter 3 and Chapter 4 are analyses of the characteristics of SRI portfolios built according to new allocation methodologies. We analyze how risk-based allocations impact the performance of the portfolios of financial products of issuers involved in CSR, and reciprocally, how a universe of investment composed of the financial products of issuers involved in CSR impacts the properties of these alternative allocations
Le, Flanchec Thibault. "Stratégie de gestion de portefeuille actions : de la conciliation de la performance financière et de la performance extra-financière." Electronic Thesis or Diss., La Rochelle, 2022. http://www.theses.fr/2022LAROD004.
Responsible investment is a facet of market finance including two substructures: financial and ethical. This thesis seeks to combine these two bases, with a view to bringing out an equity portfolio management strategy combining financial and extra-financial performance. It is structured in four chapters, following a logic of structure and aiming at the same final goal. The first chapter consists of a logical-deductive study of financial theories and the various factors influencing the activity of portfolio management. The results indicate that the most financially responsible strategy and correlated to the real economy is Value-Quality. The second chapter is composed of a comparative study of the financial performance and the risk/return ratio of four Value-Quality portfolios with their investment universe. This study carried out on the French stock market for the period 1999-2019 seems to indicate that the financial markets are inefficient and that an investment strategy combining a low level of valuation and high profitability offers an abnormally high performance. The third chapter studies in a logical-deductive way the components of extra-financial analysis as well as the main related theories. The results indicate that the current extra-financial methods are victims of many limitations and lack clarity and materiality. The fourth chapter is composed of two studies. The first testing the extra-financial performance of SRI funds stipulates that these funds are unable to stand out from their investment universe in terms of climate and controversy. The second study consists of measuring the performance gap between a VQEF strategy and the investment universe. This last study allows us to indicate that it is possible to associate financial and extra-financial performance in a Value-Quality portfolio management strategy integrating an exclusion filter
Liu, Jingxue. "La responsabilité sociale des entreprises pétrolières multinationales." Thesis, Paris 2, 2015. http://www.theses.fr/2015PA020018.
Examining the example of multinational oil companies, this article tries to make clear the actual situation of the concept of corporate social responsibility, which from legal perspective belongs to soft law, and to draw a line between hard law and soft law, aiming to highlight the difference in functions of these two laws and to dispel unrealistic expectations of corporate social responsibility. Along these lines, this article firstly explores the context of corporate social responsibility, including its evolution, controversies around it, and the underpinning instruments that put it on a solid footing. These instruments represent a couple of common characteristics (diversity, flexibility, inclusion of pioneer values, etc.) that make them accepted by companies as commitment. Furthermore, both developed countries and some developing countries have seen a trend to strengthen national-level rules in this area. Secondly, three subjects, i.e., environment, human rights and anti-corruption, are selected and analyzed to show how hard law functions, its weaknesses in both developing countries and developed ones, and its effects on the actual performance of multinational oil companies, and also to explore what contribution the corporate social responsibility can make. Finally, the dynamics of corporate social responsibility is discussed. Some stakeholders, such as government, socially responsible investors, competitors and NGOs, have great potential to push multinational oil companies to adopt a socially responsible approach, while some other stakeholders, such as responsible consumers, remain a weak factor in the decision-making of these companies
Bohbot, Reine. "De l’accaparement des terres aux investissements agricoles internationaux responsables : la construction de l’acceptabilité sociale." Thèse, 2017. http://hdl.handle.net/1866/19277.
June 25, 2011, Kofi Annan, said « the problem of climate change, global food and nutrition security is the challenge of our time. » As forecasts estimate the world population will achieve nine billion in 2050, the question of how the world is to be fed is thrust into startling focus. In this context, the emerging phenomenon of international agricultural transactions is on the spot. While the World Bank encourages agribusiness in developing countries, social movements denounce "land grabbing", with a total area of land that changed hands, estimated between 48.9 and 63.1 million hectares. The agricultural world is in crisis, and the subject of land grabbing has become a must in the media. This interdisciplinary research is intended to be exploratory and aims at identifying how the construction of the social acceptability of the agricultural industry at international level could be started, based on the representations of the actors of what is “unacceptable”. Having identified the main issues of the agricultural world, the central question of the legitimacy of public decisions, that is to say decisions having a public scope, whether taken by private or public actors, will be addressed. Subsequently, a parallel will be drawn with the mining sector, which has been confronted for several years with the notion of "social risk", focusing in particular on hybrid regulatory instruments, which emerged in response to the crisis of legitimacy of the sector. The research will therefore concentrate on the process of homogenization of the judgment of social acceptability within the agricultural industry, analyzing the media coverage of the phenomenon, and reinforcing the analysis by semistructured interviews with different actors working in international NGOs, international organizations (such as the World Bank or the International Finance Corporation), a large multinational involved in mining, or responsible investment groups.
Bekkali, Saad-Eddine. "L'analyse de la performance financière des fonds mutuels socialement et environnementalement responsables américains." Mémoire, 2007. http://www.archipel.uqam.ca/3358/1/M9702.pdf.
Bennouna, Louridi Fayçal. "L'évaluation de la performance financière des fonds mutuels socialement et environnementalement responsables américains." Mémoire, 2008. http://www.archipel.uqam.ca/1638/1/M10632.pdf.
Marhfor, Ahmed. "Évaluation de la performance financière des fonds mutuels américains socialement et environnementalement responsables." Mémoire, 2006. http://www.archipel.uqam.ca/3186/1/M9488.pdf.
Ouenniche, Ahmed. "Une approche d'analyse de portefeuille pour assister les investisseurs socialement responsables à prendre leurs décisions." Mémoire, 2008. http://www.archipel.uqam.ca/842/1/M10302.pdf.
Bélanger, Philippe. "De la responsabilité morale des investisseurs institutionnels : le cas du Régime de retraite de l'Université de Montréal." Thèse, 2007. http://hdl.handle.net/1866/7530.
Ben, Matoug Khadija. "Dans les interstices du droit formel : responsabilité sociale des entreprises, soft law et gouvernance contractuelle de la chaine d’approvisionnement mondiale." Thesis, 2020. http://hdl.handle.net/1866/24444.
Destined, in essence, to regulate interstate relations, public international law seems closed to the idea of recognizing liability of transnational corporations. However, this imperviousness to recognizing legal responsibility per se of global economic powers has not prevented a soft evolution of the international order. Following several scandals related to violations of human rights, some in the context of global supply chains, civil society could no longer allow transnational companies to take advantage of the existing legal vacuum. As a result, a global regulation strongly influenced by the trend of corporate social responsibility (CSR) emerged from a normative muddle. This institutionalization of CSR is based on several instruments, including guiding principles on Business and Human Rights which occupy a central position in this regulatory trend. It is intended that these principles will apply as a uniform, global normative canvas. Therefore, they should guide actions of companies regardless of their geographic location. The implementation of this CSR global framework is possible due to substantial pressure exerted by non-governmental actors, such as civil society and the market. These actors seek to promote CSR and facilitate the transformation of this regulation. Particularly, private standards are playing an increasingly important role in the governance of global supply chains. By establishing CSR in contractual relations, this governance would mark the advent of new regulatory tools which seek to fill in the public law gaps.