L'investissement socialement responsable: des épargnants particuliers aux investisseurs institutionnels de long terme

Abstract : Socially responsible investment (SRI) is gaining ground, partly because of the rise of sustainable development issues and the effects of recent financial crises, which questioned the dominant behaviours in financial management. The thesis analyses two very different types of investors: individuals and long-term institutional investors. For retail investors, the dissertation observes the SRI funds market and suggests a framework to understand its inefficiency and possible solutions. The complexity factors of this market are analysed, as well as the possible role of certification schemes in improving its efficiency, and the criteria these schemes must meet. The resulting assessment grid can be extended to any market with environmental or social characteristics. The thesis proceeds to study the interactions between several certification schemes present on the same market. Based on their strategic objectives of profit or welfare maximization, different scenarios are proposed and used to observe the evolutions witnessed on several markets with multiple certification schemes, such as fair-trade or organic products. This framework is then used to understand the interactions between SRI labelling schemes and suggest possible evolutions. Finally, the thesis studies the links between long-term and responsible investing, specifically the position of long-term investors on SRI issues. A survey of Long-Term Investors' Club (LTIC) members shows that, beyond the collective positions displayed by the Club, a harmonisation of their individual perceptions and practices is necessary to allow them to weigh in on existing debates.
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Samer Hobeika. L'investissement socialement responsable: des épargnants particuliers aux investisseurs institutionnels de long terme. Economies et finances. Ecole Polytechnique X, 2011. Français. ⟨pastel-00680255⟩

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