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Corporate Responsibility Determinants and Consequences on Socially Responsible Investment. Evidence from the European Market PRINT
Auteur(s) : C. GAINET
Thése de l'université Paris I Panthéon Sorbonne : 21/09/2010 - IAE de Paris, 10h , salle du 7?me
Sous la direction de : CABY Jérôme
Jury : Bruno Amann, Jérôme Caby , Patrice Laroche, Juan Pineiro Chousa, David Thesmar, David Vogel
Résumé / Abstract :

Over the past two decades the phenomenon of corporate responsibility (CR) and socially responsible investment (SRI) has increasingly become a topic of interest for academics and participants in the marketplace. Despite this interest, there is little knowledge about the variables that determine CR and only a scantily developed theoretical basis for understanding SRI. Drawing on the literature on financial theory, international management and business ethics, this dissertation develops and empirically tests hypotheses about the determinants of corporate responsibility and the financial impact of corporate responsibility on socially responsible investment. Hence, this research comes within the scope of both European Corporate Social Responsibility studies and international Socially Responsible Investment studies, corporate responsibility being estimated by environmental and social responsibility, respectively, and collected from the Innovest databases.
The first empirical research investigates the influence of European legal systems as well as financial structure and performance on CR. Hypotheses are developed based on an integrative framework relating to legal systems and financial structure, and tested on up to 631 companies from 16 countries over a period of up to six years (from 2002 to 2007). The findings suggest that both legal systems and financial structure influence CR.
The second research is conducted within the shareholder wealth maximization paradigm and the Efficient Market Hypothesis (EMH). It focuses on the European market with the objective of analyzing the efficiency of socially responsible investments.Based on a sample of up to 859 European companies drawn from the Innovest databases, I test, principally, whether portfolios consisting of environmentally (socially) high-rated companies perform differently from their counterpart, and correlatively whether environmentally (socially) high- rated companies have a different cost of capital than environmentally (socially) low- rated companies, over a period of up to ten years (from 1998 to 2007).

Mots-clés / Keywords :  Corporate Responsibility; Socially Responsible Investment; European Perspective; Corporate Financial Theory; Market Financial Theory; Shareholder wealth creation; Firm cost of Capital; Variety of Capitalism; Institutionalism; Regulation Theory; Longitudinal Analysis

Citer cette référence :
C. GAINET (2010), "Corporate Responsibility Determinants and Consequences on Socially Responsible Investment. Evidence from the European Market", Thèse de doctorat de l'Université Paris 1 Panthéon Sorbonne, France