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Investments --- Corporate social investment --- Ethical investments --- Investments, Ethical --- Investments, Socially responsible --- Social investing --- Socially responsible investments --- Moral and ethical aspects

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174 --- 336.76 --- Beroepsethiek. Deontologie --- Geldmarkt. Kapitaalmarkt --- Investments --- Corporate social investment --- Ethical investments --- Investments, Ethical --- Investments, Socially responsible --- Social investing --- Socially responsible investments --- Moral and ethical aspects

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The financial performance of socially responsible investment (SRI) or environmental, social and governance (ESG) products is a topical financial issue which has been discussed in many papers. Surveys indicate either an outperformance or an underperformance and in many cases no difference at all compared to conventional investments. However most of the time these surveys are only studying one variable at a time. They study either the effect and financial performance of a rejection or selection of companies or investment funds according to a criterion which may be a high or low ESG score or the practice of low or very sustainable activities for instance. The aim of this thesis is to study individual and financial effects of various portfolio strategies composed of a combination of different levels of separately E, S and G ratings in both Europe and the USA.

Prior to the allocation into portfolios regional samples are divided into samples with high governance scores (G+) and low governance scores (G-). This choice was made since corporate governance is a key indicator for the good health of a company. Moreover it is the guarantee of the inclusion of other sustainability issues such as social and environmental challenges and consequently the E and S scores. The construction of portfolios is based on a ESG segmentation of samples in three equal parts for each individual pillar. The high portfolio is composed of the top 33% companies in E and S ratings. The medium portfolio is made of the next 33% companies in these ratings. The low portfolio is built with the last 33% companies regarding these scores. Regression outcomes (alphas) can be optimised, on the one hand, by considering additional information such as currency conversion of factors to avoid exchange rate bias for the European sample, and on the other hand by the addition of industry factors into the Fama-French multi-factor model to avoid industry bias.

Findings suggest that strategies designed with multiple ESG screens, the first screen for G then simultaneous screens with E and S, yield positive alpha even though results are not always statistically significant. Higher ESG scores seem to be more valuable and correlated to financial performance for European strategies while it is the opposite with American strategies which benefit more from lower scores. Nevertheless results vary across samples and strategies but the majority of them seem to indicate that multiple ESG screens lead to positive performance.

ESG portfolios, --- Socially responsible investment --- Multi-factor models --- Sciences économiques & de gestion > Finance

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The objective of this paper is to determine whether the supply of sustainable investments meets the demand in terms of product quantity and investor preference. Indeed, this kind of investment keeps growing increasingly.
In the first part of this master thesis, we start by giving a definition and identifying the origins of the concept of Socially Responsible Investment (SRI). Then, we made an analysis of the entire market, including the evolution of the offer, the market distribution and the motivations and obstacles to SRI. Afterwards, we talked about some of the points that we thought were important in the European Union's action plan. Indeed, some actions will have a greater impact on SRI supply and demand than others. After that, we proceeded to a definition of the different sustainable strategies. And we ended this part by discussing financial performance and the supply and demand for SRI.
In the second part of this paper, we conducted two surveys in order to answer the question raised above. The first survey concerned the demand for SRI and was therefore conducted among investors residing in the Grand Duchy of Luxembourg. Secondly, different from Luxembourg such as banks and asset management companies responded to our second survey on SRI offerings. Thanks to this, we were able to analyze the SRI market in Luxembourg and compare our results with the SRI market from EU that we described in our first part.
Finally, after writing this thesis, we can conclude that there is sufficient supply in terms of quantity but that investor preferences are not sufficiently assessed by financial advisors. Indeed, very few investors are aware of the concept of sustainable investment, but this will change thanks to the EU action plan. One of the aims of the Action Plan will be to oblige advisors to integrate sustainable aspects into the investor profile. Financial advisors will therefore be obliged to include sustainability in discussions with their clients.

SRI --- Sustainable Investment --- ESG criteria --- EU Action Plan --- Sustainable Finance --- Socially Responsible Investment --- Sciences économiques & de gestion > Finance

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Many researchers have devoted their writings to explaining why and how managers integrate CSR into their strategy while taking into account the expectations of their stakeholders. However, many companies have not incorporate deliberately CSR into their strategy but do it unknowingly. Therefore, there is a strong lack of publications in the scientific literature dedicated to socially responsible practices created and carried out within the organization by its stakeholders.

The aim of this research is to understand how socially responsible practices emerge within an organization from a bottom-up manner. Moreover, this research also aims to help identifying the "success factors" of a spreading CSR approach and will allow to consider the integration of bottom-up with top-down practices in order to improve the CSR approach of the organization.

This thesis is mainly based on the qualitative analysis of the case of the Centre Hospitalier Régional de la Citadelle. This organization is in-depth explored by the study of three projects, named Soli-Cita, intercultural mediation and Les Mamys and Papys Câlins. These socially responsible projects were set up at the hospital by its stakeholders. 

In the analysis of this case, culture, values ​​and corporate image appear to be predominant internal factors, while external pressures and the existence of similar projects are external factors influencing the emergence of CSR practices. In order to convince the organization, the entrepreneur must develop a vision, mobilize human, financial resources while facing impediments. Finally, given the lack of available resources, the initiator of change develops innovative practices by doing entrepreneurial bricolage. 

The conclusion of this thesis bring to light that socially responsible projects emerge in the organizations firstly thanks to the desire of some actors willing to give meaning to their professional life. The organizational framework is also influential since the structure must give the opportunity for the actors to take initiatives.

actor of change --- bottom-up approach --- CSR --- innovation --- organizational change --- socially responsible practices --- Sciences économiques & de gestion > Gestion de l'entreprise & théorie des organisations