En lien avec l’essor du développement durable et de la Responsabilité Sociale des Entreprises (RSE), les enjeux de durabilité sont devenus une tendance forte du secteur immobilier. Cette thèse examine l’immobilier durable et explore la valeur que diverses parties prenantes y associent. Chacun des cinq chapitres se concentre sur différents acteurs pour étudier leurs perceptions de l’immobilier durable et la manière dont elles façonnent leurs pratiques. Le premier chapitre questionne le concept de valeur associée aux bâtiments durables. Le second chapitre examine les stratégies de création de valeur liées à l’immobilier durable à l’échelle des foncières. Les troisième et quatrième chapitres portent respectivement sur la diffusion des certifications environnementales et leur valeur de marque pour les entreprises utilisatrices. Le cinquième chapitre explore l’impact des préoccupations croissantes liées au développement durable sur la gestion de long terme du stock de bâtiments existants. / 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.

Magister Legum - LLM

Cette thèse examine les relations, et particulièrement les interactions, entre la responsabilité sociale des entreprises et leur risque financier. Elle propose un schéma conceptuel de ces relations et 4 études empiriques. La première examine les relations entre la performance sociétale, mesurée par les scores Vigeo, et le risque financier de 544 entreprises de l'indice Stoxx Europe 600, de 2004-2011. Elle montre que les entreprises les plus performantes du point de vue sociétal ont un risque spécifique et total faible, et une volatilité du taux de rentabilité (Roa) moindre, notamment pour les ressources humaines. La relation est positive et fortement significative si l'on considère le bêta du titre et la dispersion des prévisions des analystes. La deuxième étude porte sur la réaction des marchés financiers européens à l'émission d'alertes sociétales. Elle analyse l'apport informationnel de ces alertes par rapport à l'annonce publique des évènements qui les ont déclenchées. L'analyse de 480 alertes émises par Vigeo de 2004 à 2011 montre que les investisseurs réagissent positivement à la première alerte pour une entreprise donnée. L'alerte réduit l'asymétrie d'information entre managers et investisseurs ; en limitant le risque d'estimation des investisseurs, elle diminue leur incertitude. Les alertes relatives à l'environnement constituent un cas particulier, dans la mesure où elles ont un impact négatif sur les cours. La troisième étude teste et valide la théorie du management du risque : en cas d'occurrence d'un risque RSE (référencé par Vigeo) les entreprises les plus performantes du point de vue sociétal enregistrent des rentabilités anormales moins importantes et leur volume anormal est plus faible. La quatrième étude examine l'interaction entre risque financier et engagement RSE. Elle dépasse l'échelle européenne en considérant 23 194 observations d'Asset4 au sujet de 3 787 entreprises dans 67 pays. Elle montre que de bonnes performances ESG réduisent significativement le risque financier, spécifique et total, ainsi que la volatilité du Roa, et que les performances ESG sont positivement associées au risque si l'on considère le bêta du titre et la dispersion des prévisions des analystes. Elle met en évidence un cercle vertueux entre performance ESG et risque financier. Les pratiques sociales et de gouvernance réduisent le plus fortement ce risque. Un faible risque financier incite l'entreprise à investir en priorité dans des mesures environnementales et de gouvernance, puis dans le social.Mots clés: Risque financier de l'entreprise, responsabilité sociale de l'entreprise (RSE), Risque RSE, performance sociétale, interaction. / 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.

Advancing technology has caused rapid and dramatic changes in the world of work. Labour law systems grounded in the industrial era, with their emphasis on collective bargaining, are not suitable in today’s world of work. Throughout the world, the ‘atypical employee’ is replacing the standard or typical employee whose terms and conditions of employment were generally regulated by collective agreements. Atypical employee’s terms and conditions of employment generally are not regulated by collective agreements. World– wide trends in the decentralisation of collective bargaining, decollectivisation and individualisation of the employment relationship have contributed to a decline in trade union power and influence. Consequently the number of workers covered by collective agreements has decreased. Collective bargaining has been rendered less effective because of the changing the world of work. The South African labour law system places a huge emphasis on collective bargaining, particularly at industry level, for the protection of employee interests. Given these trends in the changing world of work, the appropriateness of this emphasis on industry or central level collective bargaining is questioned. The vacuum left by the inadequacy and inability of trade unions to protect employee interests in a comprehensive manner by means of collective bargaining, needs to be addressed. The following alternative means of protecting employee interests are considered: (i) The socialisation of the law of contract; (ii) the interpretation given to the constitutional right to fair labour practices; and (iii) the role of good corporate governance and corporate social responsibility. These alternative means of addressing legitimate employee interests could play a role in filling the vacuum created by trade union decline. The South African law of contract is capable of bridging the gap between law and justice by the application of the concepts of good faith and public policy, so that employment contracts may take cognisance of employee interests despite the imbalance of power between employer and employee. The protection of worker interests by means of the constitutional right to fair labour practices depends on the judge’s interpretation of what is fair. Implementation of good corporate governance codes can be influential in protecting and promoting employee interests. / Thesis (LLD (Mercantile Law))--University of Pretoria, 2006. / Mercantile Law / unrestricted

Corporate Social Responsibility (CSR) is rapidly gathering momentum in the private, public and non-profit sectors over the last few years. First, the old business concept of placing profits and shareholders before principles is being replaced towards more accountability to shareholders and stakeholders. Second, running a business has become more public and a privilege dependent on the will of stakeholders. Third, it has become external where people affected by a firm’s decision have a voice in decision making. These reasons make CSR a strategic business imperative for sustainable growth of many firms. In CSR, paradoxically, there exists a lot of literature with an equal dearth of studies. Several streams of research and theory have been followed. One line of research has focused on the relationship between CSR and specific organizational field like financial performance or business ethics. Exploration of CSR as a comprehensive socio-economic cultural initiative remains limited. Another line of research has developed various conceptual and theoretical models, based on the debate which ranges between two extreme views, namely the classical(the business of business is business) and the socioeconomic(obligation to society for its existence). However, there is no empirical investigation on these differing(or dominant) views. A third line of CSR research is comparative studies, albeit limited and mostly based on web based, secondary data. Lastly, formal policy led collaboration between corporate and government remains largely unexplored. Specifically, in India, where CSR has the potential to usher in major social development, the focus it receives in development literature is distinctly low. This study recognizes these gaps and attempts a comparative study, taking an empirical approach, and furthermore, explores the larger area of CSR and public policy. The following objectives were defined: • Empirically investigate firms operating in India in order to understand their dominant(and differentiating) corporate social responsibility orientations. • To apply the Oliver E.Williamson’s (1985) framework of decision making (as illustrated by David Kreps) on corporate social responsibility. • To determine the nature of government policies and practices that will bring about more effective CSR by firms operating in India. These objectives were investigated through a questionnaire survey administered to the CEO/CSR head (decision maker) of those organizations which undertook CSR initiatives over a period of six months. The response rate was 17.7%. Analytical Hierarchy Process (AHP), Factor Analysis, Yate’s Chi-square test and Kruskal Wallis test were used to test the hypotheses and propositions developed. Investigations on overall CSR orientation (CSRO) of firms operating in India, through the Williamson’s framework, highlighted transaction cost economic as the dominant CSRO of firms operating in India. However these were variations according to country of origin. Significant differences in CSRO were also found according to ownership, size and nature of industry. However firms did not significantly differ on their social initiatives. To the extent that strategic concerns are important, the strategic choice of corporate social initiative was governed by considerations of the local institutional environment, and not their social orientation. Investigations on government policies for effective CSR practices highlighted corporate desire for a facilitative government approach(versus collaborative or regulatory). Firms wanted government facilitation in stakeholder management, publicity and endorsement, framing formal rules for community welfare and social disclosure. These results have implications for the industry as well as national development. Conclusions and implications of these results are discussed, and conceptual and methodological avenues for further research are illustrated.

The Master 's thesis deals with the implementation of corporate social responsibility (CSR) in the supply chain. The theoretical part of this work demonstrates the importance of socially responsible behavior by the firm itself and its suppliers. It explains principles, development and benefits of this concept, as well as relevant standards and other approaches of national and international organizations. The practical part is focused on Metrostav a.s. The results of the analysis of the existing system of work with suppliers in comparison with the requirements of the standard SA 8000 revealed several recommendations for improving procedures to selection, evaluation, monitoring and management of suppliers in the investigated company. At the conclusion of the work designed system is verified in practice.

The Master´s Thesis is focused on reporting of Corporate Social Responsibility. The purpose of this thesis is create CSR report for company PATRIA Kobylí, a.s. Theoretical part is dedicated to formation, development and current forms CSR, including advantages and disadvantages CSR. Besides three pillars are mentioned, which are basis for the concept CSR. A part of thesis is focused on CSR reporting, its benefits and trends. Further, applicable standards this concept are introduced. The attention is put on GRI standard and reporting frame G4. Content of practical part are analysis and evaluation current activities in company PATRIA Kobylí, a.s. and create CSR report for this company. The latest version GRI standard G4 was used for create this report.

The Master's thesis deals with the analysis of performance requirements of the standard GRI (Global Reporting Initiative) in selected companies. Standard GRI is considered as an internationally recognized tool for creating reports on corporate social responsibility (CSR). The theoretical part is initially focused on the characteristics of the concept of corporate social responsibility and the included areas, afterwards it describes variety of options how to assess CSR activities. The largest space is devoted to the GRI standard and its most current version of guidelines for reporting G3.1. These guidelines are the background for analysis and evaluation of CSR reports. The result of the analysis is to find shortages and to summarize important steps which should be a guide for companies how to approach to the reporting in better and more efficient way.

La présentation des exigences de profitabilité, de responsabilité sociale et de leur articulation dans les discours des dirigeants : le cas Carrefour. Notre recherche a pour objet d'analyser comment les dirigeants –au nom de leur entreprise- présentent et articulent, dans leurs discours, les deux exigences majeures du capitalisme d'aujourd'hui : celle de maximisation de la valeur pour l'actionnaire et celle de Responsabilité Sociale des Entreprises (RSE). La première, portée par les investisseurs institutionnels dans le cadre d'un « capitalisme financier », s'est constituée à l'adresse des entreprises cotées et de leurs dirigeants, et semble s'imposer au modèle français de gouvernement d'entreprise. La seconde, l'exigence de RSE -portée par les acteurs de la société civile- pousse les entreprises et leurs dirigeants à se préoccuper des dimensions sociales et environnementales de leur activité. Dans cette perspective, une étude empirique longitudinale a été menée sur les messages des Rapports Annuels et des Rapports de Développement Durable du Groupe Carrefour sur la période 1993-2007. Elle a permis d'observer une domination de plus en plus totale des critères du capitalisme financier sur les discours des dirigeants et de renforcer les thèses de la concomitance de l'émergence du discours de la maximisation de la valeur pour l'actionnaire et de la RSE et de la faible articulation des deux discours. / The presentation of requirements of profitability, social responsibility and their articulation in the CEO letters: Carrefour group case. Our research aims to analyze how leaders -in the name of their company- present and articulate, in their speeches, the two major requirements of today's capitalism: On the one hand, the requirement of maximizing shareholder value -driven by institutional investors through a "financial capitalism"- to public companies and their leaders seem to win the French model of corporate governance. On the other hand, the requirement for Corporate Social Responsibility (CSR) -originated by the actors of civil society- is forcing companies and their leaders to be concerned about social and environmental dimensions. In this perspective, an empirical study was conducted on the messages of the Annual and Sustainability Reports of Carrefour Group over the period 1993-2007. It was possible to observe a progressive domination of the criteria of financial capitalism in the speeches of CEOs and strengthen the arguments of the concomitance of the emergence of the discourse of maximizing shareholder value and CSR and the poor articulation of two discourses

The aim of this case study was to explain how voluntary climate initiatives are communicated to employees, and the role of employee involvement as an antecedent for more strategic environmental sustainability work. More specifically, the project explored enabling factors for stakeholder involvement from a Corporate Social Responsibility (CSR) communication perspective. A flexible research design was structured through qualitative methods and an inductive approach. Semi-structured interviews and corporate sustainability documents from two knowledge-intensive IT businesses were analyzed to understand the internal CSR landscape related to voluntary climate initiatives, like carbon offsetting actions and reduce-reuse-recycle efforts. The theoretical framework used concepts from CSR communication, environmental marketing and stakeholder management. Case study findings indicate that voluntary carbon offsetting initiatives may have a notable impact on building a more distinct company-wide climate change agenda. Furthermore, the study confirmed that employees are important drivers in environmental initiatives and may act as informal sustainability ambassadors by supporting the organizational climate impact work internally (and later externally) – by building credibility from the inside-out.