This thesis attempts to formally connect the fields of sustainability and responsibility. It considers first the larger context of business sustainability and responsible leadership, and evaluates the value and need for a common transformative space for these fields and what such a space might look like. As such, the thesis investigates the relation between sustainability and responsibility from an organizational and personal development perspective. This developmental perspective emerges from research in the domain of business education and the role of business schools in terms of educating responsible leaders for a sustainable world. The research suggests a concrete approach, the ‘Collaboratory’ for such a common space of transformation and critically evaluates its effectiveness to develop responsible leaders. The key contribution of this thesis lies in the interconnection of two fast evolving fields of research: the development of responsible leadership and business sustainability, providing a model for practitioners and scholars to reflect on and debate the larger forces and dynamics at play. Most research to date has focused on considering personal and organizational transformation separately. On the one hand, research scholars have studied effective learning environments to enable responsible leadership, and on the other hand, we have studied if and how organizations can advance from their current mode of operations to become “truly sustainable”. The thesis contributes a model to describe the interdependency of these two, and proposes the ‘Collaboratory’ as a means to realize this interdependency in practice. Chapter 1 is a new article theorizing the whole argument; subsequent chapters are previously published articles in these inter-connected fields and addressing methods and approaches to connect personal and organization development, drawing from a body of literature that considers the human spirit in large social change; and using the ‘Collaboratory’ as an illustrative and timely example for such methods.

ESG (Environmental, social, and governance) investing is an investment philosophy to inform holistic and sound decision-making of investors for the purposes of both, nourishing a stable economy with acceptable rates of return while at the same time addressing stakeholders' non-financial concerns to preserve an inhabitable planet. Some scholars in finance argue that institutions subject to norms, i.e. responsible investors pay a financial cost from engaging in ESG activities. Moreover, they see ESG investing as distracting, inappropriate, risky and legally challenging. In response, several studies have emerged to show that ESG investing is a growing interest with investors, helps to mitigate financial risks, and does not need to represent a financial cost. Despite convincing evidence in a growing body of academic literature, many questions are still open to debate. Therefore, the principal objective of this thesis is to explore three dimensions of ESG investing, namely corporate environmental responsibility, renewable energy, and ESG disclosure quality. The research questions address issues relating to pension funds' investment decisions and legal obstacles resulting from utilising ESG information, financial return and risk implications of investing in renewable energy, substitutability of renewable energy for fossil fuel investments, and the effects of ESG disclosure quality on the expected cost of capital. To answer these questions, the thesis employs several standard and alternative empirical methods from the asset pricing and risk literatures. The thesis concludes the following. First, the integration of environmental responsibility into pension fund investment decision-making processes does not impede the financial and risk performance of pension funds. This means that pension funds should be allowed to consider such information in their investment decision making processes as the information does not reduce the overall financial return of the tested portfolios and does not violate trust law, i.e. the Employee Retirement Income Security Act (ERISA). Pension fund trustees have been prohibited to consider any non-financial criteria such as environmental, social, or governance criteria in their investment processes under trust law such as ERISA, when they could harm the finanical performance of the portfolio. To be more specific, a pension fund trustee breaches his fiduciary duties (the duty of loyalty and the duty of prudence), if he sacrifices the financial well-being of the pension fund for pursuing any other social goal (Langbein and Posner, 1980). In particular, the duty of loyalty is "... forbidding the trustee to invest for any object other than the highest return consistent with the preferred level of portfolio risk" (Langbein and Posner, 1980:98). Second, the thesis finds no evidence for sustained renewable energy equity premia. Furthermore, investments in renewable energy equity are considerably riskier than in fossil fuel energy equity, meaning that renewable energy firms are undergoing a period of high uncertainties related to their business model, low carbon prices, and lacking public and private infrastructure investment (Bohl et al., 2013; Kumar et al., 2012; Sadorsky, 2012b ). Finally, my thesis shows that companies with high ESG disclosure quality experience lower expected cost of equity and cost of debt financing, everything else equal.

Jacquet, d’aucy, Béghin-Say ou Labeyrie… ces marques font partie du quotidien des consommateurs français sans pour autant qu’ils sachent, dans leur grande majorité, qu’elles sont détenues par des coopératives agricoles. Si ces marques communiquaient leur statut coopératif, ceci constituerait-il une valeur ajoutée pour les consommateurs ? Ce travail doctoral s’intéresse au rôle joué par la représentation sociale des consommateurs au sujet du mode de gouvernance de l’entreprise productrice dans le cadre de l’évaluation des produits. Cette problématique de recherche est abordée selon trois questions de recherche. La première s’intéresse au contenu et à la structure de la représentation sociale des consommateurs français au sujet des coopératives. La seconde question étudie l’influence de cette représentation sociale sur la catégorisation et l’évaluation des offres coopératives, en considérant le rôle médiateur du niveau de congruence de l’offre avec cette représentation. La troisième aborde l’effet d’une mention et des arguments coopératifs sur les attitudes et intentions de comportement des consommateurs. Elle traite en particulier le niveau de congruence et de centralité des arguments par rapport à la représentation considérée. La représentation sociale des coopératives et son influence sont ainsi étudiées et discutées au moyen de sept études selon une approche multi-méthode. D’un point de vue théorique, cette recherche souligne, que la représentation sociale des coopératives fait écho aux préoccupations CSR des consommateurs ce qui explique l’effet bénéfique d’un label ou d’une mention sur ce statut. D’un point de vue méthodologique, cette recherche mobilise des méthodes d’investigations originales (méthodes hybrides et implicites) en complément des méthodes traditionnellement utilisées en marketing. D’un point de vue managérial, ce travail apporte des réponses aux managers et aux institutionnels qui s’interrogent sur le recours à une mention coopérative et les aiguille dans le choix d’arguments de communication efficaces pour accompagner cet affichage. / Jacquet, d’aucy, Béghin-Say or Labeyrie... What do these brands have in common? These brands are part of the everyday life of French consumers, though not many actually know they are owned by agricultural cooperatives. If these brands communicated their cooperative status on the market, would this be considered by consumers to be an added value? This doctoral dissertation focuses on the role played by consumers’ social representation in relation to the producer’s governance mode, as part of the product evaluation. This work aims to answer this central research question according to three sub-questions. The first one focuses on the content and structure of the social representation of French consumers regarding cooperatives. The second question analyzes the influence of this social representation on the categorization and evaluation of cooperatives’ offerings, taking into account the mediating role of the level of congruence between the offer and this social representation. The third question addresses the effect of cooperative labelling and arguments on the attitudes and behavioral intentions of consumers. In particular, this sub-question evaluates the levels of congruence and centrality of the arguments with the considered social representation. Therefore, the social representation of cooperatives and its influence are studied and discussed in seven studies, though a multi-method approach. From a theoretical point of view, this research highlights that the social representation of cooperatives echoes consumers’ CSR concerns; this explains the beneficial effect of a label or a mention on this governance status. From a methodological point of view, this research uses original methods (hybrid and implicit methods) in addition to those that are traditionally used in marketing. From a managerial point of view, this work provides managers and institutional entities with answers on the potential of a cooperative mention and helps them choose arguments that will lead to effective marketing communications.

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.

Cette thèse évalue la performance financière de l'investissement socialement responsable (ISR). Dans le but de surmonter le manque de consensus sur le thème de recherche, nous proposons d'aborder la question sous l'angle de la généralisation à travers une approche méta-analytique ayant pour objectif de démontrer un lien de cause à effet entre ISR et performance financière (ou boursière). A travers l'étude d'un corpus empirique d'observation incluant 75 études (161 expérimentations) sur la période 1972-2009 sélectionnées sur la base de notre propre typologie définitionnelle de l'ISR, nous articulons notre recherche autour de deux études : exploratoire et approche méta-analytique.L'étude exploratoire fournit ainsi, via l'utilisation de tests non paramétriques (Chi-deux) et de l'analyse de données (analyse factorielle des correspondances simple et multiple, classification ascendante hiérarchique), des typologies d'effet ISR sur la performance financière regroupant natures d'impact ISR sur la performance (positif, négatif ou neutre) et modalités de variables méthodologiques (marché ISR, méthode de comparaison de données, mesure de la performance financière…). L'approche méta-analytique (la première dans le champ de recherche) explore la relation entre ISR et performance financière sur un corpus réduit (61 études / 123 expérimentations). Les résultats observés tendent à prouver que l'éthique n'a pas de coût financier et génère des rentabilités similaires (voire légèrement supérieure) à celle de l'investissement conventionnel. Nous observons également que les choix empiriques effectués par les auteurs influencent considérablement la nature de la performance financière de l'ISR. / 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.

LL.M. (International Law) / Please refer to full text to view abstract.

Submitted by Nadir Basilio (nadirsb@uninove.br) on 2016-06-21T18:22:25Z No. of bitstreams: 1 Thiago Chiorino Costa.pdf: 1489309 bytes, checksum: 9ee4e4c2c88d14a0ad4d485f65360126 (MD5) / Made available in DSpace on 2016-06-21T18:22:25Z (GMT). No. of bitstreams: 1 Thiago Chiorino Costa.pdf: 1489309 bytes, checksum: 9ee4e4c2c88d14a0ad4d485f65360126 (MD5) Previous issue date: 2015-12-16 / This study aims to investigate the relationship of personality traits with individuals’ environmentally responsible attitudes. Was investigated altruistic and materialistic characteristics to see if, in fact, such characteristics can explain attitudes that generate lower impact on the environment. Also, was considered, once it is a behavioral research, the bias caused by social desirability, or, in other words, the fact that individuals express their opinions or attitudes according the expected behavior of society, and not according to their reality. To achieve the objectives of this study, scales were used to measure the constructs involved and used the structural equation modeling as a method of analysis. The sample consisted of 339 individuals responsible for their personal or family purchases. It is concluded that the altruistic and materialistic characteristics of individuals explain, in part, their attitudes and how these can be supported by environmental considerations or motivations. It was found that altruism is directly and positively related to environmentally responsible attiudes, while materialism is directly, but negatively related to environmentally responsible attitudes. This study, as well as contributing to the theories related to consumer behavior and the study of sustainability, specifically with regard to environmentally responsible consumption habits, also includes contributions to the business practice. Companies must better understand their customers and their behavior so as to adapt or create new products or businesses to better satisfy them and also minimize the impact on the environment caused in the consumption and post-consumption stages of their products. / O presente trabalho tem como objetivo investigar as relações dos traços de personalidade com as atitudes ambientalmente responsáveis dos indivíduos. Investigou-se características altruístas e materialistas para constatar se tais características de fato podem explicar atitudes que levem em consideração a geração de menor impacto ao meio ambiente. Também considerou-se, por tratar-se de uma pesquisa comportamental, o viés ocasionado pela desejabilidade social, ou seja, pelo fato de os indivíduos expressarem suas opiniões ou atitudes de acordo o comportamento esperado da sociedade, e não de acordo com a sua realidade. Para alcançar os objetivos deste estudo, foram utilizadas escalas para mensuração dos construtos envolvidos e, como método de análise, utilizou-se a Modelagem de Equações Estruturais. A amostra foi composta por 339 indivíduos, responsáveis por suas compras pessoais e/ou de suas famílias. Conclui-se que as características altruístas e materialistas dos indivíduos explicam, em partes, as suas atitudes e como estas podem estar sustentadas por preocupações ou motivações ambientais. Constatou-se que o altruísmo está direta e positivamente relacionado com atitudes ambientalmente responsáveis, enquanto o materialismo está direta, porém, negativamente relacionado com atitudes ambientalmente responsáveis. Tal estudo, além de contribuir com as teorias relacionadas ao comportamento do consumidor e ao estudo da sustentabilidade, mais especificamente no que diz respeito aos hábitos de consumo ambientalmente responsáveis, também traz contribuições para a prática empresarial. As empresas devem entender melhor seus consumidores e seus respectivos comportamentos para assim adaptar ou criar novos produtos ou negócios para melhor satisfazê-los e, ainda, minimizar os impactos no meio ambiente ocasionados nas etapas de consumo e pós-consumo de seus produtos.

Artificial intelligence (AI) technologies are developing rapidly and cause radical changes in organizations, companies, society, and individual levels. Managers are facing new challenges that they might not be prepared for. In this work, we seek to explore managerial challenges experienced while implementing and using AI technologies from the researchers’ perspective. Moreover, we explore how appropriate ethical deliberations should be applied when using big data concerning AI and the meaning of understanding or defining it. We describe qualitative research, the triangulation that includes related literature, in-depth interviews with researchers working on related topics from various fields, and a focus group discussion. Our findings show that AI algorithms are not universal, objective, or neutral and therefore researchers believe, it requires managers to have a solid understanding of the complexity of AI technologies and the nature of big data. Those are necessary to develop sufficient purchase capabilities and apply appropriate ethical considerations. Based on our results, we believe researchers are aware that those issues should be handled, but so far have too little attention. Therefore, we suggest further discussion and encourage research in this field.