Made available in DSpace on 2016-06-02T19:24:47Z (GMT). No. of bitstreams: 1 3302.pdf: 2414321 bytes, checksum: 36b084be0141c31869c52c6e1583fdbe (MD5) Previous issue date: 2010-10-08 / Financiadora de Estudos e Projetos / The launch of the Brazilian Corporate Sustainability Index in Sao Paulo s Stock Market, analyzed through an economic approach, can be reduced to a new financial tool which measures the profitability of Sustainable listed companies. However, through a sociological approach, the launch of this index is equivalent to the creation of the Brazilian Socially Responsible Investment Market. The creation of this market demonstrates the emergence of new polarizations in the Economic Field, particularly in the Financial Field. These new polarizations indicate a change in the Financial Field, which presents a new way of thinking the Financial Market based on taking account of social, environmental and financial criteria. This change emerges from an elite convergence which challenges the limits of the Financial Field, at the same time trying to reinvent the Financial Market through a proposal of a Sustainable Capitalism. This thesis indicates that it s possible to understand the creation of Socially Responsible Investment Market by studying the actors and institutions that participate in the Corporate Sustainability Index s Committee. As a result, this study emphasizes the urge of developing a Sociology of Indexes. At last, this thesis concludes that the Sustainability insertion in the Financial Field is legitimated by a group acting in the financial area, which converges with the Corporate Social Responsibility s and The Environmental Movement s elite, in an attempt to turn the table of mainstream finance. However, this mainstream turn does not push towards the ending of financial market, but it s strengthening instead. / A criação do Índice de Sustentabilidade Empresarial na Bolsa de Valores do Estado de São Paulo consistiu, pelo viés econômico, em mais um indicador de rentabilidade das empresas sustentáveis listadas na bolsa. Pelo viés sociológico, a criação deste índice equivale à criação do mercado do Investimento Socialmente Responsável no Brasil. A criação deste mercado evidencia o surgimento de novas polarizações no mundo econômico e, em particular, no mundo financeiro. Estas novas polarizações evidenciam portanto uma mudança no habitus financeiro apresentando uma nova forma de pensar o mundo das finanças a partir da tríade economia, meio-ambiente e sociedade. Essa mudança só é possível a partir da convergência de diferentes frações de elites as quais colocam em xeque a autonomia do campo financeiro ao mesmo tempo em que procuram reinventá-lo a partir da proposta de um capitalismo sustentável. Deste modo, esta tese demonstra que é possível compreender a construção do Mercado de Investimento Socialmente Responsável no Brasil a partir do Estudo sociológico dos atores e das instituições que compõem o Conselho do Índice de Sustentabilidade Empresarial apontando a necessidade de se desenvolver no Brasil uma sociologia dos índices. Assim, esta tese conclui que a inserção da Sustentabilidade no mercado financeiro se legitima a partir de um grupo atuante na esfera das finanças, o qual converge com atores ligados à Responsabilidade Social Empresarial e ao Movimento Ambiental, na tentativa de inverter o jogo dominado por financistas mainstream. No entanto, esta tentativa de virar o jogo não pressupõe o fim do mercado financeiro, mas sim o seu fortalecimento e conseqüente reprodução no campo global do poder.

Dans la théorie financière classique, les marchés sont supposés efficients et lesinvestisseurs sont réputés rationnels. Ils sélectionnent leurs portefeuilles sur la base deparamètres financiers définis, en fonction de leur propre aversion au risque. Avec ledéveloppement de l’Investissement Socialement Responsable (ISR) dans le milieu des années90, un vaste champ de recherche s’ouvre en sélection de portefeuilles. En effet, lesinvestisseurs intègrent des éléments extra-financiers dans leur stratégie de gestion de portefeuille, en rupture avec la théorie financière classique.Ainsi, le développement de ce nouveau type d’investissement a enthousiasmé lacommunauté scientifique et les publications académiques se sont multipliées. Cependant ces recherches se sont concentrées sur les performances des ISR des grandes places financières occidentales, avec des résultats divergents. L'objectif de cette thèse est d’approfondir l'analyse du comportement financier des fonds et indices SR issus de trois marchés émergents – Afrique du Sud, Brésil et Inde – compte tenu des risques spécifiques de ces places financières et de ces fonds, et d’apprécier leur intérêt en termes de diversification internationale des portefeuilles.Notre thèse se compose de quatre chapitres indépendants, qui suivent une certainelogique d’écriture et de composition afin de répondre au mieux à nos questions de recherche. Les deux premiers chapitres introduisent l’objet et le champ de cette étude. Ils présentent un intérêt essentiellement théorique pour conceptualiser l’objet de la recherche et contextualiser son champ d’application.Les deux derniers chapitres sont consacrés aux analyses empiriques. Les ISR y sontanalysés comme objets de performances financières pures, mais aussi comme vecteurs de diversification de portefeuille ce qui, à notre connaissance, est encore relativement absent des publications académiques. D’autre part, deux échelles de temps et d’espace ont été croisées en scindant la recherche selon les différentes phases de la crise financière de 2008, et en analysant les performances en dimensions locales et internationales. Sur le champ théorique, cette étude apporte de nouveaux éléments concernant la compréhension des ISR dans une logique interculturelle, en questionnant la perception del’éthique, les stratégies financières qui en résultent, et leurs impacts économiques. Lesrésultats empiriques ont démontré l’intérêt financier des ISR dans ces trois marchés en termesde performances et de diversification de portefeuilles, d’un point de vue domestique etinternational. / According to traditional financial theory, markets are deemed efficient and investors rational. They base the choice of their portfolios on well-defined financial parameters, following their own risk aversion. With the development of socially responsible investments (SRIs) in the middle of the 90s, a vast domain of research became available when selectingone’s portfolio. Indeed, investors integrate new elements which are out of the financial scope to their strategy of portfolio management, thus diverging from the traditional financial theory. The birth and development of this new type of investments has triggered the scientific community’s enthusiasm with more and more academic publications being written on the matter. Research has mostly tackled SRIs related to the main western marketplaces withdiverging results. The objective of this thesis is to deepen the analysis of the financial behavior of these funds and socially responsible indicators from three emerging markets – South-Africa, Brazil and India – while taking into consideration the risks specific to thesemarketplaces and funds, and to appreciate their interest in terms of internationaldiversification of portfolios.This thesis is divided into four independent sections which follow a certain logic in writing and composition in order to answer our questions in the best way possible. The two first sections will introduce the subject and domain of this research. They will mostly deal with the theoretical aspect in order to conceptualize the research’s subject and put it into context. The two following sections will focus on empirical analysis. SRIs will be analyzed as pure financial performances, but also as vectors of diversification for portfolios which is, to our knowledge, relatively absent from academic publications. Moreover, two scales were used for space and time, dividing the research according to the different phases of the 2008financial crisis and by analyzing performances following local and international dimensions. On the theoretical aspect, this study brings new elements concerning the comprehension of SRIs in a cross-cultural context, by questioning ethical perception, resulting financial strategies, and their economic impact. The empirical results have shown the financial interest for SRIs in these three markets in terms of performance and diversification of portfolios, from both a domestic and an international point of view. / Na teoria financeira clássica, os mercados são supostamente eficientes e osinvestidores supostamente racionais. Esses últimos selecionam suas carteiras de açõesbaseando-se em parâmetros financeiros definidos em função do seu sentimento de aversão aorisco. Com o desenvolvimento do Investimento Socialmente Responsável (ISR), meados dosanos 90, abriu-se um vasto campo de pesquisa em seleção de carteiras de ações. De fato, osinvestidores integram dados extra-financeiros na elaboração de suas estratégias de gestão dascarteiras de ações, rompendo, assim, com a teoria financeira clássica. O desenvolvimento desse novo tipo de investimento entusiasmou a comunidadecientífica e multiplicaram-se as publicações acadêmicas. As pesquisas concentraram-se nasperformances dos ISR nos grandes mercados financeiros ocidentais, obtendo-se entretantoresultados divergentes. O objetivo dessa tese é aprofundar a análise do comportamentofinanceiro dos fundos e índices SR nos mercados emergentes – África do Sul, Brasil e Índia –levando em conta seus riscos específicos e apreciar o seu interesse no que concerne adiversificação internacional das carteiras de ações.Nossa tese compõe-se de quatro capítulos independentes seguindo uma lógica deredação e composição afim de responder da melhor forma possível as questões da pesquisa.Os dois primeiros capítulos introduzem o objeto do campo de pesquisa. Eles apresentam uminteresse essencialmente teórico para conceituar o objeto da pesquisa e contextualizar o seucampo de aplicação. Os dois últimos capítulos são consagrados as análises empíricas. Os ISR sãoanalisados como objetos de performances financeiras puras e também como vetores dediversificação das carteiras de ações, o que, a nosso conhecimento, ainda é relativamenteausente das publicações acadêmicas. Por outro lado, duas escalas de tempo e espaço foramcruzadas dividindo a pesquisa segundo as diferentes fases da crise financeira de 2008 eanalisando as performances a nível local e internacional.No campo teórico esse estudo traz novos elementos para a compreensão dos ISRdentro de uma visão intercultural, questionando a percepção da ética, as estratégiasfinanceiras resultantes e seus impactos econômicos. Os resultados das análises empíricasdemonstraram o interesse financeiro dos ISR nos três mercados em termos de performances ede diversificação tanto no nível nacional que internacional.

This thesis aims at determining the theoretical and empirical consequences of the consideration of socially responsible indicators in the traditional portfolio selection. The first chapter studies the significance of the mean-variance efficiency loss of a sovereign bond portfolio when introducing a constraint on the average socially responsible ratings of the governments. By using a sample of developed sovereign bonds on the period 1995-2008, we show that it is possible to increase sensibly the average socially responsible rating without significantly losing in terms of diversification. The second chapter proposes a theoretical analysis of the impact on the efficient frontier of a constraint on the socially responsible ratings of the portfolio. We highlight that different cases may arise depending on the correlation between the expected returns and the socially responsible ratings and on the investor’s risk aversion. Lastly, as the issue of the efficiency of socially responsible portfolios is a central point in the financial literature, the last chapter proposes a new mean-variance efficiency test in the realistic case where there is no available risk-free asset. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

In the present study, the long-run evolution of income inequality in several European countries and the US has been presented and the Kuznets' hypothesis empirically assessed. According to Kuznets (1955), the evolution of income inequality along the development process can be pictured as an inverted U-shaped curve. In other words, inequality firstly increases and subsequently decreases as the economy develops. What follows the empirical part is a brief summary of explanations for the reversal observed since the 1970s and 1980s, which have been presented in the literature. In addition, several European socio-economic models are described to demonstrate that there is no simple trade-off between inequality and unemployment as hypothesized by Krugman (1995).

The aim of this thesis is to depict specifics of Corporate social responsibility in food retailing in European perspective. The empirical part provides an analysis of CSR strategies of eight major food retail chains in the Czech Republic. Responsible actions are summarized according to the level of CSR to: minimize risks, enhance business and generate innovations. Survey was conducted in order to obtain consumers' perceptions towards CSR actions in food retailing and image of analyzed retailers.

Depuis les années 1990, un nombre grandissant d’accusés sont déclarés non criminellement responsables pour cause de troubles mentaux au Canada (NCRTM). Si certains craignent que ce verdict représente une échappatoire à la punition et libère des individus dangereux en collectivité, d’autres s’interrogent à savoir si cette défense n’occasionnerait pas plus de contrôle qu’une peine dans le système pénal traditionnel. Certains questionnent également la capacité des Commissions d’examen à prendre des décisions qui s’écartent de la rationalité du système punitif. Objectif : Cette étude a pour but de comparer la supervision imposée aux accusés NCRTM à celle des accusés coupables et responsables (CR). Cette comparaison cherche à observer les particularités des trajectoires (durées de supervision et de détention et présence de détention dans le suivi) de ces populations, dans trois provinces canadiennes (Québec, Ontario, Colombie-Britannique) entre 2000 et 2008. Deux sources de données ont été utilisées, soit celle du National Trajectory Project of Individuals Found Not Criminally Responsible on Account of Mental Disorder in Canada pour les accusés NCRTM et celle de l’Enquête sur les tribunaux de juridiction criminelle de Statistiques Canada pour ceux déclarés CR. Résultats : Les résultats des régressions de Cox et logistiques indiquent que les accusés NCRTM sont près de trois fois et quatre fois moins susceptibles d’être libérés rapidement de supervision et de détention et sont cinq fois plus susceptibles d’être détenus que les accusés CR. Des différences importantes sont présentes dans les pratiques des provinces, mais de manière significativement plus importante chez les accusés NCRTM. / Since the 1990’s, the number of individuals found not criminally responsible on account of mental disorder has increased in Canada. However, the NCRMD verdict remains controversial. While some fear that the verdict is a loophole and releases dangerous individuals in the community, others suggest that this defense could cause more control than a sentence in the criminal justice system. Some also question the ability of Review Boards to leave aside the punitive rationale in the decision-making process. Objective: This study examines the supervison practices imposed to NCRMD accused by comparing them with those applied to offenders found guilty and responsible (GR). This comparison aims to highlight the specificities these two populations’ trajectories (length of supervision, length of detention and presence of detention in follow-up), in three Canadian provinces (Quebec, Ontario and British Columbia) between 2000 and 2008. Two datasets were used. The first comprises individuals found NCRMD (n = 1794) and comes from the National Trajectory Project of Individuals Found Not Criminally Responsible on Account of Mental Disorder in Canada. The second comprises GR offenders (n = 320,919) and comes from Statistics Canada's Criminal Court Survey. Results: The Cox and logistic regressions results show that NCRMD individuals are almost three times and four times likely to be released from legal supervision and detention respectively compared to GR offenders, and are five times more likely to be detained during follow-up. Provincial differences were also observed, theses disparities being significantly greater among NCRMD individuals.

La privatisation des entreprises publiques au Vietnam figure en tête des priorités de l’agenda politique du gouvernement vietnamien depuis l’annonce de la politique Doi-moi en 1987. Cette étude examine le processus de la restructuration des entreprises d’État pendant la période entre 1991 et 2012. La recherche se base sur les théories de la gestion de l’entreprise et du développement, en particulier sur la responsabilité sociale de l’État considéré comme un acteur économique. L’étude examine aussi le cadre macroéconomique vietnamien dans lequel la privatisation s’opère. L’objectif est de déterminer les facteurs conditionnels de réussite de ce processus, en prenant comme variable le degré d’intervention de l’État dans l’économie dans le contexte autant asiatique que mondial du changement. / Restructuring state-owned enterprises in view of their privatization lies at the top of the political agenda of the Vietnamese Government since the launch of the Doi-Moi policy in 1987. The purpose of this study is to examine the macro-environment in which the privatization process of Vietnamese state-owned enterprises takes place. The period of study is between 1991 and 2012. The theoretical framework is based on corporate governance and development theories and the corporate social responsibility of the State, as an economic actor and a majority shareholder, of the country’s public companies which are being privatised. The aim of the study is to determine success factors of the privatization process in Vietnam, with the role of the State in the economy, taken as variable, and examined in the context of change, both at the Asian as well as the global context.

1 Abstract With effect from 1 January 2021, municipalities, as contracting authorities, have to comply with environmentally responsible procurement principles, taking into account the nature and purpose of the contract. In this context, we are talking about green public procurement, the requirements of which arise from the European Union directives. This thesis deals with green public procurement by municipalities in the Czech Republic. Since this issue has not yet been explored and widespread in the Czech Republic, the introduction of the new obligation may cause difficulties for municipalities in practice. Therefore, this paper focuses on the attitudes of Czech municipalities towards green public procurement and analyses the specifics of the preparation of green public procurement compared to other public procurement and the resulting new requirements imposed on municipalities. The thesis is intended to serve as a basic insight into the examined issues as well as a potential basis for the practice of municipalities as contracting authorities. The thesis is based on the theoretical background of public interest, sustainable development, good governance and public finance. In terms of methodology, a qualitative type of research was chosen for the purposes of this thesis and a case study was chosen as a type...

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La montée en puissance des préoccupations sociales et environnementales depuis quatre décennies, a développé l’engouement des individus à s’engager dans des comportements de consommation « socialement responsables ». Bien que les pratiques de consommation socialement responsables aient évolué, de nombreux consommateurs restent sceptiques en termes d'engagement dans des achats socialement responsables. Il existe, ainsi, un fossé entre les attitudes et les comportements réels en termes de la consommation responsable. Afin de réduire cet écart, une des solutions possibles est de sensibiliser dès le plus jeune âge à des actions responsables. Une sensibilisation qui se base sur les valeurs de respect et de responsabilité que les enfants acquièrent au cours de la socialisation. Notre recherche propose de mettre en perspective l'influence de la pratique sportive au sein des clubs fédératifs sur la sensibilité des enfants, âgés de 7 à 12 ans, aux actions responsables. Cette sensibilité se définie comme étant la propension des individus à adopter des pratiques et des comportements reflétant de valeurs de respect et de responsabilité. De plus, il s'agit de l'étude du rôle éducatif de l'entraîneur sportif auprès des enfants. Au cours de cette recherche, la revue de la littérature et le travail empirique réalisés, une étude qualitative et trois collectes des données quantitatives auprès de 1384 enfants, nous ont permis d'atteindre deux principaux objectifs. Dans un premier temps, nous avons construit deux échelles de mesure : la Mission Éducative de l'Entraîneur Sportif (MEES) et la Sensibilité des enfants aux Actions Responsables (SAR). Dans un second temps, nous nous sommes attachés à répondre à la problématique et aux principales questions de la recherche. Les résultats de la comparaison, entre des enfants pratiquant un sport et des enfants qui n'en pratiquent pas, confirment l'influence de la pratique sportive au sein des clubs sur la sensibilisation des enfants aux actions responsables. Les conclusions permettent, en effet, de mettre en exergue sur le rôle éducatif des entraîneurs sportifs à travers leur contribution à la sensibilisation des enfants aux actions responsables. / The rise of social and environmental concerns over the past four decades has developed people's enthusiasm to engage in socially responsible consumption behavior. Although socially responsible consumption practices have evolved, many consumers remain skeptical about a real commitment to socially responsible purchasing. Thus, there is a gap between individuals' attitudes and actual behavior in terms of responsible consumption. In order to bridge this gap, one possible solution is to make children's aware of responsible actions. An awareness that is based on the values of respect and responsibility that children develop during socialization. Our research proposes to highlight the influence of sports participation within federal clubs on the awareness of children (7-12 years old) to responsible actions. The awareness that we define as the propensity of individuals to adopt practices and behaviors reflecting the values of respect and responsibility. In addition, we aim to highlight the educational role of the sports coach. In order to attempt our research's main objectives, a qualitative study and three data collections were carried out within 1,384 subjects. Firstly, we developed two scales in order to measure respectively the Educative Mission of Sports Coaches (EMSC) and the Awareness to Responsible Actions (ARA). In the second step, the third data collection allowed us to answer the main research problem and its principal questions. The results of the comparison between sport practicing and non-sport practicing subjects, confirm the influence of the sports participation within federal sports clubs on the awareness of children to responsible actions. Indeed, the conclusions highlight the educative role of sports coaches through their contribution to raising children’s awareness to responsible actions.