Finance Reconsidered: New Perspectives for a Responsible and Sustainable Finance

by William Sun (Editor), Bernard Paranque (Editor), Roland Pérez (Editor)

Overview

As a response to ongoing economic, social and environmental crises, many private actors have enlarged their definition of 'value' to include environmental and social elements. Such practices, however, appear incompatible with the current epistemological structure of academic financial discourse. This paradox challenges us to reconsider the foundations of modern finance, particularly the dominant role of shareholders. The volume argues there is a need to turn the established order upside down. Studies in economics and finance have to be embedded in environmental and social welfare to answer the challenges we face, and there is a need for a radical break with the methodological individualism that dominates economics, management and (especially) finance. It is our responsibility to question social welfare when it is defined only as maximising shareholder value. Should we instead promote a substitute to the shareholder? How should we (re)define the concept of value? This volume serves as a stepping stone for rethinking academic finance, and attempts to carve out innovative paths for financial research in the 21st century.

Product Details

ISBN-13:	9781785609800
Publisher:	Emerald Group Publishing Limited
Publication date:	09/06/2016
Series:	Critical Studies on Corporate Responsibility, Governance and Sustainability , #10
Pages:	440
Product dimensions:	6.00(w) x 9.10(h) x 1.20(d)

About the Author

Edited by Bernard Paranque, Kedge Business School, AG2R LA MONDIALE “Finance Reconsidered”, Marseille, France Roland Perez, Universitye De Montpellier, Montpellier, France

Table of Contents

List of Tables ix

List of Figures xi

List of Appendices xiii

List of Contributors xv

About the Editors xvii

Editorial Advisory and Review Board xix

Acknowledgements xxiii

Preface xxv

Part I Introduction

Finance Reconsidered: New Perspectives for a Responsible and Sustainable Finance Bernard Paranque Roland Pérez 3

Part II Critical Analysis of the Dominant Financial Paradigm

An Alternative to Shareholder Value Creation: Subverting the Domination of Capitalist Exchanges through the Production of Uses and Common Pool Resources Management Bernard Paranque 17

Prolegomena to an Alternative Study of Finance Thomas Lagoarde-Segot 89

Analysis of the Financial Crisis, or Crisis in Financial Analysis? Roland Pérez 111

Part III Socially Responsible Investment, Micro-Credit, and Alternative Management

A Critical Analysis of Socially Responsible Investment (Sri): Meta-Debate and Development Perspectives Christophe Revelli 145

Sri 2.0: More than a Makeover - A Fundamental Reformulation Jacques Ninet 179

Why has Microcredit had Such a Limited Impact on the Reduction of Poverty in Sub-Saharan Africa? Jean-Michel Servet 199

Local Systems of Exchange in Kabylia: Economy of Reciprocity and Constraint of Traditions Belaïd Abrika Bernard Paranque Cécile Perret 229

Brand Value Creation Versus Destruction: The Relationship between Consumers, Marketers, and Financiers Bernard Paranque Bernard Cava 245

Cooperatives - An Alternative to Capitalism? The Case of the John Lewis Partnership Bernard Paranque Hugh Willmott 263

Part IV Finance, Ethics, and Society

Applying Mindfulness and Compassion in Finance Christophe Faugère 299

From Financial to Economic Intermediation: Islamic Banking's Unheard Message Abdel-Maoula Chaar 321

Islamic Investment Versus Socially Responsible Investment: Lessons From Comparison Bernard Paranque Elias Erragragiu 355

Part V Conclusion

A Provisional Conclusion: A Shift Towards Finance as a Commons? Bernard Paranque 387

Postface: Let a Thousand Flowers Bloom 395

Appendix A Presentation of the Finance and Sustainability Programme (Fas) 399

Appendix B Post Crisis Finance Association - From Crisis to Viability: Finance Reconsidered - For a Manifesto 407

About the Authors 409