scholarly journals La Finance durable et l’ISR au service d’une économie pérenne et responsable : Quelle dynamique au MAROC ?

2017 ◽  
Vol 13 (31) ◽  
pp. 418
Author(s):  
Meryem Chiadmi
Keyword(s):  
Sustainable Development ◽  
Investment Decision ◽  
Its Region ◽  
Public Institutions ◽  
Investment Strategies ◽  
Socially Responsible ◽  
Dominant Form ◽  
Responsible Investment ◽  
Sustainable Finance ◽  
Corporate Social

This paper focuses on sustainable finance and its most dominant form, socially responsible investment (SRI). Favored by the emergence of sustainable development, SRI consists in integrating into the investment decision process the respect of extra-financial criteria and reflects a developed practice of corporate social responsibility (CSR). The implementation of investment strategies based on sustainable financing approaches has increased in recent years. Our objective is to highlight the situation of this form of sustainable finance in Morocco and to answer the following question: "Morocco which has inscribed its investment strategies and its growth policy in logic of sustainable development that it put in place to attract investors (companies or savers) concerned societal and environmental issues?" The study of the Moroccan context, with emphasis on the commitment of the different actors, allowed us to draw up an inventory of the dynamics of this finance and to conclude that Morocco has a head start in its region and is moving more and more towards green financing but we are still far from the development rates achieved in the world. Its SRI market is still embryonic and represents a niche to exploit. Obstacles still hinder the transition to a sustainable and responsible economy and it is appropriate for all actors (State, private or public institutions, civil society and individuals) to deploy even more efforts to meet the requirements of a changing world.

scholarly journals Socially responsible investment strategies for the transition towards sustainable development: the importance of integrating and communicating ESG

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mauro Sciarelli ◽  
Silvia Cosimato ◽  
Giovanni Landi ◽  
Francesca Iandolo
Keyword(s):  
Sustainable Development ◽  
Asset Management ◽  
Small Sample ◽  
Sustainable Growth ◽  
Investment Strategies ◽  
Socially Responsible ◽  
Content Type ◽  
Responsible Investment ◽  
Sustainable Finance ◽  
Multiple Case

PurposeRecently, socially and responsible investments (SRI) have constantly grown becoming a highly discussed issue. Therefore, the main purpose of this paper is to better understand if environmental social governance (ESG) criteria integration in investment strategies can support the transition of finance toward a more sustainable growth.Design/methodology/approachAn explorative analysis based on a multiple case study has been conducted and addressed by a content analysis on the Key Investors Information Documents (KIIDs) that the sample companies published for 2020.FindingsThe achieved results demonstrated that the case companies differently integrated ESG into their SRI; thus, if some of them are quite near to a full integration, the others demonstrated less than a full commitment with ESG. This seems to be mainly due to the different approach that asset management companies (AMCs) and/or managers have adopted for integrating ESG criteria.Research limitations/implicationsEven though the achieved results offered some interesting insights for asset managers, the explorative and qualitative nature of this study and the small sample investigated somewhat limits it.Practical implicationsAMCs, consultants and managers in developing and implementing their SRI strategy could be much more focused on the importance of ESG integration for the transition toward a more responsible and sustainable finance (micro-level) as well as a more sustainable development (macro-level).Originality/valueThe paper provides new insights into the essence of SRI strategies and their potential to contribute to sustainable development. Thus, it tries to shed new lights on the role that ESG can have to stimulate and support investment decisions and, in so doing, contributing to make finance grow more sustainable.

Strengthening impact integrity in investment decision-making for sustainable development

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Fara Azmat ◽  
Ameeta Jain ◽  
Fabienne Michaux
Keyword(s):  
Decision Making ◽  
Sustainable Development ◽  
Management Practices ◽  
Investment Decision ◽  
Investment Strategies ◽  
Content Type ◽  
Responsible Investment ◽  
The Sustainable Development ◽  
Investment Decision Making ◽  
Development Outcomes

Purpose This paper aims to focus on impact integrity in investment decision-making – an under-researched yet important topic – as a means for optimising investor contributions to sustainable development outcomes, including achieving the sustainable development goals (SDGs). Design/methodology/approach This conceptual paper adopts a two-step approach. First, this paper reviews existing “responsible” investment strategies and products used in practice and highlight their shortcomings in terms of optimising sustainable development outcomes. Second, drawing from the minimal standards theory, this study explores how emerging impact management practices may strengthen impact integrity in investment decision-making and mitigate shortcomings in existing “responsible” investment approaches to increase their contribution to sustainable development outcomes. Findings Current “responsible” investment approaches often do not optimise sustainable development outcomes and may facilitate “impact washing”. The theoretically grounded framework demonstrates standardised impact management practices based on a bounded flexibility approach – adaptable to different contexts within limits and assessed by skilled analysts – along with incorporating shared language and conventions supported by appropriate accountability mechanisms that can be used to mitigate shortcomings in current “responsible” investment approaches. The authors further propose accountability mechanisms to systematically involve stakeholders (including rightsholders) in decisions that impact them with effective grievance and reparation mechanisms. Such an approach, the authors argue will strengthen impact integrity and the capacity of investments to optimise contributions to sustainable development outcomes. Practical implications The findings have implications for the ability of investment markets to optimise their contributions to sustainable development and the SDGs. Social implications By highlighting shortcomings in current “responsible” investment approaches and focussing on strengthening impact integrity in investment decision-making through standardised impact management practices, the findings enhance the capacity of investment markets to contribute positively to sustainable development and the SDGs. Originality/value Despite its importance, impact integrity in investment decision-making is severely under-researched with little academic attention. This paper fills this void.

Pension fund management: a trade union commitment to greater corporate social responsibility

2004 ◽  
Vol 10 (3) ◽  
pp. 452-467
Author(s):  
Henri Lourdelle
Keyword(s):  
Sustainable Development ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Trade Union ◽  
Trade Unions ◽  
Investment Strategies ◽  
Occupational Pension ◽  
Responsible Investment ◽  
Trade Union Movement ◽  
Corporate Social

Corporate social responsibility (CSR), in association with sustainable development, has become a live issue over the past few years. Should companies be allowed to do whatever they like in the name of competitiveness, even at the risk of compromising the future of the planet? What means does the trade union movement currently have at its disposal to influence corporate conduct in the direction of sustainable development and social responsibility? Over and above traditional trade union activities, the unions have available to them a tool, namely the funds which they manage – or jointly manage – in connection with occupational pension or employee savings schemes. By having their say in the investment strategies of these funds, trade unions can make decisions that affect corporate conduct. This is what is now known as socially responsible investment (SRI). This article sets out to explore the issue, demonstrating how we have moved on from what was initially a moral, ethical approach, geared mainly towards ‘exclusion', to a more incentive-based approach seeking to encourage companies whose conduct is more ‘responsible'. In other words, we shall show that occupational pension funds can in fact become a new weapon in the trade union armoury.

scholarly journals Development of responsible investment within the concept of sustainable finance

2021 ◽  
Vol 21 (4) ◽  
pp. 63-78
Author(s):  
Viktor Ivanitsk ◽  
Larisa Petrenko
Keyword(s):  
Sustainable Development ◽  
World Economy ◽  
Theory And Practice ◽  
Investment Strategies ◽  
Comparison Analysis ◽  
Responsible Investment ◽  
Political Landscape ◽  
Analysis And Synthesis ◽  
Sustainable Finance ◽  
Financial Decision

The strengthening of globalisation processes together with the climate change, the slowdown of the world economy, and growing income inequality have a profound impact on the transformation of the global economic and socio-political landscape and make the theme of sustainable development progressively more relevant. The environmental trend within the humancentered trajectory of civilization affects the financial sphere through the introduction of the Environmental, Social, and Governance (ESG) criteria in financial decision-making, creation of appropriate institutions and accumulation of financial resources, as well as transformation of financial systems’ functions. Against a background of these trends, responsible investment, or ESG investing, which takes into account environmental, social and managerial factors when choosing investment strategies, receives a significant boost. The aim of the research is to formulate new approaches to expanding responsible investment in the economy in the context of developing sustainable finance. The methodological basis of the research includes the concepts of sustainable development, finance and investment. The study uses a dialectical method to investigate the dynamics of economic phenomena, their interrelation and interdependence; and a system approach to the object of research implemented through graphic representation, grouping and comparison, analysis and synthesis. The paper summarises the theory and practice of responsible investment, examines the trends in the responsible investment market as well as its peculiarities. The authors prove the need to encourage responsible investment within the sustainable finance framework by removing information and structural restrictions. This will ensure the development of responsible investment tools and gain greater reputational advantages for companies. The authors produce recommendations for organising this process, in particular, to employ international practices and adopt the corresponding government policy.

scholarly journals Banks’ Capital Requirements in Terms of Implementation of the Concept of Sustainable Finance

2021 ◽  
Vol 13 (6) ◽  
pp. 3499
Author(s):  
Irena Pyka ◽  
Aleksandra Nocoń
Keyword(s):  
Sustainable Development ◽  
Global Economy ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Investment Decision ◽  
Capital Requirements ◽  
Investment Strategies ◽  
The European Union ◽  
Investment Decision Making ◽  
Sustainable Finance

In 2015, the governments of 193 United Nations member states adopted the 2030 Agenda for Sustainable Development, followed by the Paris Agreement. Their detailed solutions assume the inclusion of the concept of sustainable finance into investment decision-making processes, including directing capital towards sustainable investments and stopping climate change. The main subject of the study is sustainable finance, which is one of the pillars of the sustainable development of the global economy, which has also become an important objective of the European Union, enshrined in the Treaty of Lisbon. The main aim of the paper is an extrapolation of risks appearing in the unstable environment of credit institutions, which are increasingly boldly directing their expectations on their inclusion in the sustainable finance concept implementation. The empirical research included in the first stage a questionnaire survey, while in the second one, a quantitative comparative analysis. The research was aimed at verifying the research hypothesis stating that after the global financial crisis, banks meet the new prudential capital regulations, however by their inclusion in the concept of green finance, they will increase a share of mitigation in the bank risk management strategy. The research, carried out in the Polish banking sector, has shown that domestic banks meet all prudential requirements resulting from the new capital norms. However, investment strategies, based on the composition of the portfolio in accordance with the principles of sustainable finance and on high rates of return in the long term, will change banks’ resilience to key risks from the perspective of sustainable development.

Understanding Socially Responsible Investing and Its Implications for Islamic Investment Industry

2019 ◽  
Vol 7 (1) ◽  
pp. 1
Author(s):  
Mohd Nizam Barom
Keyword(s):  
Investment Decision ◽  
Socially Responsible Investing ◽  
Clear Understanding ◽  
Socially Responsible ◽  
Responsible Investment ◽  
Developed Economies ◽  
Responsible Investing ◽  
Screening Strategies ◽  
Investment Process ◽  
Islamic Investment

Understanding Socially Responsible Investing and Its Implications for Islamic Investment Industry // // // // // Social, ethical and environmental concerns have been used as important consideration for investment decision by an increasing number of investors. This can be seen by the size and growth of the socially responsible investment (SRI) industry in the developed economies. At the same time, scholars and commentators of Islamic finance have also called for Islamic investment industry to learn from the experience of SRI in incorporating social responsibility issues in the investment process, in line with the ethical principles of Islam and the overall objective of the Shari’ah (Maqasid al-Shari’ah). This would require Islamic investment sector to have a clear understanding of the SRI industry in order to effectively benefit from its experience. This is particularly critical due to the significant diversity of investors and complexity in the issues and strategies adopted in the SRI industry. Hence, this paper adds to the Islamic investment literature by providing an extensive  and systematic survey of SRI industry in terms of its (i) underlying motivations and values; (ii) issues of concerns; (iii) types of investors; and (iv) screening strategies. It then synthesizes these components within the context of the ‘value-based’ investors. This synthesized framework offers a useful tool for Islamic investment practitioners to understand the theoretical and practical aspects of SRI. Subsequently, the paper highlights important implications of the findings for Islamic investment industry in terms of the issues that it needs to consider in emulating SRI practices and a number of lessons that it can learn from the SRI experience.  

Environmentally friendly and socially responsible investment in and by occupational pension funds in the USA and in the EU

2021 ◽  
pp. 138826272110269
Author(s):  
Lauren Daniels ◽  
Yves Stevens ◽  
David Pratt
Keyword(s):  
Financial Performance ◽  
Investment Decision ◽  
Pension Funds ◽  
Socially Responsible Investment ◽  
Occupational Pension ◽  
Socially Responsible ◽  
Responsible Investment ◽  
Occupational Pensions ◽  
The Usa ◽  
The Eu

Worldwide pension funds, in their capacity as large institutional investors, are under increasing pressure to take social and environmental considerations into account in their investment decision-making process. The concepts Socially Responsible Investment (SRI) and Environmental Social Governance (ESG) are indeed ubiquitous in the current investment and pension community. This article aims to provide some insight into the conceptual relationship between SRI and ESG and its legal implications for the investment behaviour of private pension funds in the USA and the EU. Hence, the first part of the article gives some background to the distinct concepts of SRI and ESG. This leads to the finding that SRI goes one step further than ESG by prioritising moral or ethical considerations that may not be material to an investment’s financial performance, whereas ESG functions as a guideline to enhance financial performance. The second part analyses the legal possibilities and constraints for responsible investment in American occupational pensions and the third part does the same for European occupational pensions. The article concludes with a summary and comparative overview of the American and European lessons.

Socially Responsible Value Creation in the Post-COVID-19 Era

2022 ◽  
pp. 67-89
Author(s):  
Gönenç Dalgıç Turhan ◽  
Narin Bekki ◽  
Gulen Rady
Keyword(s):  
Sustainable Development ◽  
Value Creation ◽  
Sustainable Development Goals ◽  
Business Organizations ◽  
Socially Responsible ◽  
Resource Based View ◽  
New Era ◽  
Development Goals ◽  
Strategic Position ◽  
Corporate Social

The unfortunate economic environment emanated from the outbreak of the coronavirus has suddenly raised business organizations' concerns over the value creation. This new era forced them to focus on dynamic and digital capabilities to cope with the adverse changes. Following the stakeholder theory and the resource-based view, this chapter attempts to specify value creation of companies to preserve strategic position while satisfying the demands and interests of their stakeholders. In this sense, corporate social responsibility (CSR) seems a viable way of providing help and support to stakeholders during the fight against the pandemic as well as a catalyzer for the integration of sustainable development goals that can bridge the widened gap in the society. Hence, this chapter seeks to present an understanding on socially responsible value creation, dynamic and digital capabilities, and implementation of sustainability-driven CSR initiatives to ensure recovery, growth, and achieve sustainable development goals.

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