Finance Reconsidered

New Perspectives for a Responsible and Sustainable Finance

Bernard Paranque|Roland Pérez

Emerald

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9781785609800

06 September 2016

$200.99

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9781785609794

06 September 2016

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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.

PART I: INTRODUCTION Finance Reconsidered: New Perspectives for a Responsible and Sustainable Finance - Bernard Paranque and Roland Perez 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 Prolegomena to an Alternative Study of Finance - Thomas Lagoarde-Segot Analysis of the Financial Crisis, or Crisis in Financial Analysis? - Roland Perez 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 SRI 2.0: More Than a Makeover – a Fundamental Reformulation - Jacques Ninet Why Has Microcredit Had Such a Limited Impact on the Reduction of Poverty in Sub-Saharan Africa? - Jean-Michel Servet Local Systems of Exchange in Kabylia: Economy of Reciprocity and Constraint of Traditions - Bela?d Abrika, Bernard Paranque and Cecile Perret Brand Value Creation Versus Destruction: The Relationship Between Consumers, Marketers, and Financiers - Bernard Paranque and Bernard Cova Cooperatives - An Alternative to Capitalism? The Case of the John Lewis Partnership - Bernard Paranque and Hugh Willmott PART IV: FINANCE, ETHICS, AND SOCIETY Applying Mindfulness and Compassion in Finance - Christophe Faugere From Financial to Economic Intermediation: Islamic Banking’s Unheard Message - Abdel-Maoula Chaar Islamic Investment Versus Socially Responsible Investment: Lessons from Comparison - Bernard Paranque and Elias Erragragui PART V: CONCLUSION A Provisional Conclusion: A Shift Towards Finance as a Commons? - Bernard Paranque Postface: Let a Thousand Flowers Bloom Appendix A: Presentation of the Finance and Sustainability Programme (FAS) Appendix B: Post Crisis Finance Association - from Crisis to Viability: Finance Reconsidered - for a Manifesto

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