Celine Louche - Böcker

The recent global financial crisis has indicated that the conventional dominant paradigm in finance is unable to cope with the problems of financial systems, markets, and behaviour of financial institutions, and failed to understand the proper role of finance in society and the economic system as a whole. Drawing on the recent movements of corporate social responsibility, socially responsible investing and sustainable development, this volume goes further to examine the ongoing making of financial reality towards social responsibility and sustainability, and aims at a better understanding of finance as a collective construct and endeavour embedded in societal context. Bringing together leading scholarly thinking, this collection opens new avenues of comprehending corporate social responsibility, reveals mechanisms and strategies in shaping the reality of responsible finance, searches alternative approaches towards financial sustainability, and explores new thinking of coping with complex financial choice and financial risks. Moving away from the conventional financial paradigm, this volume demonstrates paradigm shifting in the financial world and provides fresh insights on how we may reshape the financial reality to enable societal betterment and prevent any future financial crisis.

The history of modern Socially Responsible Investment began with the Apartheid crisis in South Africa in the 1970s. When asked if divestment played a role in ending South African Apartheid, Nelson Mandela answered "undoubtedly". But what about SRI in the 21st century, does it make a difference for society? The first part of this book explores the innovative approach of socially responsible investors in building engagement approaches, mobilizing networks, developing new products, and proposing alternative models showing the potential to create change. The second part interrogates the limits of SRI in making a difference. It questions the potential of SRI to create change but also proposes ways to increase societal impacts of SRI. The last section of the volume addresses the boarder issues of values and governance and shows how they are central in the SRI discussion. The book takes a critical but constructive stance on SRI with the objective of contributing to the capacity and ability of SRI to make a difference. Little research has been undertaken on the societal impacts of SRI. With this book we contribute to this debate, pushing the boundaries of SRI even further.

By and large, corporations of the 21st century have come to realise that their obligations to societies in terms of corporate social responsibility are fourfold: economic, ethical, altruistic and strategic. Meeting these four responsibilities is crucial to their survival in their various markets and industries; it also requires them to rewrite their previously less socially responsible business models in order to do so. All indications continue to suggest that it is those organisations that are perceived to be socially responsible by stakeholders in modern markets that survive and prosper. Corporations have equally realised that by being innovative in all things – including their CSR activities and initiatives – they will add value to the so-called bottom line, to the positive contributions they make to society and to how they are perceived by their key stakeholders.However, many criticisms have been made of CSR in its current form, often related to the lack of value that it generates within the enterprise and the fact that it offers only a partial and short-term response to the full challenges of sustainable development. The time has come to shift the CSR focus away from risk management towards a more progressive and entrepreneurial approach that seeks to create value and identify sustainable opportunities for strategic innovation.This book aims to explore, inspire and support creative, innovative and strategic CSR. "Innovation" in this book means new products, services and technologies and, in addition, new organisational and institutional systems, structures and new business models that empower the organisation to advance strategically in an ever more competitive business world.Both research and practice show that CSR has mainly been approached in terms of value protection and risk management, where the main objective has been to protect companies' existing assets or avoid scandals. Therefore, in many cases where CSR remains at the forefront of business activity, it does not lead to fundamental changes and is not yet integrated as a strategic component where it could create value, generate new ideas and open new opportunities.How do corporate entities shift their attention from risk management to value creation? This is the key question that this book attempts to answer, both theoretically and empirically as well as through real case studies and experiences.With contributions from a crème de la crème of scholars from 12 countries, Innovative CSR gathers together a cornucopia of innovative practices that will be essential reading for academics and practitioners alike.

Imagine that you are a responsible investment money manager. One of your clients is asking you to sell her holdings in a company because it has been accused in the press of contracting with suppliers that have abusive labour conditions. You have to evaluate and benchmark the CSR performance of a number of companies from the same industry but among them there are companies, primarily the smallest, that provide little or no CSR information. One of your major clients is asking you to exclude companies involved in nanotechnology What would you do? Responsible investment (RI) – the integration of environmental, societal and governance (ESG) issues into investment decision-making – can be difficult and complex. Including or excluding companies, engaging with companies, partnering with stakeholders, evaluating environmental and societal controversies, defining criteria and, all the while, producing a competitive return for investors can raise multiple questions that cannot be dealt with simply. The practice of RI faces many such dilemmas as it seeks to balance the competing goals of business, society, and finance and to judge how best to reconcile what are often conflicting concerns. Dilemmas in Responsible Investment examines the problems responsible investment practitioners face daily. It emphasises the importance of asking the right questions as well as getting the right answers; and the importance of process as well as product. The authors pay attention to the diversity of opinion and variety of approaches available. They also raise fundamental questions about the very purpose of investment and the responsibilities of investors, both economic and societal. Although dilemmas in RI are not always easily resolved, Louche and Lydenberg believe that they are also a source of valuable and necessary debate about the appropriate role of corporations in society and the ability of the financial markets to appropriately serve the societies in which they operate. Such dilemmas provide a valuable framework for public debate and can encourage the emergence of innovative answers and approaches. Responsible investors join in these debates when they examine the societal and environmental implications of business activities, actions and behaviour Facilitate dialogue between corporations and their stakeholders Encourage corporate transparency on societal and environmental issues Reward companies that are making genuine efforts towards sustainability Integrate societal and environmental data into financial analysis. The book first of all provides a state-of-the-art overview of responsible investment, its history and development, explanations of key terms and a guide to the different actors involved in the field. Second, it presents 12 diverse hypothetical case studies that examine a wide spectrum of the challenges facing RI professionals, raising questions about the relationship between business and society, about the purpose of investment, and about the responsibilities of investors to various segments of society and the environment. The (often interconnected) cases present a dilemma, possible approaches available, variable factors, a variety of quotations and suggested responses from 35 leading professionals in the responsible investment community, real-world examples and comparisons and recommendations. Accessible, vivid and illuminating, Dilemmas in Responsible Investment is the first book specifically written for teaching and professional training in responsible investment. It will be required reading for students, academics and practitioners in the areas of finance, ethics and CSR.