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Performance financière et choix d'actifs responsables : une analyse du marché américain

Abstract : This thesis explains and clarifies the ways in which responsible performance can increase financial performance for investors. Based on data gathered between 1992 and 2012 and a state-of-the-art KLD scoring system, we demonstrate that Corporate Social Responsibility (CSR) does not consistently increase the performance of a share portfolio. CSR, when proactively implemented, proves to be a cost granted by investors concerned about their ethical models. Depending on the sector observed, restrictions on irresponsible acts can however improve financial performance. Our research highlights the importance of selecting portfolio assets beforehand. We found that CSR strategies improve financial performance provided that some criteria which restrict managerial opportunism. Our multi-criteria analysis revealed that the expenditure of responsibility is a result of excess cash flow. The weighted average cost of the debt will determine the effectiveness of these strategies on the company's profitability. Finally, we highlight discrepancies in Corporate Social Responsibility reports, according to the ethical level and financial performance of each company. These lexical fields inform the investor of managers’ intentions and hence, allow a better selection of the assets.
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Contributor : Abes Star :  Contact
Submitted on : Monday, March 5, 2018 - 3:37:08 PM
Last modification on : Wednesday, November 3, 2021 - 6:23:29 AM
Long-term archiving on: : Wednesday, June 6, 2018 - 4:14:24 PM


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  • HAL Id : tel-01723519, version 1


Julien Lachuer. Performance financière et choix d'actifs responsables : une analyse du marché américain. Gestion et management. Université Rennes 1, 2017. Français. ⟨NNT : 2017REN1G021⟩. ⟨tel-01723519⟩



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