Séminaire du groupe de recherche Finance : Olivier David ZERBIB et Katia LOBRE-LEBRATY

Olivier David ZERBIB (Université de Tillburg et ISFA)

Environmental Impact Investing

This paper shows how green investing spurs companies to reduce their greenhouse gas emissions by raising their cost of capital. Companies' emissions decrease when the proportion of green investors and their environmental stringency increase. However, heightened uncertainty regarding future environmental impacts alleviates the pressure on the cost of capital for the most carbon-intensive companies and pushes them to increase their emissions. We provide empirical evidence supporting our results by focusing on United States stocks and using green fund holdings to proxy for green investors' beliefs. When the fraction of assets managed by green investors doubles, companies' carbon intensity drops by 5% per year.

 

Katia LOBRE-LEBRATY (Université Jean Moulin Lyon 3, iaelyon, Magellan)

Dynamics of Contradictory Logics and Organizational Hybridity: The Case of Banques Populaires - Caisses d'Epargne (BPCE)

At the heart of the hybridization dynamic, there are conflicting logics of thought and action, constructed in response to contradictory institutional pressures. It would therefore seem normal to question the relevance of these types of responses. The diachronic case analysis of a banking group shows how the risky process of hybridization actually leads to a chain of opposing logics and therefore subsequent tensions. These are assumed by leaders because they expect not only value creation but also increased organizational resilience. We will highlight and theorize the foundations of this strategy and a hierarchy of the conflicts it implies. Our research thus contributes to the explanation of the black box of the concept of hybridity. It also makes it possible to trace out a follow-up of the resulting strategic choices.