Articles

Le rôle de la labellisation dans la construction d’un marché: Le cas de l’ISR en France [The role of labellisation in the design of a market: The case of SRI in France]

D.-L. ARJALIES, S. HOBEIKA, J.-P. PONSSARD, S. PORET

Revue Française de Gestion

October 2013, vol. 39, n°236, pp.93-107

Departments: Accounting & Management Control

Keywords: Industrial organization (Economic theory), Investments - Moral & ethical aspects, Labeling services, Finance, Insurance, Banking Industry, Assets (Accounting)

http://ssrn.com/abstract=2357939


The attractiveness of SRI (Socially Responsible Investment) for retail investors in France has remained limited in spite of the launch of labeling schemes and a substantial growth of SRI funds. The article analyzes why the labeling impact has been limited. Our framework is based on the interaction of three elements: labels and information asymmetry, the labeling organizations and the selection of information attributes, the induced competition between labels. Two main factors explain the limited impact of labels. First, the information attributes disclosed by the labels reflect the viewpoint of asset managers rather than the one of retail investors. Second, the distribution of SRI by banking and insurance networks is not a factor of competitive advantage. [


JavaScriptSettings