Diane-Laure Arjaliès | HEC Paris (original) (raw)

Papers by Diane-Laure Arjaliès

Arjaliès, D-L. (2013), Challengers from within Economic Institutions: A Second-Class Social movement? A response to Déjean, Giamporcaro, Gond, Leca and Penalva-Icher’s comment on French SRI, Journal of Business Ethics, available on line http://link.springer.com/article/10.1007%2Fs10551-013-1811-2 , 2013

In a recent comment made about my paper “A Social Movement Perspective on Finance: How Socially R... more In a recent comment made about my paper “A Social Movement Perspective on Finance: How Socially Responsible Invetsment Mattered” (J Bus Ethics 92:57–78, 2010), published in this journal, Déjean, Giamporcaro, Gond, Leca and Penalva-Icher (J Bus Ethics 112: 205-212, 2013) strongly criticize the social movement perspective adopted on French SRI. They both contest the empirical analysis of the movement and the possibility for insiders to trigger institutional change towards sustainability. This answer aims to address the different concerns raised throughout their comment and illuminate the differences between both approaches. It first explains why SRI in France can be considered as a social movement, despite not being protest-oriented. It then reflects on the dangers of systematically associating societal change with radical activism. It concludes by elaborating on the importance of acknowledging the potential contribution of reformist movements from within the economic institutions to the enhancement of the social good.

Arjaliès, D-L. (2010). A Social Movement Perspective on Finance: How Socially Responsible Investment Mattered, Journal of Business Ethics, 92: 57-78. , 2010

This study discusses how social movements can influence economic systems. Employing a political–c... more This study discusses how social movements can influence economic systems. Employing a political–cultural approach to markets, it purports that ‘compromise movements’ can help change existing institutions by proposing new ones. This study argues in favor of the role of social movements in reforming economic institutions. More precisely, Socially Responsible Investment (SRI) movements can help bring SRI concerns into financial institutions. A study of how the French SRI movement has been able to change entrenched institutional logics of the French asset management sector provides wide-ranging support for these arguments. Empirical findings are drawn from a longitudinal case study (1997–2009), based on participative observation, interviews and documentary evidence. Implications for research on social movements, institutional change and SRI are outlined. Lastly, the study provides practitioners with some theoretical keys to understand the pros and cons of ‘SRI labels’.

Arjaliès, D-L., & Mundy J. (2013), The Use of Management Control Systems to Formulate and Implement CSR Strategy: A Levers of Control Perspective, Management Accounting Research, 24(4): 284-300., 2013

Little is known about the role of management control systems (MCS) in managing the strategic proc... more Little is known about the role of management control systems (MCS) in managing the strategic processes that underpin Corporate Social Responsibility (CSR). To enhance our understanding of this phenomenon, this study employs Simons’ (1995) levers of control framework to explore how organizations leverage MCS in different ways in order to drive strategic renewal and trigger organizational change while simultaneously supporting society’s broader sustainability agenda. Drawing on data gathered from France’s largest listed companies – members of the CAC 40 – we provide insights into the structures and processes that companies employ to design, implement and monitor their CSR strategy. In doing so, we provide evidence of the way that organisations seek to attain their CSR objectives, and of the relationship between the management of CSR and other business processes. Of particular interest is the role of the levers of control in enabling managers to identify and manage threats and opportunities associated with CSR strategy, thus forming risk management processes that support organisations in their attainment of strategic objectives. Furthermore, the study provides evidence suggesting the use of MCS has the potential to contribute to society’s broader sustainability agenda through processes that enable innovation, communication, reporting, and the identification of threats and opportunities.

Arjaliès, D-L., Hobeika S., Ponssard J-P. & Poret S. (2013), 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], Revue Française de Gestion, 7(336), p.93-107., 2013

"L’Investissement Socialement Responsable (ISR) en France reste peu développé pour les investisse... more "L’Investissement Socialement Responsable (ISR) en France reste peu développé pour les investisseurs particuliers, en dépit d’une croissance forte des fonds ISR et du lancement de labels à leur intention. L’objectif de cet article est de mieux comprendre le rôle limité des labels. Notre analyse s’appuie sur l’interaction entre trois éléments : label et asymétrie d’information, choix des attributs informationnels des labels et objectifs des organismes porteurs de labellisation, concurrence induite entre labels. Deux facteurs expliquent l’impact limité des labels. D’une part, les attributs informationnels mis en évidence par les labels reflètent plus le point de vue des sociétés de gestion que celui des investisseurs particuliers. D’autre part, la distribution de l’ISR auprès des particuliers passe majoritairement par les réseaux des banques et assurances, réseaux pour lesquels il ne constitue pas un véritable axe de différenciation concurrentielle.

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."

Kjellberg, H., Mallard A., Arjaliès, D-L et al. (2013). Valuation Studies? Our Collective Two Cents, Poll article from the editorial board, Valuation Studies, 1(1): 11-30., 2013

This article presents the results of a poll made among the members of the editorial and advisory ... more This article presents the results of a poll made among the members of the editorial and advisory boards of Valuation Studies. The purpose is to overview the topic that is the remit of the new journal. The poll focused on three questions:
1. Why is the study of valuation topical?
2. What specific issues related to valuation are the most pressing ones to explore?
3. What sites and methods would be interesting for studying valuation?

The answers to these questions provided by sixteen board members form the basis of the article. Based on these answers, it identifies a number of themes concerning the study of valuation, elaborating on the rationale for attending to valuation, the conceptual challenges linked to this, and the specific issues and sites that deserve further attention.

Arjaliès, D-L., Simpson B. & Lorino P. (2013). Understanding Organizational Creativity: Insights from Pragmatism. In M. Kelemen and N. Rumens (Eds.), American Pragmatism and Organization Studies, Gower Press, p.131-145. , 2013

In this chapter we propose that American Pragmatism, especially the works of Charles Sanders Peir... more In this chapter we propose that American Pragmatism, especially the works of Charles Sanders Peirce, John Dewey, and George Herbert Mead, offers a potentially fruitful way of understanding creative practice as a dynamic social process.

Arjaliès, D-L (2010). Institutional Change in the Making - The Case of Socially Responsible Investment, Ph.D. Thesis, ESSEC Business School & Université Paris Ouest Nanterre La Défense, 2010

This dissertation explores the mechanisms of institutional change in practice. The institutional ... more This dissertation explores the mechanisms of institutional change in practice. The institutional change under study relates to the progressive penetration of Socially Responsible Investment (SRI) criteria into conventional investment funds, a phenomenon which appeared during the 2000s, known as SRI Mainstreaming. The dissertation aims to explain why SRI Mainstreaming has expanded into France and to identify its impacts on the practices of the French asset management sector. It mobilizes a three-year (2006-2009) longitudinal case study of a French asset management company, conducted as an SRI analyst. Research methods rely on the pragmatist concept of inquiry and combine participative observation, semi-structured interviews and documentary evidence. The dissertation comprises three articles that should be considered together. They explore 1) the origins of the SRI Mainstreaming phenomenon, 2) how asset management companies have transformed their practices in response to SRI Mainstreaming and 3) why practices have been transformed in a different way in fixed-income investment, compared to equity investment, respectively.

This dissertation received three awards:
> Best Thesis Award European FIR-PRI (French Socially Responsible Investment Forum & Principles for Responsible Investment) 2011.
> Highly Commendable dissertation in the EFMD Emerald 2011 Outstanding Doctoral Research Awards in the Interdisciplinary Accounting Research (category sponsored by the Accounting, Auditing & Accountability Journal).
> Second prize in the 2011 European EDAMBA (European Doctoral Programmes Association in Management and Business Administration) Thesis Competition."

Arjaliès, D-L., Goubet C. & Ponssard, J-P. (2011). Approches stratégiques des émissions CO2: Les cas de l’industrie cimentière et de l’industrie chimique’ [Strategic Approaches of CO2 Emissions: The Cases of the Cement and Chemical Industries], Revue Française de Gestion, 2011, 6(215): 123-146., 2011

The ability of firms to transform an environmental constraint into a strategic opportunity has be... more The ability of firms to transform an environmental constraint into a strategic opportunity has been a controversial issue in the literature. Based on a comparative study of CO2 strategies in the cement and chemical industries, the article shows that the capacity of firms to be proactive regarding sustainable development is largely constrained by the characteristics of the sector in terms of dependence on natural resources, flexibility in the composition of activities portfolio and structure of the downstream sector.

This paper was nominated in 2012 for the best paper by the Syntec in the category "Management/Human Resources/Organization."

La capacité des entreprises à transformer une contrainte environnementale en source d’opportunité stratégique est un sujet controversé dans la littérature. S’appuyant sur une étude comparative des stratégies de lutte contre les émissions CO2 mises en place par les industries cimentière et chimique, l’article démontre que la latitude des entreprises à adopter une approche proactive face au développement durable est fortement contrainte par les caractéristiques du secteur en termes de dépendance vis-à-vis des ressources naturelles, de flexibilité dans la composition du portefeuille d’activités et de structure du secteur aval.

Cet article fut nominé en 2012 pour le prix du meilleur article par le Syntec dans la catégorie “Management / Ressources Humaines/Organization.”

Arjaliès, D-L. & Ponssard, J-P. (2010). A Managerial Perspective on the Porter Hypothesis – The Case of CO2 Emissions. In P. Crifo & J-P. Ponssard (Eds.), Corporate Social Responsibility: From Compliance to Opportunity?, Editions de l’Ecole Polytechnique, p.151-168., 2010

Investors and companies are increasingly aware that climate change and its associated needs for r... more Investors and companies are increasingly aware that climate change and its associated needs for reducing CO2 emissions are likely to impact structurally many areas of the economy. This paper offers a contribution to understand these impacts on companies’ strategy, by studying management systems. A typology is introduced based upon a two stage model. At stage one, the firm becomes aware of the risk and CO2 is a compliance issue. At stage two, the firm is involved in a more global re-assessment of its business portfolio including its relationship with suppliers and clients. The construction is based on three case studies: DuPont (chemicals), Lafarge (building materials) and Unilever (consumer goods). The implications of the analysis for investors are drawn.

Arjaliès, D-L. (2011). ‘Exploring the Role of Objects in the Transformation of Logics: A Practice Perspective’, HEC Working Paper n° 952, ISBN 2-85418-952-3. , 2011

This article aims to examine the role of objects in the transformation of logics (Thornton & Oca... more This article aims to examine the role of objects in the transformation
of logics (Thornton & Ocasio, 2008) at the practice level. In
particular, it explores how financial actors use, transform and are
constrained by their ‘market devices’ – defined as a range of
instruments, models and tools used by financial markets (Callon,
Millo, & Muniesa, 2007) – when aiming to (re)design their logics and
practices towards more sustainability. It develops a theoretical model
based on ever expanding, institutional theory by combining it with
practice theories. In particular, the article argues that actors transform
their practices, logics and objects, by transforming an epistemic object
through a collective inquiry. Empirical support is drawn from a threeyear
ethnography study of a French asset management company that
attempted to (re)design its equity investment process, following new
demands for Socially Responsible Investment (SRI). Research
methods combine participative observation, semi-structured
interviews and documentary evidence. Theoretical and
methodological contributions are outlined for both institutional and
practice theories.

Arjaliès, D-L (2011). Qu’est-ce que l’Investissement Socialement Responsable? [What is Socially Responsible Investment?], Revue du Financier, 193: 7-19., 2011

Cet article étudie l’évolution des formes et des objectifs de l’Investissement socialement respon... more Cet article étudie l’évolution des formes et des objectifs de l’Investissement socialement responsable (ISR) aux États-Unis et en Europe des années 1920 jusqu’à nos jours. En s’intéressant à la fois aux fondements théoriques et aux caractéristiques des fonds ISR au cours du temps, il dresse un panorama des différents types de fonds en fonction de leur appartenance à un référentiel sociétal ou économique. En montrant la complexité et la diversité de l’ISR d’hier et d’aujourd’hui, cet article permet de mieux appréhender les enjeux de définition et de légitimation rencontrés actuellement par les professionnels du secteur de la gestion d’actifs.