La finance à impact. Éclairage sur les pratiques d’une société française de gestion d’actifs solidaires

Philippe Devin ()
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Philippe Devin: Chaire Energie & Prospérité - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - IP Paris - Institut Polytechnique de Paris - Institut Louis Bachelier, Université Sorbonne Paris Nord, ACT - Analyse des Crises et Transitions - LABEX ICCA - UP13 - Université Paris 13 - Université Sorbonne Nouvelle - Paris 3 - CNRS - Centre National de la Recherche Scientifique - UPCité - Université Paris Cité - Université Sorbonne Paris Nord - Université Sorbonne Paris Nord

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Abstract: This article provides a comparative analysis of a "90-10" solidarity-based fund (fund "A"), which primarily seeks financial performance, and a specialised solidarity-based fund (fund "B"), which focuses on creating positive impacts without financial performance. Fund "A" is distinguished by its use of impact benchmarks and extra-financial pre-selection. The "B" fund mixes financial and extra-financial criteria, and although it is demanding in terms of impact creation, it is simpler in terms of impact reporting. Finally, these funds combine the concepts of impact and solidarity in a hybrid way: communication on the one hand, and financing and selection practices on the other.

Keywords: Solidarity-based funds; Impact investing; Extra-financial reporting; Financial performance; Corporate selection; Fonds solidaire; Finance à impact; Rapport extra-financier; Performance financière; Sélection des entreprises (search for similar items in EconPapers)
Date: 2025-02-19
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Published in Entreprise & société, 2025, 1 (15), pp.105-134. ⟨10.48611/isbn.978-2-406-17807-1.p.0105⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04958535

DOI: 10.48611/isbn.978-2-406-17807-1.p.0105

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