Finance Reconsidered : New Perspectives for a Responsible and Sustainable Finance.

Front Cover -- Finance Reconsidered: New Perspectives for a Responsible and Sustainable Finance -- Copyright Page -- Contents -- List of Tables -- List of Figures -- List of Appendices -- List of Contributors -- About the Editors -- Editorial Advisory and Review Board -- Acknowledgements -- Preface -- Part I: Introduction -- Finance Reconsidered: New Perspectives for a Responsible and Sustainable Finance -- Principles Justifying the 'Finance Reconsidered' Research Programme -- Orientations of the 'Finance Reconsidered' Programme -- Presentation of the Book -- Notes -- References -- Part II: Critical Analysis of the Dominant Financial Paradigm -- An Alternative to Shareholder Value Creation: Subverting the Domination of Capitalist Exchanges through the Production of Uses and Common Pool Resources Management -- In the Beginning -- Our Questioning -- The Brand Community -- The Cooperative -- Collective Action and 'Common Pool Resources Management' -- What Type of Coordination? -- The Need for Redefinition -- Collective Action and Common Pool Resources Management: An Appraisal of Market/Non-Market-Oriented Relations -- Three Examples of Collective Actions -- Conclusion -- Notes -- Acknowledgement -- References -- Prolegomena to an Alternative Study of Finance -- Introduction -- Epistemology of Modern Finance -- Finance and Social Sciences -- The Paradigmatic Unity of Academic Finance -- The Limits of Positivism in Finance -- The Entanglement of 'Facts' and 'Values' -- The Controversy over Social Ontology -- The Performativity of Academic Finance -- Financial Theory and Shareholder Ideology -- The Repressive Function of Financial Theory -- The 'Four Horsemen of the Apocalypse' -- Outlook: Diversifying Finance -- A Move towards a New Conceptual Framework -- A New Research Programme -- Conclusion -- Notes -- References.

Analysis of the Financial Crisis, or Crisis in Financial Analysis? -- 'Modern Finance' and Its Negative Effects -- A Few Markers and Comments -- The Epistemological Posture -- The Conceptual Framework for Formalisation -- The 'Toolkit' Used by Researchers and Practitioners -- An Unreasonable 'Normality' -- Incentives that Encourage … Excess! -- Regulations, Professional Conduct and Ethics -- Governance and Regulation -- An Example: The Subprime Mortgage Crisis -- The Beginnings of the Subprime Mortgage Crisis Lie in a Shift in the Debt Paradigm -- Contamination through Securitisation or Market Transfer of the Lender's Risk -- The Spread of the Subprime Risk through the Globalisation of Financial Markets -- The Challenges Facing Modern Finance: A Drive for Real Reform -- The Discordant and Generally Inadequate Reactions of Stakeholders and Researchers -- Inadequate Practical Responses -- A Divided Scientific Community -- For a Real Reform of Finance -- For a New Paradigm in Finance -- For the 'Reembeddedness' of Finance in Society -- Conclusion: For a Reform of Financial Training -- Notes -- Acknowledgements -- References -- Part III: Socially Responsible Investment, Micro-Credit, and Alternative Management -- A Critical Analysis of Socially Responsible Investment (SRI): Meta-Debate and Development Perspectives -- Introduction -- The Debates Currently Surrounding SRI: From Ethical Ideology to Financial Practice -- Ideological and Philosophical Debate: Can SRI Really Be Viewed as Ethical Investing? -- From the Philosophical Debate to the Scientific Debate: The Financial Performance of SRI -- From the Scientific Debate to the Practical Debate: The Issue of Financial or Performance-Based SRI: ESG Integration -- SRI Debates and Perspectives to be Opened Up: From Ethical Ideology to Non-Financial Practice.

Ideological and Philosophical Debate: From Ethical Investing to Ethics of Investment -- From the Philosophical Debate to the Scientific Debate: Promoting Non-Financial Performance -- From the Scientific Debate to the Practical Debate: Towards Transparent, Multi-Exclusionary SRI Based on Impact and the Considering of Controversy -- Conclusion -- Notes -- References -- SRI 2.0: More than a Makeover - A Fundamental Reformulation -- Introduction -- SRI 1.0 -- A History of Confusion -- The Top-Down Approach: Too Ambitious and Too Vague? -- SRI 2.0 -- A New Framework of Analysis -- From ESG to the Magic Square of Responsibility -- The Macro Level -- The Micro Level -- From SRI to SAI: The La Française-IPCM Partnership -- SRI 2.0: A Purely Idealistic Construct or a Truly Effective New Approach? -- Financial Performance -- Sustainable Development -- Conclusion -- Notes -- References -- Why Has Microcredit Had Such a Limited Impact on the Reduction of Poverty in Sub-Saharan Africa? -- Six Conditions at Microeconomic Level -- Two Conditions at Mesoeconomic Level -- Two Conditions at Macroeconomic Level -- Conclusion -- Notes -- Acknowledgement -- References -- Local Systems of Exchange in Kabylia: Economy of Reciprocity and Constraint of Traditions -- Introduction -- Trade and Markets -- Market and Embeddedness -- Exchange Practices in Kabylia -- Gifts, Reciprocity and Exchanges -- The Women's Market -- Conclusion -- Notes -- References -- Brand Value Creation versus Destruction: The Relationship between Consumers, Marketers, and Financiers -- Introduction -- A Virtuous Process of Creating Value for Brand -- Consumer Perspective and Brand Communities -- Marketing Perspective and Brand Management -- Financial Perspective and Brand Valuation -- The Reverse Brand Value Destruction Process -- Conclusion -- Notes -- References.

Cooperatives - An Alternative to Capitalism? The Case of the John Lewis Partnership -- Introduction -- John Lewis: In Pursuit of Happiness -- Business, Objective and Structure -- Commentary -- Ownership and Governance -- JLT Ownership: Voting Rights and Types of Shares -- Commentary -- JLT Governance: Constitution, 'Critical Side', Board and Council -- Enterprises: Capitalist and Cooperative -- Conditions of Possibility -- Capitalist Enterprise: The Joint-Stock Company and Disempowering Governance -- Cooperative Enterprise: Employee Ownership and Collective Governance -- Commentary -- Discussion -- Ownership and JLP -- Governance and JLP -- JLP and 'beyond Capitalism'? -- Summary and Conclusion -- Notes -- Acknowledgments -- References -- Appendix A -- Appendix B -- Part IV: Finance, Ethics, and Society -- Applying Mindfulness and Compassion in Finance -- Mindfulness and Compassion: Traditions and Evidence of Benefits for Finance? -- Ethical Figures of the World of Finance: Exercising Mindfulness and Compassion? -- Applying Mindfulness and Compassion to Finance: The Solomon Halpern Interview -- A Global Ethical Crisis and the Noble Mission of Finance -- References -- From Financial to Economic Intermediation: Islamic Banking's Unheard Message -- Introduction -- Islamic Finance Put to the Accounting Test -- Finances and Paradigms -- The Paradigm of Islamic Finance -- The Paradigm of So-Called Conventional Finance -- The Paradigms of Contemporary Finance -- Islamic Finance in Action -- The Ban on Gharar -- The Ban on Riba -- The Instruments of Islamic Finance -- From Financial to Economic Intermediation -- The Case of Social Businesses -- A 'Sharia-Compatible' Version of the Accelerator Fund Structures -- Relationships Upstream of the Fund -- Relationships Downstream of the Fund -- Relationships of the Social Business with its Environment.

From Socially Responsible Financing to Economic Intermediation -- The Hodeidah Microfinance Programme (HMFP) -- Conclusion -- Notes -- References -- Islamic Investment versus Socially Responsible Investment: Lessons from Comparison -- Introduction -- Fundamentals and Practices of Islamic Investment and SRI -- Historical Background -- Objectives -- Practices Observed -- Review of the Literature -- Islamic Investment Performance -- SRI Performance -- Method and Data -- Social Performance and Portfolio Composition -- Performance Measurement -- Portfolio Returns -- Relative Performance of Portfolios -- Results -- Portfolio Returns -- Relative Performance -- Conclusion -- Notes -- References -- Appendix -- Part V: Conclusion -- A Provisional Conclusion: A Shift towards Finance as a Commons? -- Notes -- References -- Postface: Let a thousand flowers bloom -- Notes -- Appendix A: Presentation of the Finance and Sustainability Programme (FAS) -- Presentation and Contributions -- Actions Currently Underway ('FAS Finale') -- The Main Publications and Books by FAS Members and Partners -- Notes -- Appendix B: Post Crisis Finance Association - From Crisis to Viability: Finance Reconsidered - For a Manifesto -- About the Authors.

This volume argues the need for a radical break with the methodological individualism that dominates economics, management and finance, asking 'How should we (re)define the concept of value?' and serving as a stepping stone for the rethinking of academic finance.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.