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Le rôle de la labellisation dans la construction d’un marché. Le cas de l’ISR en France

Author

Listed:
  • Diane-Laure Arjaliès

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • Samer Hobeika

    (X-DEP-ECO - Département d'Économie de l'École Polytechnique - X - École polytechnique - IP Paris - Institut Polytechnique de Paris)

  • Jean-Pierre Ponssard

    (CECO - Laboratoire d'économétrie de l'École polytechnique - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - CNRS - Centre National de la Recherche Scientifique)

  • Sylvaine Poret

    (ALISS - Alimentation et sciences sociales - INRA - Institut National de la Recherche Agronomique, X-DEP-ECO - Département d'Économie de l'École Polytechnique - X - École polytechnique - IP Paris - Institut Polytechnique de Paris)

Abstract

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. L'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 l'ISR ne constitue pas un véritable axe de différenciation concurrentielle.

Suggested Citation

  • Diane-Laure Arjaliès & Samer Hobeika & Jean-Pierre Ponssard & Sylvaine Poret, 2013. "Le rôle de la labellisation dans la construction d’un marché. Le cas de l’ISR en France," Post-Print hal-02642856, HAL.
    • Handle: RePEc:hal:journl:hal-02642856
    DOI: 10.3166/rfg.236.93-107
    Note: View the original document on HAL open archive server: https://hal.inrae.fr/hal-02642856
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    References listed on IDEAS

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