Exploring the role of objects in the transformation of logics: a practice perspective

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 three-year 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 andmethodological contributions are outlined for both institutional and practice theories.Inquiry ; Logics ; Objects ; Practices ; Pragmatism

A managerial perspective on the Porter hypothesis The case of CO2 emissions

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.Corporate Social Responsibility – CO2 emissions – Management Systems – Strategy

A Managerial Perspective on the Porter Hypothesis -The Case of CO2 Emissions

Over the past decade, the debate on climate change has dramatically shifted. The strong evidence presented by the scientific community through the Intergovernmental Panel on Climate Change (IPCC) process established by the United Nations Environment Program (UNEP) and the World Meteorological Organization (WMO) has largely settled the discussion about whether an action should be taken to stabilize atmospheric greenhouse gases (GHGs) (Parry et al., 2007). Climate change is now acknowledged as being a serious global threat which demands an urgent response. For example, the Stern Review on the economics of climate change estimates that without any global action, the overall costs and risks of climate change would be equivalent to losing at least 5% of global Gross Domestic Product (GDP) each year, which could rise to 20% if a wider range of risks and impacts are taken into consideration (Stern, 2006). The question is: what should be the response to address the challenge of global warming while maintaining at the same time an economic growth (Mc Kinsey Global Institute, 2008)? With this in mind, environmental concerns are becoming an increasing central topic for strategic choices and decision-making by investors around the world.Corporate Social Responsibility ; csr

Strategic Approaches to CO2 Emissions - The Case of the Cement Industry and of the Chemical Industry

The ability of companies to turn an environmental constraint into a source of strategic opportunities is a controversial topic in published research. The article, which is based on a comparative study of the CO2 emission reduction strategies implemented by the cement and chemical industries, shows that companies' freedom to adopt a proactive approach to sustainable development is severely constrained by the characteristic features of the sector, in terms of its dependence on natural resources, of flexibility in the composition of the business portfolio, and of the structure of the downstream sector

Understanding organizational creativity : insights from pragmatism

Creativity is arguably one of the most crucial features of organisation as it infuses and influences all epistemic practices (Cook and Brown 1999). From an evolutionary perspective, creativity may be understood as the source of novelty in key organisational change processes such as product and process innovations, strategic renewals, restructurings, identity reconstruals, and market reorientations. Thus interest in creativity is by no means limited to the so-called creative industries since every organisation is inevitably at some time faced with imperatives to change. However, creativity remains significantly under-researched (Joas 1996, Sternberg and Lubart 1999, Hennessey and Amabile 2010), leaving many unanswered questions about its antecedents, the conditions in which it flourishes or is inhibited, and the social processes by means of which it emerges. 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. From this viewpoint, creativity is the human condition (Joas 1996) that exists as a potential in even the most mundane, everyday plodding actions of social practice (Kilpinen 1998). It begs a dynamic, real-time theorisation that can address how questions by accommodating the temporal aspects of social practice (Tsoukas and Chia 2002). We develop our argument by drawing on an empirical example that demonstrates the temporal emergence of creative practice in a small financial services company. We show that creativity cannot be explained simply in terms of the application of planned techniques and formulae (Bohm 1996). Rather, it arises as a response to uncertain and unanticipated situations that call out changeful actions

Challengers from within Economic Institutions: A Second-Class Social Movement? A Response to Déjean, Giamporcaro, Gond, Leca and Penalva-Icher\u27s Comment on French SRI

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

Exploring the Role of Instruments in the Transformation of Logics: The Case of Socially Responsible Investment

The purpose of this article is to explore the role of instruments in the transformation of institutional logics and their associated practices at the micro level. Based on an ethnographic study, this article compares two working groups — one responsible for equity and the other for fixed-income investments — in an asset management company attempting to integrate new demands for socially responsible investment (SRI). These two working groups both sought to change their investment processes through the introduction of Electronic copy available at: http://ssrn.com/abstract=2434177 Electronic copy available at: http://ssrn.com/abstract=2434177 2 new calculative devices. The equity group was perceived to be more successful than the fixed-income group in introducing SRI because of its greater ability to fabricate calculative devices capable of mediating between financial returns and social responsibility. Elaborating on these findings, the article argues that instruments can effect institutional change when actors come to believe that available instruments are sufficiently flexible and incomplete to act as “mediating instruments” between practice and institutional change

Exploring the Role of Objects in the Transformation of Logics: A Practice Perspective

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 three-year 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