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Rethinking Finance in the Face of New Challenges provides an
overview of the new research perspectives devoted to financial
activity, reconsidering the opposition between orthodox and
heterodox schools of finance. The purpose is to identify new
theoretical and practical issues around the concepts of values,
radical uncertainty, and financial instability, but also to examine
the consequences of the financialisation process on the dynamics of
organisations and markets, as well as on value production
mechanisms. This fifteenth volume of Critical Studies on Corporate
Responsibility, Governance and Sustainability begins by exploring
the globalisation and financialisation of economies, central banks
and corporate strategies before switching to focus on financial
value as a historically situated social construct. The book then
examines the relationship between finance, social value and
sustainable development and presents several avenues for reflection
with a view to a paradigmatic renewal of research and teaching in
finance. At a time when an unprecedented infectious and sanitary
crisis is generating disastrous financial, economic, social and
societal repercussions, the work presented in this book will
stimulate reflection and contribute to the renewal of a Finance
that now has to face many new social, societal and environmental
challenges.
As a response to ongoing economic, social and environmental crises,
many private actors have enlarged their definition of 'value' to
include environmental and social elements. Such practices, however,
appear incompatible with the current epistemological structure of
academic financial discourse. This paradox challenges us to
reconsider the foundations of modern finance, particularly the
dominant role of shareholders. The volume argues there is a need to
turn the established order upside down. Studies in economics and
finance have to be embedded in environmental and social welfare to
answer the challenges we face, and there is a need for a radical
break with the methodological individualism that dominates
economics, management and (especially) finance. It is our
responsibility to question social welfare when it is defined only
as maximising shareholder value. Should we instead promote a
substitute to the shareholder? How should we (re)define the concept
of value? This volume serves as a stepping stone for rethinking
academic finance, and attempts to carve out innovative paths for
financial research in the 21st century.
The recent global financial crisis has indicated that the
conventional dominant paradigm in finance is unable to cope with
the problems of financial systems, markets, and behaviour of
financial institutions, and failed to understand the proper role of
finance in society and the economic system as a whole. Drawing on
the recent movements of corporate social responsibility, socially
responsible investing and sustainable development, this volume goes
further to examine the ongoing making of financial reality towards
social responsibility and sustainability, and aims at a better
understanding of finance as a collective construct and endeavour
embedded in societal context. Bringing together leading scholarly
thinking, this collection opens new avenues of comprehending
corporate social responsibility, reveals mechanisms and strategies
in shaping the reality of responsible finance, searches alternative
approaches towards financial sustainability, and explores new
thinking of coping with complex financial choice and financial
risks. Moving away from the conventional financial paradigm, this
volume demonstrates paradigm shifting in the financial world and
provides fresh insights on how we may reshape the financial reality
to enable societal betterment and prevent any future financial
crisis.
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