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Diversifying finance research: From financialization to sustainability

Author

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  • Lagoarde-Segot, Thomas

Abstract

This paper seeks to overcome the apparent contradictions between global demand for sustainability and the structure of conventional financial discourse by putting forth a strategy for diversifying academic finance. It comprises four sections. I first situate academic finance within the broader spectrum of social sciences and highlight its ontological, epistemological and methodological assumptions. Second, I show that these assumptions, taken for granted within the field of finance, are the object of much debate within other fields – as is demonstrated by controversy regarding logical positivism, social ontology and performativity – which brings out the limitations of paradigmatic unity in finance. Third, I characterize diversification in finance with reference to the nested epistemological structure of scientific discourse. I argue that diversification is a process by which (i) finance research is extended to other existing paradigms in social sciences; (ii) new research metaphors are developed within the current paradigm; and (iii) puzzle-solving robustness is achieved. Fourth, I develop a research agenda for the diversification of academic finance. This agenda is broken down into themes, paradigmatic hypotheses, and research questions.

Suggested Citation

  • Lagoarde-Segot, Thomas, 2015. "Diversifying finance research: From financialization to sustainability," International Review of Financial Analysis, Elsevier, vol. 39(C), pages 1-6.
  • Handle: RePEc:eee:finana:v:39:y:2015:i:c:p:1-6
    DOI: 10.1016/j.irfa.2015.01.004
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    References listed on IDEAS

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    1. Bettner, Mark & McGoun, Elton & Robinson, Chris, 1994. "The case for qualitative research in finance," International Review of Financial Analysis, Elsevier, vol. 3(1), pages 1-18.
    2. Isabelle Huault & V. Perret & S. Charreire-Petit, 2007. "Management," Post-Print halshs-00337676, HAL.
    3. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    4. Xavier De Scheemaekere, 2006. "The epistemology of modern finance," Working Papers CEB 06-017.RS, ULB -- Universite Libre de Bruxelles.
    5. Xavier De Scheemaekere, 2009. "The epistemology of modern finance," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 2(2), pages 99-120, May.
    6. Thomas Bay & Christophe Schinckus, 2012. "Critical Finance Studies: An Interdisciplinary Manifesto," Journal of Interdisciplinary Economics, , vol. 24(1), pages 1-6, January.
    7. J. Fred Weston, 1967. "The State Of The Finance Field," Journal of Finance, American Finance Association, vol. 22(4), pages 539-540, December.
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    Citations

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    Cited by:

    1. El Mehdi, Imen Khanchel & Mghaieth, Asma, 2017. "Volatility spillover and hedging strategies between Islamic and conventional stocks in the presence of asymmetry and long memory," Research in International Business and Finance, Elsevier, vol. 39(PA), pages 595-611.
    2. repec:eee:riibaf:v:41:y:2017:i:c:p:148-157 is not listed on IDEAS
    3. Lillo, Felipe & Valdés, Rodrigo, 2016. "Dynamics of financial markets and transaction costs: A graph-based study," Research in International Business and Finance, Elsevier, vol. 38(C), pages 455-465.
    4. repec:eee:riibaf:v:42:y:2017:i:c:p:338-352 is not listed on IDEAS
    5. repec:eee:riibaf:v:47:y:2019:i:c:p:1-9 is not listed on IDEAS
    6. repec:eee:riibaf:v:42:y:2017:i:c:p:832-854 is not listed on IDEAS
    7. repec:eee:finana:v:62:y:2019:i:c:p:182-199 is not listed on IDEAS
    8. repec:eee:finana:v:55:y:2018:i:c:p:80-92 is not listed on IDEAS
    9. repec:eee:riibaf:v:42:y:2017:i:c:p:784-793 is not listed on IDEAS
    10. Baldi, Lucia & Peri, Massimo & Vandone, Daniela, 2016. "Stock markets’ bubbles burst and volatility spillovers in agricultural commodity markets," Research in International Business and Finance, Elsevier, vol. 38(C), pages 277-285.
    11. repec:eee:riibaf:v:42:y:2017:i:c:p:31-38 is not listed on IDEAS
    12. Lagoarde-Segot, Thomas, 2015. "Diversifying financial research: Final remarks," International Review of Financial Analysis, Elsevier, vol. 41(C), pages 28-30.
    13. Geller, Gabriel & Guedes, Maria João Coelho, 2017. "Was the collapse of the communist bloc a game changer in the stock markets? Left-wing vs. right-wing political preferences and stock market development," Research in International Business and Finance, Elsevier, vol. 39(PA), pages 423-432.
    14. repec:eee:riibaf:v:42:y:2017:i:c:p:285-294 is not listed on IDEAS
    15. repec:eee:finana:v:51:y:2017:i:c:p:113-123 is not listed on IDEAS
    16. repec:eee:finana:v:54:y:2017:i:c:p:54-62 is not listed on IDEAS
    17. Revelli, Christophe, 2016. "Re-embedding financial stakes within ethical and social values in socially responsible investing (SRI)," Research in International Business and Finance, Elsevier, vol. 38(C), pages 1-5.
    18. Chantal P. Naidoo, 2019. "Relating Financial Systems to Sustainability Transitions: Challenges, Demands and Dimensions," SPRU Working Paper Series 2019-18, SPRU - Science Policy Research Unit, University of Sussex Business School.
    19. Schinckus, Christophe, 2015. "Positivism in finance and its implication for the diversification finance research," International Review of Financial Analysis, Elsevier, vol. 40(C), pages 103-106.
    20. repec:gam:jsusta:v:11:y:2019:i:18:p:5139-:d:268891 is not listed on IDEAS
    21. Buchanan, Bonnie G., 2017. "The way we live now: Financialization and securitization," Research in International Business and Finance, Elsevier, vol. 39(PB), pages 663-677.
    22. repec:gam:jsusta:v:11:y:2019:i:15:p:4119-:d:253130 is not listed on IDEAS
    23. repec:eee:riibaf:v:41:y:2017:i:c:p:20-27 is not listed on IDEAS
    24. Sokol, Martin, 2017. "Financialisation, financial chains and uneven geographical development: Towards a research agenda," Research in International Business and Finance, Elsevier, vol. 39(PB), pages 678-685.

    More about this item

    Keywords

    Finance; Epistemology; Sustainability;

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • G00 - Financial Economics - - General - - - General

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