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Sustainable finance. A critical realist perspective

Author

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  • Thomas Lagoarde-Segot

    (KEDGE Business School [Marseille], LEST - Laboratoire d'Economie et de Sociologie du Travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique)

Abstract

This article seeks to respond to certain epistemological challenges which are posed to the traditional methods of inquiry used in finance by the emergence of sustainable finance. We first underline the qualitative changes that have been induced in the finance function by the imperatives of sustainable finance. Then, through the prism of critical realism, we analyse it to reveal a contradiction, which we attribute to a misconceived social ontology in academic finance. Finally, we outline methodological avenues which might allow us to overcome these difficulties and pave the way for a more realist and pluralist approach to finance research in the 21st century.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Thomas Lagoarde-Segot, 2019. "Sustainable finance. A critical realist perspective," Post-Print halshs-03559024, HAL.
    • Handle: RePEc:hal:journl:halshs-03559024
    DOI: 10.1016/j.ribaf.2018.04.010
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    Cited by:

    1. Christian Walter, 2020. "Sustainable Financial Risk Modelling Fitting the SDGs: Some Reflections," Sustainability, MDPI, vol. 12(18), pages 1-28, September.
    2. Amalia Rodrigo-González & Alfredo Grau-Grau & Inmaculada Bel-Oms, 2021. "Circular Economy and Value Creation: Sustainable Finance with a Real Options Approach," Sustainability, MDPI, vol. 13(14), pages 1-30, July.
    3. Zhang, Dongyang & Guo, Yumei & Taghizadeh-Hesary, Farhad, 2023. "Green finance and energy transition to achieve net-zero emission target," Energy Economics, Elsevier, vol. 126(C).
    4. Zhang, Dongyang, 2023. "Does green finance really inhibit extreme hypocritical ESG risk? A greenwashing perspective exploration," Energy Economics, Elsevier, vol. 121(C).
    5. Carè, Rosella & Boitan, Iustina Alina & Stoian, Andreea Maria & Fatima, Rabia, 2025. "Exploring the landscape of financial inclusion through the lens of financial technologies: A review," Finance Research Letters, Elsevier, vol. 72(C).
    6. Francesco Rania & Annarita Trotta & Rosella Carè & Maria Cristina Migliazza & Abdellah Kabli, 2020. "Social Uncertainty Evaluation of Social Impact Bonds: A Model and Practical Application," Sustainability, MDPI, vol. 12(9), pages 1-34, May.
    7. Omri, Henda & Jarraya, Bilel & Kahia, Montassar, 2025. "Green finance for achieving environmental sustainability in G7 countries: Effects and transmission channels," Research in International Business and Finance, Elsevier, vol. 74(C).
    8. Leonel Arango-Vasquez, 2025. "From rational to behavioral: An epistemological bridge between Markowitz, Fama, and Shiller," Post-Print hal-05003891, HAL.
    9. Johannes Lundberg, 2022. "Agency Theory’s “Truth Regime”: Reading Danish Pension Funds’ Decisions Regarding Shell from the Perspective of Agency Theory," Sustainability, MDPI, vol. 14(22), pages 1-15, November.
    10. Soana, Maria Gaia, 2024. "Environmental strategies, environmental performance and board sustainability committees: Are financial and non-financial companies different?," Research in International Business and Finance, Elsevier, vol. 69(C).
    11. Thomas Lagoarde-Segot, 2020. "Financing the Sustainable Development Goals," Sustainability, MDPI, vol. 12(7), pages 1-22, April.
    12. Andrikopoulos, Andreas, 2020. "Delineating social finance," International Review of Financial Analysis, Elsevier, vol. 70(C).
    13. Hanna Ahlström & David Monciardini, 2022. "The Regulatory Dynamics of Sustainable Finance: Paradoxical Success and Limitations of EU Reforms," Journal of Business Ethics, Springer, vol. 177(1), pages 193-212, April.
    14. Richard Arhinful & Leviticus Mensah & Halkawt Ismail Mohammed Amin & Hayford Asare Obeng & Bright Akwasi Gyamfi, 2025. "The Strategic Role of Sustainable Finance in Corporate Reputation: A Signaling Theory Perspective," Sustainability, MDPI, vol. 17(11), pages 1-28, May.
    15. Ma, Dan & He, Yuhang & Zeng, Linggang, 2024. "Can green finance improve the ESG performance? Evidence from green credit policy in China," Energy Economics, Elsevier, vol. 137(C).
    16. Abdellah Kabli & Alessandro Rizzello & Annarita Trotta, 2021. "Roadmapping New Impact Bonds in a Post-COVID World: Insights from Case Studies in the Education Sector," Sustainability, MDPI, vol. 13(8), pages 1-16, April.
    17. Alessandro Rizzello & Abdellah Kabli, 2020. "Sustainable Financial Partnerships for the SDGs: The Case of Social Impact Bonds," Sustainability, MDPI, vol. 12(13), pages 1-22, July.
    18. Chi-Wei Su & Xu-Yu Cai & Ran Tao, 2020. "Can Stock Investor Sentiment Be Contagious in China?," Sustainability, MDPI, vol. 12(4), pages 1-16, February.
    19. Leonel Arango-Vasquez, 2025. "From rational to behavioural: an epistemological bridge between Markowitz, Fama, and Shiller," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 18(1), pages 160-202, Annual.
    20. D'Amato, Valeria & Di Lorenzo, Emilia & Piscopo, Gabriella & Sibillo, Marilena & Trotta, Annarita, 2024. "Insurance business and social sustainability: A proposal," Socio-Economic Planning Sciences, Elsevier, vol. 93(C).
    21. Carè, R. & Weber, O., 2023. "How much finance is in climate finance? A bibliometric review, critiques, and future research directions," Research in International Business and Finance, Elsevier, vol. 64(C).
    22. Lagoarde-Segot, Thomas & Martínez, Enrique A., 2021. "Ecological finance theory: New foundations," International Review of Financial Analysis, Elsevier, vol. 75(C).
    23. Helen Chiappini & Gianfranco Vento & Leonardo De Palma, 2021. "The Impact of COVID-19 Lockdowns on Sustainable Indexes," Sustainability, MDPI, vol. 13(4), pages 1-18, February.
    24. Galletta, Simona & Mazzù, Sebastiano & Naciti, Valeria, 2022. "A bibliometric analysis of ESG performance in the banking industry: From the current status to future directions," Research in International Business and Finance, Elsevier, vol. 62(C).

    More about this item

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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