Contenu du sommaire : La face cachée de la finance entrepreneuriale
| Revue |
Entreprendre & Innover  |
|---|---|
| Numéro | no 48, 2021/1 |
| Titre du numéro | La face cachée de la finance entrepreneuriale |
| Texte intégral en ligne | Accès réservé |
- Les faces cachées de la finance entrepreneuriale ou comment trouver des solutions face à l'inacceptable - Olivier Toutain, Arvind Ashta p. 5-10
- The dark side of entrepreneurial finance through the eyes of Muhammad Yunus - Olivier Toutain, Arvind Ashta, Muhammad Yunus p. 11-18
In the early 1980s, Professor Muhammad Yunus noted that banks were not providing finance to poor entrepreneurs in Bangladesh. He pioneered microcredit and this became a catalytic social innovation that spread across the world. In this interview, Muhammad Yunus underlines the importance of engaging schools, students, researchers, and practitioners in taking concrete steps and achieving results that contribute to the fight against the dark side of entrepreneurial finance supported by the current capitalist system. Performance indicators for a social business focus on measuring the increase in the number of people who have received help. For example, they might measure how many people are no longer unemployed or how many have had health difficulties resolved. Dossier
- Promesses et zones d'ombre des contrats à impact social - Mathias Guérineau, Julien Kleszczowski p. 19-28
Le contrat à impact social (CIS) est un outil novateur de financement de l'innovation sociale apparu en France en 2016. Il vise à financer des actions portées par des opérateurs associatifs, et implique à la fois des investisseurs privés et des organismes publics. Si les promesses associées à ce dispositif sont nombreuses, les contrats à impact social comportent des zones d'ombre qu'il convient d'expliciter de façon à identifier les conditions pour une utilisation pertinente et éclairée.The social impact bond (SIB) is an innovative tool for financing social innovation that emerged in France in 2016. It is intended to finance innovative actions carried out by nonprofit organizations, and involves both private investors and public institutions. While the promises ascribed to this financial tool are numerous, social impact bonds have gray areas that need to be clarified in order to identify the conditions required for the tool to be used in a relevant and well-informed way. - L'impact social : benign neglect ou face cachée de la finance entrepreneuriale ? : « Entrepreneurs sociaux… Couvrez cet impact que la finance ne saurait voir ! » - Julien Benomar, Didier Chabaud p. 29-40 Si le financement de l'aide internationale dépasse les 150 milliards de dollars annuellement, l'impact de celui-ci auprès des populations bénéficiaires reste incertain. En ce sens, l'étude de l'aide apportée à des institutions de microfinance suggère que la mise à disposition de subventions ne favorise pas nécessairement l'obtention d'une bonne performance.Cette étude de cas témoigne, à ce propos, que les évaluations de projets de développement apprécient principalement la réalisation opérationnelle et financière des activités programmées, sans prendre en compte l'impact de ces activités auprès des populations vulnérables.Si les préconisations de la Social Performance Task Force insistent sur la qualité de la gouvernance et sur la responsabilité sociale des Institutions de microfinance, elles ne conduisent pas à intégrer l'impact économique et social auprès des bénéficiaires, qui constitue ainsi la face cachée du financement de l'aide internationale.While international aid funding exceeds $150 billion annually, its impact on recipient populations remains uncertain. Moreover, studies on aid given to microfinance institutions suggest that the provision of grants does not necessarily lead to a good performance.This case study shows that the evaluations of development projects mainly assess the operational and financial implementation of planned activities, without taking into account the impact of these activities on vulnerable populations.While the recommendations of the Social Performance Task Force emphasize the quality of governance and the social responsibility of microfinance institutions, they do not take into account the economic and social impact on beneficiaries. This is consequently the dark side of international aid funding.
- Impact investing : la face cachée d'un discours “hybride” ? - Cornelia Caseau p. 41-50 Impact investing est un moyen de financement fondé sur trois objectifs : l'impact social, l'impact environnemental et le retour financier. Se pose dès lors la question : quel discours les impact investors avec leur business modèle hybride peuvent-ils adopter pour répondre à ces trois objectifs ?Cette étude s'intéressera spécifiquement au discours “hybride” mis en place sur les sites web, adressé (a priori) à un public d'investisseurs non-professionnels qui souhaiteraient placer des capitaux dans des organisations d'impact investing, et cherchera à déterminer si ce discours, partagé entre engagements éthiques et financiers, entre contraintes de standardisation et réussite commerciale pourrait révéler une face cachée.Impact investing is a means of financing based on three objectives: social impact, environmental impact, and financial return. The question is therefore: What discourse can impact investors with their hybrid business model adopt to meet these three objectives?This study will focus specifically on the “hybrid” discourse implemented on websites, addressed (a priori) to a public of non-professional investors who would like to place capital in impact-investing organizations. The study will also seek to determine whether this discourse, divided between ethical and financial commitments, as well as between standardization constraints and marketing success, might have a dark side.
- Does microcredit have a darker side? The case of India - Satish Pillarisetti p. 51-57 The darker side of microcredit in India can be seen in five ways: rapid portfolio growth; unhealthy competition and the poaching of clients; coercive collection practices; opaque functioning; and mission drift. The antidote to this is responsible lending. Responsible lending involves the adherence of MFIs to a broad set of client protection principles as included in the sector's code of conduct. Enforcement of a code of conduct by self-regulatory organizations, regulators, and lenders will enable the microfinance sector in India to overcome its darker side.
- The role of inter-subjectivity and shared experience in regulating the dark side of human nature in entrepreneurial finance - Arvind Ashta, Gilda H. Darlas p. 58-65 While working in artificial intelligence for large institutions, Gilda H. Darlas found that the use of algorithms exacerbated social inequalities generated by the financial models of banks. These social inequalities had resulted from decisions based on past data and negative emotions, thereby perpetuating the dark side of entrepreneurial finance. She therefore spent years studying how to resolve this problem. It was clear that the problem needed to be attacked at its roots: by shifting the mindset of young people away from greed toward altruism.
- Financial innovation and entrepreneurship: Shedding light in dark places? - Jonathan Warner p. 66-73 This paper explores the effects of new forms of finance on lending and borrowing. These include peer-to-peer lending, intermediary microfinance (e.g., Kiva), and new types of rewards-based funding (e.g., Kickstarter) that have the potential to resolve some of the problems of conventional forms of finance, community currencies, and digital currencies. They increase both transparency and the options available to borrowers. However, they also create dark places of their own.
- La communication dans l'equity crowdfunding : des investisseurs privilégiés au sein de la foule ? - Laurence Attuel-Mendes, Céline Soulas p. 74-83 Une communication fondée sur des informations interprétables est indispensable pour favoriser la décision de financement d'investisseurs potentiels. Elle est d'autant plus essentielle que le contexte d'incertitude propre à l'equity crowdfunding (ECF) implique une prise de risque. À ce titre, le marché français de l'ECF des biotechs santé constitue un terrain exemplaire en matière d'incertitude. Il permet de mettre en lumière l'exploitation diverse et incomplète par les plateformes des outils de communication médiatisée par ordinateur alors qu'on aurait pu penser que le crowdfunding mobilisait de façon optimale ces outils afin de fonder la décision d'investissement. En définitive, les principales plateformes d'ECF opèrent un glissement vers des logiques de club, observées dans le monde traditionnel de l'investissement, s'éloignant de ce fait de la promesse initiale du crowdfunding de démocratiser l'accès à l'investissement.Communication based on interpretable information is essential for helping potential investors make decisions about financing. It is particularly important as the uncertainty that inevitably accompanies equity crowdfunding (ECF) implies risk-taking. In this respect, the French ECF market for healthcare biotechs is an exemplary field in terms of uncertainty. It highlights the fact that, while many assume that crowdfunding would make optimal use of computer-mediated communication tools to support investment decisions, the ways in which these tools are used are actually diverse and incomplete. Ultimately, the main ECF platforms are shifting toward the club logic observed in the traditional investment world, thereby moving away from the initial promise of crowdfunding to democratize access to investment.
- Where does the human lie in crowdfunding: An exploration of the dark side of social mechanisms - Mathieu-Claude Chaboud, Guillaume Biot-Paquerot, Alexandre Pourchet p. 84-93 Crowdfunding is often considered to be a more prosocial than traditional means of financing. In order to analyze and validate this assumption, we explore the social mechanisms of reward-based crowdfunding present in four illustrative campaigns. We propose a typology of the tools, mechanisms, and organizational methods used in these fundraising initiatives and show how entrepreneurs can use a combination of rules, communication, and the stated philosophy or purpose of their venture not only to succeed but also sometimes to engage in free-riding behavior.
- Falling like ninepins: How Greensill Capital's supply chain finance took down its partners - Arvind Ashta p. 94-102 The Greensill Capital bankruptcy has impacted a large number of actors: Credit Suisse, Soft
Bank Group, General Atlantic, and GFG Alliance. The case study is interesting because the rise of Greensill shows the importance of supply chain finance as well as the dangers of misusing this financial instrument.
- Promesses et zones d'ombre des contrats à impact social - Mathias Guérineau, Julien Kleszczowski p. 19-28
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