Handbook of Research on Strategy and Foresight
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Handbook of Research on Strategy and Foresight

Edited by Laura Anna Costanzo and Robert Bradley MacKay

Drawing together a collection of 29 original chapters, the Handbook makes an invaluable contribution to theory and practice by stimulating disciplined, rigorous and imaginative enquiry into the relationship between strategy and foresight. Leading scholars in the field of strategic management are brought together to offer innovative and multi-disciplinary perspectives on the past, present and future of strategy formation and foresight. In so doing, they challenge research in four key areas: strategy and foresight processes; strategy innovation for the future; understanding the future; and strategically responding to the future.
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Chapter 15: The Role of Resources in Institutional Entrepreneurship: Insights for an Approach to Strategic Management that Combines Agency and Institution

Julie Battilana and Bernard Leca


Julie Battilana and Bernard Leca Introduction The take-off in France of a market for socially responsible investment (SRI) corresponds to the creation, in 1997, of the first social rating agency, ARESE. SRI existed long before ARESE’s creation but was not recognized as legitimate by the financial community, which perceived it to be a marginal activity led by idealists who lacked seriousness. ARESE managed to develop a measure of companies’ corporate social performance that would resemble well-established ways of evaluating organizational performance and could be integrated within fund managers’ traditional decision-making processes. Rather than provide monographs about companies, ARESE formulated quantitative measures with which to generate the ‘ARESE notation’, which financial executives regarded as more serious and legitimate. Using this new tool, which was more in conformance with the dominant logic of the financial world, fund managers willing to develop SRI funds were able to legitimize themselves in the financial community and set up those funds. The SRI market subsequently developed such that by the end of 2001, SRI assets in France totaled €1000 million. ARESE held that same year 85 percent market share of the market for social rating (Déjean et al., 2004). The first social rating agency in France, ARESE, in developing a measure of companies’ corporate social performance, diverged from the existing norms of the financial market sector, yet framed its measure in such a way that it appeared to be congruent with the existing models. In contributing to the development of new practices in the financial...

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