|dc.description.abstracten||The Socially Responsible Investment (SRI) market is a new market, which relies on
extra-financial criteria. “Extra-financial” means it aims at selecting assets also on social
or environmental criteria. As a consequence, it gathers very heterogeneous actors like
financial actors, extra-financial rating agencies and NGOs. Given the uncertainties
regarding its future development, these actors have to collaborate. We use an exponential
random graph model (ERGM) to highlight the process, which underlies the formation of
co-work ties in the market. Different effects are studied : the endogenous effects of the
social structure, the effects of the different visions about SRI, the effects of perceived
prestige, the effects of market entry date and the effects of functional interdependences.
First, the structural effects confirm the existence of bounded solidarity among these
actors. Second, the different visions about SRI do not shape the formation of cliques.
Third, the status hierarchy intervenes in the process of coalition formation and leads to a
polarization of the market. Fourth, incumbents, mainly rating agencies, and challengers,
the financial actors, use opposite collaboration strategies to strengthen their positions.
Whereas incumbents adopt a narrow and self-protective strategy, challengers apply an
extensive collaboration strategy. Fifth, the entry date confers an advantage to market
pioneers, since they best know actors and may then more easily create partnerships.||en