Discover the laboratory
Economics, finance, management and
innovation laboratory
About Us
The LEFMI brings together researchers in economics, finance and management whose problematic questions the functioning and evolution of commercial and financial exchanges, as well as the behavior of agents in the economic sphere.
SCIENTIFIC PROJECT
The overarching theme of the LEFMI research group focuses on the questions raised by innovation in economics and management, particularly the challenges of climate and energy transition, sustainable development and territorial dynamics, as well as the uses of artificial intelligence.
Mission
In order to develop our analyzes, we endeavor to mobilize a plurality of methodological approaches: theoretical, empirical (quantitative and qualitative analyzes) and historical (including the history of economic thought).
Vision
If economic analysis remains at the heart of our scientific approach, we are nevertheless sensitive to the idea that only a multidisciplinary approach (combining economics and management, economics and history, economics and politics, economics and sociology, economics and natural sciences, economics and computer science) can fuel our reflection in a context of profound changes, linked both to technological upheavals (artificial intelligence, development of blockchains, algorithmic data processing), and to the need to reinvent new models that are more respectful of the environment (ecological transition, green finance, etc.) and people.
Monetary, Financial, Technological Innovation and Ecological Transition
Organization, industrial innovation, multinational firms
Monetary and Financial Approaches to Technological Innovation and Ecological Transition
1.1 Monetary Systems, Economic Transformations, Capitalism (SYMTEC)
Contemporary technological and economic upheavals—from crypto-assets to central bank digital currencies, and the monetary ambitions of Big Tech companies—profoundly redefine the role of money, its legitimacy, its regulatory frameworks, and its uses. Researchers in this sub-axis of LEFMI examine the economic, political, and institutional consequences of these radical shifts: financial disintermediation enabled by blockchain, the rise of decentralized finance (DeFi), conflicts between public and private monetary systems, new forms of monetary sovereignty, and the links between money and ecological transition. Their work combines monetary theory, the history of economic thought, and analysis of transformations in informational capitalism.
A central question concerns the very nature of money: beyond its economic function, it is understood as a social institution that creates ties between individuals and society. Which actors can legitimately be considered representatives of society, and what economic and political forces lie behind this social mediation performed by money? Addressing these questions sheds light on the evolving role of the State and private firms in monetary governance. As digital currencies and cryptocurrencies—often issued by private actors—gain traction, the future of the banking system and the regulatory mechanisms necessary to ensure stability must be reconsidered. What are the economic risks associated with the emergence of private monetary forms that escape the control of central banks and public authorities? This phenomenon also raises questions regarding the competition they may generate with public currencies, potentially threatening national economic stability.
In this context, the evolution toward central bank digital currencies (CBDCs) has attracted growing interest. How can these new forms of public money be integrated into the global economy while upholding fundamental principles of regulation and financial stability? What are the benefits and risks associated with their large-scale adoption?
These developments also invite reflection on the structural transformations of capitalism in the digital age. The rise of Big Tech firms (GAFAM) as global economic actors challenges traditional market structures and the relationship between the economy and public institutions. Technology companies—now powerful enough to rival States—are undertaking initiatives to create private digital currencies. This phenomenon is a direct manifestation of platform capitalism, in which information, personal data, and artificial intelligence constitute the main sources of profit.
A further fundamental question emerges: how might these new forms of money be reconciled with the objectives of ecological transition? Decentralized finance, driven by blockchain, offers promising avenues for rethinking the global economy and directing capital toward major environmental challenges. Research within this sub-axis examines whether financial technologies (such as crypto-assets and stablecoins) could contribute positively to the energy transition, notably through the financing of sustainable projects. This question is particularly salient as new ecological regulations may reshape global financial investment patterns, steering capital toward green initiatives such as renewable energy, carbon markets, and long-term investments in environmental infrastructures.
The issues at stake are global. Monetary transformations observed in Europe, the United States, or China are reshaping the structure of the world economy. The role of the euro and other reserve currencies in the emerging international monetary system—as well as the potential of resource-backed currencies—must be reassessed. LEFMI is thus interested in the future of the international monetary system and in the reforms required to address the challenges raised by these developments, while taking into account European monetary policy, public debt risks, and emerging geopolitical concerns.
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1.2 FINANCE, BANKS, MARKETS, AND INNOVATION
In the face of recurrent financial market crises, LEFMI examines how to restore confidence and incorporate environmental, social, and ethical considerations into finance. Research carried out by members of this sub-axis focuses on socially responsible investment (SRI), the impact of digital innovations (AI, big data, blockchain), corporate governance, asset management, sovereign debt management, and the consequences of climate change. Projects are conducted in partnership with public and private actors, particularly on ESG data assessment, institutional investor engagement, and gender parity in decision-making bodies. The objective is to rethink finance in light of the societal, ecological, and technological challenges of the twenty-first century.
Each financial crisis prompts a reassessment of markets and financial products, leading to new regulations, new risk-management methods, and the emergence of innovative instruments. LEFMI positions its research within this dynamic of reflection and transformation, particularly concerning how climate challenges and technological innovations can restore meaning and efficiency to financial markets.
For instance, socially responsible investment—long considered marginal—has become a fully recognized investment style, integrating extra-financial criteria (social, environmental, governance) while achieving returns comparable to, or higher than, traditional investments. Such findings challenge foundational principles of classical finance and raise the question of a profound revision of the models and methods used in asset management and risk management.
Firms, which generate significant environmental externalities, are at the heart of these concerns. Institutional investors, given their influence on markets, are increasingly expected to play an active role in shaping corporate sustainability policies. Emerging technologies—big data, AI, blockchain—provide unprecedented tools for measuring and integrating ESG issues into financial decision-making, while also enhancing transparency and stakeholder participation. They also offer powerful mechanisms for financing innovation and entrepreneurial projects, as illustrated by the rise of crowdfunding. However, it is equally important to examine how institutional environments and national cultures influence corporate governance mechanisms—for example, the role of women in leadership positions, which is perceived as a lever for performance and innovation.
The State remains a central actor, particularly in the management of sovereign debt, where credibility, collateral, and the role of institutions are crucial. Historical finance is mobilized to draw lessons from past crises and shed light on current issues. Additionally, research in this sub-axis explores the effects of climate change on sovereign debt, particularly in Sub-Saharan Africa and the WAEMU region, with the aim of identifying the channels through which climate vulnerability increases the risk of default. These projects feed into broader efforts to build expertise in climate finance.
To achieve its objectives, LEFMI regularly organizes academic events designed to strengthen exchanges between scholars and practitioners regarding the costs of the energy transition and sustainable financial responses. The laboratory also engages in concrete applied projects, such as the use of AI for ESG data and the financialization of ESG metrics in the MENA region. These initiatives aim to identify cultural and institutional barriers to the adoption of responsible practices and to propose innovative methodological frameworks for measuring corporate societal performance.
Forms of Innovation, Sustainable Development, and Organizational Transformations
2.1 Innovations, Dynamics, Territories (INNODYT)
Research conducted by LEFMI members within this sub-axis aims to analyse the organizational, managerial, and territorial dynamics of innovation, with particular attention to the conditions that foster the emergence, development, and diffusion of breakthrough innovations. Scholars investigate organizational models that promote creativity, risk-taking, experimentation, and the acceptance of failure. This line of inquiry notably examines the role of human resource management practices in stimulating innovation, particularly through the development of dynamic capabilities and the articulation between organizational learning and unlearning. Ambidextrous organizational structures—whether structural, contextual, temporal, or network-based—that reconcile the exploitation of existing knowledge with the exploration of new opportunities are also explored. Managerial innovation is viewed both as a lever and as an outcome of a broader innovation process, capable of generating systemic effects on product, process, and commercial innovations.
Researchers in this sub-axis also examine mechanisms that support innovation through dedicated institutional structures (incubators, accelerators, competitiveness clusters, etc.), the emergence of new intermediation roles (facilitators, brokers), and the design of public policies that promote innovation ecosystems. This approach highlights the increasing permeability of organizational boundaries: open business models rely on a firm’s capacity to transfer internal resources to external projects (inside-out) and, conversely, to mobilize external resources for internal projects (outside-in), notably through the use of “crowd-based” mechanisms (collective intelligence, crowdfunding, citizen engagement, etc.).
At the macroeconomic level, LEFMI researchers analyse public innovation policies as levers for developing national competencies. These policies cannot be solely dictated by the demands of globalization; they must be embedded in specific and evolving contexts and encourage sustained collective interactions. This requires coherent policies in research and development, education and training, taxation, support for innovation, and ecological transition. The diversity of institutional and technological infrastructures worldwide gives rise to highly context-dependent models of innovation.
Research within this sub-axis is notably deployed through participation in the PIA4 programme – E-SENSE (2024–2034), focused on energy transition. Three dimensions are particularly explored: the social acceptability of renewable energy infrastructures, economic incentives for their adoption by households, and circularity loops related to local waste and recycling management.
The circular economy is also a major theme within this sub-axis. Several funded projects (DAIEC, French Institute of Bulgaria) have examined the territorial anchoring of innovations linked to circular practices. Particular attention is given to learning and innovation dynamics embedded in territories, whether through formal or informal, top-down or bottom-up configurations, including actors from the social and solidarity economy. This approach aims to identify new development models based on cooperation and the local optimisation of resources.
Finally, new research directions address societal transition through the study of alternative consumption practices, innovative systems such as community-supported agriculture (AMAPs), and emerging dynamics of inclusion and diversity. Social entrepreneurship also constitutes a rich field for investigation, reinforcing synergies with the laboratory’s other axes. The overarching objective is to shed light on new models of sustainable, collaborative, and inclusive development.
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2.2 Management, Innovation, Artificial Intelligence (MANIIA)
The rise of artificial intelligence (AI) is transforming economies and organizations. The rapid development of generative AI—such as ChatGPT or Bard—has democratized access to these tools and highlighted the major challenges associated with their integration into professional environments, particularly from ethical and social perspectives. Researchers within this LEFMI sub-axis aim to better understand the conditions under which AI is adopted, building a research hub focused on the uses, acceptance, and impacts of AI within organisations.
All corporate functions are concerned: marketing, finance, logistics, human resources, sales, and more. AI is no longer seen as a mere technical tool but as a strategic lever for transformation. Numerous firms have doubled their investments in AI in recent years, with adoption rates nearly tripling in professional settings. This profound change generates both opportunities and challenges, particularly regarding acceptability, ethics, skills adaptation, and work organisation.
Several LEFMI research projects support this multidimensional reflection. One study investigates the acceptance of AI in B2B commercial practices, exploring how AI can enhance customer relationships, relieve sales representatives of repetitive tasks, and support prospecting or training. Another project examines the effects of generative AI on consumers’ perceived recognition and empowerment in their interactions with brands, especially in customer complaint management.
The scope of this sub-axis is not limited to commercial or marketing functions. AI can also contribute to more efficient ecological planning within supply chains, particularly in the healthcare sector. These studies integrate logistical, financial, and environmental indicators, such as reductions in CO₂ emissions, stock optimisation, and the management of perishable goods. Here, AI is conceptualized as a tool for rationalisation in service of sustainable performance.
The human resources function is also affected. LEFMI researchers explore the impact of AI on employee training practices. How do AI tools reshape the way employees acquire skills? Are they easily accepted, or imposed by hierarchical or contextual constraints? What role should be attributed to human oversight within these new learning processes? This project includes a strong territorial dimension, involving stakeholders such as ANDRH, Chambers of Commerce and Industry, ResoRH and Amiens Cluster.
Lastly, in a context of intensifying pressure on employees (performance, profitability, work pace), an ongoing CIFRE doctoral project at LEFMI examines the prevention of psychosocial risks in a highly competitive industrial company (in the tyre sector). It analyses links between managerial practices, employee well-being and the firm’s overall performance, within a framework of social responsibility.
Most of these projects are embedded in the PIA4 – MAIA (Mastering Applications in Artificial Intelligence) programme, in which LEFMI is a partner. This programme provides fertile ground for interdisciplinary and cross-sector synergies, with the ambition of better understanding AI-induced transformations and proposing appropriate, responsible, and context-sensitive responses. Within the same programme, LEFMI members also investigate the potential role of AI in healthcare as well as in the prevention and support of mental health issues, through interdisciplinary approaches combining behavioural sciences, artificial intelligence, and ethics.
By structuring its research around the acceptance, adoption, and impact of AI, LEFMI reaffirms its ambition to contribute actively to contemporary debates on the transformations of work, management, and prevention, placing human beings and territorial anchoring at the centre of its scientific concerns.