Research-Thesis: Dans quelles mesures les décisions de l'Union Européenne impactent-elles l'allocation des capitaux des fonds d'investissement européens dans le secteur de la défense.

Abstract

This research examines the extent to which decisions taken by the European Union affected the capital allocation of European investment funds toward the defense sector between 2017 and 2026. To address this question, a difference-in-differences approach is applied to a panel of 18,033 funds, using four events as exogenous shocks : PESCO, the European Defence Fund, the Versailles Declaration, and ReArm Europe. The analysis relies on the SFDR classification to distinguish sustainable funds from conventional funds. The results show that the SFDR classification does not identify any differentiated reaction to political announcements, reflecting the limitations of a framework based on self-reporting. Funds carrying more stringent ESG labels constitute an exception : they reduced their exposure following the Versailles Declaration, revealing active normative resistance. These findings support the strengthening of labeling requirements, as envisaged under the proposed SFDR 2.0 reform.