Travail de fin d'études The juridicity of the International Valuation Standards: An interdisciplinary analysis at the intersection of legal theories, transnational regulation and management

Abstract

This thesis examines the juridicity of the International Valuation Standards, adopted by the International Valuation Standards Council, as a form of transnational private regulation. In a globalized economy, valuation practice increasingly relies on standards produced outside the State, raising the question of whether such instruments can be understood as legal norms. The thesis first constructs the IVS as a normative object through an analysis supported by twelve semi-structured interviews with actors closely connected to international valuation practice.

On this basis, the thesis then assesses the juridicity of the IVS through selected legal theories. Under the classical theories examined, including Kelsen’s pure theory of law, Lucien François’ microscopic theory and Santi Romano’s institutionalist theory, the IVS do not possess autonomous juridicity. Their legal character remains mainly derived and fragmented, depending on their reception by State, professional, institutional or firm-level frameworks. However, transnational legal theories make it possible to adopt a broader view. Since the IVS structure professional expectations, circulate across jurisdictions and contribute to defining what a credible valuation should be, they may be understood as possessing an autonomous juridicity in construction. Their juridicity is therefore not a fixed status, but a gradual process built through reception, effectiveness and legitimacy.