Maintenir la légitimité : Indicateurs de viabilité et pratiques organisationnelles dans les projets d'inversion d'impact.

This research explores the role of calculative devices, such as Environmental, Social, and Governance (ESG) metrics, in legitimizing the mobilization and allocation of capital within sustainable finance in Switzerland. These devices (and their knowledge) are not static; they are constantly modified, negotiated and adapted by experts to mitigate risks, ensure the funding of preferred projects, and avoid both greenwashing practices and financial losses. By analyzing the interplay between the desires of the investors and the realities on the ground, the research investigates the narratives, concepts, and practices that are created around these technical tools to achieve sustainability goals, financial interests, and social or environmental outcomes, and sustain legitimacy of the projects. It also considers how these devices simultaneously reshape relationships and organizational practices between investors, investees and intermediary organizations, reinforcing their central role in the governance of sustainable finance.