The purpose of this paper is to explore the perception of environmental, social and governance (ESG) criteria by mainstream investors in an emerging financial market, that of Tunisia, country at the origin of the Arab Spring.,A series of focus groups and semi-structured interviews were conducted with financial professionals.,Despite efforts by the Tunisian state to promote CSR and ESG criteria since the outbreak of the revolution of January 14th, 2011, the results show that these criteria are fairly well known by our interlocutors. As part of an investment allocation decision, the ESG criteria are considered as secondary to financial ones. The three criteria are classified as follows according to their usefulness in the investment choices of financial professionals: corporate governance, social and environmental.,In addition to the subjective nature of the data collected, this research is limited to the input of only financial professionals. It does not inform us about ESG indicators that may influence the investment decisions of financial professionals, and thus this issue deserves further reflection.,This exploratory study sheds light on a little-explored topic in Tunisia, country at the origin of the Arab Spring. It contributes to the existing literature in the areas of investor behavior toward ESG criteria and adds to the limited literature in the area of emerging countries.

中文翻译：

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主流投资者对 ESG 标准的看法：来自突尼斯的证据

本文的目的是探讨新兴金融市场中主流投资者对环境、社会和治理 (ESG) 标准的看法，突尼斯是阿拉伯之春的发源国。,一系列焦点小组和半- 对金融专业人士进行了结构化访谈。,尽管突尼斯政府自 2011 年 1 月 14 日革命爆发以来一直在努力推广企业社会责任和 ESG 标准，但结果表明，这些标准为我们的对话者所熟知。作为投资分配决策的一部分，ESG 标准被视为次于财务标准。这三个标准根据它们在金融专业人士的投资选择中的有用性分为以下几类：公司治理、社会和环境。除了所收集数据的主观性外，这项研究仅限于金融专业人士的投入。它没有告诉我们可能影响金融专业人士投资决策的 ESG 指标，因此这个问题值得进一步思考。,这项探索性研究揭示了阿拉伯之春起源国突尼斯的一个鲜为人知的话题。它为 ESG 标准投资者行为领域的现有文献做出了贡献，并增加了新兴国家领域的有限文献。这项探索性研究揭示了突尼斯这个阿拉伯之春起源国的一个鲜为人知的话题。它为 ESG 标准投资者行为领域的现有文献做出了贡献，并增加了新兴国家领域的有限文献。这项探索性研究揭示了突尼斯这个阿拉伯之春起源国的一个鲜为人知的话题。它为 ESG 标准投资者行为领域的现有文献做出了贡献，并增加了新兴国家领域的有限文献。