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FNEGE 4, HCERES B, ABS 1; International audience; Due to the increasing awareness on environmental issues, the necessity to implement more sustainable technologies is becoming a central theme for policy makers and economic agents. The beneficial effects of these technologies are not restricted to the environmental sphere, but also concern economic activity. In the present study, building on the knowledge spillovers theory of entrepreneurship, we look at the role of regional knowledge capabilities in facilitating green-tech firm creation in German regions. Exploiting the European Patent Office PATSTAT database in order to build regional knowledge measures, and official German government sources concerning regional green entrepreneurship activity, we consider both knowledge capacity and knowledge diversity aspects. We differentiate patents in terms of quality, using citation-based measures, and adopt a recombinant knowledge approach to account for knowledge heterogeneity. Results highlight the key role played by knowledge capacity measures, such as absorptive and innovative knowledge capacity, in promoting entrepreneurship. Although, among knowledge diversity measures only related diversity is found to promote the creation of new firms.

International audience

International audience; This case study puts the processes of deindustrialisation into the context of the Saint-Gobain company and the managers who form its strategy. Saint-Gobain's industrial policy from 1978 to 1986 was characterised by deindustrialisation in Europe and diversification into IT and service companies. From 1986 to 1991, the company began to refocus on its industrial activities in response to the oil crisis, restructuring and privatisation.; Cette étude de cas replace les phénomènes de désindustrialisation à l’échelle de l’entreprise Saint-Gobain et des dirigeants qui forment sa stratégie. La politique industrielle de Saint-Gobain de 1978 à 1986 se caractérise par une désindustrialisation en Europe et une diversification dans l’informatique et les sociétés de services. De 1986 à 1991, le groupe entame un recentrage sur ses activités industrielles à la faveur du contre-choc pétrolier, des restructurations et de la privatisation.

International audience; We study the preferences of managers when faced with two types of restructuring choices in financially distressed firms, the first belonging to the family of organizational restructuring and the second to the family of financial restructuring: the choice between massive layoffs or debt increase to reorganize the company. Both the complexity of the situation and individual personality traits can affect a manager’s preferences. We investigate the effect of complexity by experimentally manipulating cognitive load and measure social value orientation, a personality trait of managers. We find that, on average, cognitively loaded managers prefer laying off large numbers of employees rather than increasing the debt level, while managers with high social value orientation avoid massive layoffs. Further analysis suggests managers under cognitive load are not likely to follow deontological rules in their decisions. We explain this by the fact that the cognitively loaded managers choose massive layoffs as an easy way out of conflict with influential residual claimants. Consistent with the literature on social preferences, social value oriented manager are less likely to follow utilitarian rules. These results imply that the performance mechanisms emphasized to improve agency relations, for example in LBOs, have their own limitations during periods of financial distress. This study shows that one of these limits is related to cognitive distortions and interpersonal traits.

We consider a nondurable good monopolist that collects data on its customers in order to profile them and subsequently practice price discrimination on returning customers. The monopolist’s price discrimination scheme is leaky in the sense that an endogenous fraction of consumers choose to incur a privacy cost to conceal their identity when they return in the following periods. We characterize the Markov perfect equilibrium of the game under two alternative customer profiling regimes: full information acquisition (FIA) and purchase history information (PHI). In both cases, we find that, contrary to what could be expected, the monopolist’s aggregate profit is not monotonically increasing in the level of the privacy cost, but a U-shaped function of it, leading to ambiguous profit effects: a reduction in privacy costs increases the fraction of customers who choose to be anonymous (detrimental profit effect), but it also softens the firm’s introductory price, reducing the pace at which prices targeted to new customers fall over time (positive profit effect). When comparing results under FIA and PHI, we find that market expansion is faster, and more customers conceal their identity under FIA than under PHI. Equilibrium profits are also higher in the FIA case. Although equilibrium profits are U-shaped functions of the privacy cost in both profiling regimes, they tend to be globally decreasing with the privacy cost under PHI and globally increasing under FIA.This paper was accepted by Eric Anderson, marketing.

International audience; High rates of resource consumption and waste generation have put pressure on environmental systems and one of the solutions to this concerning behavior is a circular bioeconomy (CBE). However, for a CBE to succeed, new businesses and business models are needed, for which many drawbacks might be faced. Therefore, this article aimed (i) to identify the drivers, opportunities, challenges, and barriers for businesses in a CBE both from theoretical and practical perspectives, and (ii) to present the regional differences in those aspects for different continents. A mixed-method approach was adopted, comprising a systematic literature review and semi-structured interviews with 32 organizations from 18 countries in 4 continents (Africa, America, Australia, and Europe). Eight barriers and twenty challenges, as well as fifteen drivers and eight opportunities were identified. The main barrier and challenge pointed out by stakeholders were lack of financial resources/capital, and price competitiveness with traditional/linear product offers. The most prominent driver and opportunity were establishment of public policies/governmental support, and waste recovery. Regional aspects of CBEs (by continent) were also identified. Advancing CBEs requires setting strategies to overcome the lack of financial resources/capital, developing and/or making the adequate technology available locally, and enabling price competitiveness with traditional (linear and non-renewable-based) options. This study also unveils a series of managerial and business implications. There is the risk of rebound effects, such as waste becoming mainstream feedstock and bioproducts being introduced to the market on low-price strategies, thus triggering increased consumption. Premium pricing strategies need to be considered for bio-based products (compared with non-bio-based products). Moreover, technological development plays a role in driving innovation, and pioneers might lead the development of policies. For CBE systems to succeed there needs to be further technological development and greater connection among the actors in the value chain, converging in resilient circular business models for a CBE.

In 2020, Berlin introduced a rigorous rent-control policy responding to soaring prices by capping rents: the Mietendeckel (rent freeze). The German Constitutional Court revoked the policy only one year later. Although successful in lowering rents during its duration, the consequences for Berlin’s rental market and close-by markets are per se not clear. This article evaluates the short-term causal supply-side effects in terms of prices, quantities, and landlords’ strategic behavior. We develop a theoretical framework capturing the key features of first-generation rent control policies and Berlin-specific aspects. Using a rich pool of detailed rent advertisements, predictions are tested, and further empirical causal inference techniques are applied for comparing price trajectories of dwellings inside and outside the policy’s scope. Mechanically, advertised rents drop significantly upon the policy’s enactment. A substantial rent gap along Berlin’s administrative border emerges, and rapidly growing rents in Berlin’s (unregulated) adjacent municipalities are observed. Landlords started adopting a hedging strategy insuring themselves against the risk of contractually long-term fixed low rents following a potentially unconstitutional law. Whereas this hedge was beneficial for landlords, the risk was completely borne by tenants. Moreover, the number of available properties for rent dropped significantly, a share of which appears to be permanently lost for the rental sector. This hampers a successful housing search for first-time renters and people moving within the city. Overall, negative consequences for renters appear to outweigh positive ones. This paper was accepted by Victoria Ivashina, finance. Funding: This research benefits from funding by the FNR Luxembourg National Research Fund [CORE Grant 3886] (ASSESS) and the OeNB Anniversary Fund [Grant 18767] (LocHouse). M. Fongoni further thanks the Department of Economics at the University of Strathclyde for support and acknowledges funding from the French government under the “France 2030” investment plan managed by the French National Research Agency [Reference ANR-17-EURE-0020] and from the Excellence Initiative of Aix-Marseille University - A*MIDEX. Supplemental Material: The online appendix and data are available at https://doi.org/10.1287/mnsc.2023.4775 .

International audience; So far, the issue of dyslexic workers has not been addressed by management researchers. We therefore thought it would be interesting to look at their case in view of the difficulty they may encounter in their socialization process within French organizations and to answer here to the following question: can compensatory resilience behaviours be qualified as adjustment behaviours in the sense of Dufour and Lacaze (2010)?; Jusqu'ici, la question des travailleurs dyslexiques n’a pas été abordée par les chercheurs en gestion. Il nous a donc semblé intéressant de nous pencher sur leur cas au regard de la difficulté que ceux-ci pouvaient rencontrer dans leur processus de socialisation au sein des organisations françaises et de répondre ici à la question suivante : les comportements compensatoires de résilience de ces salariés peuvent-ils être qualifiés de comportements d’ajustement au sens de Dufour et Lacaze (2010) ?

International audience

International audience; Based on data collected from 18 directors, presidents and managers of the non-profit organisations (NPOs), between the two periods of lockdown due to the covid 19 health crisis, this research proposes to study the strategic, managerial, economic and governance of NPOs to better understand their organizational resilience capacities. Based on the work of Hamel and Välikangas (2003), the question is whether this health crisis heralds a change in the non-profit sector internally and externally.; À partir de données recueillies auprès de 18 directeurs, présidents et managers de l’ESS, entre les deux périodes de confinement de la covid 19, cette recherche étudie les choix stratégiques, managériaux, économiques et de gouvernance des entreprises de l’ESS pour mieux comprendre leurs capacités de résilience organisationnelle. En s’appuyant sur les travaux d’Hamel et Välikangas (2003), il s’agit de savoir si cette crise sanitaire annonce une mutation du secteur de l’ESS en interne comme en externe.

International audience; We use a novel measure of firm-level political risk based on a textual search technique on firms' quarterly earnings conference transcripts to explain dividend payouts in publicly listed U.S. firms. We find a positive and significant effect of firm-level political risk on dividend payouts, particularly in uncertainties related to economics, institutions, technology, trade, and security. The effect is more pronounced in firms with better corporate governance, less analyst follow-up, and higher growth opportunities. These results support the signaling role of dividends rather than the role of agency theory in explaining dividend payouts when firms are associated with higher levels of political risk. We also find the effect to be prominent after controlling for an aggregate measure of economic policy uncertainty and in poor economic conditions and in major political event periods. We address endogeneity concerns by running placebo tests and conducting instrumental variable analysis and we alleviate self-selection bias by performing propensity score matching technique.

International audience; China’s contemporary development is based on the two pillars of material production and of services, which now constitute the majority of economic activities. To describe this evolution after 1978 (the year of the Economic Reform launch in China) within the framework of Marxist theory, the author proposes a functional classification of services as an extension of his works on “civilization goods”.; Le développement contemporain de la Chine repose sur les deux piliers de la production matérielle et sur celle des services, qui sont aujourd’hui majoritaires. Pour rendre compte de cette évolution après 1978 (année de lancement de la Réforme économique en Chine), tout en se situant dans le cadre de la théorie marxiste, l’auteur propose un classement fonctionnel des services venant en prolongement de ses travaux sur les « biens de civilisation ».

International audience; Governments and corporations around the world are increasingly pressured to manage climaterelated business risks and reduce their carbon footprint. Consequently, a growing number of corporations have started implementing internal carbon pricing (ICP) programs, assigning a monetary value to their carbon emissions as a mitigation and adaptation mechanism. This paper explores the motives underlying voluntary ICP adoption and examines whether a firm's exposure to climate-related risks is a relevant driver of ICP adoption. Using a worldwide sample of firms reporting to the Carbon Disclosure Project between 2016 and 2018, we find that firm-level climate change exposure is significantly and positively related to the likelihood of ICP adoption. More specifically, the probability of adoption is largely linked to regulatory shocks and opportunity exposure. Moreover, we find that board independence acts as a moderator in the climate change exposure-ICP adoption relation. The findings of this study shed light on the factors contributing to the acceleration in ICP implementation in the context of a coordinated effort between public and private sectors to reduce global emissions.

We study the interaction between multiple information designers who try to influence the behavior of a set of agents. When the set of messages available to each designer is finite, such games always admit subgame perfect equilibria. When designers produce public information about independent pieces of information, every equilibrium of the direct game (in which the set of messages coincides with the set of states) is an equilibrium with larger (possibly infinite) message sets. The converse is true for a class of Markovian equilibria only. When designers produce information for their own corporation of agents, pure strategy equilibria exist and are characterized via an auxiliary normal form game. In an infinite-horizon multi-period extension of information design games, a feasible outcome which Pareto dominates a more informative equilibrium of the one-period game is supported by an equilibrium of the multi-period game.

International audience; Crowdlending is an investment tool that appeared in the early 2000s. This tool allows individuals and companies, via an online platform, to finance directly, in the form of remunerated loans and in a traceable way, projects which are presented to them and on which they can interact publicly.This tool therefore encourages the development of direct financing decided by a crowd of contributors who place their trust in project leaders via an extremely transparent, rapid and cheap online selection and subscription process. This chapter aims to analyze the potential of this new financing tool to induce the necessary transformation the financial system required in order to achieve the SDGs. Financing is indeed at the heart of Agenda 2030. It is also an issue that explicitly touches on two SDGs: SDG 8.3 (development of SMEs) and SDG 9.3 (access to financial services for all enterprises). Crowdfunding is indeed one of the answers identified by the August 2020 United Nations report “Citizen’s Money: Harnessing digitalization to finance a sustainable future”. It is now a question of truly developing this tool, which aims to put the human being and sustainable development at the heart of the lending relationship.

International audience

International audience; Lorsqu’elle est associée à la finance, l’éthique renvoie à l’introduction de nouveaux critères dans la pratique financière autres que la simple rentabilité financière. Ainsi, l’investissement éthique place les objectifs financiers classiques au même niveau que le respect de l’environnement, le respect des droits de l’homme et des règles sociales/sociétales.Trois niveaux d’articulation de l’investissement éthique existent. La conception philosophique ou théorique englobe les principes globaux alors que l’approche conceptuelle qui en découle permet la définition d’un certain nombre de critères ou de normes, certes pas universelles. Sur le plan pratique, les investisseurs ne conçoivent pas les critères de sélection de la même façon, ce qui se traduit par des pratiques différentes de l’investissement éthique. Nous répartissons ces pratiques dans le cadre de notre analyse selon deux axes de développement : l’investissement socialement responsable (ISR) et l’investissement Shari’ah compatible (ISC).L’objectif du chapitre est d’analyser l’investissement éthique sous ces trois angles. Premièrement, pour une meilleure compréhension du cadre philosophique et de ses références, nous présentons l’aspect historique de l’association de l’éthique à l’investissement. Deuxièmement, nous analysons les concepts, ce qui nous permet de mettre en lumière les points de convergence entre l’ISR et l’ISC. Troisièmement, nous analysons la mise en pratique des référentiels éthiques de l’ISR et de l’ISC. Enfin, nous concluons le chapitre qui témoigne de certaines mutations récentes à l’œuvre dans les pratiques de la gestion d’actifs.

L’objectif de cet article est d’explorer les impacts de la montée en puissance de l’industrie 4.0 sur la servitisation de l’industrie. Cet article s’appuie sur une enquête qualitative dans les secteurs de l’aviation, de l'automobile et de la santé. La littérature examinée a fourni des concepts et un contexte théorique pour la recherche afin d'introduire un nouveau cadre. Ce cadre est ensuite validé par la collecte de données primaires auprès d’experts des secteurs sélectionnés., The purpose of this article is to examine the impact of the rise of Industry 4.0 on the servitization of industry. This article is based on qualitative research in the aviation, automotive, and healthcare industries. The literature reviewed provided concepts and theoretical background for the research to introduce a new framework. This framework is then validated by collecting primary data from experts in the selected sectors.

International audience; This study highlights the impact of innovation on the market orientation and performance of a cooperative for the valorization of prickly pear co-products in Algeria. While the collective entrepreneurship outcomes have been widely discussed, it has been much less so for innovative cooperatives. In this paper, we focus on the performance of this model of entrepreneurship based on the reappropriation of technical innovations. In this sense, our analysis seeks to extend previous empirical research on the performance of agricultural cooperatives by introducing market orientation and a more comprehensive assessment of the socioeconomic performance of innovative cooperatives like Nopaltec. Our results on « alternatives » performances – role in collective appropriation and dissemination of innovation, sector structuration, socio-political and territorial functions of the cooperative – argue for a broader conception of the performances of agricultural cooperative structures.; Cette étude met en lumière l’impact de l’innovation sur l’orientation-marché et les performances d’une coopérative de valorisation des coproduits du figuier de barbarie en Algérie. Alors que la question des performances de l’entreprenariat collectif a été largement débattue, elle l’a été beaucoup moins pour des coopératives innovantes. Dans ce travail, nous mettons l’accent sur les performances de ce modèle d’entreprenariat fondé sur la réappropriation d’innovations techniques. Dans ce sens, notre analyse cherche à étendre la recherche empirique antérieure sur les performances des coopératives agricoles en introduisant l’orientation vers le marché et une évaluation plus globale des performances socioéconomiques des coopératives innovantes comme Nopaltec. Nos résultats portant sur les « autres » performances – rôle dans l’appropriation collective et la diffusion de l’innovation, structuration de la filière, fonctions socio-politique et territoriale de la coopérative – plaident pour une lecture élargie des performances des structures coopératives agricoles.

International audience; The development of digital technologies is one of the solutions being implemented to empower the food industry, especially now, when the sector is struggling to meet sustainable development goals by 2030. The attention of digital solutions has been widely given to its use at the production segment of the food value chains; that is, on-farm activities. We argue that digital technologies can enhance productivity and resilience along the entire food value chain, while increasing sustainability in this domain. Our results show complete digitalization of food value chains in France, driven by innovative start-ups, with some stages more digitalized than others. Indeed, digital technologies are shown to support the three dimensions of sustainable development goals: economic, social, and environmental. However, their benefits should be equally accessible to all actors in this field, and we therefore suggest further research.

International audience; Public authorities frequently mandate public or private agencies to manage their renewable natural resources. Contrary to the agency, which is an expert in renewable natural resource management, public authorities usually ignore the sustainable level of harvest. In this note, we first model the contractual relationship between a principal, who owns the renewable natural resource, and an agent, who holds private information on its sustainable level of harvest. We then look for the Pareto-optimal allocations. In the situation of an imperfect information setting, we find that the Pareto-optimal contracting depends on the probability that the harvesting level stands outside the sustainability interval. The information rent held by the agent turns out to be unavoidable, such that stepping outside the sustainability interval implies the possibility of depletion of the renewable natural resource. This, in turn, compromises the maintenance of the ecological balance in natural ecosystems.

International audience

International audience; Several physical features influence the perception of how cooperative a potential partner is. While previous work focused on face and voice, it remains unknown whether body odours influence judgements of cooperativeness and if odour-based judgements are accurate. Here, we first collected axillary odours of cooperative and uncooperative male donors through a public good game and used them as olfactory stimuli in a series of tasks examining whether and how they influence cooperative decision-making in an incentivized economic game and ratings of cooperativeness. Our results show that having access to the donor's body odours provided a strategic advantage to women during economic decisions (but not to men): with age, women were more likely to cooperate with cooperative men and to avoid interacting with uncooperative men. Ratings of cooperativeness were nonetheless unrelated to the donors’ actual cooperativeness. Finally, while men with masculine and intense body odours were judged less cooperative, we found no evidence that donors’ actual cooperativeness was associated with less masculine or less intense body odour. Overall, our findings suggest that, as faces and voices, body odours influence perceived cooperativeness and might be used accurately and in a non-aware manner as olfactory cues of cooperativeness, at least by women.

International audience; We use the theory of planned behavior (TPB) to investigate the determinants of the entrepreneurial intention (EI) of two samples of PhD students in science in France (N=101) and Tunisia (N=308). We performed PLS-PM estimations of a structural path model. The survey design makes possible an explicit distinction between the direct and indirect measures of the Attitude, Norm and Control for the prediction of the EI. In a situation of “analytical” decision making process we would expect a strong connection between direct and indirect measures which not observed in the case of Attitude. In both countries the main direct explanatory variables of EI are the Perceived Behavioral Control (PBC) and the Attitude (ATT) whereas the Subjective Norm (SN) has no direct significant impact. We also observe a very strong relationship between the SN and the PBC and between PBC and ATT. It raises questions concerning the real causal relationship between these explanatory variables which could have important consequences in terms of entrepreneurship promotion strategies. In contrast with SN and PBC we observe that the indirect measures of ATT are not strongly connected to its direct measure. It may indicate in the case of SN and PBC that the evaluation process is analytic whereas it would be more “emotional” for ATT. We discuss the implications of that distinction. Our results indicate that the manipulation of believes related to PBC is certainly the most relevant strategy of behavioral change.

FNEGE 4, HCERES C; International audience

Parochial altruism – individual sacrifice to benefit the in-group and harm an out-group – undermines inter-group cooperation and is implicated in a plethora of politically-significant behaviors. We report experimental evidence about the impact of variation in individuals’ distance to in-group members and to out-group members on parochial altruism in a setting in which inter-group conflict is made possible. We find that distance has systematic effects on individual choice. Parochial altruism is stimulated particularly when individuals’ distance to both their in- and out-group is high. Our results suggest that high distance may create a pathway to group-based individual action. Existing research focuses on the interaction between close-knit in-groups and proximate, threatening out-groups as the typical setting in which parochial altruism occurs. Our study indicates the need for future research to investigate how parochial altruism can occur across a wider range of in-group and out-group configurations.

Summarization: The aim of this special issue on “Regression Methods Based on OR Techniques and Computational Aspects in Management, Economics and Finance” of Annals of Operations Research, is to accomplish a wide dissemination of innovative contributions and applications of regression methods based on OR tools and their combination with computational aspects in real-life problems for the benefit of the community of both researchers and practitioners. Presented on

PurposeThis paper aims to examine the link between corporate social responsibility (CSR) and financial performance in the context of developing countries. More specifically, the mediating role of a firm’s competitive advantage and intangible resources, namely, human capital and reputation are studied.Design/methodology/approachThe study considered a sample of 100 Tunisian firms. The analysis makes use of the structural equation modelling method to explore the relationship between CSR and financial performance, by including mediator variables.FindingsThe results confirm that CSR has no significant direct effect on financial performance. In particular, they indicate that the social dimension of CSR has a negative impact on performance. However, CSR does have a positive impact on competitive advantage via the two intangible resources considered, human capital and company reputation.Research limitations/implicationsThe research fills a gap that occurred in the previous literature. In effect, previous studies focussed only on the direct link between CSR and financial performance. In addition, it enriches the limited literature on CSR strategies in the context of developing countries. However, further studies should explore the opposite relationship, i.e. the impact of financial performance on CSR strategy. In addition, the authors believe that amongst other potential research avenues, it would be interesting to study the moderating role of the activity sector.Practical implicationsFrom a practical point of view, this study suggests new applications with respect to the link between CSR and financial performance. To enhance their company’s financial performance, managers need to ensure that intangible resources are managed efficiently.Originality/valueThe paper contributes to the literature by examining how a firm’s intangible resources mediate between CSR and competitive advantage and how competitive advantage mediates between intangible resources and financial performance. Second originality is related to the study of the link between CSR and the financial performance of business organisations in the context of a developing country.

Purpose: Sentiment analysis is built from the information provided through text (reviews) to help understand the social sentiment toward their brand, product, or service. The main purpose of this paper is to draw an overview of the topics and the use of the sentiment analysis approach in tourism research. Methods: The study is a bibliometric analysis (VOSviewer), with a systematic and integrative review. The search occurred in March 2021 (Scopus) applying the search terms "sentiment analysis" and "tourism" in the title, abstract, or keywords, resulting in a final sample of 111 papers. Results: This analysis pointed out that China (35) and the United States (24) are the leading countries studying sentiment analysis with tourism. The first paper using sentiment analysis was published in 2012; there is a growing interest in this topic, presenting qualitative and quantitative approaches. The main results present four clusters to understand this subject. Cluster 1 discusses sentiment analysis and its application in tourism research, searching how online reviews can impact decision-making. Cluster 2 examines the resources used to make sentiment analysis, such as social media. Cluster 3 argues about methodological approaches in sentiment analysis and tourism, such as deep learning and sentiment classification, to understand the user-generated content. Cluster 4 highlights questions relating to the internet and tourism. Implications: The use of sentiment analysis in tourism research shows that government and entrepreneurship can draw and enhance communication strategies, reduce cost, and time, and mainly contribute to the decision-making process and understand consumer behavior., SUBMITTED: FEB 2021, 1st REVISION SUBMITTED: JUN 2021, 2nd REVISION SUBMITTED: AUG 2021, ACCEPTED: SEP 2021, REFEREED ANONYMOUSLY, PUBLISHED ONLINE: 18 OCT 2021

Purpose: This study addresses the digital transformation in tourism, accelerated due to the COVID-19 pandemic. By linking the front- and backstage activities, a model of the tourism value system is sketched with the aim to assist the shift toward digital value creation in the case of the German tourism sector by asking, What are the challenges for the digital transformation of tourism service providers, and how can it be promoted along with the tourism value system? Methods: Recognizing the processual challenges of digitalization, this contribution builds upon a mixed-methods approach. First, a quantitative online survey (n = 372) was conducted by the German Competence Center for Tourism at the beginning of the COVID-19 pandemic. The results were discussed in a workshop with 40 experts from the tourism industry in September 2020, where the COVID-19 pandemic was referred to. Results: The focus of tourism service providers is predominantly the digitalization of guest communication, whereas corporate strategies on digitalization are widely not available. Key findings of the survey indicate that competitiveness in digitalization will depend on the appropriate infrastructure, clear strategies, and organizational integration. Implications: The study affirms the increased speed of digital transformation against the backdrop of the COVID-19 pandemic and reveals the need for greater focus on internal processes. In addition, an orchestrated linking of the service providers in a digital ecosystem that is supported by national efforts is proposed., SUBMITTED: MAR 2021, REVISION SUBMITTED: JUL 2021, ACCEPTED: AUG 2021, REFEREED ANONYMOUSLY, PUBLISHED ONLINE: 18 OCT 2021

International audience; Based on the idea that in real markets firms have some freedom to set their output prices and negotiate input unit costs, this paper introduces a new approach for value-based performance decomposition as the product of direct price and quantity effects. Our framework relies on the axiomatization of a value transformation set on which quantity, price and value distance functions can be defined. The methodology developed allows for various degrees of dependency between quantity and price as well as for different degrees of freedom in price setting. The value-based performance decomposition can encompass all traditional measures such as cost, revenue, profit and profitability efficiencies. An application on French cattle farms illustrates the appeal of our approach for practitioners.

International audience

Employee stock ownership (ESO) is often associated with reductions in agency costs because it increases employee satisfaction and attachment to their company and aligns the interests of employees with those of their firm. Another stream of research argues that ESO may have the opposite effect on agency costs because it serves as a management entrenchment tool and leads to divergence between stakeholders. This paper examines the relationship between ESO and agency costs in France, which is a leading European country for ESO. Using a panel database of 125 firms over the period 2002–2016, we find an inverted U-shaped relationship between ESO and agency costs. That evidence highlights that low levels of ESO increase agency costs, which is consistent with managerial entrenchment mechanisms. The findings also suggest that beyond a certain point, ESO reduces agency problems because it links employee wealth to their firm’s success. L'actionnariat salarié (AS) est souvent associé à une diminution des coûts d'agence car il augmente la satisfaction des salariés et leur attachement à leur entreprise et aligne leurs intérêts avec ceux de l'entreprise. Un autre courant de recherche suggère que l'AS peut avoir l'effet inverse sur les coûts d'agence en servant l’enracinement des dirigeants. Il entraînerait une divergence entre les parties prenantes et diminuerait la valeur actionnariale. Cet article étudie la relation entre AS et coûts d'agence en France, un pays leader européen en matière d’AS. Nos analyses sur des données issues de 125 entreprises françaises cotées sur la période 2002-2016 mettent en évidence une relation en U inversé entre l'AS et les coûts d'agence. Nos résultats indiquent que des niveaux faibles ou élevés d’AS sont associés à des coûts d'agence élevés en raison de l’enracinement des dirigeants. Les résultats suggèrent aussi qu’au-delà d’un certain seuil, l'AS réduit les problèmes d'agence en liant le patrimoine des salariés à la performance de leur entreprise.

International audience; The agricultural sector is currently confronted with the challenge to reduce greenhouse gas (GHG) emissions, whilst maintaining or increasing production. Energy-saving technologies are often proposed as a partial solution, but the evidence on their ability to reduce GHG emissions remains mixed. Production economics provides methodological tools to analyse the nexus of agricultural production, energy use and GHG emissions. Convexity is predominantly maintained in agricultural production economics, despite various theoretical and empirical reasons to question it. Employing non-convex and convex frontier frameworks, this contribution evaluates energy productivity change (the ratio of aggregate output change to energy use change) and GHG emission intensity change (the ratio of GHG emission change to polluting input change) using Hicks-Moorsteen productivity formulations. We consider GHG emissions as by-products of the production process by using a multi-equation model. Given our empirical specification, non-convex and convex Hicks-Moorsteen indices can coincide under certain circumstances, which leads to a series of theoretical equivalence results. The empirical application focuses on 1,510 observations of Dutch dairy farms for the period of 2010–2019. The results show a positive association between energy productivity change and GHG emission intensity change, which calls into question the potential of on-farm, energy-efficiency-increasing measures to reduce GHG emission intensity.

International audience; This paper investigates the effects of the Covid-19 pandemic on the financial reporting quality of European banks by examining the occurrence of earnings management specifically income smoothing. Using a sample of listed European banks, we employ panel estimation to compare income smoothing in the pre-pandemic period (2019Q1-2019Q4) and the pandemic period (2020Q1-2021Q4). We find that earnings management has significantly increased during the pandemic years, evidencing how the quality of financial reporting is affected during the crisis period. Our findings further suggest that amid the crisis, governance quality limits the incidence of earnings management and emphasizes how the strength of country-level governance and institutional framework affects the quality of financial reporting. Further analysis shows that though banks are inclined to manage earnings during a crisis, nevertheless, the presence of high-quality audit is a limiting factor on the incidence of earnings management in the face of crisis. Our findings which are relevant to investors, market participants, and regulators among others make a significant contribution to the accounting literature and specifically complement the strand of literature on the discretionary use of loan loss provision for earnings management during crisis.

International audience; This article studies open-source 3D printer manufacturers’ business models, as well as the strategies into which these models fit. To do so, we use the concepts of business model innovation and specific capabilities. The analysis of the particularities of the projects and of the associated companies reveals two “pure” open-hardware strategies, the first one based on the temporary exploitation of the free/libre/open hardware community as a complementary resources, the second one based on the construction of a sustainable collaborative activity in order to maintain dynamic capabilities that are hard to imitate.

International audience; Still marginal 10 years ago, crowdfunding is now growing and represents a larger share of the economy each year, especially in emerging markets. At the same time, research on alternative investments in emerging markets is growing at a much faster pace than other similar fields. Indeed, policymakers, investors, and entrepreneurs from emerging markets need to gain a better understanding about the impact of fundraising innovations on sustainable growth in their home countries to facilitate entrepreneurship, growth, and employment. In this chapter, we will firstly review the foundations of crowdfunding as an innovative model, the importance of ethics in this model as well as the responses of regulators to adapt the legislative frameworks in developing countries. Secondly, we will address the question of ethics that characterizes the crowdfunding platform sector today through a double response based both on the stakeholder theory and on the corporate governance theory.

International audience; Development generates environmental externalities when it degrades or destroys habitat and damages ecosystems services. In practice, governments and industry control these externalities by restricting development and/or practicing environmental management. This paper uses bioeconomic theory to examine strategies that optimally balance economic production and habitat management. Our results suggest that while habitat management may be an ecological substitute for less economic development, the efficient coordinated conservation scheme in the social planner’s problem treats them as economic complements over the course of a recovery program, such as for imperiled species. However, resource managers should substitute toward habitat management if they cannot efficiently coordinate habitat management and economic development. We illustrate our results with an application to the lesser prairie chicken, an imperiled bird species in the U.S. Great Plains.

International audience; While perceived waiting time can undermine user evaluation and cause application abandonment, there is little scientific research on waiting in mobile applications. This paper incorporates three mobile interactivity features (ubiquitous connectivity, active control, and responsiveness) into the model and examines the mediating role of cognitive absorption and the moderating role of perceived procedural justice between these features and perceived waiting time in a short-waiting application. The researchers empirically examine the model using data from 468 uses of the ride-sharing mobile application. The results reveal that mobile interactivity can directly and indirectly (via cognitive absorption) lead to more tolerance in perceived waiting time. The findings elicit several implications for theories and practice.

National audience; Cet ouvrage apporte les clés pour comprendre :- L'impact du digital sur les entreprises et l'évolution des modèles économiques;- L'environnement juridique pour vendre en ligne en toute légalité et en toute sécurité;- La création des supports : boutique en ligne, application, site mobile...- Le choix des partenaires techniques et bancaires et les stratégies en termes de transport et de logistique;- Les techniques visant à promouvoir son activité e-commerce et à augmenter sa visibilité.

The liberated enterprise is a concept that gets talked about and written about. Some present it as a major managerial innovation. However, even if it is an interesting response to the problems of shifting the values and expectations of employees at work, it seems more to be a cosmetic dressing than a real managerial concept. There is certainly better to be done by questioning the postures expected of a manager today, rather than promoting the apparent demise of management. We suggest in this theoretical work a new possibility by seeking to rethink the major managerial postures. We propose to stop wanting to liberate the enterprise and to lay the foundations for the liberating enterprise.; L'entreprise libérée est un concept qui fait beaucoup parler et écrire. D’aucuns la présentent comme une innovation managériale majeure et même un modèle organisationnel d’avenir. Pourtant, même si elle est une tentative de réponse intéressante aux problématiques de déplacement des valeurs et des attentes des collaborateurs au travail, elle semble plus être un habillage cosmétique qu’un véritable concept managérial. Il y a certainement mieux à faire en questionnant les postures attendues d’un manager aujourd’hui, plutôt qu’en promouvant l’apparent effacement du management. Nous proposons une révision conceptuelle à l’aide de l’éclairage postmoderne à travers la notion d’entreprise libérante. Nous suggérons ainsi, à travers ce travail théorique, une nouvelle piste en cherchant à repenser les grandes postures managériales. Nous proposons ainsi de cesser de vouloir libérer l’entreprise pour poser les bases de l’entreprise libérante. Ce travail de rénovation conceptuelle s’appuie sur une étude exploratoire qualitative menée auprès de managers « libérateurs ».

International audience; Cet ouvrage a pour objectif d’apporter au lecteur une compréhension globale du système économique et financier islamique qui représente également un nouveau champ de recherche académique. La première partie est consacrée aux fondements ainsi qu’aux enjeux et perspectives de développement du système financier islamique. La seconde partie est dédiée à l’identification des thématiques de recherches dominantes en économie et finance islamiques.

International audience; Internal Fab Labs are company-owned third place for innovation. Recent studies point out the difficulties in integrating them into the organization as these structures aim to differentiate from the rest of the company in order to explore. This research tries to shed light on this dilemma between differentiation and integration by studying the i-Lab (Air Liquide). In particular, our work provides a better understanding of the differentiation and integration logics required to adopt an internal Fab Lab. Moreover, it appears that simple integration mechanisms, such as geographical and organizational proximity with R&D teams or value creation, are not enough to solve this dilemma. On the other hand, it appears that the i-Lab has managed to integrate while differentiating itself thanks to several organizational compromises, such as legitimacy, intrapreneurship, internal turn over and the creation of a new transversal business unit.; Les Fab Lab internes sont des tiers-lieux d’innovation appartenant à des entreprises. De récentes études soulignent des difficultés à les intégrer à l’organisation tant ces structures visent à se différencier du reste de l’entreprise pour faire de l’innovation d’exploration. Cette recherche tâche d’éclairer ce dilemme entre différenciation et intégration en étudiant l’i-Lab (Air Liquide). Notre travail permet notamment de mieux comprendre les logiques de différenciation et d’intégration nécessaires à l’adoption d’une structure de type Fab Lab interne. De plus, il apparaît que de simples mécanismes d’intégration, tels les proximités géographique et organisationnelle avec les équipes de R&D ou la création de valeur, ne suffisent pas à résoudre ce dilemme. Il apparaît en revanche que l’i-Lab a réussi à s’intégrer tout en se différenciant grâce à plusieurs compromis organisationnels, que sont la légitimité, l’intrapreneuriat, le turn over interne et la création d’une nouvelle business unit transversale.

International audience; Tax havens remain a leading problem for the balancing of national budgets, and an invaluable boon for the global financial sector. Even a cursory glance at history suffices to show that ever since taxes have existed, people have found ways and places to avoid them. However, defining the term "tax haven" is a difficult exercise, and international financial institutions are unable to agree on the list of non-cooperative States. The difference in their approaches can essentially be explained by political and geostrategic considerations. They intend, on behalf of questionable motives, both to protect those who would prepare these stigmatising lists, and to preserve the vulnerability of the States they seek to include on them.; Les paradis fiscaux demeurent un problème central pour l'équilibre budgétaire des nations et une aubaine précieuse pour le secteur financier mondial. Un survol historique suffit à convaincre que, depuis qu'il existe des taxes, il existe des moyens et des lieux pour les éviter. La définition des paradis fiscaux constitue cependant un exercice difficile et les institutions financières internationales ne s'accordent pas sur la liste des États non coopératifs. La différence d'approche s'explique essentiellement par des considérations politiques et géostratégiques. Il s'agit au fond, au nom de motivations douteuses, de préserver à la fois ceux qui prétendent dresser ces listes infamantes et les susceptibilités des États que l'on voudrait y faire paraître.

Comparing one hyper-growth venture with one moderate growth venture, we show that growth paths critically depend on the founders’ capability to leverage BAs’ and VCs’ financial and cognitive resources in an ongoing process of interaction. Dynamically matching specific entrepreneurs’ and investors’ decision-making styles is critical for shaping heterogeneous growth paths, as investors and entrepreneurs interact. Specifically, sharing a predictive decision-making style among VCs, BAs and entrepreneurs facilitate mutual communication and shared understanding in the joint pursuit of ambitious growth targets. To the contrary, matching non-predictive and purely control-oriented entrepreneurs with BAs featuring an identical decision-making style locks the venture into a moderate growth trajectory. This has practical implications for entrepreneurs searching for the adequate funding strategy, and for equity investors in their assessment of entrepreneurs’ cognitive profiles. Decision-making style in entrepreneurial finance and growth: how matching predictive entrepreneurs with predictive VCs and business angels boosts venture growth. Predictive decision-making boosts strong venture growth when shared by entrepreneurs, business angels (BAs), and venture capitalists (VCs) alike. Purely control-oriented entrepreneurs get locked into moderate growth when teaming up with control-oriented BAs, unless they dynamically adapt their decision-making style as a result of their interaction. Matching of decision-making styles appears hence to be crucial to sustain growth. Decision-making styles are not necessarily static, and the various actors may adapt their approach to changed circumstances. Certain BAs may play a prominent role in the process of change. Dynamic matching is a relevant avenue for future research. Our findings have also practical implications for the various actors in the field of entrepreneurial finance. Investors targeting especially strong growth should team up with highly predictive entrepreneurs only.

This article delivers an original analysis of an Austrian controversy between Rothbard and Kirzner about the relationship between entrepreneurship and capital ownership: in real-world markets, must the entrepreneur be a capitalist or not? The two authors were opposed to each other on that issue. Here, we will take a new look at existing literature by proposing a review of the key terms used in the debate. The thesis we defend here is that Rothbard and Kirzner were suffering from a mutual conceptual misunderstanding. Thus, taking an original view aims to steer the debate to a positive outcome and to reconsider the Austrian relationship between entrepreneurship, ownership and exploitation of capital.

PurposeUsing career construction theory, the authors empirically examine the mechanism by which career adaptability promotes employee subjective career success (career satisfaction and career commitment) through job crafting.Design/methodology/approachA moderated mediation model is tested using survey data from 324 full-time business professionals in France. Hypotheses are tested using structural equation modeling (SEM).Findingshe authors found that job crafting mediated the relationship between career adaptability and subjective career success (career satisfaction and career commitment). The positive effect of career adaptability on job crafting was greater under higher levels of lone wolf personality and positive perfectionism, as was the indirect effect of career adaptability on subjective career success via job crafting.Research limitations/implicationsdata are cross-sectional in nature. Robust theoretical contentions and affective means of identifying common method variance (CMV) are addressed and evaluated.Practical implicationsHigh levels of career adaptability may be a useful strategy for promoting employee job crafting and subjective career success. In addition, individuals with lone wolf personality and positive perfectionism should be given opportunities to craft their jobs in the workplace.Originality/valueThis research confirms a moderated mediation model positioning job crafting as a mediator of career adaptability's effects on employee subjective career success and lone wolf and positive perfectionism as moderators of such effects. This study suggests that job crafting and career-focused personality traits are important factors that influence the relationship between career adaptability and subjective career success.

International audience; Electricity and water tariffs are undergoing significant changes due to smart metering, retail competition, and regulatory changes. Consumers now have to choose between different tariffs which are getting more and more complex. Theoretically, these new tariffs aim to use more cost-reflective pricing to incentivise consumers to adopt the right behaviours. However, empirical evidence from real pricing shows that consumers are confused by the complexity. Based on a lab experiment, this paper investigates how electricity and water consumers adopt more or less complicated tariffs and adapt their behaviours accordingly. We show that subjects prefer simple tariffs over complex ones. However, when they receive adequate information about tariffs and appropriate behaviours, they choose more complex tariffs. These results argue in favour of self-selection of tariff forms, in order to account for consumers’ different abilities to respond to the price signal. Lastly, we discuss the appropriateness of using a price mechanism to incentivise consumers.

Customer cross-buying behavior (CCBB) still represents a key marketing topic for professionals and academics. Marketing research identified several customer cross-buying determinants during the last few decades. However, some studies have pointed out that research remains silent about potential business cycles influences upon CCBB. Building on business cycles influences upon motivational orientations, this investigation extends previous literature on CCBB performing a longitudinal study on a bancassurance leader database. Combining transactional data and aggregated perceived measure of the economic environment, this research elucidates how business cycles influence CCBB in the case of financial services. The statistical model used, accounts simultaneously for business cycles global effects and unobserved heterogeneity. The results confirm that business cycles, economic contractions and expansions, exercise significant and various influences on CCBB. In addition to overcoming a theoretical gap, findings provide novel insights for practitioners who should consider business cycles when designing cross-selling strategies.

International audience; This study investigated the impact of electronic human resource management (e-HRM) implementation on the effectiveness of the HRM system. The framework of this study was guided by three theories: unified theory of acceptance and use of technology, the social exchange theory, and the leader-member exchange theory. Covariance-based structural equation modelling was used to test the proposed model and hypotheses. The sample consisted of 282 responses from the employees of two telecommunications companies in Jordan. The research findings suggest that performance expectancy had a significant positive effect on behavioural intention to use an e-HRM system, whereas effort expectancy did not. Facilitating conditions had a positive significant impact on e-HRM system usage. Top management support and the HRM role of line managers positively affected behavioural intention to use e-HRM and actual usage of e-HRM, whereas the effect of HR professionals on e-HRM usage was negative. Finally, the actual usage of e-HRM had a significant impact on HRM system effectiveness.