Cahiers de recherche

  • Titre
  • Auteur(s)


Départements : Comptabilité et Contrôle de Gestion, GREGHEC (CNRS)

This paper examines the fair value management of Employee Stock Options (ESOs). Departing from earlier literature focused on input estimates, we study management of the valuation model itself, seen in the ad-hoc adjustments made by companies to generally accepted models. Our analysis is based on a unique sample of ESOs in an IFRS context for which detailed disclosure is available. We find evidence of model management, with a median understatement of 52% compared to our benchmark model, which is designed to control for ESO-specific characteristics and input estimates. Furthermore, we identify three levers for model management: dilution, non-tradability of the option, and transaction costs. We conduct an in-depth analysis of companies’ arguments for making these ad-hoc adjustments and find no grounds for them. This paper highlights model management as a relevant issue for ESO fair value which has direct consequences for standard setters and enforcement authorities.

Mots clés : Fair value, ESO, Transaction costs, IFRS 2, Dilution, Non-Tradability


Départements : Comptabilité et Contrôle de Gestion

Cet article décrit une méthode d'Action Learning pour enseigner l'intelligence situationnelle. Elle vise à aider les managers à trouver des réponses appropriées aux situations complexes de management qu'ils rencontrent. Après avoir revu les différentes écoles de pensée concernant le leadership et les meilleurs pratiques de management, nous définissons l'intelligence situationnelle comme l'intelligence des situations, de soi et des autres, et la capacité à réconcilier autant que possible les intérêts des différents acteurs impliqués dans la situation. Nous utilisons les contradictions sous jacentes au management de conquête et au management de finesse comme cadre de référence. La méthode "Fidelio", évolution de l'approche "Solfi" utilisée à HEC depuis 1999, utilise les théories du leadership et met l'accent sur des concepts récents ou récemment renouvellés comme l'intelligence émotionnelle, la théorie des rôles, les contradictions et les paradoxes, l'incertitude et l'ambiguité dans le management, etc. Les ressources pédagogiques consistent en un questionnaire, des ateliers, des entretiens individuels, et des rapports post-ateliers. Elles contribuent au développement personnel, à la découverte des concepts du management et à l'animation des équipes. Les participants expérimentent différentes façon de se représenter leurs situations et par conséquent font évoluer leurs comportements de leadership. Ils prennent conscience que le leadership est contextuel et qu'il est nécessaire d'utiliser des références théoriques. Ils travaillent aussi leur capacité à manager les contradictions.

Mots clés : Démarche FIDELIO, Leadership, Déformation continue des managers, Situations managériales, Contradictions, Paradoxes.


Départements : Comptabilité et Contrôle de Gestion

The first part of the paper presents the specificities of management control in service activities. The second part of the paper is more specifically dedicated to the assessment of discretionary activities; it proposes a general framework for the evaluation of discretionary activities before reviewing the assessment tools available. The third part of the paper addresses the problems specific to the control of service companies. Based on a general model of cost vale creation in a service company, it discusses some issues related to the organisation of control in multi-site and network companies. Finally, the last part of the paper focuses on support departments and structures the recent debates about their possible control through new organizational forms.

Mots clés : Service activities, management control, performance assessment


Départements : Comptabilité et Contrôle de Gestion

This article presents a summary of the Strategic Management Accounting (SMA) literature. In its first part, the article shows how authors define SMA (by its characteristics, its practices and methods) and compares SMA to Strategic Cost Management (SCM). The second part of the article discusses the empirical research work conducted in the SMA/SCM field and its main results. The article then questions the theoretical contribution of the SMA/SCM literature and its limitations before proposing a framework which relates the concepts of costs, value and price, and incorporates many of the practices usually connected to SMA.

Mots clés : Strategic Management Accounting, Strategic Cost Management, literature review

  • FIN-2014-1033
  • Debt Structure Dispersion, Creditor Conflicts, and Covenants in Corporate Loans
  • Y. LOU, C. OTTO

Départements : Comptabilité et Contrôle de Gestion, GREGHEC (CNRS), Finance

How do conflicts between creditors affect debt contract terms? We study this question by examining the effect of dispersion in firms' existing debt structures on the use of covenants in new corporate loans. We find that loans include more covenants when firms' existing debt is more dispersed. This effect is strongest for firms with high default risk and opaque accounting. Our findings suggest that covenants are used to address not only creditor-shareholder conflicts but also conflicts between different creditors. Further, our results indicate a dynamic component missing from static debt structure models: Dispersion today entails constraints when issuing future debt

Mots clés : Debt Structure Dispersion, Creditor Conflicts, Loan Covenants


Départements : Comptabilité et Contrôle de Gestion, GREGHEC (CNRS)

Meaning work is a key category of institutional work, which aims at maintaining or changing of field-level meanings. Mobilizing institutional analysis of field level change processes and the social movement framing literature, this study conceptualizes the types of meaning work that actor at the boundary of a social movement and the incumbent field undertake in the process of “mainstreaming”. Mainstreaming in this paper is defined as a process whereby a social movement succeeds in diffusing its norms, values or practices across the wider incumbent field. During the past few decades, socially responsible investment (SRI) has shifted from being a marginal, religious, mostly US-based movement to an influential international movement, which has succeeded in mobilizing a large number of incumbent investors and financial organizations. Based on a multi-stage qualitative analysis of the SRI field during the past 50 years, this study first establishes the structural changes that define a field undergoing mainstreaming. It then introduces propositions regarding links between these field-level changes and the meaning work that actors at the boundary between a social movement and the incumbent field undertake.

Mots clés : field, social movements, framing, institutions, socially responsible investment, meaning


Départements : Comptabilité et Contrôle de Gestion, GREGHEC (CNRS)

Transparency is one of the fundamental norms that structure our contemporary individual, organizational and social lives. Its influence can be felt at all levels, and it provides, in particular, the normative foundation for the current explosion of accounting, audit and other visibility-based accountability structures. The emergence and rapid expansion of international organizations – that have played a central role in structuring transnational governance around a plethora of standards and audits – has been fundamental to the theorization and global diffusion of accountability regimes. In this paper, we undertake a conceptual genealogy of the powerful notion of transparency. Starting with its Enlightenment roots, we explore the multiple competing and conflicting mobilizations of the notion of transparency through time to liberate, to deliberate, to legitimize, to control, to structure or to govern. We then trace the transposition of these various historical trajectories into the transnational space. Beginning with the League of Nations, we follow the various mutations of transnational transparency up to its contemporary and profound neoliberal transformation. We show how transnational transparency has shifted from being a norm of emancipatory accountability, “exposing the few to the many”, to one of governing by “exposing the many to the few”.

Mots clés : transparency, transnational governance, accountability, genealogy, enlightenment, visibility


Départements : Comptabilité et Contrôle de Gestion

The purpose of this article is to explore the role of instruments in the transformation of institutional logics and their associated practices at the micro level. Based on an ethnographic study, this article compares two working groups — one responsible for equity and the other for fixed-income investments — in an asset management company attempting to integrate new demands for socially responsible investment (SRI). These two working groups both sought to change their investment processes through the introduction of new calculative devices. The equity group was perceived to be more successful than the fixed-income group in introducing SRI because of its greater ability to fabricate calculative devices capable of mediating between financial returns and social responsibility. Elaborating on these findings, the article argues that instruments can effect institutional change when actors come to believe that available instruments are sufficiently flexible and incomplete to act as "mediating instruments" between practice and institutional change

Mots clés : Equity Investment, Fixed-Income Investment, Institutional Logics, Mediating Instruments, Materiality, Socially Responsible Investment


Départements : Comptabilité et Contrôle de Gestion, GREGHEC (CNRS)

Drawing on a framework of deinstitutionalization, this study explores the abandonment of budgeting through a multiple-case study of four companies. The findings illustrate how a number of antecedents to deinstitutionalization acted in each setting and show that abandonment was only achieved through skillful agency by dominant insiders to construct the need and manage for change. In addition, an interesting finding of the study is that two of the four companies reversed the deinstitutionalization and re-introduced traditional budgeting. This is explained by highlighting the role of remnants of formerly institutionalized practices and by demonstrating the importance of administrative and cultural controls which can support the abandonment of a central control practice in the first place. Overall, this research extends previous studies of deinstitutionalization by analyzing a taken-for-granted practice at the micro level and by giving a more agentic account of its processes.

Mots clés : deinstitutionalization; budgeting; budget abandonment; Beyond Budgeting


Départements : Comptabilité et Contrôle de Gestion, GREGHEC (CNRS), Finance

We examine the effect of dispersion in a firm's existing debt on the contract terms of newly issued loans. We find that new loans of firms whose existing debt is more dispersed among different types of lenders include more covenants and default clauses and are more likely to be collateralized. These findings provide evidence that new lenders seek protection from potential conflicts among different types of creditors by including additional contract terms in the loan agreements. Consistent with the notion that conflicts between different types of lenders matter most in case of default and are aggravated by information asymmetries, we further find that the effect of creditor dispersion is stronger for firms with high default risk and more pronounced for firms with low accounting quality. Finally, we provide evidence for a similar effect of creditor dispersion on the contract terms of newly issued bonds.

Mots clés : Creditor Dispersion, Debt Contract Terms, Debt Capital Structure


JavaScriptSettings