Data Descriptor: Data from a pre-publication independent replication initiative examining ten moral judgement effects


Nature: Scientific Data

2016, vol. 3, n°160082

Départements : Marketing, GREGHEC (CNRS)

Mots clés : Decision making, Ethics, Psychology, Research management

We present the data from a crowdsourced project seeking to replicate findings in independent laboratories before (rather than after) they are published. In this Pre-Publication Independent Replication (PPIR) initiative, 25 research groups attempted to replicate 10 moral judgment effects from a single laboratory’s research pipeline of unpublished findings. The 10 effects were investigated using online/lab surveys containing psychological manipulations (vignettes) followed by questionnaires. Results revealed a mix of reliable, unreliable, and culturally moderated findings. Unlike any previous replication project, this dataset includes the data from not only the replications but also from the original studies, creating a unique corpus that researchers can use to better understand reproducibility and irreproducibility in science

Debt decisions in deregulated industries


Journal of Corporate Finance: Contracting, Governance and Organization

février 2016, vol. 36, pp.230-254

Départements : Finance, GREGHEC (CNRS)

Mots clés : Debt decisions, Debt maturity, Public and private debt issues, Deregulation

Deregulation significantly affects firms’ debt decisions. Prior to deregulation, regulated firms depend more on long-term and public debt but reduce this dependence considerably during deregulation. Cross-sectional analysis shows that the lower use of long-term and public debt results from changing firm sensitivities to determinants of debt decisions triggered by deregulation. Consistent with credit and liquidity risk theories of debt maturity, the concave relation between firm quality and debt maturity is attenuated among regulated firms. Inconsistent with these theories, the convex relation between firm quality and public debt issues exists only among regulated firms. I find limited support for other theories

Decision biases and entrepreneurial finance


Small Business Economics

décembre 2016, vol. 47, n°4, pp.819–834

Départements : Economie et Sciences de la décision, GREGHEC (CNRS)

Mots clés : Entrepreneurship, Decision biases, Cognitive biases, Entrepreneurial finance, Informal finance, Fundraising, Social ties, Venture performance

We study the effects of three cognitive biases by the entrepreneur on obtaining funding. We find planning fallacy to increase funding amounts, whereas optimism and overconfidence by the entrepreneur have no effects on funding amounts from others. Further, planning fallacy positively impacts the probability of strong-tie (inside) investments but negatively impacts the probability of weak-tie (outside) investments. Mediation analyses further show that planning fallacy positively impacts venture performance through both self and other investor funding amounts. Our findings are not consistent with the pecking order theory of informal finance and suggest positive effects of at least one cognitive bias on entrepreneurial business success through increased funding

Disciplinary practices in the French auditing profession


Accounting, Auditing and Accountability Journal

2016, vol. 29, n°1, pp.11-42

Départements : Comptabilité et Contrôle de Gestion

Mots clés : Content analysis, Audit quality, Auditing, Disciplinary practices, Public accounting profession, Public interest

Purpose – The purpose of this paper is to contribute to understand the role of the statutory auditing profession in France. The study is theoretically based on distinctions between a functionalist view of professions and a neo-weberian view. Prior research, conducted in Anglo-American countries has shown that the auditing profession has focussed primarily on protecting the private interests of the profession. Hence, there is a need to conduct research on this topic in a code law country where the state is expected to play a significant role in protecting the public interest.Design/methodology/approach – The methodology involves a content analysis of 148 disciplinary decisions issued against statutory auditors in France from 1989 to 2006. This analysis identified 21 types of violations grouped into public interest or private interest offences. Because visible offences are public and are more likely to threaten the reputation of the profession, these types of decisions are also studied with respect to their visibility.Findings – The results reveal that in a code law country such as France the auditing profession tends to defend both the public interest as well as its private interests. The results also support the “visibility” effect.Research limitations/implications – The written disciplinary decisions have been anonymized so that the names of the auditors and the clients cannot be identified.Originality/value – This paper differs from previous studies conducted in the Anglo-American context which show an emphasis on protecting the private interests of the auditing profession. Moreover, this study reveals the existence of “mixed” offences and underlines that a profession primarily focusses on these cases. Thus, the work reconciles in part the functionalist and neo-weberian perspectives. Lastly, this paper confirms the importance of the visibility effect

Do Ratings of Firms Converge? Implications for Managers, Investors and Strategy Researchers


Strategic Management Journal

aout 2016, vol. 37, n°8, pp.1597–1614

Départements : Stratégie et Politique d’Entreprise, GREGHEC (CNRS)

Mots clés : Corporate social responsibility, Ratings, Corporate governance, Socially responsible investing, Performance measurement

Raters of firms play an important role in assessing domains ranging from sustainability to corporate governance to best places to work. Managers, investors, and scholars increasingly rely on these ratings to make strategic decisions, invest trillions of dollars in capital and study corporate social responsibility (CSR), guided by the implicit assumption that the ratings are valid. We document the surprising lack of agreement across social ratings from six well-established raters. These differences remain even when we adjust for explicit differences in the definition of CSR held by different raters, implying the ratings have low validity. Our results suggest that users of social ratings should exercise caution in interpreting their connection to actual CSR and that raters should conduct regular evaluations of their ratings

Does Ownership Matter in Private Equity? The sources of Variance in Buyouts' Performance


Strategic Management Journal

février 2016, vol. 37, n°2, pp.330-348

Départements : Stratégie et Politique d’Entreprise, GREGHEC (CNRS)

Mots clés : Corporate effects, Private equity, Variance decomposition, Multilevel analysis, Firm performance

We study the impact of ownership on firm performance in an unexplored governance context: private equity (PE) firms and the buyouts in which they invest. We employ a multiple-membership, cross-classified, multilevel model on a unique database of 6,950 buyouts realized by 255 PE firms between 1973 and 2008 in 77 countries. The results document a significant PE firm effect (4.6%), the importance of which grows as time passes. We then study three contingencies that increase the importance of the PE firm effect: (a) value addition vs. selection strategies; (b) developed vs. emerging economies; and (c) economic downturns. Our findings shed new light on the sources of variance in buyouts’ performance

Does slack always affect resilience? A study of quasi-medium-sized Italian firms


Entrepreneurship and Regional Development

2016, vol. 28, n°9-10, pp.768-790

Départements : Stratégie et Politique d’Entreprise

Mots clés : SMEs profitability, SMEs growth, crisis, organizational slack, Italian firms

Research on organizational slack, which has focused mainly on its effect in large, publicly traded firms and on transitional economies, has found that slack functions as a buffer in periods of crisis. However, little work has been done on the value of slack resources for smaller firms in mature industries. This study contributes to the resource-based literature with a quantitative analysis of a broad sample of Italian SMEs that operate in the traditional ‘Made in Italy’ industries. The purpose of the paper is to use longitudinal data from before and after the 2008 world financial crisis to determine whether slack resources drive growth and profitability in organizations with limited resources that operate in mature industries in periods of recession. The results of two-stage least squares regression indicate that, similar to their larger counterparts, small firms must secure high levels of profitability in order to achieve sound growth during recessions. Potential financial slack is equally important in driving profitability in these periods, although it is not related to higher growth. Investing in R&D does not affect small firms’ ability to be profitable and grow during recessions.

Employee Mobility and Organizational Outcomes: An Integrative Conceptual Framework and Research Agenda


Journal of Management

janvier 2016, vol. 42, n°1, pp.85-113

Départements : Stratégie et Politique d’Entreprise, GREGHEC (CNRS)

Mots clés : Employee mobility, Human capital, Relational capital, Organizational outcomes

A large and growing literature spanning multiple fields has identified employee mobility as a critical influence on several important organizational outcomes. However, extant research on the topic is highly fragmented and lacks a unifying theoretical framework, impeding the development of a cumulative conceptually-integrated body of research. We seek to remedy this situation by undertaking a review of research on employee mobility and its organizational impacts, and casting it within a novel integrative conceptual framework. As a critical foundation for this framework, we highlight how the various organizational impacts of employee mobility are ultimately engendered by different dimensions of human and/or relational capital that are conveyed by mobile individuals. Building on this foundation, we describe how multi-level contextual factors – characterized as attributes of the employee, source and destination firms, and environmental conditions – may moderate the transfer and utilization of human and relational capital held by mobile individuals. Finally, we review how constraining factors, such as labor market imperfections on both demand and supply sides, can impede employee mobility, and also how alternative competing channels – for example, alliances, networks and geographic spillovers, and acquisitions – may be used for effectuating the same organizational impacts as mobility events. These constraints and competing channels are important because they circumscribe the conditions under which employee mobility can be a critical influence on organizational outcomes. We seek to provide a rich integrative theoretical understanding of employee mobility, and spur future research on important unanswered research questions

Entrepreneuriat et société : de nouveaux enjeux


Management International

hiver 2016, vol. 20, n°2, pp.12-17

Introduction au dossier thématique : Entrepreneuriat et société : de nouveaux enjeux

Equity crowdfunding: A new phenomena


Journal of Business Venturing Insights

juin 2016, vol. 5, pp.37–49

Départements : Economie et Sciences de la décision, GREGHEC (CNRS)

Mots clés : Equity crowdfunding, UK, Campaign success

Crowdfunding has recently become available for entrepreneurs. Most academic studies analyse data from rewards-based (pre-selling) campaigns. In contrast, in this paper we analyse 636 campaigns, encompassing 17,188 investors and 64,831 investments between 2012 and 2015, from one of the leading European equity crowdfunding platforms. We provide descriptive statistics and carry out cross-campaign regression analysis. The descriptive statistics address its size, growth and geographic distributions in the UK. The regressions analyse which factors are associated with the probability of a successful campaign. We find some similarities and some interesting dissimilarities when comparing the descriptive statistics and regression results to research on rewards-based crowding. The data show that equity crowdfunding will likely pose great challenges to VC and business angel financiers in the near future. We discuss some research challenges and opportunities with these kind of data