Articles

Is your valley as green as it should be? Incorporating economic development into environmental performance indicators

S. BASHER, S. AFLAKI, A. MASINI, P. VARBANOV

Clean Technologies and Environmental Policy

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Départements : Information Systems and Operations Management, GREGHEC (CNRS)


Life-Cycle Asset Allocation with Ambiguity Aversion and Learning

K. PEIJNENBURG

Journal of Financial and Quantitative Analysis

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Départements : Finance, GREGHEC (CNRS)


Marking to Market and Inefficient Investment Decisions

C. OTTO, P. F. VOLPIN

Management Science

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Départements : Finance

Mots clés : Marking to Market, Investment Decisions, Reputation, Agency Problem

https://pubsonline.informs.org/doi/pdf/10.1287/mnsc.2016.2696


We examine how mark-to-market accounting affects the investment decisions of managers with reputation concerns. Reporting the current market value of a firm's assets can help mitigate agency problems because it provides outsiders (e.g., shareholders) with new information against which the management's decisions can be evaluated. However, the fact that the assets' market value is informative can also have a negative side effect: Managers may shy away from investments that indicate conflicting private information and would damage their reputation. This effect can lead to inefficient investment decisions and make marking to market less desirable when market prices are more informative

NGOs and the Creation of Value in Supply Chains

O. CHATAIN, E. PLAKSENKOVA

Strategic Management Journal

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

Mots clés : NGO, Non-Governmental Organizations, Nonprofit, Firm-NGO collaboration, Value creation


Research abstractFirms and NGOs often collaborate to establish new supply chains. With a formal model, we analyze how NGOs can alleviate market failures and improve supplier economic inclusion while strategically interacting with firms. We account for the specific goals of the NGO and the need to induce collaboration between firms and their suppliers. The analysis reveals a "valley of disappointment", when NGO efforts benefit all actors but only marginally the firm. We also show that more powerful firms might prefer to internalize NGO functions, while firms with lower bargaining power and higher investment requirements are better off collaborating with NGOs. Finally, we study NGOs-firms matching patterns and find that firms with higher bargaining power match with NGOs holding stronger capabilities.Managerial abstractThis paper analyzes interactions between firms and NGOs aiming to improve the economic inclusion of suppliers or to promote the adoption of specific (e.g., sustainable) practices. For firm executives, this study shows the constraints and benefits associated with working with NGOs, the conditions under which integration of NGO functions is preferable, as well as the types of NGOs that offer better prospects for a successful collaboration. For NGO executives, it highlights the need to provide enough economic incentives to firms and suppliers alike to ensure their collaboration and the tradeoffs associated with this constraint, in particular if NGO capabilities are limited. Overall, the study provides a comprehensive understanding of how NGO activities can influence value creation in a vertical value chain.

Non-additivity in accounting valuation: Theory and applications

L. PAUGAM, Jean-François CASTA, H. STOLOWY

Abacus

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

Mots clés : Choquet capacities, Goodwill, Growth options, Non-additive accounting-based valuation, Productive efficiency, Synergies

https://onlinelibrary.wiley.com/doi/abs/10.1111/abac.12125


This paper has three objectives. First, to introduce a theoretical solution to the issue of non-additivity between assets in place, relying on an accounting-based valuation approach. Second, to explain how such an approach can be implemented empirically by measuring synergies between assets. Third, to present the properties of this non-additive valuation technique. We use Choquet capacities, that is, non-additive aggregation operators, to measure the interactions between assets and apply our methodology to a sample of US firms from the capital goods industry. To operationalize our approach we examine the relationships between synergies-captured by Choquet capacities-and the market-to-book ratio (proxying for growth options), and show how interactions between assets are consistently linked to a firm's market-to-book ratio. We also measure firm-specific productive efficiency relative to the industry and firm size. For large firms, efficiency, as defined by our approach, is positively associated with higher future operating cash flows. For small firms, efficiency is positively associated with higher future sales growth. We document that the non-additive approach appears to be better able to identify expected relationships between efficiency and future performance than a simpler approach based on the market-to-book ratio. © 2018 Accounting Foundation, The University of Sydney

Pathways to concrete outcomes in equal employment policy implementation in France and Canada: toward better theory in comparative policy studies

A. G. MAZUR, J. LAUFER, F. PIGEYRE

French Politics

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Départements : Management et Ressources Humaines

Mots clés : Gender equality policy, Equal employment policy, Comparative public policy, Comparative Gender Equality Policy, French gender policy, Canadian gender policy, Quebec gender policy, Intersectionality, Policy implementation, Comparable worth, Equal pay

https://link.springer.com/article/10.1057/s41253-018-0069-6


The goal of this article is to highlight the methodological and theoretical contributions the four articles in the special issue on the implementation of equal employment in France and Canada make to research and theory-building on policy inside and outside of France. The first section discusses the scientific opportunities for comparison the four research articles offer. Then, three pathways to achieving gender equality in equal employment policy implementation are identified from the four implementation case analyses in France, Canada and, within Canada, Quebec. Third, issues for comparative research on equal employment policy are raised in the context of a comparative analysis of the six cases in the two countries. The article finishes with a discussion of the contributions of this comparative analysis to research in Comparative Gender Equality Policy Studies and Comparative Politics and Policy

Perception‐Theoretic Foundations of Weighted Utilitarianism

R. ARGENZIANO, I. GILBOA

Economic Journal

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

https://onlinelibrary.wiley.com/doi/abs/10.1111/ecoj.12622


We provide a microfoundation for a weighted utilitarian social welfare function that reflects common moral intuitions about interpersonal comparisons of utilities. If utility is only ordinal in the usual microeconomic sense, interpersonal comparisons are meaningless. Nonetheless, economics often adopts utilitarian welfare functions, assuming that comparable utility functions can be calibrated using information beyond consumer choice data. We show that consumer choice data alone are sufficient. As suggested by Edgeworth (1881), just noticeable differences provide a common unit of measure for interpersonal comparisons of utility differences. We prove that a simple monotonicity axiom implies a weighted utilitarian aggregation of preferences, with weights proportional to individual jnd's. This article is protected by copyright. All rights reserved

Pitfalls in Systemic-Risk Scoring

S. BENOIT, C. HURLIN, C. PERIGNON

Journal of Financial Intermediation

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Départements : Finance, GREGHEC (CNRS)

Mots clés : Banking, Macroprudential regulation, Systemically Important Financial Institutions, Financial crises, Financial risk and risk management

https://www.sciencedirect.com/science/article/pii/S1042957318300366


In this paper, we identify several shortcomings in the systemic-risk scoring methodology currently used to identify and regulate Systemically Important Financial Institutions (SIFIs). Using newly-disclosed regulatory data for 119 US and international banks, we show that the current scoring methodology severely distorts the allocation of regulatory capital among banks. We then propose and implement a methodology that corrects for these shortcomings and increases incentives for banks to reduce their risk contributions

Professional equality between men and women in France: progress and hesitation

J. LAUFER

French Politics

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Départements : Management et Ressources Humaines

Mots clés : Justifications for equality policies, Professional equality and intersectional approaches, Professional-equality policies and collective bargaining, Professional-equality policy, State feminism


The purpose of this article is to present and analyze both the progress achieved and the difficulties for professional-equality policies in France. After presenting the development of the legislative framework, both in terms of equality between men and women and in terms of collective bargaining for professional-equality agreements, the article focuses on the ambiguities and difficulties that remain in implementing professional-equality policy. These concern the diversity of strategies for implementing professional equality, debates about the various justifications for these approaches, the effects of recent evolutions in collective-bargaining laws in France and, finally, the low level of judicial activism in fighting discrimination. The last section of the article focuses on key concerns for the future of these policies

Re-Thinking the CSP-CFP Linkage: Analyzing the Mechanisms Involved in Translating Socially-Responsible Behavior to Financial Performance

A. MEHRPOUYA, Imran CHOWDHURY

Advances in Strategic Management

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



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