Reinforcing The Public Law Taboo: A Note on Nikiforidis v. Hellenic Republic


European Law Review

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Départements : Droit et fiscalité, GREGHEC (CNRS)

Mots clés : mandatory rules, EU private international law, Rome I Convention, Rome I Regulation

This article hinges on the preliminary ruling rendered by the Court of Justice of the European Union (ECJ) (Grand Chamber) on 18 October 2016 and the related judgment of the German Federal Labour Court of 26 April 2017 in the Nikiforidis case to investigate an area of private international law that is undergoing a substantial development: overriding mandatory provisions. In Nikiforidis, the ECJ excluded that two Greek laws cutting the salary of public employees may be enforced against a teacher working in Germany for the Greek government under an employment contract governed by German law. The question addressed to ECJ was whether said laws were “overriding mandatory provisions” according to the Rome I Regulation. The court denied it, and left to the referring court to determine whether they could nevertheless operate “as matter of fact” under the governing law. This article explains how the ECJ’s conclusion has broader implications by regulating third countries’ interference in international business transactions. Starting with an analysis of the case, the article examines the history and nature of overriding mandatory provisions under EU private international law and argues that the solution embraced by the ECJ leaves room to uncertainty and unpredictability in the operation of foreign mandatory provisions

Research frontiers in comparative gender equality policy: contributions from the study of equal employment policy practice in France and Canada


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

The first goal of this special issue is to showcase francophone cutting-edge research on the implementation and practice of gender equality policy that uses qualitative tools of comparison in the analysis of equal employment policy implementation in France and Canada, including Quebec. Its second goal is to highlight the methodological and theoretical contributions the articles in the special issue make to research and theory-building on gender equality policy inside and outside of France. Ultimately, therefore, the special issue aims to advance the larger scholarly agenda of Comparative Gender Equality Policy Studies, a new international field of study within the purview of policy studies and political science

Scheduling styles


Current Opinion in Psychology

avril A paraître, vol. 26, pp.76-79

Départements : Marketing, GREGHEC (CNRS)

To schedule activities and transition from one activity to the next, humans can rely on the external clock (clock-time style) or on their internal sense (event-time style). This article discusses how relying on an external time cue versus an internal time cue can markedly shape the way people perceive the social world, beyond its mere purpose of organizing activities. First, research shows that individuals’ reliance on clock-time or event-time is not a mere cultural artifact, but also constitutes a way to self-regulate. Second, each scheduling style is akin to different lenses through which people consider the world: each deeply and differently influences people’s sensation of control and their ability to savor positive emotions. Downstream implications for the domains of creativity, consumer decision-making and management are discussed

Seeking and Avoiding Choice Closure to Enhance Outcome Satisfaction


Journal of Consumer Research

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Départements : Marketing, GREGHEC (CNRS)

Mots clés : choice closure, outcome valence, satisfaction, prediction error, rule overgeneralization

Consumers gain choice closure when they perceive a sense of finality over a past decision and limit comparisons between the selected and the forgone options. We investigate consumers’ ability to make strategic use of choice closure to enhance outcome satisfaction. Seven studies show that consumers experience greater satisfaction when they achieve choice closure with an inferior outcome and when they do not achieve choice closure with a superior outcome; however, they expect to be more satisfied by avoiding choice closure with an inferior outcome and by seeking it with a superior outcome. We provide a rationale for this experience—expectation contrast based on rule overgeneralization. Consumers form their expectation on an implicit rule learned and internalized in a context in which it is appropriate and advantageous: when they aim to increase satisfaction with a future choice; however, consumers erroneously apply the same implicit rule to a different context, one in which they aim to increase satisfaction with a past choice. We conclude that consumers are unlikely to be able to make strategic use of choice closure to enhance satisfaction with the outcome of a decision they have made

Semantic Strategies for Influencing the Influencers: Trading a Stock of Names for Higher Creativity Evaluations


Academy of Management Journal

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Départements : Management et Ressources Humaines

Diversification can be risky, as it extends a firm’s identity across multiple categories. This study examines cultural and symbolic strategies that can be used to mitigate such risks by managing multiple identities. A key strategic choice is naming: the parent’s name may be included in the new subsidiary’s name (semantic seeding) or not (semantic autonomy). A stock of parent-subsidiary names provides a lens through which gatekeepers evaluate the parent’s underlying creativity in spanning categories. There is expected to be inter-firm variance in creativity evaluations due to the differences in the number of autonomous or seeded names a parent sustains, the degree of visibility of different names, and the timing of introducing a new name. Using a panel dataset of global high-end fashion houses between 1998 and 2010, we found that each new autonomous subsidiary name enhances the parent’s creativity appeal up to a certain point (an inverted U-shaped relationship). However, the predicted negative linear effect of seeded subsidiary names was not supported. Since creativity evaluations are an outcome of active sensemaking, they were also found to be shaped by the gatekeepers’ ongoing memory of the parent. Our findings reveal the possibility of using unfocused market presence for influencing the influencers

Shareholder Bargaining Power and the Emergence of Empty Creditors


Journal of Financial Economics

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Départements : Finance, GREGHEC (CNRS)

Mots clés : Empty Creditors, Credit Default Swaps, Bargaining Power, Real Effects

Credit default swaps (CDSs) can create empty creditors who may push borrowers into inefficient bankruptcy but also reduce shareholders' incentives to default strategically. We show theoretically and empirically that the presence and the effects of empty creditors on firm outcomes depend on the distribution of bargaining power among claimholders. Firms are more likely to have empty creditors if these would face powerful shareholders in debt renegotiation. The empirical evidence confirms that more CDS insurance is written on firms with strong shareholders and that CDSs increase the bankruptcy risk of these same firms. The ensuing effect on firm value is negative

Shine on me: Industry coherence and policy support for emerging industries


Administrative Science Quarterly

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

Mots clés : markets, institutional change, institutionalization, social movements, categories

It has long been recognized that government support can catalyze the emergence and growth of new industries. But under what conditions does an emergent category of organizations come to receive state support in the first place? In this paper, we theorize how government support for a nascent industry is jointly determined by the industry's internal features and external forces. We test our arguments by analyzing feed-in-tariff policies for the emergent solar photovoltaics (PV) industry in 28 European countries over more than two decades. We find that feed-in-tariffs were more likely in countries with greater numbers of solar PV producers and in countries where the industry was more coherent, containing fewer producers coming from industries with a contrasting identity. Further, we find that the concentration of the incumbent energy sector enhances the effect of the number of producers on policy support when the industry is coherent, but not when it is incoherent. Our results shed new light on the relationship between public policy and industry category emergence, and extend our understanding of how new industries can attain valuable state support while operating in seemingly hostile environments

Signal Incongruence and Its Consequences: A Study of Media Disapproval and CEO Overcompensation


Organization Science

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Départements : Stratégie et Politique d’Entreprise

Mots clés : media, CEO compensation, social evaluations, philanthropy, signaling

We draw on the signaling and infomediary literatures to examine how media evaluations of CEO overcompensation (a negative cue associated with selfishness and greed) are affected by the presence of corporate philanthropy (a positive cue associated with altruism and generosity). In line with our theory on signal incongruence, we find that firms engaged in philanthropy receive more media disapproval when they overcompensate their CEO, but they are also more likely to decrease CEO overcompensation as a response. Our study contributes to the signaling literature by theorizing about signal incongruence, and to infomediary and corporate governance research by showing that media disapproval can lead to lower executive compensation. We also reconcile two conflicting views on firm prosocial behavior by showing that, in the presence of incongruent cues, philanthropy can simultaneously enhance and damage media evaluations of firms and CEOs. Taken together, these findings shed new light on the media as agents of external corporate governance for firms and open new avenues for research on executive compensation

Social Presence in Virtual World Collaboration: An Uncertainty Reduction Perspective Using a Mixed Methods Approach


MIS Quarterly

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

Mots clés : Virtual worlds, uncertainty reduction theory, institutional trust, sequential mixed methods

The life-like collaborative potential offered by virtual worlds (VWs) has sparked significant interest for companies to experiment with VWs in order to organize convenient, cost-effective virtual global workplaces. Despite the initial hype, recent years have witnessed a rather stagnant use of VWs for collaboration in organizations. Previous research recognizes that the inherent uncertainties within the VW environment are factors limiting their utilization by businesses. Hence, grounding this research in uncertainty reduction theory (URT), we aim to understand the modalities and mechanisms for mitigating the uncertainties and fostering user trust within VWs so that they can be effectively utilized as a workplace collaboration tool. With this end in view, we propose contextualizing and extending McKnight et al.’s (2002) institutional trust framework to the context of VWs by examining the significant role that social presence has in influencing the efficacy of the institution-based trust-building factors of situational normality and structural assurance in VWs. Using a sequential mixed methods approach (Venkatesh et al. 2013; Venkatesh et al. 2016), this research integrates results from a quantitative study with findings from a qualitative study to arrive at rich and robust inferences and meta-inferences, with the qualitative method first corroborating the inferences obtained from the quantitative research and then complementing them by identifying boundary conditions that may limit the use of VWs in organizations for workplace collaboration. The results together suggest not only the direct, but also the interactional (complementary and substitutive) influences of social presence on the relationships of the two institutional-trust-building factors to user trust in VWs

Sticky Expectations and the Profitability Anomaly


The Journal of Finance

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Départements : Finance, GREGHEC (CNRS)

Mots clés : Stock market anomalies, Sticky expectations

We propose a theory of one of the most economically significant stock market anomalies, i.e. the "profitability" anomaly. In our model, investors forecast future profits using a signal and sticky belief dynamics. In this model, past profits forecast future returns (the profitability anomaly). Using analyst forecast data, we measure expectation stickiness at the firm level and find strong support for three additional predictions of the model: (1) analysts are on average too pessimistic regarding the future profits of high profit firms, (2) the profitability anomaly is stronger for stocks which are followed by stickier analysts, and (3) it is also stronger for stocks with more persistent profits