Cahiers de recherche

  • Titre
  • Auteur(s)


Départements : Stratégie et Politique d’Entreprise


Départements : Finance, GREGHEC (CNRS)

This paper explores the impact of regulations imposed by the Chinese government on the development of the Chinese IPO market between 2000 and 2011. Some of these regulations have affected the population of Chinese firms that went public domestically, some firms being excluding from the domestic IPO markets, others being induced to list abroad. We also provide evidence that, because of limits on prices and proceeds, the Chinese IPO market does not attract companies that need cash the most. Some IPO firms that raise large amounts of cash decide to pay large dividends shortly after going public, which investors interpret as evidence that their growth options were overestimated at the time of their IPO.

Mots clés : Regulation, Emerging markets, Initial Public Offerings

  • ECO/SCD-2016-1182
  • Economics: Between Prediction and Criticism
  • I. GILBOA, Andrew POSTLEWAITE, Larry SAMUELSON, David SCHMEIDLER

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

We suggest that one way in which economic analysis is useful is by offering a critique of reasoning. According to this view, economic theory may be useful not only by providing predictions, but also by pointing out weaknesses of arguments. It is argued that, when a theory requires a non-trivial act of interpretation, it's roles in producing predictions and offering critiques vary in a substantial way. We offer a formal model i which these different roles can be captured.

Mots clés : Methodology, Models, Economic Modeling


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

In this paper, we build on research on the microfoundations of strategy and learning processes to study the individual underpinnings of organizational learning. We argue that once an individual has accumulated a certain amount of experience with a task, the benefit of accumulating additional experience is inferior to the benefit of deliberately articulating and codifying the experience accumulated in the past. We explain the superior performance outcomes associated with such deliberate learning efforts using both a cognitive (improved task understanding) and an emotional (increased self-efficacy) mechanism. We study the proposed framework by means of a mixed-method experimental design that combines the reach and relevance of a field experiment with the precision of two laboratory experiments. Our results support the proposed theoretical framework and bear important implications from both a theoretical and practical viewpoint.

Mots clés : learning, codification, knowledge, self-efficacy, causal ambiguity, field experiment


Départements : Comptabilité et Contrôle de Gestion

Exit theory predicts a governance role of non-managerial blockholders’ exit threats; but this role could be ineffective if the managers’ potential private benefits exceed their loss in stock-price declines caused by non-managerial blockholders’ exit. We test this prediction using the Split-Share Structure Reform (SSSR) in China, which provided a large, exogenous, and permanent shock to the cost for non-managerial blockholders to exit. Using a difference-in-differences design combined with propensity-score matching, we find that firms whose non-managerial blockholders experience an increase in exit threat have a greater improvement in performance than those whose non-managerial blockholders experience no increase. The improvement is as much as 37.2% of the average pre-SSSR treatment sample operating performance. Moreover, the governance effect of exit threats becomes ineffective in the group of firms with the highest concern for private benefits of control. Finally, a battery of theory-motivated tests show that the documented effects are unlikely explained by non-managerial blockholder intervention or some well-known intended effects of SSSR.

Mots clés : Exit-Threat Theory, Private Benefits of Control, Liquidity, China, Split-Share Structure Reform, Operating Performance, Quasi-Experiment


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

This study examines how a firm’s business relationship with the U.S. government, in particular, sales to the government, impacts its loan contract terms and how the effect is different from that of major corporate customers. We find that firms with major government customers have a lower number of covenants and are less likely to have performance pricing provisions in their loan contracts than other firms, whereas major corporate customers do not have such impacts. We do not find evidence that major government customers affect the supplier firm’s loan spread, security, or maturity. We conjecture that lenders benefit from the strict monitoring activities of the government customer and reduce the use of covenants and performance pricing in loan contracts when the borrowing firm has a government customer.

Mots clés : Government Customers, Loan Contract Terms


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

We investigate the mechanisms that shape social comparison in organizations and generate social comparison costs. In particular, we focus on heterogeneity in the strength and type of incentives and argue that, from an efficient design perspective, such variance in rewards is a double-edged sword. While the sorting and incentive effects that result may increase productivity, the social comparison processes that arise may dampen it. We posit that the mechanisms underlying these behavioral costs are shaped not only by the magnitude of reward variance, but by the formal and informal design elements shaping the distance of advantaged peers. In other words, the more proximate socially, structurally or geographically are those to whom one socially compares, the larger the behavioral response. Empirically, we use an unanticipated event during which outlets of a bank, previously operating under essentially homogenous incentives, were assigned to tournament groups with differing ex ante probabilities of winning a prize—an event that increases variance in awards and hence generates an impetus for social comparison. We find that units with more socially, geographically, and structurally proximate peers assigned to ‘advantaged’ tournament groups decreased their productivity. We discuss implications of these results for organizational design and boundaries.

Mots clés : Incentives, Social Comparison, Envy, Productivity, Organization Design


Départements : Marketing, GREGHEC (CNRS)

Engaging in risky consumption behaviors (cigarettes, alcohol, etc.) is an acute societal problem that can have severe consequences for adolescents, and businesses in particular have been accused of making such consumption particularly appealing and accessible. However, the causes of risky behaviors are not well understood and research on the causes has been mixed. In this research, we investigate the effects of loneliness on adolescents’ adoption of risky behaviors. We test the proposition that adolescent loneliness affects the adoption of risky behaviors, but that this effect depends on the strategies that adolescents adopt to cope with their loneliness. In a large-scale study (n = 409) of adolescents (ages 13-18), we show support for a sequential mediation model in which active and passive coping strategies both mediate the effect of loneliness on risky behaviors, but with opposite effects. Active coping strategies reduce the adoption of risky behaviors, whereas passive coping strategies increase the adoption of risky behaviors. In addition, we show that active and passive coping strategies can be executed through consumption practices. Active coping strategies are positively associated with the sharing of possessions, whereas passive coping strategies are positively associated with product acquisition. We shed new light on both the bright and dark sides of materialism and risky behaviors, and provide practical implications for research on loneliness and business ethics.

Mots clés : Loneliness, Coping strategies, Risky Behaviors, Adolescent consumers, Materialism, Sharing


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

Limited attention has been paid to the crucial role of individuals’ motivation and social interactions in capability development. Building on literature in social psychology and behavioral economics that links heterogeneity in individual social motives to social interactions, we explain how the variation, selection, and retention processes underlying a group’s deliberate capability development are affected by the composition of the group in terms of individuals’ social motives in interplay with the organizational-level motivational levers designed by managers. Our multilevel theoretical model suggests that individual-level heterogeneity leads to the development of capabilities along different paths. For practice, this implies that, according to the composition of the group in terms of social motives, capabilities are more or less technically and evolutionary adequate and source of business process performance.

Mots clés : Deliberate Capability Development, Motivational Microfoundations, Social Interactions, Business Process Performance, Multilevel


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

A long tradition in social science research emphasizes the potential for knowledge to flow among firms co-located in dense areas. Scholars have suggested numerous modes for these flows, including the voluntary transfer of private knowledge from one firm to another. Why would the holder of valuable private knowledge willingly transfer it to a potential and closely proximate competitor? In this paper, we argue that geographic concentration has an effect on the expected compliance with norms governing the use of transferred knowledge. The increased expected compliance favors trust and initiates a process of reciprocal exchange. To test our theory, we use a scenario-based field experiment in gourmet cuisine, an industry in which property rights do not effectively protect knowledge and geographic concentration is common. Our results confirm our conjecture by showing that the expectation that a potential co-located firm will abide by norms mediates the relationship between geographic concentration and the willingness to transfer private knowledge.

Mots clés : Geographic Concentration, Density, Knowledge Transfer, Social Norms, Field Experiment, Hospitality Industry


JavaScriptSettings