Cahiers de recherche

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

In this paper, we re-examine the notion that socially-responsible behavior by firms will lead to increased financial performance. By identifying the underlying processes, institutional settings and actors involved, we present a framework that is more attentive to the multiplicity and conditionality of the mechanisms operating in the often-tenuous connection between firms’ social behavior and financial performance. Building and expanding upon existing analyses of the CSP-CFP linkage, our model helps explain the mixed results from a wide range of empirical studies which examine this link. It also provides a novel theoretical account to help guide future research that is more attentive to conditionalities and contextual contingencies.

Mots clés : Business Ethics, Corporate Social Performance, Corporate Financial Performance, Corporate Social Responsibility, Mechanisms


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

We advance research on corporate diversification by joining insights from the demand-side and relational views in strategy to offer a novel theory of client-led diversification. We propose that client-led diversification results from a combination of the customer-driven opportunities emphasized in the demand-side view and the creation of added value through relational assets that is a central tenet of the relational view. Furthermore, we hypothesize that suppliers’ client-specific knowledge, clients’ relational commitment to suppliers, and growth opportunities in clients’ markets (relative to the suppliers’ own markets) will magnify the client-led diversification effect. We test our hypotheses using a longitudinal dataset on patent law firms and their diversification into new domains of patent prosecution work for their corporate clients.


Départements : Marketing, GREGHEC (CNRS)

This paper studies the impact of consumer resistance, which is triggered by deviations from a psychological reference point, on optimal pricing and cost communication. Assuming that consumers evaluate purchases not only in the material domain, we show that consumer resistance reduces the pricing power and profit. We also show that consumer resistance provides an incentive to engage in cost communication when consumers underestimate cost. While cheap communication does not affect behavior, persuasive communication may increase sales and profit. Finally, we show that a firm can benefit from engaging in operational transparency by revealing information about features of the production process.

Mots clés : Price Fairness, Cost Communication, Operational Transparency


Départements : Finance, GREGHEC (CNRS)

We estimate international factor models with time-varying factor exposures and risk premia at the individual stock level using a large unbalanced panel of 58,674 stocks in 46 countries over the 1985-2017 period. We consider market, size, value, momentum, profitability, and investment factors aggregated at the country, regional, and world level. The country market in excess of the world or regional market is required in addition to world or regional factors to capture the factor structure for both developed and emerging markets. We do not reject mixed CAPM models with regional and excess country market factors for 76% of the countries. We do not reject mixed multi-factor models in 80% to 94% of countries. Value and momentum premia show more variability over time and across countries than profitability and investment premia. The excess country market premium is statistically significant in many developed and emerging markets but economically larger in emerging markets.

Mots clés : large panel, approximate factor model, risk premium, international asset pricing, market integration


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

Organizational adaptation is a concept that describes both congruence within organizations, with respect to the strategies and structures deployed, and across organizations, with respect to the degrees to which organizations meet the expectations of their environments. A wide array of research traditions have explored the concept of adaptation, albeit with many different labels. This annotated bibliography tracks the foundations of organizational adaptation, its digressions, and its challenges. Such a review provides important resources for scholars interested in conducting research in organizational adaptation by identifying the multitude of perspectives that encompass adaptation.

Mots clés : Adaptation, Organizational Change, Strategic Choice


Départements : Economie et Sciences de la décision

This paper analyzes, empirically and theoretically, the link between capital inflows and the quality of economic institutions. Starting with the example of Southern European countries (Spain, Portugal, Italy and Greece), we show that they experienced a significant decline in the quality of their institutions in the run-up to the euro currency, a period of cheap external funding and large capital inflows. We confirm this joint pattern of capital flows and institutional decline in a large panel of countries since the mid-1990s. We then develop an open-economy model of the "soft budget constraint" syndrome wherein persistently cheap funding from abroad (i) raises the prevalence of extractive projects and (ii) expands their support by the (benevolent) government ex post. While the government may in principle limit the prevalence of extractive projects ex ante, we show that the incentives to do so is limited when foreign borrowing is cheap.

Mots clés : Institutions, current account


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