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Shareholder engagements in banks
No full textInternational audienceThis paper studies ESG engagements in banks by one of the world’s largest investors. Banks emerge as the industry receiving the largest number of ESG engagements. We examine the determinants of ESG engagements in banks. We find that banks with more ESG incidents and larger carbon footprint are significantly more likely to be targeted. Overall, the results suggest that the decision to engage banks on ESG issues is motivated by negative ESG news and greater climate risk exposure
Political sentiment and corporate payouts
No full textInternational audienceWe provide empirical evidence of the impact of firm-level political sentiment on dividend policy. Using a sample composed of over 34,000 firm years, we find that a high level of political sentiment is associated with a lower level of dividend payout. The evidence is robust and survives several tests that address potential endogeneity. Our results suggest that managers consider investors' political sentiment in setting dividend policy. When political sentiment is negative, they pay higher dividends to assuage investors' concerns regarding future prospects. Our results are also consistent with the view that firms pay higher dividends to address the agency cost issue that arises from the free cash flow problem during periods of negative political sentiment
Concentrating or dispersing? The double-edged sword effects of supplier concentration on firm financial and innovation performance
No full textInternational audienceWhile firms often engage with multiple suppliers, prior research has paid limited attention to the performance consequences of supplier concentration. Drawing on transaction cost economics and the knowledge-based view, we propose differential influences of supplier concentration on different facets of firm performance. Based on a sample of listed manufacturing firms from 2012 to 2017 in China, our findings reveal that, whereas supplier concentration enhances the buyer firm’s financial performance, it decreases the innovation performance. Further, organizational slack strengthens the effect of supplier concentration on financial performance and mitigates its negative impact on innovation performance. In addition, industry competition amplifies the effects of supplier concentration on financial and innovation performance. Overall, our study demonstrates the double- edged sword effects of supplier concentration and provides a holistic understanding of its performance implications
Inequalities in Entrepreneurship Opportunities: the intersectionality of contexts, situatedness, positionalities and identities
No full textInternational audienceThe aim of this special issue is to reopen the debate on inequalities in entrepreneurship opportunities by providing a space for a dialogue between established intersectionality theories and the emerging relevant approaches of contextualized or situated positionality-based entrepreneurship. Our focus was to develop a series of manuscripts that examine entrepreneurship by looking at multiplied or amplified inequalities which can be explained, through the concept of intersectionality among others. Capturing discrete combinations of multiple sources of disadvantage that individuals experience, intersectionality, originated from the work of Crenshaw (1991), and has been utilised in the field of entrepreneurship, by Abbas et al. (2019), Dy et al. (2017), Barrett and Vershinina (2017) and Lassalle and Shaw (2021). Yet this special issue was a call to develop and broaden it further in entrepreneurship research
Does directors’ educational background influence financing innovation through corporate venture capital investments? Evidence from France
No full textFNEGE 3, ABS 2International audienceThis study examines whether directors’ educational background influences financing innovation through corporate venture capital (CVC). Our study comprises all CVC operations undertaken by French companies listed on the SBF 120 index between 2000 and 2018. The results show that directors who have graduated from elitist institutions strengthen the involvement of companies in financing innovation. We also find that female directors with a background in management enhance such strategies. These findings have several practical implications for managers and regulators. Thus, to ensure the involvement of corporates in financing innovation, the appointment of directors should be based on specific criteria
A novel framework for FMEA using evidential BWM and SMAA-MARCOS method
No full textInternational audienceThis paper presents a novel failure mode and effect analysis (FMEA) framework as a formal design method to ensure safety and reliability. FMEA is used to identify potential failure modes (FMs), and it is crucial to determine the weights of risk factors and prioritize FMs. In this work, we propose a comprehensive framework that integrates the Dempster-Shafer theory, best-worst method (BWM), stochastic multi-objective acceptability analysis (SMAA), and measurement of alternatives and ranking according to compromise solution (MARCOS) to address this problem. To capture the uncertainty caused by the loss of information, the Dempster-Shafer theory is applied for dealing with the uncertainty about risk factors and FMs in terms of linguistic information. Based on the comprehensive evidential preference interval vectors of risk factors constructed by Dempster-Shafer theory, an evidential BWM combined with SMAA is proposed to determine the optimal set of risk factor weights. Meanwhile, based on the constructed interval belief interval decision matrix of FMs to risk factors constructed by Dempster-Shafer theory, an evidential SMAA-MARCOS method is proposed for determining the risk priority of FMs. Further, we conduct a case study to evaluate the risk of equipment in an automobile manufacturing enterprise. A sensitivity and comparative analysis are also conducted to demonstrate the effectiveness and superiority of the proposed framework
Corporate social responsibility and external disruptions
No full textInternational audienceWe propose that corporate social responsibility (CSR) investment serves as an intangible investment in stakeholder relationships to guard against external disruptions to firms' operations and tangible assets. Using a difference-in-differences setting and a database of factory locations, we show that manufacturing firms with higher CSR ratings are much less affected by major natural disasters in terms of operating performance. We then propose two mechanisms through which CSR engagement shields manufacturing firms against external disruptions: employee motivation and customer loyalty. Empirical evidence suggests that CSR helps manufacturing firms survive major natural disasters by motivating employees, which leads to higher post-disaster productivity, and keeping customers, which leads to more stable post-disaster sales.</div
Impact of a corporate social responsibility message on consumers’ sustainable behaviours and purchase intentions
No full textThis study investigates the impact of a water brand’s CSR message highlighting the brand’s environmental concerns on brand-related variables (attitude towards the brand and CSR) and consumer-related variables (consumer efforts to adopt sustainable behaviours and well-being). A research model is proposed, and the relationships postulated are tested on 414 French consumers. The study establishes the effectiveness of this kind of CSR messaging in influencing French consumers to purchase and recommend a particular brand. It then shows the direct and indirect ways in which a brand’s CSR messaging can improve consumers’ behavioural intentions (i.e. intentions to purchase the brand’s products and to recommend the brand and/or its products). It also underscores that brand-related variables contribute to increasing brands’, and thus companies’, business performance, whereas consumer-related variables contribute to increasing their social performance. Finally, the REBUS-PLS method emphasises the existence of several consumer groups and identifies the core target customer groups on which companies should focus their communication efforts
New Development: From Social Impact Bonds to Impact Bonds: an outcomes-based framework
No full textInternational audienceSince their emergence in 2010, Impact Bonds (IBs) have witnessed a significant diversification, with a relative correspondence to the prototypical model. By acknowledging that Impact Bonds have stretched from the original model in practice, this article aims to propose a framework to classify them according to the nature of the outcome pursued by the intervention. Thus, we contribute by expanding the concept of cost-saving and by proposing three types of IB categories through analytically linking outcomes to quantifiable gains