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Determinants of global loan pricing: Creditor rights or country size?
No full textInternational audienceUsing global data on syndicated loans, we show that any negative effect of stronger creditor rights on loan spreads, as identified in the prior literature (Qian and Strahan, 2007; Bae and Goyal, 2009), disappears once we include a single country characteristic: country size. This finding is robust to several identification methods, both global samples and within-country changes in creditor rights, different panel spans, and hundreds of control variables. We identify that key origins of the effect of country size on loan pricing are ethnic fractionalization and within-country heterogeneity in economic preferences, which create country risk
Explainable Profit-Driven Hotel Booking Cancellation Prediction based on Heterogeneous Stacking-Based Ensemble Classification
No full textInternational audienceThe goal of hotel booking cancellation prediction in the hospitality industry is to identify potential cancellations from a large customer base and improve the efficiency of customer retention and capacity management efforts. Whilst prior research has shown that the predictive performance of hotel booking cancellation prediction can be further enhanced by integrating multiple classifiers, the explainability of such models is limited due to low interpretability and limited alignment with company goals. To address this limitation, we propose a novel heterogeneous linear stacking ensemble classifier for profit-driven hotel booking cancellation prediction. It enhances classifier explainability by (1) making models more accountable by axing model training towards profitability and (2) complementing models by global post-hoc model interpretation strategies. Through experiments based on real-world datasets, our proposed classification framework is demonstrated to lead to greater profits than other profit-oriented predictive models. Moreover, an in-depth interpretability analysis demonstrates the framework's ability to identify critical factors significantly impacting hotel cancellations, providing valuable insights for retention campaigns
The cannibalization effect of intermittent renewables: Are wind and solar power in Germany still dependent on policy support?
No full textInternational audienceOver the past few decades, European states have implemented measures to expand the role of renewable energy in electricity generation. Amid the current energy crisis, renewable sources are crucial for maintaining a reliable energy system and achieving EU sustainability goals. Policymakers are establishing incentives to attract investors and regulations that ensure the social and economic sustainability of renewable energy systems. This article examines how increased production from wind or solar energy can reduce their own market value and revenues — a phenomenon known as cannibalization. We also analyze how one technology can affect the market value and revenues of the other, referred to here as cross-cannibalization. We construct daily indices that measure the unit revenue and market value of wind and solar power, and apply linear and nonlinear quantile regressions to estimate how the distribution of revenues and value factors varies with renewable penetration and demand. Our findings indicate that both wind and solar energy experience cannibalization and cross-cannibalization primarily in the lower quantiles of their distributions, where market values are low. This effect intensifies with higher levels of wind and solar penetration and consumption. Interestingly, we find that solar power can increase wind’s market value in higher market value quantiles, indicating complementary generation patterns between the two technologies. As governments worldwide seek to promote renewable energy while reducing financial support, understanding the interplay between cannibalization effects and market conditions is essential. Our findings suggest that encouraging a balanced mix of wind and solar generation and investing in grid flexibility can help mitigate value cannibalization and enhance market stability. These insights can offer guidance for policymakers, investors, and industry professionals navigating the challenges of renewable energy expansion
Retransmitting Messages on Social Media in Disasters: Effects of Communication Tool Capabilities
No full textInternational audienceRetransmitted messages online can have profound effects on disaster response; however, existing literature provides an incomplete account of why messages are retransmitted on social media in disasters. In particular, there is a need to theorize the capabilities of the communication tools used for sending messages, because nowadays people can send messages online via different tools. This paper aims to theorize and explain how the capabilities of communication tools affect message retransmission by affecting the generation of message characteristics. To test our account, we collected and coded Twitter data from three disasters, and employed five logistic regressions to test our hypotheses. Our results confirm our expectations that compared to messages sent from desktops, messages sent from mobile devices are less likely to be helpful and verifiable, but are more likely to have visual attachments and expressions of anxiety
IPSERA 2024 Special issue: “Emerging alternatives and the re-invention of PSM: Innovations for sustainability, resilience and digitalisation”
No full textInternational audienceThe 33rd IPSERA Conference in 2024 called for papers under the umbrella theme of “Emerging Alternatives”. With this editorial, we introduce the reasoning behind the choice of words, and their deep connection to knowledge creation, as well as their role in fostering novel research in Purchasing and Supply Management (PSM). Next, we review the evolution of presentations in IPSERA in past years, and their growing connection to the topics of sustainability, resilience and digitalisation. We then provide an overview of the papers selected for this special issue, bridging them to the main theme and highlighting their novelty. Finally, we explore future research directions for our field from an “emerging alternatives” perspective
The liability of refugeeness: leveraging multiple identities to enact power in a context of displacement
No full textInternational audienceThis article leverages the Jo Rowlands’ typology of power (1997) and Crenshaw's intersectionality (1991) to engage in Interpretative Phenomenological Analysis (IPA) of Ukrainian women refugee entrepreneurs. We ask: How do Ukrainian women refugee entrepreneurs experience their identities as mothers, refugees, Ukrainians, and entrepreneurs in a context of displacement in the UK and Romania? Drawing on interviews and field notes, we expose the lived experiences of 13 women refugee entrepreneurs and reveal how they navigate their intersectional identities by enacting their agency through different forms of power. In doing so, our study aligns with this Special Issue call for understanding 'everyday refugee entrepreneurship' in under-researched constraint contexts, thus contributing to refugee entrepreneurship research and policy
Strengthening the UK Regulatory Framework: Enhancing Cybersecurity in Supply Chains
No full textInternational audienceThe increasing risks associated with cybersecurity in global supply chainspresent a significant problem, threatening the operational integrity and securityof organisations on a global scale. The UK’s Network and InformationSystems (NIS) Framework, although fundamental in cybersecurity regulation,has significant gaps in effectively addressing the complexities of contemporaryglobal supply chain architectures entangled with quickly advancingcyber threats. In this work, we analyse the UK NIS framework, identifykey gaps, and propose solutions drawn from other existing frameworks, e.g.,US NIST, EU NIS2. We base this analysis on a comparative evaluation usingdefined criteria related to supply chain coverage, adaptability, and riskmanagement specificity. We enhanced the cybersecurity in supply chainsby proposing novel security requirements plans for each risk profile. Furthermore,we examined various solutions for risk assessments and self-riskassessments for supply chain security. We analysed practical risk assessmentapproaches, including self-assessment strategies, particularly suited forSMEs. Moreover, we investigated the contracting between supply chains inthe context of data and information sharing
Industry 4.0 and Circular Economy for Emerging Markets: Evidence from Small and Medium-Sized Enterprises (SMEs) in the Indian Food Sector
No full textInternational audienceThe linear economic business model was deemed unsustainable, and the Circular Economy (CE) business model emerged. Due to resource scarcity, increasing population, and high food waste levels, the food sector has been facing significant sustainability challenges. Small and Medium Sized Enterprises (SMEs), particularly those in the food sector, are making efforts to become more sustainable and to adopt new business models such as the CE, but adoption rates remain low. Industry 4.0 and its associated technological applications have the potential to enable CE implementation and boost business competitiveness. In the context of emerging economies facing significant resource scarcity constraints and limited technology availability, the CE principles will need to be adapted. CE could create a new job economy in emerging economies, bringing scale and competitive advantage. This research explores the enablers and barriers of Industry 4.0 adoption for CE implementation in fruit and vegetable SMEs in India from a resource-based perspective. The purpose is to develop an evidence-based framework to help inform theory and practice about CE implementation by SMEs in emerging economies. Fifteen semi-structured interviews with food SMEs experts were conducted. The interview transcripts were first subjected to a thematic analysis. The analysis was then complemented with a sentiment and emotion analysis. Subsequently, hierarchical cluster analysis, k-means analysis, and linear projection analysis were performed. Among others, the findings suggest that Industry 4.0 plays a key role in implementing CE in SMEs in emerging economies such as India. However, there are specific enablers and barriers that need to be considered by SMEs in order to develop the resources and capabilities needed for CE competitive advantage
The spillover effects of accounting scandals in business groups
No full textInternational audienceWe show that the revelation of an accounting scandal in a member firm induces stock price declines among other member firms in the same business group. Additional evidence suggests that the spillover effects of accounting scandals are amplified when peer member firms exhibit wider deviation between the ultimate controller’s voting rights and cash flow rights, demonstrate worse accounting transparency, participate more intensively in related party transactions, and appoint more connected audit partners. Further, we find that the spillover effects subside when the peer member firms engage Big Four auditors. We also document that peer member firms that are later identified as committing accounting fraud suffer sharper stock price declines around the revelation of the initial accounting scandal in the business group. Collectively, our evidence implies that an accounting scandal at a member firm undermines the market values of peer member firms by triggering investors’ concerns about accounting fraud risk for these firms
Does equity crowdfunding benefit ventures located in high unemployment regions?
No full textInternational audienceThis study investigates whether equity crowdfunding is benefcial for ventures located in high unemployment regions. Employing data from 1172 initial oferings conducted in the UK market, the fndings of this study reveal that these ventures exhibit superior campaign outcomes. Their oferings are more likely to reach the target and get oversubscribed. They also enjoy a higher number of investors. Results also suggest that although equity crowdfunding decreases their likelihood of failure, theseventures are still more likely to fail