HAL - Audencia Group
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CEO Turnovers Due to Poor Industry Performances: An Examination of the Boards' Retention Criteria
No full textInternational audienceNumerous studies examine CEO turnover but rarely in the context of business cycles. We demonstrate that the role of the set of turnover decision parameters could change according to industry conditions. Specifically, idiosyncratic returns are more conducive to forced CEO turnover probabilities during recessions than during booms, whereas the opposite is true for industry returns. We provide evidence supporting that idiosyncratic returns are more correlated with managerial ability and stock prices are more informative during recessions. Our findings shed light on how CEOs are assessed by company boards when making turnover decisions
Precious metals and currency markets during the Russia-Ukraine conflict’s inflationary periods
No full textInternational audienceThe contemporary conflict between two countries Russia and Ukraine has caused intensification in the increasing prices of commodities and energy owing to the supply chain disruption and the sanctions imposed on both countries. The previous literature has validated that Russia-Ukraine conflict substantially affects financial and economic operations of other countries. Therefore, the key aim of conducting this study is to inspect the dynamic spillover connectedness between the four leading precious metals (such as Gold, Palladium, Platinum, and Silver) and seven major currency markets (including Euro, British Pound, Australian Dollar, Swiss Franc, Japanese Yen, Canadian Dollar, and Chinese Yuan). The study includes the dataset from 24 January 2022–31 May 2022 to cover the inflationary period. Accordingly, the Time-Varying Parameter Vector Autoregression framework is applied. Granger linear causality and BDS nonlinear causality techniques are also employed to examine the causal effect of geopolitical risk in aforementioned connectedness. The findings reveal that Platinum has a strong spillover towards all the considered currencies except the Japanese Yen. The increasing demand for Platinum during the conflict secured it to receive the spillover. While the Japanese Yen is a net transmitter of spillover indicating the Japanese Yen as sturdiest currency during the conflict. The causality test reveals that geopolitical risk causes spillover connectedness across the precious metals and the currency markets during inflationary period. This study is significant for policymakers, investors, and portfolio managers while developing strategies or making critical investment decisions
AI-empowered Scale Development: Testing the Potential of ChatGPT
No full textInternational audienceAI-tools such as ChatGPT can assist researchers to improve the performance of the research process. This paper examines whether researchers could apply ChatGPT to develop and empirically validate new research scales. The study describes a process how to prompt ChatGPT to assist the scale development of a new construct, using the example of the construct of perceived value of ChatGPT-supported consumer behavior. The paper reports four main empirical studies (US: N = 148; Australia: N = 317; UK: N = 108; Germany: N = 51) that have been employed to validate the newly developed scale. The first study purifies the scale. The following studies confirm the adjusted factorial validity of the reduced scale. Although the empirical data imply a simplification of the initial multi-dimensional scale, the final three-dimensional operationalization is highly reliable and valid. The paper outlines the shortcomings and several critical notes to stimulate more research and discussion in this area
Exploiting Time-Varying RFM Measures for Customer Churn Prediction with Deep Neural Networks
No full textConditionally acceptedInternational audienceDeep neural network (DNN) architectures such as recurrent neural networks and transformers display outstanding performance in modeling sequential unstructured data. However, little is known about their merit to model customer churn with time-varying data. The paper provides a comprehensive evaluation of the ability of recurrent neural networks and transformers for customer churn prediction (CCP) using time-varying behavioral features in the form of recency, frequency, and monetary value (RFM). RFM variables are the backbone of CCP and, more generally, customer behavior forecasting. We examine alternative strategies for integrating time-varying and non-variant customer features in one network architecture. Within this scope, we also assess hybrid approaches that incorporate the outputs of DNNs in conventional CCP models. Using a comprehensive panel data set from a large financial services company, we find recurrent neural networks to outperform transformer architectures when focusing on time-varying RFM features. This finding is confirmed when time-invariant customer features are included, independent of the specific form of feature integration. Finally, we find no statistical evidence that hybrid approaches (based on regularized logistic regression and extreme gradient boosting) improve predictive performance– highlighting that DNNs and especially recurrent neural networks are suitable standalone classifiers for CCP using time-varying RFM measures
A Solid Foundation But What Will Be Built on It? Reviews of the Management, Organizations, and Environmental Sustainability Field
No full textInternational audienceIn this conceptual essay, we integrate broader insights into the state of research on management, organizations, and environmental sustainability, enabling a clearer view of where the field stands and the directions in which it should best grow. To this end, we first review the findings and insights of the articles published within this special review issue. Then, we define a set of emerging themes from viewing the set of articles collectively, highlighting the communalities and trends within the field but also rising concerns. Based on this assessment, we propose several remedies and a future agenda that would help our field to become more inclusive and impactful. In this final section, we specifically and critically expand on (a) the imperative of interdisciplinarity; (b) the need to avoid being trapped in the mainstream; and (c) a corresponding institutionalized intent to develop further novel approaches for research in our field
Digital transformation of incumbent pipeline firms through platformization: An inductive study based on the m-TISM approach
No full textInternational audienceAdvancements in digital technology necessitate a shift from traditional linear buyer-supplier value chains to a network-centric approach facilitated by digital platforms. Despite digital platforms being a dominant model for transformation, limited research has explored the enablers for incumbent pipeline firms to embrace platformization. To address this gap, this study reviews existing literature on digital transformation, identifying nine enablers for digital platformization: changing client behaviour, IT capabilities development, structural efficiencies, disruptive competitive forces, scope advantages, economic triggers, disruptive third-party technology, creation of autonomous corporate structures, and regulatory compliance. Case studies of platformization in diverse industries are analysed using the modified total interpretive structural modelling (m-TISM) approach, resulting in a hierarchical model with five levels. This model delineates interrelationships among trigger events, external enablers, internal organizational enablers, process enablers, and outcome drivers. Furthermore, the study highlights that the creation and extraction of value from digital platforms are operationalized through e-business strategies, contributing insights to e-business literature by discussing the implications of these enablers on dimensions such as commerce, collaboration, communication, connection, and computing
Introduction. Catégoriser : approches pluridisciplinaires et communicationnelles
No full textNational audienceQue nous apprennent les études des catégories sur notre propre discipline ? Ambitieux, interdisciplinaire, à l’intersection de méthodes et des outils conceptuels, le projet SIC invite à se saisir paradoxalement de l’insaisissable du monde, en multipliant les regards, les gestes et les corpus, dans ce qu’il a de processuel, continu, fragmenté – comme nous l’enseigne la pensée d’Héraclite, de Nietzsche, James ou Bergson. On peut ainsi se demander si un tel projet est réalisable. Cela pose plusieurs questions au nombre desquelles : la recherche n’est-elle pas en avance sur les formations pédagogiques et scientifiques et donc sur nos capacités à répondre aux ambitions du projet ? Celles-ci ne dépassent-t-elle pas nos capacités institutionnelles, pédagogiques, voire sensorielles ? N’expliquent-t-elles pas que nous ayons tant de mal à exister médiatiquement et sur la scène scientifique ? La complexité du projet, sa situation (entre les disciplines, entre les objets, entre les mondes) ne le rendent-elles pas invisible, inintelligible, débile pour des dispositifs sociaux, médiatiques et administratifs qui reposent sur des ontologies fixes et ont des nécessités pratiques et économiques indexées sur ces ontologies (classifier, lister, programmer, affecter, exploiter) ? Les SIC ne sont-elles pas une utopie épistémologique
The bright side of bank lobbying: Evidence from the corporate loan market
No full textInternational audienceBank lobbying has a bitter taste in most forums, ringing the bell of preferential treatment of big banks from governments and regulators. Using corporate loan facilities and hand-matched information on bank lobbying from 1999 to 2017, we show that lobbying banks increase their borrowers' overall performance. This positive effect is stronger for opaque and credit-constrained borrowers, when the lobbying lender possesses valuable information on the borrower, and for borrowers with strong corporate governance. Our findings are consistent with the theory positing that lobbying can provide access to valuable lender-borrower information, resulting in improved efficiency in large firms' corporate financing
Tax avoidance, investor protection, and investment inefficiency: An international evidence
No full textInternational audienceThis paper provides new evidence on the relationship between corporate tax avoidance, and investment inefficiency. Based on a sample of 82,487 firm-year observations across 38 countries, we find that tax avoidance is positively associated with inefficient investments. Particularly, the positive effect of corporate tax avoidance is due to the underinvestment problem suggesting that firms engaging in tax saving activities suffer from exacerbated information asymmetry issues leading them to underinvest. More importantly, the results show that the relationship between tax avoidance and investment inefficiency is more prevalent during crisis periods, suggesting that in periods of economic shortfalls, the investment behavior is altered due to high external financing cost. We also find that the relation between tax avoidance activities and investment inefficiency is less prevalent in countries with strong investor protection. These findings are robust to alternative samples, measures of tax avoidance, investor protection and to endogeneity issues
Online Reputation and Debt Capacity
No full textInternational audienceThis paper explores the effects of online customer ratings on financial policy. Using a large sample of Parisian restaurants, we find a positive and economically significant relation between customer ratings and bank debt. We use the locally exogenous variations in customer ratings resulting from the rounding of scores in regression discontinuity tests to establish causality. Customer ratings have more impact on debt when information asymmetry is higher. They affect financial policy through a reduction in cash flow risk and greater resilience to demand shocks. Restaurants with good ratings use their extra debt to invest in tangible assets