HAL - Audencia Group
Not a member yet
2932 research outputs found
Sort by
The Role of Existing Shareholders in Private Equity Placements in China
No full textInternational audienceAbstract In this article, we investigate how the participation of firms’ existing shareholders affects the pricing and valuation of private investments in public equity (PIPEs). Using a large sample of PIPEs issued by Chinese listed firms from 2006 to 2019, we find that the effective discount and long‐term buy‐and‐hold abnormal stock returns of PIPEs with existing shareholder participation are significantly higher than those with only new investor participation, after controlling for heterogeneous types of PIPE investors. However, the superior post‐PIPE stock performance of deals with existing shareholders is not driven by improved operating performance but by tunneling activities such as frequent dividend announcements, related‐party transactions, and positive earnings management during the lock‐up period. Our findings suggest that the effect of existing shareholders’ participation in private equity placements is more consistent with the tunneling hypothesis than the certification hypothesis. We document that the tunneling incentives are stronger when firms face greater financial constraints and can be mitigated when the firm's corporate governance is stronger.This paper investigates how the participation of firms’ existing shareholders affects the pricing and valuation of private investments in public equity (PIPEs). Using a large sample of PIPEs issued by Chinese listed firms from 2006 to 2019, we find that the effective discount and long-term buy-and-hold abnormal stock returns of PIPEs participated by existing shareholders are significantly higher than those participated only by new investors, after controlling heterogeneous types of PIPE investors. However, the superior post-PIPE stock performance of deals with existing shareholders is not driven by improved operating performance but tunneling activities such as frequent dividend announcements, related-party transactions, and positive earnings management during the lock-up period. Our findings suggest that the effect of existing shareholders presence in private equity placements is more consistent with the “Tunneling Hypothesis” than the “Certification Hypothesis”. We document that the tunneling incentives are stronger when firms face greater financial constraints and can be mitigated when the firm's corporate governance is stronger
Theoretical foundations for service innovation research in sport management – insights from nonprofit sport organisations
No full textInternational audienceResearch question: Research on service innovation in sport is not theoretically aligned with service innovation theory. To address this, we conduct an empirical study utilising major service innovation theoretical approaches. We address the question: How do nonprofit sport organisations engage in service innovation?Research methods: We combine existing service innovation frameworks to guide service innovation research in the nonprofit sport context. We apply it in a qualitative study, collecting data via 20 semi-structured interviews with Australian golf club managers. Data analysis relied on an inductive-deductive strategy. Results and Findings:We found evidence for practices following service innovation archetypes, with a propensity for the output-based and process-based archetype, and less evidence for the systemic and the experiential service innovation archetype. Service innovation practices centred on provision and representational practices and were less dependent on management and organisational practices.Implications: First, we demonstrate the complementary nature of the dominant and diverging theoretical approaches to service innovation. Second, we propose and provide empirical support for a combined conceptual framework for analysing service innovation. Finally, our research provides concrete managerial recommendations for stimulating service innovation within organisations and beyond.</div
Data-Driven Digital Transformation in Operations and Supply Chain Management
No full textInternational audienceData-driven digital transformation is a dynamic capability that enables organisations to derive actionable insights and achieve a competitive edge. Data-driven technologies have played a pivotal role in evolving operations and supply chains, making them more responsive and efficient. Data-driven technologies now support advanced functions such as supply chain analytics, blockchain for security and transparency, and AI for innovation and efficiency. Research has long stressed the benefits of improved visibility and collaboration in the operations and supply chain management (O&SCM). Despite rigorous research, there remains a disconnect between theoretical frameworks and their real-world application. This gap suggests further research to better align academic insights with practical implementations in OSCM and a more comprehensive and integrated approach to understanding and applying data-driven digital transformation strategies in O&SCM. This special issue (SI) aims to deepen the theoretical understanding of data-driven digital transformation within O&SCM. We believe the 20 accepted papers out of 97 submissions contribute meaningful theoretical insights to O&SCM research and practice. These contributions not only enrich the theoretical discourse in data-driven digital transformation and O&SCM but also provide practical pathways for future research and application in diverse industry settings
Towards a circular business ecosystem 4.0 in the cosmetics industry: Findings from a bibliometric analysis and systematic literature review
No full textInternational audienceThis study addresses critical gaps in sustainability research, which has predominantly focused on technical and environmental aspects while overlooking the systemic integration of Industry 4.0 technologies and stakeholder collaboration within business ecosystems. Focusing on the cosmetics industry, it explores how circular economy principles and digital technologies can converge to drive sustainable transformation. By combining bibliometric analysis (2671 documents and 163,066 references) with a systematic literature review (78 articles), the study introduces the novel concept of Circular Business Ecosystem 4.0 (CBE 4.0). This model extends traditional circularity frameworks by emphasizing the interconnected roles of Industry 4.0 technologies and ecosystem actors across the cosmetic product lifecycle. The bibliometric findings highlight dominant research themes—such as green chemistry, microalgae, microplastics, and bioactive compounds—while revealing a lack of systemic approaches. The SLR complements these insights by illustrating how digital tools and stakeholder collaboration can enable sustainability at every stage of the value chain. Beyond the cosmetics sector, the CBE 4.0 model offers a transferable framework for integrating advanced technologies into circular business ecosystems. This research contributes a holistic, actionable perspective that bridges fragmented discourse and informs future strategies for practitioners, policymakers, and scholars
From Dystopian Academia to Utopian Sororal Counterspaces: A Collaborative Autoethnography of Women Academics in Business Schools
No full textInternational audienc
First Response Matters: The Impact of First Public Response to Social Media Complaints on Observers' Brand Attitude
No full textInternational audienceBrands’ public responses to consumer complaints on social media serve as critical signals that shape observers’ brand attitudes.When brands respond to a complaint, their first response can be particularly influential, as it sets the tone for how the brand isperceived. This study examines two primary first public response strategies from the perspective of observers: privately‐orientedresponses (i.e., requesting to handle the complaints through private channels) and publicly‐oriented responses (i.e., addressingthe complaint directly through public communication). Drawing upon signaling theory, we demonstrate that a publicly‐oriented first response signals a stronger commitment to complaint resolution, thereby enhancing observers’ attitudes.Importantly, the positive impact of a publicly‐oriented response is diminished when it follows a privately‐oriented firstresponse. Additionally, the positive effect of a publicly‐oriented first response is attenuated when the complaint directly notifiesthe brand (i.e., by mentioning the brand using “@”). Across four experimental studies in different contexts, we provide robustevidence for these effects. This study advances the literature on online complaint handling by highlighting the decisive role offirst public responses and offering actionable insights for brands managing complaints on social media
Emerging Sources, Formats, Channels, Devices, and Audiences in Modern eWOM Communications
No full textInternational audienceThis conceptual paper examines how electronic word-of-mouth (eWOM) has evolved beyond traditional text-based reviews posted on online communities and e-commerce platforms to encompass diverse formats, sources, channels, and audiences in today's digital landscape. Building on McLuhan and Fiore's assertion that “the medium is the message,” we argue that the characteristics of digital media fundamentally shape how eWOM messages are perceived and processed. We explore four key dimensions: emerging formats (video, visual, interactive content), new sources (digital content creators, virtual influencers), diverse channels and new technologies (social commerce platforms, voice assistants, AI), and evolving audiences (Generation Z, Alpha). The paper proposes a modern definition of eWOM that reflects its increasingly complex nature and discusses critical challenges. We conclude by presenting a framework for understanding how different elements of the eWOM ecosystem interact, offering implications for both research and practice in digital marketing and consumer behavior
Regards croisés. « La qualité empêchée est-elle devenue une source de désengagement ? »
No full textInternational audienceLes réorganisations managériales, souvent guidées par des impératifs financiers ou des logiques économiques et structurelles, tendent à imposer des normes et des objectifs chiffrés qui bousculent les routines de travail. Comme l’indique Marie-Anne Dujarier, ces décisions, prises par un top management éloigné du terrain, créent un pilotage déconnecté des réalités du travail réel. Aussi, ce phénomène est (souvent) perçu par les employés comme un empêchement de produire un travail de qualité conforme à leurs attentes et celles des usagers ; générant ainsi une perte de sens de plus en plus documentée. Or, le sens au travail est un moteur d’engagement essentiel. Coralie Perez et Thomas Coutrot montrent que son absence est un facteurdéterminant des départs volontaires et du désengagement professionnel. Les travailleurs recherchent non seulement une utilité sociale, mais aussi une cohérence avec leurs valeurs et un épanouissement personnel.Lorsqu’ils ne peuvent plus accomplir un travail « bien fait », le mal-être s’installe, pouvant aller jusqu’au burn-out. Si la perte de sens conduit au désengagement, elle a aussi un impact économique tangible. Longtemps étudiée par les sociologues du travail, cette question intéresse désormais les économistes, signe de sesrépercussions sur la performance des entreprises. Moins de qualité, moins d’implication, et au final, une baisse de productivité et de rentabilité. Une contradiction majeure pour un management orienté efficacité
All Words Have Consequences: Concrete versus Abstract Language in Management Response to Hotel Guest Reviews
No full textInternational audienceHospitality managers increasingly respond to hotel guest reviews to achieve customer satisfaction and cultivate customer relationships. Conventional wisdom suggests that concrete language is more effective in customer service encounters. However, little is known whether, when and why abstract versus concrete management response is more effective in achieving customer satisfaction. We adopt a mixed-method approach with a big data study based on a sample of 1,253,668 reviews from 2306 hotels and two scenario-based laboratory experiments. We show that abstract (versus concrete) management response fosters greater customer satisfaction when it addresses positive (versus negative) reviews or is from a senior manager (versus junior staff). When responding to positive (versus negative) reviews or issued by a senior manager (versus junior staff), the abstract (versus concrete) response enhances customers’ perceived warmth (versus perceived competence). Our findings provide meaningful guidelines for the hospitality and tourism industry
