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La passion politique des patrons : Le système représentatif à l'épreuve de la loi Macron
No full textInternational audienceWe describe and interpret the public debate about a law (la loi Macron) passed in 2015. It is dealing with political economy, and its goal is to transformsand simplify the business envionrment. The debates provide an occasion to analyse some of the main stake-holders' rhetorics, and compare it with other, non-argumentative strategies and modes of action in the public and private spheres. In the tradition of Albert O. Hirschman, we investigate the choice of « exit, voice or loyalty » as it is staged in the French media. More specifically, we look at the representative system and the influence of rhetorics and other tacticts on actors' control of the field, in the context of strategic decision-making about market transactions and economics.L’examen de la loi pour la croissance, l’activité et l’égalité des chances économiques (dite loi Macron) nous offre l'occasion d'analyser les discours publics qui ont accompagné l'examen parlementaire de la loi. Nous nous penchons sur le rôle joué par la représentation patronale en France telle qu’il se donne à lire dans les principaux organes de la presse nationale. Nous observons que d’autres parties prenantes se manifestent à l’occasion de ce débat. Dans la tradition d’Albert O. Hirschman, nous cherchons à comprendre en quoi et dans quelle mesure le système représentatif actuel favorise le débat public et quel est le rôle des arguments rhétoriques au regard d’autres tactiques de contrôle du cham
Better Regulation: Holding Martin Selmayr Accountable
No full textThis time was supposed 'to be different', at least this was the motto of the 2014 European Parliament elections campaign. With less than a year before the next European elections, the time is ripe to examine how different this EU political cycle has actually been. Emboldened by the Spitzenkandidaten process – which established for the first time a link between the outcome of the EU elections and the presidency of the EU Commission –, the Juncker Commission emerged as the most political yet. To shrug off the label of technocratic institution – historically insulated from citizens’ preferences –, the new Commission asked EU citizens to judge its operation by its ability ‘to deliver solutions to the big issues that cannot be addressed by the Member States alone’. While the Better Regulation Agenda might have improved the Commission’s public accountability – with both citizens and stakeholders being better informed about and engaged with EU policy-making –, without however increasing its responsiveness to public preferences. This is the case at the input, throughput and output stage. Rather, the techno-political approach to policymaking – which characterizes the Juncker’s Better Regulation – might have paradoxically led to a compression of participatory democracy and somehow chilled stakeholder engagement. At a time of unprecedented contestation of the EU project – a trend which is combined by a record-demand for new forms of political representation –, it appears paradoxical that the EU – an early promoter of participation – is missing out the chance to seize the momentum to diversify and redesign its participatory structures being busy delivering on its electoral promises no one will ever judge.At the very same time the Juncker Commission has been striving to develop its own, autonomous democratic credentials, its choice to embrace a set of well-defined institutional mechanisms that reward expert judgment over political adjudication appears at odds with its newly-acquired political nature
Socio-economic and ecological transition in community supported agriculture: from the 'transitional' to the 'ideal' CSA
No full textInternational audienceThis paper focuses on the transitional features of community supported agriculture (CSA). Its key contribution is to show the transformational potential of CSA for agricultural system change. The starting point of this research is the "ideal" CSA model. Instead of a monolithic CSA model, in practice we find a patchwork of experiences that we group together under the "transitional" CSA name. We develop a framework that highlights the "transitional" CSA model and compares it with both the conventional and the "ideal" CSA. The coevolutionary approach helps us to understand how CSAs adapt to their context. We use many narratives from the broad literature on CSAs
Strategic Coordination with State Information at the Decoder
No full textInternational audienceWe investigate the coordination of autonomous devices with strategic and non-aligned utility functions. The encoder and the decoder of the point-to-point network choose their coding strategy in order to maximize their own utility function. This paper extends our previous results on strategic coordination by considering state information at the decoder. We study the connexion between Wyner-Ziv source coding and the problem of Bayesian persuasion in the economics literature
Construction des relations avec des fournisseurs distants sur les plans cognitifs et relationnels pour co-explorer des innovations discontinues
No full textInternational audienceCo-exploring concepts with distant suppliers on the cognitive and relational dimensions favors the identification of discontinuous innovation. However, few researches address the establishment of such relations. Based on a longitudinal study of a firm that has developed relations with distant suppliers and succeeded in co-exploring discontinuous innovation, we inductively highlight the characteristics of the process and of the organizational design that enabled the building of these relations. We point out the transparency of the co-exploration process that enables a progressive mutual commitment. The establishment of the relations is supported by a specific player with access to the top management and technical specialists, giving him a global vision of the questions to be tackled. By developing these relations simultaneously with the ones involving long term partners, this player is therefore an enabler of the organizational ambidexterity of the firm.Co-explorer des concepts avec des fournisseurs distants, sur les plans cognitifs et relationnels, favorise l’identification d’innovations discontinues. Cependant, peu de travaux s’intéressent aux modalités de construction de ces relations. Sur la base d’une étude longitudinale d’une entreprise qui a co-exploré des innovations discontinues avec des fournisseurs distants, nous mettons en évidence de manière inductive deux caractéristiques du processus et de l’organisation adoptée pour construire ces relations. Nous soulignons la transparence du processus de co-exploration qui soutient un engagement progressif mutuel. Ce processus est porté par un acteur dédié, ayant accès à la fois aux experts techniques ainsi qu’aux dirigeants de l’entreprise qui prennent les décisions stratégiques en matière de domaines d’innovation et de développement. Cet acteur est ainsi un des vecteurs de l’ambidextrie organisationnelle de l’entreprise puisqu’il permet le développement de ces relations parallèlement aux relations de long terme avec des partenaires privilégiés
Strategic Withholding and Imprecision in Asset Measurement
No full textHow precise should accounting measurements be, if management has discretion to strategically withhold? We examine this question by nesting an optimal persuasion mechanism, which controls what measurements are conducted, within a voluntary disclosure framework a la Dye (85) and Jung and Kwon (1988). In our setting, information has real effects because the firm uses it to make a continuous operating decision, increasing in the market's belief. Absent frictions other than uncertainty about information endowment, we show that imprecision can reduce strategic withholding but always decreases firm value. We then examine plausible environments under which, by contrast, there is an optimal level of imprecision featuring coarseness at the marginal discloser. We offer additional implications in the contexts of enforcement against strategic withholding and financing with collateralized assets
Process Innovation in the Pharmaceutical Industry
No full textProblem definition: Process innovation is commonly claimed to be a major source of competitive advantage for firms. Despite this perceived influence it has received substantially less attention than product innovation and much uncertainty remains about its true association with firm performance. We investigate the relationship between a pharmaceutical manufacturing firm's process-innovation portfolio and its economic performance.Academic/Practical relevance: Our study uniquely conducts a multi-dimensional evaluation of a firm's portfolio of process innovations at the product level. This allows a quantitative evaluation of both the relative benefit of the different dimensions of a portfolio as well as the potential complementarities between these.Methodology: Through a collaboration with expert patent attorneys we develop a unique longitudinal dataset that combines secondary data and evaluations of a firm's portfolio of process patents along three key dimensions: novelty, scope, and locus. We conduct econometric analyses for a large-scale sample of drugs open to competition from generics, where process innovation is the main source of competitive advantage.Results: We find a positive association between overall process innovation and firm performance. When differentiating between dimensions of process innovation, results further suggest that high novelty is beneficial, and complemented by a broad scope, but only for patents applying to the later phase of the pharmaceutical manufacturing process.Managerial Implications: Our results provide important practical insights that can inform process-related R&D investments in the pharmaceutical sector. In particular, it may not be economically beneficial to invest in high-novelty process innovations in early production stages, which are characterized by numerous opportunities to innovate with potentially higher but less predictable economic payoffs. On the other hand, at later stages of the production process, where the opportunities to innovate are less numerous with potentially lower but more predictable economic payoffs, portfolios that are jointly characterized by high novelty and high scope could be more valuable
CAPM-Based Company (Mis)valuations
No full textThere is a discrepancy between CAPM-implied and realized returns. Using the CAPM in capital budgeting -- as recommended in finance textbooks -- should thus have valuation effects. For instance, low beta projects should be valued more by CAPM-using managers than by the market. This paper empirically tests this hypothesis using publicly announced M&A decisions and shows that takeovers of lower beta targets are accompanied by lower cumulative abnormal returns for the bidders. Specifically, our estimates imply an average net loss to bidders corresponding to 12% of the average deal value and exceeding USD 10 billion per year in aggregate