Archive ouverte de l'ESSEC Business School
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L’internationalisation des normes d’audit : entre simplification et complexification de l’audit
No full textInternational audienc
Approche comparative des dispositifs anti-OPA sur un échantillon de 139 entreprises émanant de 15 Etat Membres
No full textComparison of rules and practices between European countries which measures the effect of the Directive of 2004. The text put some essential principles (neutrality of the management (article 9), limitation of anti-takeover devices (article 11) and requirement of transparency (article 10) but giving in to States, establish an opting-out (article 12) allowing the member states to choose more or less their system.It is possible to distinguish four groups of countries: the Balts (the most liberal), the countries Anglo-Saxon which dedicate the neutrality of the management but keep (preserve) certain preventive devices (plans), the Rhenish group where the logic of collective governance prevails thus tolerating prevention and reaction, and finally, the Latin of which France which did not opt clearly for a system "every shareholder" or a "collective logic", with as a bonus a complex regulations and unstable choices of companies.Exercice de comparaison des règles et pratiques entre pays européens qui mesure l’effet utile de la Directive de 2004. Le texte a posé quelques principes essentiels (neutralité du management (article 9), limitation des dispositifs anti-OPA préventifs (article 11) et exigence de transparence (article 10)) mais cédant aux Etats, instaure un opting-out (article 12) permettant aux Etats Membres de choisir plus ou moins leurs dispositifs.En fonction des transpositions intervenues, il est possible de distinguer quatre groupes de pays: les Baltes (les plus libéraux), les pays anglo-saxon qui consacrent la neutralité du management mais conservent certains dispositifs préventifs, le groupe rhénan où la logique de gouvernance collective prévaut tolérant donc prévention et réaction, et enfin, les latins dont la France qui n’a pas opté clairement pour un système « tout actionnaire » ou « logique collective », avec à la clé une réglementation complexe et des choix d’entreprises mouvants
Suivi qualitatif des OPA en France depuis octobre 2013
No full textThe European directive 2004/25/CE on take-over bids imposed the transparency on the structure of the capital and the anti-EPO measures, either obstacle to the access to the capital, or to the exercice of the control at the level of the general assembly or of the board of directors. The European Coimssmion showed its will to ilti mthe obstacles to buds by establishing in the text a device assuring, besides the transparency (article 10), the neutralization fo the leader in case o foffer (article 9) and the limitation of the defenses (article 11). But it seems clearly that the article 12 of the directive, added after negotiations with the European Parliament and the States, allows "arrangements" and limits the "level playing field". Since then, France, through the Florange law of 2013, dedicated among others the double voting right and the relinquishment of the neutrality ohtfe management;; but the success with companies is very reserved because the nivestors and the shareholders have very widely used the vote of resolutions going against the text. A study led for the CEDE ESSEC on twelve take-over bids launchedi n 2014-2015, of which the fma ous Club Med affair, helps detailing the various arsenals that the French companies have today: clauses of change of control, double votingri ght shares and statement of thresholds crossing stay the most visible.La directive européenne 2004/25/CE sru les OPA mi pose une transparence sur la structure du capital et les éventuels dispositifs anti-OPA de la société. La Commission européenne a en effet eu la volonté de limiter les obstacles aux offres publiques en instaurant dans le texte un dispositif assurant la transparence (article 10) dans l’optique de les limiter – effet de marché (article 11). Le jeu de l’article 12 de la directive limite cependant le « level playing field » en acceptant des différences entre dispositifs nationaux ; Depuis, la transcription en 2006, la France, au travers de la nouvelle loi dite Florange adoptée en 2013, a modifié l’arsenal anti-OPA notamment en consacrant un droit de vote doublet émsyastisé et l’abandon du principe de neutralité. Il s’avère que le succès du texte, auprès des entreprises est mitigé car les investisseurs et actionnaires ont largement utilisé en 2014 et en 2015 des résolutions allant à l’encontre du texte. Une étude menée pour le CEDE ESSEC sur douze offres lancées en 2014-2015, dont la fameuse affea iCr lub Med, permet de détailler les différents arsenaux dont disposent aujourd’hui les entreprises françaises : clauses de changement de contrôle, actions àit ddreo vote double et déclarations de franchissement de seuils restent les plus visibles
A new extension of the class of regularly varying functions
No full textWe define a new class of positive and Lebesgue measurable functions in terms of their asymptotic behavior, which includes the class of regularly varying functions. We also characterize it by transformations, corresponding to generalized moments when these functions are random variables. We study the properties and extensions of classical theorems for this class
Relation entre investissement institutionnel et performance sociale : évidence empirique des entreprises françaises cotées
No full textInternational audienc
Line Managers’ Perception about Quality of HR Function in Pakistan: A Case Study
No full textInternational audienc
Sociomateriality and the Transnational Expansion of Soft Regulation: Michelin in Haute Cuisine around the World
No full textInternational audienceHow do rules and norms expand internationally? In particular, how do those soft rules, which are generated by non-state actors, travel and impact new regions, and become modified? We tackle this question with the study of the international expansion of the Michelin Red Guide rating of restaurants and investigate the expansion of these soft rules within a sociomaterial perspective
Does education affect risk aversion? Evidence from the British education reform
No full textInternational audienceIndividual risk attitudes are frequently used to predict decisions regarding education. However, using risk attitudes as a control variable for decisions about education has been criticized because of the potential for reverse causality. Causality between risk aversion and education is unclear, and disentangling the different directions it may run is difficult. In this study, we make the first attempt to investigate the causal effects of education on risk aversion by examining the British education reform of 1972, which increased the duration of compulsory schooling from age 15 to age 16. Using regression discontinuity design, we find that this additional year of schooling increases the level of risk aversion, which is contrary to previous findings in the literature, and we also find that this result is particularly strong for individuals with less education. This positive causal effect of education on risk aversion might alleviate concerns regarding the endogeneity/reverse causality issue when using risk aversion as an explanatory variable for decisions about education; the sign would remain credible because the coefficients are underestimated
L’enseignement supérieur et la recherche, acteurs essentiels dans la lutte contre les changements climatiques
No full textInternational audienceEn cette fin d’année 2015, dans le cadre de la COP21 qui voit 150 chefs d’État se réunir pour conclure un accord sur le climat qui met en jeu l’avenir de notre planète, l’Enseignement supérieur et la Recherche français publient leur agenda des solutions, présenté le 2 décembre au Bourget. Celles-ci sont le fruit notamment des travaux du colloque Eco-campus 3 organisé les 15 et 16 octobre derniers par la Conférence des Présidents d’Université (CPU) et la Conférence des grandes écoles (CGE) à l’université de Paris Ouest Nanterre la Défense et à l’Essec Business School et Kedge Business School, qui a fondé le Sulitest (Sustainability Literacy Test). [...
Stratégies de filière et gouvernance interorganisationnelle imbriquée
No full textInternational audienc