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Unaware corporate social responsibility: impact of firm size, motivations and external pressures
No full textInternational audienceWe explore differences in firms’ attitudes towards corporate social responsibility (CSR). Using a unique dataset covering 8,857 French firms, collected by the National Institute of Statistics and Economic Studies (INSEE), we identify firms conducting conscious CSR and others with effective but unaware CSR activities. We then construct three CSR pillar scores for each firm, using Mokken scale analysis, a form of non-parametric item response analysis. The CSR scores, along with responses to specific questions, allow us to characterize firms that implement conscious or unaware CSR. We then estimate simple probit and count data models to show that a significant share of firms are in fact actually engaged in unaware CSR, with no monotonic size effect. Cooperation with external actors such as NGOs mitigates the effect of firm size on the likelihood of conducting unaware CSR, while the effect of NGO campaigns against large firms is mainly to increase the environmental score of small firms in the same industry
The stakeholder corporation and social welfare
No full textInternational audienceThe stakeholder (or responsible) firm is defined in this paper as one that maximizes the (weighted or unweighted) sum of the surpluses of its customers and suppliers (including workers). We show that, although this objective is hard to empirically measure, it can be pursued by simple management rules that rely on constrained profit maximization. We find that unconstrained profit maximization gives a competitive edge to ordinary firms, but that stakeholder firms are better for social welfare and internalize several important effects of their activities on society. We also show that long term entry decisions should rely on profit modied by Pigouvian pricing of externalities, incidentally providing a novel justication for the polluter-pays principle
Super-Inertial Interest Rate Rules Are Not Solutions of Ramsey Optimal Monetary Policy
No full textInternational audienceGiannoni and Woodford (2003) found that the equilibrium determined by commitment to a super-inertial rule (where the sum of the parameters of lags of interest rate exceed ones and does not depend on the auto-correlation of shocks) corresponds to the unique bounded solution of Ramsey optimal policy for the new-Keynesian model. By contrast, this note demonstrates that commitment to an inertial rule (where the sum of the parameters of lags of interest rate is below one and only depends on the auto-correlation of shocks) corresponds to the unique bounded solution
Can Distributed Intermittent Renewable Generation Reduce Future Grid Investments? Evidence from France
No full textInternational audienceThis paper estimates the relationship between investments in five distributed generation technologies and hourly net withdrawals from over 2,000 electricity distribution networks in France between 2005 and 2018. We find that investments in distributed wind and solar generation have little or no impact on the annual peak of hourly net withdrawals from the distribution grid, while investments in hydroelectric and thermal distributed generation significantly reduce it. An optimistic analysis of the impact of investments in battery storage suggests that high levels are required for distributed wind and solar to deliver similar reductions in the annual peak of hourly net withdrawals. Our results imply that public policies favoring distributed wind and solar generation over utility-scale generation cannot be rationalized by savings in future grid investments.Code Jel L94 - Electric Utilities Q42 - Alternative Energy Sources Q48 - Government Polic
Competition between securities markets: stock exchange industry regulation in the Paris financial center at the turn of the twentieth century
No full textEarly Access : JUN 2022International audienceWe study two regulatory changes that affected competition between the transparent Parquet and the OTC-like Coulisse markets in Paris at the turn of the twentieth century. The two reforms determined three regimes of competition—illegal competition, free competition, and enforced monopoly. After documenting institutional changes and their political economy, we show that the Paris market touch (i.e., the average spread of securities traded in the two markets) widened under the free competition regime but narrowed under the enforced monopoly regime to a size much smaller than during the first. These results accord with recent literature that questions the effects of competition between transparent and opaque markets; a transparent monopoly might be more effective than competition if the latter involves opaque markets
Tailored Recommendations
No full textInternational audienceMany popular internet platforms use so-called collaborative filtering systems to give personalized recommendations to their users, based on other users who provided similar ratings for some items. We propose a novel approach to such recommendation systems by viewing a recommendation as a way to extend an agent's expressed preferences, which are typically incomplete, through some aggregate of other agents' expressed preferences. These extension and aggregation requirements are expressed by an Acceptance and a Pareto principle, respectively. We characterize the recommendation systems satisfying these two principles and contrast them with collaborative filtering systems, which typically violate the Pareto principle
Télétravail et productivité avant, pendant et aprèsla pandémie de Covid‑19
No full textInternational audienceWe use the data from a Banque de France survey, carried out among French companies about their use of telework in 2019 and during the first lockdown in the spring of 2020. Combining this with detailed information regarding their balance sheets and profit and loss accounts, we show that those that made more use of telework in 2019 were more produc‑ tive on average and better withstood the crisis overall. They are also larger and relatively less capital‑intensive, although they have relatively high fixed assets in the form of IT equipment and intangible assets when compared with other companies. The estimations show that a significant global increase in the use of telework in the long term could increase productivity by around 10%. The findings also reveal the non‑linear effects of telework on productivity. Companies that were already practising telework in 2019 were more likely than others to want to increase this in the future and those that were looking to do so were more likely to be planning an increase in their IT investment, as well as a change of premises.Nous exploitons les résultats d'une enquête de la Banque de France auprès des entreprises françaises sur leur recours au télétravail en 2019 et pendant le premier confinement du printemps 2020. À l'aide d'informations détaillées sur leur bilan et comptes de résultats, nous montrons que celles ayant eu davantage recours au télétravail en 2019 sont en moyenne plus productives et ont globalement mieux résisté à la crise. Elles sont également plus grandes et relativement moins capitalisées, même si les immobilisations en matériels informatiques et en capital incorporel y sont plus élevées que dans les autres entreprises. Les estimations permettent d'évaluer qu'une augmentation globale importante du recours au télétravail à long terme pourrait améliorer la productivité d'environ 10 %. Les résultats montrent aussi des effets non linéaires du télétravail sur la productivité. Les entreprises qui avaient déjà recours au télétravail en 2019 souhaitent plus souvent que les autres l'amplifier dans le futur, et celles qui envisagent de l'amplifier dans le futur envisagent plus souvent que les autres une augmentation de leurs investissements informatiques mais aussi un déménagement
Matter matters: Efficient recycling policies under tight markets for scrap
No full textInternational audienc
Nature, culture et inégalités. Une perspective comparative et historique
No full textInternational audienceDans cette conférence inédite, Thomas Piketty présente une synthèse de ses recherches historiques et comparatives sur les inégalités. Abordant des thèmes aussi variés que l’éducation, l’héritage, la crise climatique, la taxation des richesses ou les inégalités de genre, il bat en brèche l’idée qu’il pourrait exister des inégalités naturelles et montre que la marche vers l’égalité se construit toujours par des luttes politique et sociales
Sufficient conditions for a “simple” decentralization with consumption externalities
No full textInternational audienceWe consider a pure exchange economy with consumption externalities in preferences. We use the notion of competitive equilibrium à la Nash. We provide the Social Redistribution assumption to restore the Second Welfare Theorem. We then introduce the differentiable characterizations of Social and Strong Redistribution. We show that all these conditions are weaker than other relevant assumptions studied in the literature. Our conditions entail interesting results on the decentralized implementation of Pareto optima, that link together the competitive supporting price and the shadow price of the utilitarian social planner. Finally, we provide a specific condition for Bergson-Samuelson utility functions, which has a nice interpretation in terms of positive or negative externalities