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Geopolitical risk and commodity future returns: Fresh insights from dynamic copula conditional value-at-risk approach
No full textInternational audienceIn this study, we investigated the effects of geopolitical risk (GPR) on commodity future returns by computing the conditional value at risk (CoVaR) and delta CoVaR using time-varying and static bivariate copula models. Our results indicate that there is generally a positive dependence between commodity returns and changes in GPR. Empirical evidence also suggests that there are only upside risk spillovers from GPR to commodity markets. The delta CoVaR results locate the greatest systemic risk in heating oil and maize commodities. Future research avenues, as well as policy and practical implications, are outlined
A production planning model for biorefineries with biomass perishability and biofuel transformation
No full textInternational audienceWe model and solve a production planning problem over a discrete-time horizon of a biorefinery that treats different types of biomass and transform them either into bioenergy or biofuel. Both biomass and biofuel can be stored. Storage of biofuel serves to match the supply with the demand of both bioenergy and biofuel. Deterioration of biomass, which was rarely studied in the bioenergy production literature, is modeled and its impact on storage decisions is analyzed. The proposed model has two main characteristics: (i) controlling inventory of the perishable biomass while considering different ages for the stored biomass and (ii) biomass can be transformed into either bioenergy or biofuel, which in turn can be stored and then transformed into bioenergy. The applicability of the developed model is shown through several numerical experiments. The results show that first, perishability can lead to profit losses that cannot be neglected. Second, there is a threshold value on the perishability rate above which perishability does not have any longer impact on the profit. Third, storage and transformation of biofuel results in considerable increase in profit and smoother production at the facility even when there is a high fluctuation in price and demand. Fourth, when the decision maker imposes a maximum age on biomass to enhance quality and reduce health risks, the model provides guidelines on how to make this decision with the lowest impact
Causal complexity of sustainable consumption: Unveiling the equifinal causes of purchase intentions of plant-based meat alternatives
No full textInternational audienceSustainable consumption has received much attention, although its antecedents are not fully elucidated. Existing studies are constrained by the assumption of symmetrical paradigms, emphasizing the net effects of antecedents without considering the complexity of sustainable consumption decision-making. This study draws on the theory of consumption values and the complexity theory to identify the complex combinations of consumption values (health, food safety, ecological, curiosity, novelty, prestige, avoidance of guilt) that explain consumers’ intentions to purchase plant-based meat alternatives (PBMA). An online survey was used to collect data from 252 meat eaters in the United States. Data were analyzed with fsQCA to identify the causal configuration of consumption values that explain meat-eaters’ PBMA purchase intentions. The fsQCA results revealed six heterogeneous combinations of the consumption values that result in high levels of purchase intention toward PBMA. The findings can be used by marketers to develop strategies for promoting sustainable consumption and PBMA
Counteracting offshore tax evasion: Evidence from the foreign account tax compliance act
No full textInternational audienceThis paper aims to investigate the effect of the Foreign Account Tax Compliance Act (FATCA) on the deposits held by US global banks through their branches located around the world. Using an unpublished dataset on deposits held by branches of US banks on a geographically unconsolidated basis, we find that the FATCA led to a reduction in deposits held in branches located in tax havens. We find that this effect is more severe in those jurisdictions signing a reciprocal exchange of information agreement. We also advance evidence in support of deposit shifting within the US banking system towards locations without a reciprocal intergovernmental agreement
Striving to safeguard shareholders or maintain sustainability in periods of high uncertainty: A multi-country evidence
No full textInternational audienceThe significance of economic policies and their impact on corporate behavior and ecosystems are increasing in today's interconnected world. The purpose of this study is to assess the impact of economic policy uncertainty (EPU) on waste generation by firms and the impact of gender diversity on corporate boards on the relationship between EPU and waste generation. The study contributes to existing research related to ecological economics by investigating the impact of EPU on the level of waste generated by firms in China, Europe, and the US. Using a dataset of 8007 firm-year observations from 2002 to 2019, we find overwhelming evidence that EPU increases the level of waste produced, both hazardous and non-hazardous. This finding supports the “shareholders' wealth maximization” theory, which states that firms strive to safeguard shareholders during periods of high uncertainty. However, women directors, being more sensitive to sustainability, perform well on this front even during periods of high uncertainty, as the results show that gender-diverse boards significantly moderate the adverse impact of policy uncertainty on waste generation. However, the moderating impact of gender diversity is significant only for firms operating in environmentally sensitive industries. Our results are robust to different regression models, proxies for waste, and endogeneity issues
Government strategies to secure the supply of medical products in pandemic times
No full textInternational audienceWe investigate how to secure reliable access to personal protective equipment (PPE) in pandemics, which are characterized by random occurrences and durations, at the lowest expected cost. The policymaker’s strategy is based on a mix of (1) holding ready-to-use strategic stockpile that is acquired at regular price but incurs a holding cost, (2) building partnership with PPE manufacturers to relocate offshore production locally, which guarantees some local supply but requires offering subsidies, and (3) buying PPE from the spot market, which is characterized by long supply lead times and high prices.We model the problem as a Stackelberg game between a policymaker (leader) and a manufacturer (follower). The policymaker decides the PPE stockpile, the subsidy offered to the local manufacturer, and the quantity to buy from the spot market. The manufacturer determines whether to move production onshore. We determine the optimal strategy for each player and study the effect of spot market conditions and pandemic characteristics.Analytical results show that attracting local manufacturers is less costly for the government when the variability of pandemic duration increases. While it is sub-optimal to rely only on the strategic stockpile, holding some stockpile may be necessary even when the PPE can be obtained from the spot market as soon as the pandemic starts. Results reveal policymaker’s preference for subsidizing onshore production in the following cases: products with low spot prices (counter-intuitively), spot market with long supply lead time, less frequent pandemics, and shorter pandemics
Does brand capital improve stock liquidity? Evidence from China
No full textInternational audienceThis study investigates how brand capital affects stock market liquidity. We posit that brand capital improves the corporate information environment, enhances competitiveness, and increases firm visibility ultimately resulting in higher stock liquidity. Using a sample of Chinese listed firms, we find a positive relationship between brand capital and stock liquidity. Further analyses show that the effect of brand capital is more pronounced for firms with low media coverage and analyst following. Moreover, the effect of brand capital on stock liquidity is significant for non‐state‐owned enterprises. Our mechanism analyses also confirm that brand capital plays an informational role by effectively mitigating information asymmetry and adverse selection, leading to higher stock liquidity. Our study provides the first evidence of the nexus between brand capital and stock liquidity and extends the literature on the capital market implications of brand capital
Does climate governance affect waste disclosure? Evidence from the U.S.
No full textInternational audienceTraditional corporate governance mechanisms can improve corporate financial and non-financial disclosures. However, how corporate climate governance affects firms’ waste disclosure remains unclear. Contributing to the emerging climate governance concept, this study investigates climate governance’s impact on waste disclosure using a sample of U.S. non-financial firms from 2002 to 2019. This study makes two contributions to the disclosure and governance literature. First, it shows that high-quality climate governance improves firms’ waste disclosure (including hazardous and non-hazardous waste disclosures). It reveals that climate governance quality affects firms’ waste disclosure through several channels. Second, we show that higher waste disclosure and climate governance quality reduce firms’ market performance. Climate governance quality has a significant positive moderating role in the relationship between waste disclosure and firms’ market performance; higher climate governance quality positively impacts firms’ market performance through waste disclosure. The results are robust to alternative proxies for waste disclosure, different regression techniques, and endogeneity issues
Tracing environmental sustainability footprints in cross‐border M&A activity
No full textInternational audienceThis study documents the first large‐scale empirical evidence on the effects of differences in countries' environmental sustainability (ES) on cross‐border merger and acquisition (M&A) activity. Using 34,088 cross‐border mergers across 44 countries, we find that greater ES differences between acquirer and target countries stimulate the intensity of cross‐border mergers. The acquirer firms experience higher cumulative abnormal returns around merger announcements and pay higher merger premiums. Consistent with the pollution haven hypothesis, results on value effect are more pronounced for M&A deals in highly polluting industries such as petroleum, transportation and mining. The results are robust to a battery of robustness tests
Being unconventional: The impact of unconventional packaging messages on impulsive purchases
No full textInternational audienceAbstract The visual and textual elements of packaging significantly impact consumer product evaluations. This study examines how unconventional packaging messages—a textual packaging element—influence impulsive product purchases. We also investigate the mediating role of curiosity and the moderating role of emoji (i.e., a visual packaging element). We conduct five studies to test the proposed hypotheses. The findings reveal that unconventional packaging messages are more effective for impulsive products than for planned purchases. Furthermore, unconventional packaging messages increase both healthy and nonhealthy impulsive product purchases. We find that consumer curiosity explains the enhanced impulsive product purchasing when unconventional packaging messages are used. When unconventional packaging messages are employed for impulsive products, the use of emojis increases customer curiosity. The results extend an understanding of unconventional elements in consumer evaluations of products and inform packaging and marketing strategies regarding how to promote impulsive product purchases in competitive markets