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Do investors penalize the firms disclosing higher environmental performance? a cross cultural evidence
No full textInternational audience"Climate change discourse integrates 3Ps – people, planet, and profit. However, we do not find any empirical study that integrates 3Ps. Therefore, using a large global panel dataset from 46 countries, this study intends to fill this gap by providing empirical evidence about investors’ value proposition of corporate climate performance in different cultural environments. The results show that Hofstede’s cultural dimensions affect corporate climate performance and its market pricing. We find that in cultures with high power distance, low individualism, high masculinity, high uncertainty avoidance, high long-term orientation, and high restraint, the investors generally penalize the firms disclosing higher environmental performance. Strangely enough, corporate waste production is universally value irrelevant. Our results indicate some policy implications.
Regulatory Spillovers and Data Governance: Evidence from the GDPR
No full textInternational audienceWe document short-run changes in websites and the web technology industry with the introduction of the European General Data Protection Regulation (GDPR). We follow more than 110,000 websites and their third-party HTTP requests for 12 months before and 6 months after the GDPR became effective and show that websites substantially reduced their interactions with web technology providers. Importantly, this also holds for websites not legally bound by the GDPR. These changes are especially pronounced among less popular websites and regarding the collection of personal data. We document an increase in market concentration in web technology services after the introduction of the GDPR: Although all firms suffer losses, the largest vendor—Google—loses relatively less and significantly increases market share in important markets such as advertising and analytics. Our findings contribute to the discussion on how regulating privacy, artificial intelligence and other areas of data governance relate to data minimization, regulatory competition, and market structure
Ranking with a Euclidean common set of weights in data envelopment analysis: with application to the Eurozone banking sector
No full textInternational audienceThis paper provides a new method to define a Euclidean common set of weights (ECSW) in data development analysis (DEA) that (1) allows ranking both efficient and inefficient firms, (2) is more realistic in terms of determination of weights, and (3) generates rankings for banks consistent with their credit ratings. We first use DEA to determine the efficient frontier and then estimate a common set of weights that can minimize the Euclidean distance between the firms and that frontier. This process is illustrated by a simple numerical example and is extended to a real-life situation using the Eurozone banking sector. Our ECSW approach outperforms other common set of weights approaches in both numerical and real-life examples, and in terms of providing rankings consistent with banks’ credit ratings
Does Shariah compliance affect investor behaviour in the COVID-19 times: evidence from herding in the global energy market
No full textInternational audienceThis paper investigates whether the Shariah compliance matters in determining investor behaviour in herding across firms in the global energy market. Our sample comprises 2501 globally listed energy equities from 10 April 2019 to 8 April 2020 from the Refinitv Eikon database, which also flags firms as compliant or otherwise with Shariah or Islamic law. Using closing price data for the selected firms, we analyse herding behaviour across the two groups, in addition to various firm and market characteristics such as size, profitability, analyst recommendations about future performance and up and down market days. Our results suggest herding in both Shariah and non-Shariah-compliant energy firms, and on down market days in particular. Cross-sectional tests indicate higher herding in larger and more-profitable Shariah firms, and those with positive analyst forecasts for the future, which is consistent with pressure-driven behaviour to maintain performance. In particular, we find that the COVID-19 pandemic does not significantly alter herding behaviour for the sample firms
The standalone and resource-bundling effects of government and nongovernment institutional support on early internationalizing firms’ performance
No full textInternational audiencePurpose – This study aims to analyze the individual and joint effects of institutional support bygovernment and nongovernment institutions on early internationalizing firms’ (EIFs) performance. It alsoinvestigated the moderating impact of firm age and size on the institutional support-firms’ exportperformance relationships.Design/methodology/approach – Data were collected from 705 EIFs in the apparel industry ofBangladesh and analyzed with hierarchical regression.Findings – The positive influence of institutional support on exporting firms’ financial performance isstronger for the joint effect of government and nongovernment assistance than the individual impact. Firms’size positively moderates the impact of individual government and nongovernment assistance, while agepositively moderates their resource-bundling effect.Research limitations/implications – The findings suggest the necessity of integrating resources fromdiverse but complementary sources of institutional support for superior export performance. The findingsalso show the presence of the liability of smallness and liability of newness in the standalone and jointinfluence of institutional support, respectively.Practical implications – Firms need to bundle resources obtained from the government (unrequited) andnongovernment (reciprocal) institutional support to overcome the liability of smallness they might encounterwhile availing of support from only one source.Originality/value – Distinguishing between government and nongovernment institutional support, thispaper sheds light on exporting firms’ resource-bundling mechanism for these two sources of support in thebackdrop of an emerging economy. It also offers fresh insights into the critical role of the liabilities of newnessand smallness in early internationalization, especially with regard to the home-country institutionalenvironment
Corporate social responsibility and firm-value: the role of sensitive industries and CEOs power in China
No full textInternational audienceUsing a large panel dataset of 861 listed Chinese firms, the present study investigates whether corporate social responsibility (CSR) affects firm-value. It examines the influence of five CSR dimensions on firm-value. Then, it pinpoints the moderating impact of industry-sensitivity and power concentration of the CEO. In contrast to developed economy’s evidence, the results show an overall negative impact of CSR on firm-value. Looking closer at the dimensions separately, we find a negative impact of most of the CSR dimensions and a positive impact of some other CSR dimensions on firm-value. However, we observe that CSR enhances the value of firms operating in sensitive industries. Similarly, we find that a powerful CEO can also create firm-value through CSR by aligning CSR practices with the firms’ objectives. Our results are sufficiently rigorous to alternate proxies of CSR
A comparative study of progressive carbon taxation strategies: impact on firms’ economic and environmental performances
No full textInternational audienceGovernments all over the world adopted different forms of progressive carbon taxation strategies (for example concave, convex and linear for respectively Swedish, French, and Canadian government). These progressive strategies provide companies with different degrees of flexibility to adapt their decisions to the new environmental regulations and reduce their carbon emissions without compromising their profit. However, no existing work has compared the impact of each progressive legislation on the optimal decisions of the supply chain, its profit, and its environmental performances. In this paper, we contribute to the literature by developing four multi-period technology selection models under different forms of progressive carbon taxes. We analytically determine the optimal strategic investment timing decision under each taxation strategy. We then develop a carbon tax assessment method using multi-criteria analysis techniques to compare the efficiency of each carbon taxation form in reducing carbon emission and maximising the Supply Chain (SC) profit. We prove that the earliest green investment decision and the decision of not investing in green depend on the target carbon tax rather than the taxation form. We show that government decision about the suitable taxation form should be based on the performance of the available green technologies
Understanding and harnessing the potential of front-line employees’ self-governance in technologised museums and theme parks: insights from a qualitative study
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Agency selling or reselling? Channel selection of green products with consumer environmental awareness
No full textInternational audienceMotivated by the growing consumer interest in new energy vehicles, this paper studies a manufacturer's pricing and channel selection issues when selling green products to environmentally conscious consumers. Three channel structures are examined: (1) a single agency selling channel, (2) a single reselling channel, and (3) dual channels of agency selling and reselling. Agency selling refers to the case in which the manufacturer directly sells products to consumers on the platform by paying a fixed fee. Reselling refers to when the manufacturer wholesales products to the platform, which is then responsible for selling to end consumers. We find that an increase in consumers' green awareness has a positive impact on green technology levels, retail prices, and the profits of the manufacturer, platform, and retailer. When consumers' green awareness and the revenue-sharing rate are relatively low, the manufacturer will choose the single reselling channel, which is beneficial for both the manufacturer and retailer. When consumers' green awareness is moderate, the manufacturer will choose the hybrid channel in which the manufacturer and platform will reach a win-win situation. When consumers' green awareness is high, the dual channel is simultaneously beneficial for the manufacturer, platform, and retailer, which reveals that Pareto optimisation occurs
Should we teach in hybrid mode or fully online? A theory and empirical investigation on the service–profit chain in MBAs
No full textInternational audienceShould we teach in hybrid mode or fully online? We examine the teaching model's role (hybrid versus fully online) in the service–profit chain in higher education institutions using survey data from 93 faculty members and 366 students from three American universities. We find that faculty members’ satisfaction and the MBA program expectations improve MBA word-of-mouth by enhancing the MBA quality, MBA value, class satisfaction, and MBA loyalty. Additionally, we discover that the hybrid teaching model more strongly reinforces this chain of effects than the fully online model. IT creates the integration of differential value into a hybrid teaching style