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Winners and losers of the COVID‐19 pandemic: An excess profits tax proposal
No full textInternational audienceIn this paper, we study the gains and losses incurred during the COVID-19 pandemic. We distinguish between the effects of the pandemic and those of the health measures implemented to reduce the death toll, notably "the lockdown." Our theoretical model is focused on within-sector firm heterogeneity and involves imperfect competition in a partial equilibrium setting. A comparison between the gains and losses triggered by both the pandemic and the lockdown indicates that an excess profits tax imposed on the "winners" could partly compensate the "losers" of the same sector
Institutional environment, the ultimate controller's characteristics and CSR disclosure in China
No full textInternational audienceUsing a dataset of Chinese listed companies from 2009 to 2018, this study empirically examines the relationship between a company's institutional environment, the ultimate controller's characteristics and its level of corporate social responsibility (CSR) disclosure in China. The results show that Chinese companies operating in better institutional environments have higher CSR disclosure. Moreover, the type of the ultimate controller of a company is significantly related to the level of CSR disclosure, which is higher in state-controlled companies than in nonstate-controlled companies. The results are robust to different proxies of CSR disclosure
Strategic asset-seeking acquisitions, technological gaps, and innovation performance of Chinese multinationals
No full textInternational audienceWe investigate the impact of acquiring similar or complementary technologies on the innovation performance of Chinese multinationals’ strategic asset-seeking M&As in the EU, and whether such impact is contingent upon firm-level and region-level technological gaps. Results show that technological complementarity enhances Chinese multinationals’ innovation performance. Firm-level technological gaps have a positive moderating effect for both complementary and similar technologies. Region-level gaps enhance innovation when Chinese firms acquire similar technologies, but they undermine the positive impact of technological complementarity on innovation performance. We advance understanding of Chinese MNEs’ learning scope and strategic intents in their strategic asset-seeking M&As
Major Shifts in Sustainable Consumer Behavior in Romania and Retailers’ Priorities in Agilely Adapting to It
No full textInternational audienceThe sustainable consumption and integration of digital solutions with respect to sustainable consumption have been encouraged by the new European circular economy action plan. Digital adoption has been accelerated by the COVID-19 pandemic; companies have been challenged to rapidly adapt to the constant evolution of consumer needs and expectations, leading to valuable insights into the advancement of green business practices and a consequent rethinking of their business model. The purpose of this paper is to investigate the major shifts in sustainable consumer behavior on the Romanian retail market within the context of the Green European Deal, and retailers’ priorities in agilely adapting to these significant evolutions. Based on a comprehensive literature review on these major shifts and significant evolutions at the national and international levels, a quantitative study was carried out to evaluate the Romanian retail market and identify the major challenges faced by retailers in dealing with the new set of priorities. The data collection was conducted via a survey used in the retail environment, applied within a Romanian supermarket chain. The Romanian retail sector has a particular configuration, which may have an impact upon the study’s generalizability. Located in Central and Eastern Europe at the crossroads of the EU, the Commonwealth of Independent States (CIS), and the Middle East, Romania is a leading destination for foreign direct investment, and it is recognized for the similarities of its distribution and sales channels, the range of its retail outlets, and the local retail market dominance on the Big Box segment by reputed major retailers. A spectacular evolution is recorded in Romania’s e-commerce market, including from the point of view of the long-standing and memorable traditional relationship between Romania and China which was confirmed more recently by Romanian consumers who prefer to buy online from stores in China. Our consumer research provides retailers with deep consumer insights with regard to their priorities in their agile adaptation. According to our research, Romanian consumers are environmentally concerned consumers, displaying an increased awareness about the important role they play with respect to impacting sustainable production and consumption by adopting green purchase behavior. Our study also points to the fact that retailers, although faced with challenges in targeting consumers with customized messages to reinforce their brand perception on sustainability issues, do pay considerable attention to sustainability as a personal value embraced by consumers and are willing to focus on digitizing their business processes to enable new, sustainable business models
Network exploration and exploitation capabilities and foreign market knowledge: The enabling and disenabling boundary conditions for international performance
No full textInternational audienceThis empirical study analyzes how strategic orientations influence the relationships between exploration and exploitation-related networking capabilities, foreign market knowledge, and market performance of 198 internationally operating firms in Bangladesh. The results of hierarchical regression showed that a higher level of network exploration capability and network exploitation capability individually generate greater foreign market knowledge. In addition, our results show that international entrepreneurial orientation reinforces the positive effect of network exploration capability. The positive association between market knowledge and performance, in turn, is accentuated by a proactive export market orientation but attenuated by a responsive export market orientation. These findings suggest that, while both types of networking capabilities are beneficial to develop stocks of foreign market knowledge, firms can acquire and create greater knowledge if they strategically align entrepreneurial orientation with network exploration capability. Further, to use this market knowledge with the goal of improving their position in international markets, firms need to develop a proactive rather than a responsive export market orientation. The current study contributes to the literature on networking capabilities by analyzing firms' networking capabilities with the lens of exploration-exploitation typologies and incorporating strategic orientations as the contextual factors of such capabilities
How latecomers catch up to build an energy-saving industry : The case of the Chinese electric vehicle industry 1995–2018
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Commodity risk in European dairy firms
No full textInternational audienceAbstract We apply a multivariate mixed-data sampling (MIDAS) conditional quantile regression technique to understand the dairy commodity exposure of European dairy firms. Leveraging a theoretically sound hedonic dairy pricing framework, we show that our approach is able to identify both market and operational risk. Profit margins for butter and milk price are particularly important for operational performance. Additional tests are provided, including an application of MIDAS quantile on a period of amplified dairy market risk. Our approach thus allows dairy firms to gain new perspectives on the significant risks posed by the current structure of dairy production in Europe
Time- and price-based product differentiation in hybrid distribution with stockout-based substitution
No full textInternational audienceA delivery mix that includes delivery from stock and drop-shipping is of interest to many internet retailers. We consider a retailer serving a time- and price-sensitive market with two substitutable products that differ in the guaranteed delivery time and price, an express product (delivered from the stock) and a regular product (drop-shipped). In case of stockout, customers may switch from the express product to the regular product. We study how to differentiate the products in terms of delivery times and prices and how to determine the stock level to maximize the retailer's expected profit while satisfying service constraints. We solve different variants of the problem and derive insights into the optimal retailer's strategy. In addition, we study the impact of stockout-based substitution. This paper is the first to investigate time- and price-based differentiation along with inventory decisions for a retailer who relies on a hybrid distribution to satisfy a time- and price-sensitive demand subject to stockout-based substitution. When prices and stock are fixed, in addition to minimum and maximum time differentiations, a medium differentiation strategy may be optimal but depends on the stock level. When only prices are fixed, there exists a price differentiation limit below which a minimum time differentiation is optimal, and above which only the express product should be offered. For the general model, numerical experiments show that a higher stockout-based substitution leads to greater time differentiation (which is consistent with the results of previous models) and more stock. However, this would not impact the price differentiation
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
