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Financing green technology development and role of digital platforms: Insourcing vs. outsourcing
No full textInternational audienceThis paper investigates the green technology development (GTD) problem of a capital-constrained manufacturing entrepreneur who seeks financial support from external and internal multi-sided platforms (MSPs). Following the government's environmental policies, MSPs (i.e., outsourcing and insourcing alternatives) determine their strategies and offer platform-driven solutions to the manufacturing entrepreneur pursuing green innovation. Using benchmark models, we first analyze decisions made by the manufacturing entrepreneur and the MSP under the deregulated scenarios. We then develop a three-level game-theoretical model and sequentially characterize the decision-making behavior of players under three platform power structures. The model outcomes are compared by considering the government's policymaking approach and platforms' power structure. Results reveal that, when coupled with appropriately designed trade-credit and revenue-sharing mechanisms and the government's innovation-based social welfare approach, the internal MSP system always outperforms the external alternative. Our study demonstrates that a win-win agreement among GTD players can only be achieved if the MSPs take the balance of power and remain committed to empowering the initiated sustainable ecosystem. In power struggle scenarios, however, GTD players prioritize the internal MSP over the external MSP. To fulfill the GTD goals, players are encouraged to use their structural and legislative power and adjust their strategies, investment decisions, and power preferences accordingly
The impact of financial flexibility and directors’ academic experience on corporate R&D investments: a quantile regression approach
No full textInternational audienceThis study investigates the impact of financial flexibility and academic experience of a firm’s board on corporate R&D investments in China. It also explores the moderating role of directors’ academic experience on the relationship between financial flexibility and R&D investments. We apply ordinary least square, fixed effects and quantile regression analysis using panel data of 2,195 A-share firms listed on Shanghai and Shenzhen stock exchanges during the period from 2011 to 2018. We find that both financial flexibility and directors’ academic experience promote R&D investments of Chinese non-financial firms. We also observe that directors’ academic experience weakens the positive impact of financial flexibility on R&D investments for firms operating in underdeveloped financial regions, whereas it strengthens the positive impact of financial flexibility on R&D investments for firms operating in developed financial regions. Our quantile regression results suggest that academic experience has a highly significant positive moderating impact on the financial flexibility of lower R&D investment firms relative to high R&D investment firms. These results are robust to alternate proxy of financial flexibility and endogeneity issues due to reverse causality
Destigmatisation through social sharing of emotions and empowerment: The case of disabled athletes and consumers of disability sports
No full textInternational audienceThis study examines the role of emotions and empowerment in the destigmatisation of disability. We draw on 12 in-depth interviews with professional disabled athletes and a netnography study of 221 YouTube comments from consumers of disability sport advertising. The findings show that both athletes and consumers share their own emotions or report on their perception of others’ emotions to mutually empower themselves and each other, which reduces stigma related to disability. By integrating the literatures on stigma, emotions and empowerment, we reveal how consumers of advertising contribute to the destigmatisation of others’ devalued social identities. Theoretical and practical implications of the findings related to advertising and inclusion are discussed
Navigating multiple logics: Legitimacy and the quest for societal impact in science
No full textInternational audienceAcademic scientists are encouraged to pursue research that delivers both scientific and societal impact. This may involve a search for alternative mechanisms of social approval which lead to endorsement of scientists’ research goals. We explore how scientists mobilise and accumulate different forms of legitimacy, which might favour their participation in practices related to innovation and societal impact. We propose three specific sources of scientific legitimacy: i) scientists’ social networks (research-related legitimacy ties), ii) prominence in the relevant academic community (reputation-based legitimacy); and direct contact with the primary beneficiaries of the research (beneficiary-based legitimacy). To explain scientists’ participation in activities oriented towards innovation and societal impact, we test the significance of each of these sources of legitimacy and their potential interplay empirically, using a large sample of Spanish biomedical scientists
Money laundering and AML regulatory and judicial system regimes: investigation of FinCEN files
No full textInternational audienceUsing a novel dataset, this paper explores the link between cross-border flows of illicit money and anti-money laundering (AML) regulatory and judicial system regimes. To this extent, we explore the information contained in thousands of suspicious activity reports filed by US banks and recently disseminated within the FinCEN files investigation. For a sample of 106 jurisdictions, we relate money laundering (ML) flows as well as the central role of each country’s banks within the international ML network to several variables capturing the AML regulatory stance and ML enforcement. The results point to the crucial role played by judicial system performance variables in explaining the layering phase patterns observed in the underlying data
Does country-level eco-innovation help reduce corporate CO2 emissions? Evidence from Europe
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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.
The relevance of national culture to policy uncertainty and firm performance: European evidence
No full textInternational audiencePurpose The purpose of this study is to investigate the impact of policy uncertainty on firm performance and to examine how the different cultural societies deal with the policy-induced uncertainty. Design/methodology/approach The authors use data of European non-financial firms to extend the growing literature on policy uncertainty, firm performance and national culture. The authors consider financial as well as market proxies to measure firm performance and use Hofstede's cultural dimensions as a proxy for national culture. The authors apply the generalized method of moments (GMM-system) regression technique on a dataset of 702 non-financial European firms, listed during the period 2002-2018. Findings The authors find overwhelming evidence that policy uncertainty reduces the performance of the European firms; however, cultural differences among different European countries moderate the impact of policy uncertainty on the financial as well as the market performance of the firms. The results of this study show that European cultures with high power distance, individualism, masculinity and indulgence efficiently deal with the economic policy uncertainty. While the European societies with high uncertainty avoidance fail to cope with policy-induced uncertainty. The results are robust to different regression models, alternate proxies of firm performance and endogeneity issues. Practical implications The authors argue that policy uncertainty increases information asymmetry and decreases firm performance, therefore, the policymakers shall be considerate of the consequences of the policy-induced uncertainty in the society and business arena that would not only adversely affect the firms but also the economy. Originality/value To the best of the authors' knowledge, this is the first study that investigates the role of national culture on the relationship between policy uncertainty and firm performance in the European context
Multibrand, multisystem and multirole franchising: A qualitative exploration and framework development in Brazil
No full textInternational audienceWe investigate franchisees’ rationales for ownership constellations beyond single brands or systems. Through exploratory interviews with Brazilian franchisees, reasoning and process of how franchisees develop their multibrand, multisystem and multirole portfolio is elucidated. Franchisees in Brazil with ownership stakes in more than one brand/system aim to keep units within their monitoring range, while diversifying to mitigate risk of their portfolios. Brazilian franchisees have created an active marketplace in which franchises are traded akin to commodities and franchises serve as schools or entrepreneurial “internships” for franchisees who seek new skills. A new framework of laddered diversification options in franchising is developed
Corporate Social Responsibility in franchise chains: Specificities, insights from French franchise chains’ CSD, and avenues for future research
No full textInternational audienceAlthough franchise chains are increasingly committed to environmental, social, and societal transitions, only a few researchers have focused on Corporate Social Responsibility (CSR) in the specific case of franchising. The aim of our paper is to discuss the specificities and challenges of CSR in franchising, explore how franchisors report on their sustainable practices, and emphasize subsequent directions for future research. In order to do so, we focus on the Corporate Social Disclosure (CSD) practices of twenty-two retail and service franchisors operating in the French market where regulations of non-financial information disclosures exist for large companies. Our findings show that these franchisors disclose rich and diversified information about their CSR activities. However, franchisors’ disclosures can vary significantly, especially depending on their chain size and whether they are subject to reporting regulations. Our research contributes to the literature on CSR in franchise chains, as well as the practice