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Technological capabilities and rent eroding battles: Scandinavia centric evidence on firm profitability
No full textInternational audienceThis paper furthers our understanding towards determinants of firm profitability using the data of listed firms from Scandinavia over theperiod from 2002 to 2015. Applying robust generalised method of moments (GMM) and ANCOVA techniques, we show that firm size, capitalintensity, leverage, and growth are the major drivers of firm profitability in Scandinavia. A predominantly positive effect of size over profitability is in line with the broader prior evidence while a simultaneous negative capital intensity-profitability relationship is in contrast with the evidence from rest of the Europe. This contrasting effect may potentially be explained as an outcome of a suboptimal deployment of technological investments and/or rent-eroding battle among the incumbent firms operating in Scandinavia. Our results are robust to reverse causality and alternate proxies of capital intensity
A New Hybrid Wavelet-Neural Network Approach for Forecasting Electricity
No full textInternational audienceThis study investigates the performance of a novel neural network technique in the problem of price forecasting. To improve the prediction accuracy using each model’s unique features, this research proposes a hybrid approach that combines the -factor GARMA process, empirical wavelet transform and the local linear wavelet neural network (LLWNN) methods, to form the GARMA-WLLWNN process. In order to verify the validity of the model and the algorithm, the performance of the proposed model is evaluated using data from Polish electricity markets, and it is compared with the dual generalized long memory -factor GARMA-G-GARCH model and the individual WLLWNN. The empirical results demonstrated the proposed hybrid model can achieve a better predicting performance and prove that is the most suitable electricity market forecasting technique
How to deal with policy uncertainty to attain sustainable growth: the role of corporate governance
No full textInternational audienceThe purpose of this study is to investigate the moderating impact of corporate governance (CG) on the relationship between economic policy uncertainty (EPU) and the sustainable growth (SG) of Chinese firms
Adjusting to China competition: Evidence from Japanese plant-product-level data
No full textThis study examines how the product mixes of Japanese manufacturing plants have been impacted by the rise of China imports over the period 1997-2014, and the extent that plants' local embeddedness mitigate this causal relationship. We find evidence that China import competition induced both product downsizing and product exit within Japanese manufacturing plants. Moreover, we find that those negative e ects differ across plants according to various plant characteristics including the spatial organization of their parent firm. Finally, we show that both product survival and product sales are positively impacted by external agglomeration economies, but these e ects are strong for standalone plants only, and almost non-existent for plants aliated to spatially compact multi-unit firms
How do agribusinesses thrive through complexity? The pivotal role of e-commerce capability and business agility
No full textInternational audienceThe recent COVID-19 pandemic has clearly shown how agricultural foods and e-commerce initiatives are critical for many organizations, regions, and countries worldwide. Despite this vital importance, prior IS research on the business value of IT has not paid enough attention to the potential specificities of the agribusinesses. This study examines the impact of e-commerce capability on business agility in agribusinesses. Using a sample of Chinese agriculture firms, we find that: 1) The e-commerce capability of agribusinesses enables two types of business agility: market capitalizing agility and operational adjustment agility, and 2) while environmental complexity positively moderates the effects of e-commerce capability on the market capitalizing agility and operational adjustment agility, environmental dynamism does not. This study contributes to the IS research on the business value of IT by providing an eloquent theoretical explanation and empirical evidence on how e-commerce capability help agricultural firms to thrive through complexity by enabling market capitalizing agility (strategic focus) and operational adjustment agility (operational focus)
Spillovers and diversification potential of bank equity returns from developed and emerging America
No full textInternational audienceWe examine the network spillovers, portfolio allocation characteristics and diversification potential of bank returns from developed and emerging America. We draw our results by applying a directional spillover index, the tail-event driven network (TENET) and nonlinear portfolio optimization methods on bank returns. We find that the spillovers and connectedness among banks from emerging America are noticeably smaller than those among banks from developed America. The largest emerging market spillover transmitters and receivers are the banks from Brazil, followed by the banks from Chile. The largest developed market spillover transmitter is JP Morgan Chase. The connectedness among banks from developed America is dominated by the banks from the USA, relative to those from Canada. The total connectedness of the emerging market banks is more intensified than that of the banks from developed America due to the effect of the COVID-19 pandemic. The portfolio optimization shows that in developed America, the largest banks from the USA are the largest risk contributors to total portfolio risk, whereas the banks from Canada contribute the least risk. In emerging America, the banks from Brazil contribute the most risk to total portfolio risk while the banks from Peru and one bank from Colombia contribute the least risk. The portfolio of banks from emerging America offers greater diversification potential and lower total portfolio allocation risk
The investor that could and would: The effect of proactive personality on sustainable investment choice
No full textInternational audienceThis paper investigates the influence of exposure to environmental images and proactive personality on investor preferences for sustainable investment. Building on Barbara Fredrickson’s broaden and build theory of positive emotions, we investigated how exposure to images of nature in a healthy (positive) versus damaged (negative) state interacts with the proactive personality trait in influencing an investor’s willingness to forego financial return to invest in a sustainable investment option. The results of our experiment indicate that to stimulate sustainable investment, investors should be exposed to positive environmental pictures and that this effect is stronger for highly proactive individuals. These results suggest that proactive individuals in particular view sustainable investing as a way to promote environmental preservation. Our results hold even after controlling for wealth effects
#Climatechange vs. #Globalwarming: Characterizing Two Competing Climate Discourses on Twitter with Semantic Network and Temporal Analyses
No full textInternational audienceDistinct perceptions of the global climate is one of the factors preventing society from achieving consensus or taking collaborative actions on this issue. The public has not even reached an agreement on the naming of the global concern, showing preference for either “climate change” or “global warming”, and few previous studies have addressed these two competing discourses resulting from distinct climate concerns by differently linking numerous climate concepts. Based on the 6,662,478 tweets containing #climatechange or #globalwarming generated between 1 January 2009 and 31 December 2018, we constructed the semantic networks of the two discourses and examined their evolution over the decade. The findings indicate that climate change demonstrated a more scientific perspective and showed an attempt to condense climate discussions rather than diffuse the topic by frequently addressing sub-topics simultaneously. Global warming triggered more political responses and showed a greater connection with phenomena. Temporal analysis suggests that traditional political discussions were gradually fading in both discourses but more recently started to revive in the form of discourse alliance in the climate change discourse. The associations between global warming and weather abnormalitiessuddenly strengthened around 2012. Climate change is becoming more dominant than global warming in public discussions. Although two discourses have shown more similarities in the rank order of important climate concepts, apparent disagreements continue about how these concepts are associated. These findings lay the groundwork for researchers and communicators to narrow the discrepancy between diverse climate perceptions
The drivers of Bitcoin trading volume in selected emerging countries
No full textInternational audienceWhile most of the debates about cryptocurrencies are centered on the global Bitcoin market, in thisarticle, we focus on local Bitcoin trading volume in 21 emerging countries. In particular, we attempt todetermine the drivers of Bitcoin trading volume in these countries over the period August 1st, 2015 – June2nd, 2018. Based on VECM and ARDL models, we find evidence of significant relationship between thelocal Bitcoin trading volume in each country and the associated banking system access, especially in theshort-run. Moreover, altcoins (Ethereum, Ripple) prices are shown to affect positively and significantlythe local Bitcoin trading volume for most countries in the long-run (VECM results) and the short-run (ARDL results)
When bike-sharing crashed in China: a bumpy ride
No full textInternational audiencePurpose Buoyed by the desire to reduce carbon dioxide emissions and develop sustainable urban transportation, the dockless bike-sharing industry boomed in China during 2017–2018. To the surprise of the stakeholders, this industry dramatically ebbed in 2019. The dockless bike-sharing system deviated from a problem-solver to a troublemaker in a very short period. The oversupplied and excessively discarded shared bikes caused a big waste of resources and serious pollution to the environment. In this paper, the decision-making of the key players of the industry, i.e. business operators, investors, customers and government, is analyzed through the lens of the cognitive bias. This paper aims to illuminate the process of how this innovative transport solution turned to a disastrous ending, which caused damage to urban environment and financial loss to investors. Design/methodology/approach In this study, a qualitative analysis based on the rich secondary data sources is conducted. A rich amount of qualitative data including news reports, government policies, consulting reports and companies’ annual reports etc. were collected. Findings The study shows, in the product introduction period, the government, business operators, investors and consumers fell into the cognitive bias. They over focused on the positive side such as high-tech, eco-friendly, convenient image of the dockless bike-sharing solution. Thereby, the key stakeholders made irrational decisions in product adoption and management. This study moves toward increasing key stakeholders’ awareness of the imperative to reduce these biases when promoting eco-innovations. This study also recommends a prudent attitude with a rational and comprehensive thinking style in dealing with eco-innovation and the emerging sharing economy. Originality/value To solve the cognitive biases, this study recommends that people use rational decision-making style to examine and adopt the dockless bike-sharing solutions. Practical recommendations to tackle the existing recycling crisis of the dockless bike-sharing industry are also discussed