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Spillover across Eurozone credit market sectors and determinants
No full textInternational audienceWe examine spillover and its determinants among Eurozone sector level credit markets using time and frequency domain spillover approaches. Based on network theory and connectedness analysis, we identify the sectors that are major transmitters and receivers of spillover during normal and crisis periods. The rolling window analysis shows that short-run spillover among credit market sectors intensifies during global and Eurozone crisis periods. Further, using Bayesian model averaging, we find that overall financial conditions and stock market volatility are the main drivers of total and sector-level spillover. Our findings have important implications for policymakers and investors interested in Euro-area credit risk at the sector level
Extremal Economic (Inter)Dependence Studies: A Case of the Eastern European Countries
No full textInternational audienceThis paper considers the application of copula models to study the shifts in extremaleconomic dependence of the Eastern European countries, i.e., Ukraine and its neigh-bouring countries, from 1969 to 2014. Extremal economic dependence is analysed interms of poverty and affluence and with regard to growth rate. This paper contributes tothe previous literature by applying the copula approaches to derive the measurementsof the economic interdependence in terms of poverty and affluence. The receivedresults depict the pattern of the (inter)dependence and its evolution across the anal-ysed countries. Dependence on other countries in the extreme values can potentiallybe useful in adjustments of the economic policy of a country to minimize poverty andprevent high inequality
Entrepreneurial bricolage and its effects on new venture growth and adaptiveness in an emerging economy
No full textInternational audienceDriven by solid economic developments, emerging economies are experiencing significant institutional change, particularly in regulatory structures and market systems. Coupled with fierce market competition and reforms, serious challenges for the sustainable development of new ventures are created due to smallness and newness liabilities. This study examines how new ventures grow and adapt to the rapid environmental shifts in emerging economies by exploring the effects of entrepreneurial bricolage. This study found that entrepreneurial bricolage has a positive impact on both new venture growth and adaptiveness. Further, institutional voids have contrasting effects on these two relationships. The effectiveness of entrepreneurial bricolage on new venture growth is stronger in a context with serious institutional voids, while the effectiveness of entrepreneurial bricolage on new venture adaptiveness is weaker in a context with serious institutional voids. These findings not only enrich our knowledge on the implications of entrepreneurial bricolage, but also advance our understanding of the emerging economy context
An Introduction to the Special Issue “Virtual Reality in Marketing”: Definition, Theory and Practice
No full textInternational audienceVirtual reality is an emergent technology of keen interest for marketers based on the novelty, uncertainty, complexity, and potential conflict it presents for marketing. The Special Issue provides insights into several aspects of virtual reality and its implications to the field of marketing. This article introduces the special issue and focuses on highlighting the articles in the special issue relative to offering a definition of virtual reality, highlighting theoretical contributions of the papers, and recommending managerial action for marketers wishing to leverage the opportunities provided by virtual reality
Audit management, need for closure and detection of misstatements
No full textInternational audienceThe purpose of this paper is to study whether diverting auditors to erroneous accounts leads to higher effectiveness and detection of errors. Also, this paper investigates the effect of the need for cognitive closure of auditors on audit effectiveness and detection of errors in the presence of audit management
The role of supplier relationships in the development of new business ventures
No full textInternational audienceNew business ventures have rather limited resources, generally suffer from liabilities of smallness and newness and rely on external business relationships, typically with suppliers, for developing and acquiring necessary resources. Yet, to date, research on how new ventures develop initial relationships with suppliers and how these affect the nascent business has been limited. Taking the business network perspective and relating it to studies of supply chain and supplier involvement in product development, our study contributes to the rather limited body of knowledge on new ventures' supplier relationships. Empirically, we draw on a longitudinal, in-depth single-case study of the first two years of operation of a start-up. Our study shows that the development of the key initial supplier relationships starts from open-ended expectations of mutual future relational benefits and involves a stepwise ‘inter-definition’ of solutions in interaction between the parties. We observe that interdependences arise between the new venture and its key suppliers and these enable but also limit, the development paths of both partners. We argue that the key initial supplier relationships extend a new venture's resource and capability base and are an integral part of a new venture's business model
Market pricing of liquidity risk: evidence from China
No full textInternational audienceThe purpose of this paper is to investigate whether liquidity risk (i.e. the returns’ vulnerability to the unexpected changes in overall market liquidity) is a priced risk factor in China. Moreover, it investigates the potential role of a stock’s information quality in reducing its liquidity risk during the period of post-non-tradable shares reforms in China
Measuring internet addiction in Europe-based knowledge societies: a case study of France
No full textInternational audienceThe technological evolution has put a new challenge, internet addiction along with the internet technology before the world. The study intended to collect the data pertaining to internet usage among the residents of France with the help of modified internet addiction test tool, which is originally developed by Widyanto et al. (2011). The study data is collected from 122 respondents. The outputs of the analysis provided interesting insights. It is proved from the analysis that age has more bearing on the level of internet addiction. Yet, subtle factors are playing a role in providing a vague picture about the influence of constructs on internet usage and addiction. During first stage of analysis, the effect of emotional management is not present, during second stage effect of time management is not evident and in third stage of analysis, except the effect of emotional management index no other effect of constructs is found on the internet usage pattern
Tax havens and transfer pricing intensity: Evidence from the French CAC-40 listed firms
No full textInternational audienceMultinational enterprises (MNEs) may use transfer pricing techniques andpolicies to reduce their tax base in higher-tax rate jurisdictions by shifting it tolower-tax rate countries or tax havens. These practices, enhanced by the globali-zation and dematerialization of the economy, have flourished and became a majorissue for supranational organizations, tax authorities and even in the public opinion.This study analyses the impact of intangible assets, firm size, effective tax rate, andleverage on transfer pricing intensity. French publicly listed firms in the CAC-40 were examined during the period from 2012 to 2015. The regression results show thatthe firm size and leverage are positively associated while intangible assets andeffective tax rate are negatively associated with transfer pricing intensity
Luxury fashion and sustainability: looking good together
No full textInternational audienceThe purpose of this paper is to highlight critical sustainability challenges facing luxury fashion firms and to describe examples of best practice in responding to these challenges