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Corporate digitalization, managerial power distance and corporate sustainability performance: evidence from China
No full textInternational audiencePurpose This study aims to investigate the impact of managerial power distance on the corporate sustainability performance of Chinese firms and to explore the regulatory role of corporate digitalization in the Chinese capital market. Design/methodology/approach The study collects data from 2,632 A-share Chinese non-financial firms listed on Shanghai and Shenzhen stock exchanges during the period from 2010 to 2020. The authors apply different panel data regression techniques (fixed effects, GMM-System) to investigate the impact of managerial power distance on corporate sustainability performance and to explore the regulatory role of corporate digitalization in the Chinese capital market. Findings The results of the study show a positive relationship between high managerial power distance and the sustainability performance of Chinese non-financial firms. This positive relationship is particularly pronounced in Chinese state-owned enterprises (SOEs). The results also show that corporate digitalization increases the sustainability performance of Chinese firms. Further, corporate digitalization weakens the positive relationship between high-power distance and the sustainability performance of Chinese firms. These results are robust to alternate sustainability performance measures and various regression techniques. Originality/value To the best of the authors' knowledge, this is the first study that investigates the regulating impact of corporate digitalization on the relationship between managerial power distance and corporate sustainability performance in China
A bi-level multi-follower optimization model for R&D project portfolio: an application to a pharmaceutical holding company
No full textInternational audienceThe need for a study of project portfolio optimization in pharmaceutical R&D has become all the more urgent with the outbreak of COVID-19. This study examines a new model for optimizing R&D project portfolios under a decentralized decision-making structure in a pharmaceutical holding company. Specifically, two levels of decision makers hierarchically decide on budget allocation and project portfolio selection-scheduling to maximize their profit, and we formulate the problem as a bi-level multi-follower mixed-integer optimization model. At the upper level, the investment company has complete knowledge of the subsidiaries' response, acts first, and decides on the best budget allocation. At the lower level, each subsidiary responds to the allocated budget and decides on its portfolio scheduling. Since the lower level represents several mixed-integer programming problems, solving the resulting bi-level model is challenging. Therefore, we propose an efficient hybrid solution approach based on parametric optimization and convert the bi-level model into a single-level mixed-integer model. To validate it, we solve a case and discuss the optimal strategy of each actor. The experimental results show that the planned project portfolio for each subsidiary of the holding company is drastically affected by the allocated budget and its decisions
Pricing and quality decisions in platform-based retailing with targeted promotion
No full textInternational audienceThis paper considers a platform-based supply chain consisting of a firm launching a new product with a targeted promotion strategy based on innovation on a retailing platform. We examine the firm's optimal decisions on pricing, product quality design and promotional effort to deal with market uncertainty. First, with exogenous quality, we show that market size has a positive impact on the optimal effort level, which is contrary to the intuition that the optimal effort level decreases with the existing market size due to concave increasing costs. Furthermore, we study the scenario with endogenous quality but with exogenous price and find that the optimal effort level will decrease with market size if the market size is sufficiently large. Finally, with endogenous effort, price, and quality decisions, our result indicates that the firm exerts more efforts in such a platform-based targeted promotion than in the former scenarios when facing strict industry standards
How Social Structures Influence the Labour Market Participation of Individuals with Mental Illness: A Bourdieusian Perspective
No full textInternational audienceAdopting a Bourdieusian perspective, this paper examines the social structures that influence the labour market participation of individuals with mental illness. We draw on 257 qualitative surveys completed by individuals with diagnosed mental health conditions in Europe, North America, Oceania, Africa, and Asia. We employed thematic analysis to analyse the data. The findings reveal that the interplay of capital endowments, symbolic violence, habitus and illusio shape the labour market participation of individuals with mental illness. Capital endowments of individuals with mental illness are afforded less value in the labour market and these individuals internalize, legitimize and normalize their disadvantaged position, blaming themselves rather than questioning the social structures leading to the challenges they encounter. We highlight that social structures condition the opinion these individuals have of themselves and how this affects how they navigate the labour market. In sum, we show that Bourdieu's concepts provide a useful lens to study inequalities in the labour market, as they reveal the social structures that produce, sustain and reinforce the social order that disadvantages individuals with mental illness
Too many or too few? On the optimal number of firms in the commons
No full textInternational audienceIn this paper, we consider common-pool non-renewable resource industries and study the socially optimal industry size. Our analysis is conducted in terms of an infinite-horizon differential game (with either open-loop or feedback strategies). We derive two main results. First, we show that there exists a unique state-independent efficiency-inducing industry size, ranging between 1 and infinity, if and only if the elasticity of the price-cost margin (capturing static market power) and the elasticity of the difference between social and private resource rents (capturing the tragedy of the commons) are the same. Second, allowing for entry/exit, we show that the regulator can set a license fee to be paid by firms to get access to the resource such that the endogenous number of firms in the equilibrium with regulated entry is socially optimal
Does brand capital improve stock liquidity? Evidence from China
No full textInternational audienceThis study investigates how brand capital affects stock market liquidity. We posit that brand capital improves the corporate information environment, enhances competitiveness, and increases firm visibility ultimately resulting in higher stock liquidity. Using a sample of Chinese listed firms, we find a positive relationship between brand capital and stock liquidity. Further analyses show that the effect of brand capital is more pronounced for firms with low media coverage and analyst following. Moreover, the effect of brand capital on stock liquidity is significant for non‐state‐owned enterprises. Our mechanism analyses also confirm that brand capital plays an informational role by effectively mitigating information asymmetry and adverse selection, leading to higher stock liquidity. Our study provides the first evidence of the nexus between brand capital and stock liquidity and extends the literature on the capital market implications of brand capital
The Demand for Trade Protection over the Business Cycle
No full textInternational audienceWe build measures of the demand for trade protection, and relate them to permanent productivity and transitory monetary shocks identified from U.S. data. The demand for trade protection is countercyclical conditional on productivity shocks and procyclical conditional on monetary shocks. A two‐country dynamic stochastic general equilibrium (DSGE) model with trade in intermediate and final goods, sticky prices, and incomplete financial markets is proposed, in which tariffs are determined in a repeated noncooperative policy game. The resulting trade policies are consistent with the empirical evidence about the cyclical pattern of trade protection demand
Athletes’ Self-Representation on Instagram and the Implications of Nudity on their Brand Image
No full textInternational audienceAthletes must decide which online self-representation strategy best serves them, including the decision to posting nudity. This study investigates whether male athletes’ experiences differ from those of female athletes and how sponsors, social, and cultural expectations influence their strategies. Guided by impression management and objectification theories, this study compares online impression management practices of sixteen competitive male and female athletes representing eleven nations. Semi-structured interviews were conducted with all athletes, and their responses were compared to their practices based on observation of their Instagram posts. Athletes of both genders face objectification dilemmas when managing their online image. Fear of homophobia is influencing online impressions of male athletes with nude content, while females feel pressured to use nudity to draw more engagement
Does eco-innovation foster or hinder environmental performance? Recent evidence from Europe
No full textInternational audienceThis study investigates the impact of country-level eco-innovation policies on the environmental performance of European firms. As different industries are expected to produce more pollution, the study then explores the impact on the firms operating in sensitive industries. We use fixed effects panel data models to examine 1,098 firms listed in 22 European countries from 2010–2018. Our results indicate that country-level eco-innovative policies provide an encouraging environment for European firms to adopt environment-friendly practices. Eco-innovation policies help firms achieve CO2 targets and mitigate climate change which supports the product stewardship theory. Our results also suggest that larger, more profitable, and low debt-financed European firms have better environmental performances. We also find a moderating impact of industry sensitivity and make an intriguing discovery that country-level eco-innovation policies hinder the environmental efforts of the firms operating in sensitive European industries. These results are robust to different proxies of eco-innovation and endogeneity issues due to reverse causality
How managers can help employees navigate tough decisions without burning out
No full textInternational audienceThis paper examines the dilemma of having to perform a resource-intensive task under conditions of resource depletion. Drawing from data on resource-depleting tasks in multiple contexts, we document three distinct forms of self-management (equipping, conserving, and restoring the self) that individuals use across three distinct phases of the task (preparation, execution, transition) to manage psychological resources, and we detail the particular practices used to serve each of these core resource management functions. We offer a series of practical suggestions for organizations to help employees manage these psychologically difficult tasks