Recherche académique à emlyon business school
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Venture capital exit after venture IPO
No full textInternational audienceResearch Summary: Venture capital firms (VCs) sometimes continue to hold significant equity stakes in entrepreneurial ventures after venture IPO. The information economics view suggests that retaining equity signals VC commitment and venture quality. This study conceptualizes retaining equity as holding an exchange option, the option to exchange VCs' own valuation of IPO ventures for the market's valuation. Holding this option allows VCs to benefit from the ventures' upside potential. Since exit amounts to giving up the option, the option value represents an opportunity cost of exit. VCs may delay exit if this option is sufficiently valuable. The study examines two key conditions that interact to increase the value of this option: uncertainty and positive private information. This study contributes to research on VC exit and real options.Managerial Summary: When do VCs retain equity rather than exit after venture IPO? Researchers have addressed the impact of signaling, cash constraints, human capital constraints, blockholding, VC fund performance, portfolio diversification and institutional features. We identify a previously unrecognized driver: to retain the opportunity to benefit from an IPO venture's upside potential that is yet to be fully recognized or realized. We submit that VCs' incentive to retain equity increases with uncertainty in the venture's industry, and VCs' positive private information as indicated by venture patent applications and positive market surprises in the venture's industry. We find largely supportive evidence for the positive joint effect of uncertainty and private information on the decision to retain equity within the first year or even two years after IPO lockup expiration.<br /
Managing coronavirus CSR programmes to provoke emotional responses and purchase intention in the post-COVID-19 period in China: the case of luxury fashion brands
No full textInternational audienceThis study follows a triangulation process to explore the differential features of COVID-19 CSR activities and their impact on consumers' emotional responses and purchase intention in the luxury context in China. The findings confirm such relationships, which can be moderated by the buyer status of the consumer. It is also revealed that under economic recession, pragmatism appears to be a stronger predictor of Chinese consumers' buying behaviour around luxury brands, but the impact is smaller than the influence of the brand's COVID-19 CSR activities
How AI-driven certified energy management systems shape sustainable investment
No full textInternational audienceAs technological advancements, artificial intelligence (AI), and climate change become increasingly intertwined, energy efficiency has emerged as a crucial issue for organizations and public authorities. This research examines how companies can align financial and environmental goals to attract diverse investor groups, focusing on AI-driven energy efficiency strategies. Using the Economies of Worth framework, we explore how investor behavior is influenced by AI adoption in energy management and varying accountability structures. Across four studies with 1,500 investors, we find that environmental motivations can reduce investor willingness to invest, mediated by perceived energy efficiency. However, AI integration improves this relationship, particularly when paired with internal accountability mechanisms.Firms that adopt AI-based energy solutions, combined with appropriate accountability measures, are more likely to appeal to both traditional and impact-oriented investors. This study contributes to sustainable investment research by highlighting the critical role of AI and accountability in shaping investor perceptions of energy efficiency, offering practical insights for businesses balancing financial and environmental objectives.</div
Designing Alternative Futures, Strategies, and Systems-Changes in the Anthropocene
No full textInternational audienceWe live in a world of uncertainty and interdependent crises, marked by climate disruption, biodiversity loss and soil depletion, geopolitical tensions and the rarefaction of natural resources, all mainly caused by the impact of human activity. As of 2025, seven of the nine planetary boundaries have been crossed. The reality of this epoch, the Anthropocene, has consequences for all. It raises major issues for individuals but also companies, who must adapt to an environment in constant mutation where traditional approaches are no longer sufficient to ensure perennity. It also engages academics from fields spanning natural, social and management sciences, who study the Anthropocene from their different research lenses. One thing is certain: the Anthropocene affects us all and we must build solutions together to address its challenges.The teaching and research chair of emlyon business school and Carbone 4 “Strategy in the Anthropocene” aims to do just that: bring technical expertise from across academia, business and industry to encourage collaboration and innovation and develop a strategic thinking framework for companies to address such crucial issues. It is in this context that we have decided to bring together researchers and business leaders for a two-day workshop to foster the development of new ideas and discussions grounded in the latest research and aligned with business needs
A Myerson Value for Multi-choice Games with a Communication Network
No full textThis paper studies cooperative games where agents have multiple participation levels, and are embedded in a communication network. We introduce a solution concept that generalizes the Myerson value. It is constructed through a restriction operator that captures the interaction between the network structure and agents' participation levels, and the way this interaction constrains feasible coalitions. The solution is axiomatically characterized and shown to satisfy a stability property. To demonstrate its applicability, we extend the classical sequencing problem to a setting where agents can exert effort to reduce processing times. Our solution then determines how the resulting cost savings are distributed when agents exert maximal effort and tasks are ordered in a cost-minimizing sequence
Green data analytics, blockchain technology for sustainable development, and sustainable supply chain practices : evidence from small and medium enterprises
No full textInternational audienceWith attempts being made by both governments and organizations to reduce environmental hazards, blockchain technology is becoming a crucial tool for attaining supply chain sustainability in small and medium enterprises (SME). Recognizing this fact, this study investigates the effect of blockchain technology on sustainable supply chain practices to improve organizational performance. In this investigation, data was gathered from 364 respondents, including middle and upper-level managers from SME manufacturing companies in China and Pakistan. The relationships among the endogenous and exogenous variables were tested by employing partial least squares structural equation modeling (PLS-SEM). The primary results suggest that blockchain technology and green information systems positively influence sustainable supply chain practices. Moreover, green information systems and sustainable supply chain practices possess a significant positive association. Sustainable supply chain practices have a positive and significant relationship with sustainability; i.e., operational, environmental, and economic performance. The findings also reveal that three dimensions of organizational sustainability—i.e., operational, environmental, and economic performance—have a significant effect on organizational performance. Additionally, the results of this study provide valuable insights into blockchain technology and offer policy implications for manufacturers and legislators regarding the implementation and promotion of green supply chain practices.<br/
Collective risk-taking by couples: individual vs household risk
No full text101 real couples participated in a controlled experimental risk-taking task involving variations in household and individual income risks, while controlling for ex-ante income inequality. Our design disentangles the effects of household risk, intra-household risk inequality, and ex-post payoff inequality. We find that most couples (about 79%) pooled their risk at the household level when risks were borne symmetrically, but a significant proportion of couples (about 36%) failed to do so when individual risks were borne asymmetrically. Additionally, within the scope of the control variables we have utilized, we find that intra-household risk inequality has a larger impact on non-married couples compared to married ones. These results remain robust when the analysis is limited to couples in which both spouses are risk-averse. Lastly, we find that preferences for household efficiency are significantly correlated across both certain and risky situations. However, couples consisting of two income-maximizing spouses do not show greater aversion to risk inequality compared to couples with other compositions.</div
L'audit social comme levier pour l'évolution vers des communautés de pratique apprenantes
No full textInternational audienceOur article examines the role of social auditing as a lever for transformation in the school catering sector, in response to the requirements of France's EGALIM and AGEC laws. Using multiple case studies of two central kitchens (SYREC and SIRESCO), we examine how communities of practice (CoPs) facilitate skills transfer and professional recognition by peers. These CoPs facilitate the resolution and transfer of resistance to change into new culinary skills, while enhancing the well-being and active participation of employees. The local manager plays a facilitating role, enabling these CoPs to be a force for change through collaborative leadership. The results underline the impact of workplace recognition and collective engagement in strengthening commitment to ecological and health-friendly food practices. This research demonstrates that Communities of Practice and Learning are a scalable model for workforce transformation in highly regulated environments.Notre article examine le rôle de l’audit social comme levier de transformation dans le secteur de la restauration scolaire, et cela pour répondre aux exigences des lois EGALIM et AGEC en France. En suivant la méthode des études de cas multiples de deux cuisines centrales (SYREC et SIRESCO), nous examinons comment les communautés de pratique (CdP) facilitent le transfert des compétences et la reconnaissance professionnelle par les pairs. Ces CdP facilitent la résolution et le transfert de la résistance au changement en nouvelles compétences culinaires, tout en renforçant le bien-être et la participation active des collaborateurs. Le manager de proximité joue un rôle de facilitateur et permet à ces CdP d’être une force de proposition, et cela à travers un leadership collaboratif. Les résultats soulignent l'impact de la reconnaissance sur le lieu de travail et de l'engagement collectif dans le renforcement de l'engagement en faveur de pratiques alimentaires écologiques et respectueuses de la santé. Cette recherche démontre que les communautés de pratique et d'apprentissage constituent un modèle évolutif pour la transformation du personnel dans des environnements très réglementés
