Recherche académique à emlyon business school
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Dossier "La Société à Mission : Réalités Du Déploiement et Nouvelles Perspectives". Présentation
No full textInternational audienc
Impact Investing as A Driver of Innovation: Governance Transformation and Sustainable Entrepreneurship
No full textInternational audienceImpact investing represents a fundamental shift in the role of capital: instead of focusing solely on financial returns, investors intentionally pursue measurable social and environmental outcomes. Distinct from ESG or socially responsible investment, impact investing is grounded in intentionality, additionality, and measurability. Its rapid growth fuels innovation across finance and entrepreneurship, stimulating new financial instruments, business models, and impact measurement methods. The article highlights the symbiotic relationship between impact investing and sustainable entrepreneurship, showing how impact capital enables purpose-driven ventures to scale solutions to societal challenges. It also adopts a critical perspective, addressing risks such as impact washing, mission drift, and power asymmetries. Finally, it outlines future challenges: regulatory developments, standardization of impact metrics, capacity building, and evolving governance frameworks to include vulnerable stakeholders. Impact investing contributes to shaping a more equitable and sustainable financial system
Divergent temporal dynamics: Capturing the link between AI investment intensity and green innovation volatility
No full textInternational audienceFirms increasingly adopt artificial intelligence (AI) to advance green innovation. However, despite these efforts, firms display markedly heterogeneous dynamics in their green innovation trajectories, with some sustaining stable progress and others experiencing fluctuating paths. Constructing a panel dataset of 1200 Chinese A-share-listed firms covering 2010–2020, we uncover the mechanisms underlying this divergence. Based on organizational inertia theory, we theorize and empirically validate a U-shaped curvilinear relationship between artificial intelligence investment intensity (AIII) and green innovation volatility (GIV). In addition, we find industry risk flattens this curve, whereas industry opportunity steepens it. Our findings are reinforced through mediation analysis and competing hypothesis examinations. By revealing the variation in GIV across firms with varying AIII levels and clarifying the boundary conditions shaped by industry environments, our study enriches the literature on technology-enabled sustainable operations management and provides actionable guidance for managers and policymakers
Developing sustainable and resilient supply chain: Industry 4.0 drivers, dynamic capabilities, and performance evaluation
No full textIndustry 4.0 technologies have emerged as a critical strategic resource for firms seeking to enhance supply chain capabilities and improve both economic and environmental performance. However, the mechanisms through which these technologies translate into superior supply chain performance remain insufficiently understood. To address this gap, grounded in organisational information processing theory (OIPT), this study examines the impact of Industry 4.0 technologies on dynamic capabilities and the subsequent influence of capabilities on supply chain performance. The study draws on primary data collected from firms operating in multiple industrial sectors, including automobiles, electronics, textiles, and pharmaceuticals, and employs partial least squares structural equation modelling to test the hypotheses derived from the conceptual framework. The results demonstrate that Industry 4.0 enabling technologies enhance core supply chain dynamic capabilities, including visibility, resilience, and sustainability. Furthermore, supply chain visibility plays a crucial role in positively influencing supply chain resilience and partially mediating the relationship between Industry 4.0 technologies and supply chain resilience. Overall, this study advances understanding of how Industry 4.0 technologies translate into superior supply chain capabilities and performance, offering actionable insights for supply chain managers and policymakers on designing and integrating digitally enabled supply chains
Fintech et blockchain : Enjeux en organisation industrielle et de gestion des réseaux financiers
No full textInnovation has long shaped economic growth and welfare, but in banking and finance it generates a paradox: while hailed as revolutionary, it often proves fragile and rarely displaces incumbents. This dissertation investigates how FinTech and blockchain innovations could disrupt the organizational structures and dynamics of financial networks, focusing on competition, governance, and trust.The second chapter (as the first is the introduction) examines FinTech through the lens of industrial economics. Using an extended Hotelling model and original data from CIFRE company Shine, it shows that although FinTech entrants offer low-cost, mobile-native services, they struggle to achieve profitability and rarely threaten banks' market share. Traditional institutions adapt their strategies and preserve positive market share and profits, highlighting the structural resilience of incumbents and the persistent challenges faced by newcomers. This study achieves the notable contribution of offering a quantitative measure of the gap that prevents FinTechs from reaching profitability. This chapter thus provides new theoretical and empirical evidence on how geography and network structures shape competitive dynamics in modern banking, while also highlighting the persistent challenges FinTechs face in achieving profitability.The third chapter addresses blockchain as a more radical institutional innovation. Unlike FinTech firms, blockchain is not a new competitor but an alternative governance mechanism that challenges the central role of banks. Drawing on transaction cost economics (TCE theory), the analysis conceptualizes blockchain, smart contracts, and decentralized autonomous organizations (DAOs) as hybrid governance forms positioned between markets and firms. These structures reduce some transaction costs but face inherent limitations in price discovery, adaptability, and enforcement, thereby reshaping rather than replacing financial institutions. This chapter contributes both to a better understanding of blockchain networks through the lens of transaction cost economics (TCE) and to the development of TCE theory itself by introducing a new hybrid form of governance.The fourth chapter study to the question of trust. While blockchain is built on “trustless” cryptographic systems, empirical analysis of major Decentralized Finance (DeFi) protocols shows that social and reputational dynamics remain indispensable. A Social Network Analysis (SNA) of DAO governance forums reveals hierarchical patterns, reputation effects, and off-chain trust systems that supplement algorithmic trust. This chapter therefore provides evidence into multi-level trust formation in blockchain networks and DAOs, showing that while blockchain replaces some institutional functions with cryptographic mechanisms, social and reputational dimensions remain essential to sustaining decentralized governance.Together, these findings challenge the narrative of imminent creative destruction in financial services. FinTech and blockchain foster important transformations, yet their disruptive impact is constrained by market structures, institutional dynamics, and the persistent need for social trust. By combining theoretical modelling, empirical evidence, and network analysis, this dissertation contributes to a nuanced understanding of how financial innovations evolve, not as outright replacements of traditional institutions, but as complex reconfigurations within existing networks.L'innovation façonne depuis longtemps la croissance économique et le bien-être, mais dans le secteur bancaire et financier, l'innovation est paradoxale : considérée comme moteur de destruction créatrice, elle s'avère souvent fragile et remplace rarement les acteurs en place. Cette thèse examine comment les innovations FinTech et blockchain pourraient bouleverser les structures organisationnelles et la dynamique des réseaux financiers, en mettant l'accent sur la concurrence, la gouvernance et la confiance.Le deuxième chapitre (le premier étant l'introduction) examine la FinTech sous l'angle de l'économie industrielle. À l'aide d'un modèle Hotelling et de données originales provenant de la FinTech Shine (contrat CIFRE), il montre que, bien que les nouveaux acteurs de la FinTech offrent des services mobiles natifs à faible coût, ils ont du mal à atteindre la rentabilité et menacent rarement la part de marché des banques. Les établissements traditionnels adaptent leurs stratégies et conservent des parts de marché et des bénéfices. Cette étude apporte notamment une contribution notable en proposant une mesure quantitative de l'écart qui sépare les FinTech de la rentabilité. Ce chapitre fournit ainsi de nouvelles preuves théoriques et empiriques sur la manière dont la géographie et les structures des réseaux façonnent la dynamique concurrentielle dans le secteur bancaire moderne, tout en soulignant les défis persistants auxquels sont confrontées les FinTech pour atteindre la rentabilité.Le troisième chapitre aborde la blockchain comme une innovation institutionnelle plus radicale. Contrairement aux entreprises FinTech, la blockchain n'est pas un nouveau concurrent, mais un mécanisme de gouvernance alternatif qui remet en question le rôle central des banques. S'appuyant sur l'économie des coûts de transaction (théorie TCE), l'analyse conceptualise la blockchain, les contrats intelligents et les organisations autonomes décentralisées (DAO) comme des formes de gouvernance hybrides situées entre les marchés et les entreprises. Ces structures réduisent certains coûts de transaction, mais se heurtent à des limites inhérentes en matière d'adaptabilité. Ce chapitre contribue à la fois à une meilleure compréhension des réseaux blockchain à travers le prisme de l'économie des coûts de transaction (TCE) et au développement de la théorie TCE elle-même en introduisant une nouvelle forme hybride de gouvernance.Le quatrième chapitre étudie la question de la confiance. Alors que la blockchain repose sur des systèmes cryptographiques « sans confiance », l'analyse empirique des principaux protocoles de finance décentralisée (DeFi) montre que les dynamiques sociales et de réputation restent indispensables. Une analyse des réseaux sociaux (SNA) des forums de gouvernance DAO révèle des modèles hiérarchiques, des effets de réputation et des systèmes de confiance hors chaîne qui complètent la confiance algorithmique. Ce chapitre fournit donc des preuves de la formation d'une confiance à plusieurs niveaux dans les réseaux blockchain et les DAO, montrant que si la blockchain remplace certaines fonctions institutionnelles par des mécanismes cryptographiques, les dimensions sociales et réputationnelles restent essentielles pour maintenir une gouvernance décentralisée.Ensemble, ces résultats remettent en question le discours sur la destruction créatrice imminente dans les services financiers. La FinTech et la blockchain favorisent des transformations importantes, mais leur impact disruptif est limité par les structures du marché, la dynamique institutionnelle et le besoin persistant de confiance sociale. En combinant modélisation théorique, preuves empiriques et analyse de réseau, cette thèse contribue à une compréhension nuancée de la manière dont les innovations financières évoluent, non pas en remplacement pur et simple des institutions traditionnelles, mais en tant que reconfigurations complexes au sein des réseaux existants
Cooperative games with unpaid players
No full textWe consider cooperative TU-games with unpaid players, which are described by a TUgame and two categories of players, paid and unpaid. Unpaid players participate in the cooperative game but are not rewarded for their participation, for instance for legal reasons. The objective is then to determine how the contributions of unpaid players are redistributed among the paid players. To meet this goal, we introduce and characterize axiomatically three values that are inspired by the Shapley value but differ in the way they redistribute the contributions of unpaid players. These values are unified as instances of a more general two-step allocation procedure
Expert classification aggregation
No full textInternational audienceWe consider the problem where a set of individuals has to classify m objects into p categories by aggregating the individual classifications, and no category can be left empty. An aggregator satisfies Expertise if individuals are decisive either over the classification of a given object, or the classification into a given category. We show that requiring an aggregator to satisfy Expertise (or variants of it) and be either unanimous or independent leads to numerous impossibility results
Why so many representatives? Extending the cube root lawto local assemblies
No full textInternational audienceWe investigate the impact of territorial fragmentation on political representation by apply-ing Taagepera’s cube root law to subnational governments. Our model reveals that the totalnumber of local representatives is more elastic to changes in the number of jurisdictions(elasticity e = 2∕3 ) than to variations in population size ( e = 1∕3 ), a relationship we referto as the law of 2/3. As a result, fragmented areas experience amplified political representa-tion. We show that the cube root law holds at the municipal level across 13 countries, albeitimperfectly. Empirical evidence from French municipalities further supports the law of 2/3
Understanding the B2B customer experience and journey : A convergence-based lens
No full textInternational audienceThis article advances our understanding of Business-to-Business (B2B) Customer Experience (CX) and the B2B Customer Journey (CJ) by introducing a convergence-based theoretical lens. This perspective highlights how psychological and operational convergence shape B2B CX and CJ by (1) aligning CX across multiple levels (individual, team, organization) within the buyer organization and (2) facilitating interactions between the buyer and seller organizations across the CJ. The authors offer six core insights that enrich CX and CJ theory, form the basis for actionable managerial recommendations, and inform a future research agenda to address ongoing complexities and challenges in B2B settings.<br/
