Agents of change: Women in top management and corporate environmental performance

International audience; We analyze the influence of gender diversity in top management on the environmental performance of French firms. Consistent with gender socialization theory, which posits that women are raised from childhood to be more nurturing and compassionate for others, we find that firms with more women in top management exhibit higher environmental performance. This result extends those already reported in the literature regarding the effect of gender diversity at board level. We also show that women in top management are associated with several key indicators such as development of eco‐friendly products and commitment to resource reduction. Furthermore, we find that the influ…

La substitution des actions de performance aux stock-options dans la rémunération des dirigeants des sociétés du SBF 120 : analyse du choix des critères d’attribution et de la fiscalité

National audience

L'enseignant-chercheur en sciences de gestion et du management à l'université : (ré)concilier production et diffusion de la connaissance

National audience

Le contrôle des risques bancaires. Une approche historique des enjeux et des résistances lors du changement de référentiel comptable de 2005.

Ce chapitre analyse pourquoi et comment l'adoption des normes comptables internationales dans leur forme initiale aurait conduit à une remise en cause de la pratique de la macro-couverture utilisée par les grandes banques françaises pour gérer leur risque de taux. Plus largement il étudie en quoi cette remise en cause était susceptible d'avoir une incidence sur leur modèle économique et leur politique de crédit ainsi que les résistances, notamment politiques, qui ont été à l'œuvre

Gestion de trésorerie

National audience; La gestion de trésorerie compte parmi les fonctions financières qui ont subi le plus d'évolutions durant les trois dernières décennies. Cet ouvrage présente en premier la trésorerie, sa dimension, son rôle et ses enjeux avant d'examiner l'environnement technique et financier du trésorier. A son rôle traditionnel de gestion de liquidités (adaptation des décisions de financement et de placement aux soldes de trésorerie prévisionnels), s'ajoute celui de la maîtrise des risques de change, de taux d'intérêt, de contrepartie et de signature. Les différentes techniques de couverture traditionnelles ou utilisant les instruments accessibles sur les marchés à terme ou d'options, so…

L'incidence de la fiscalité sur l'évolution des structures d'endettement des entreprises françaises

The principal purpose of this paper is to determine the incidence of the corporate income taxes which explains directly or indirectly (with an incidence on the traditional variables of the determination of capital structures) the global evolution of capital structures of french firms over the period 1988 and 1998. We provide too the possible reason which justifies why some firms have an evolution of capital structure in the opposite direction or in attenuated way in comparison with the general tendency.

Un bastion de la résistance aux IFRS, la macro-couverture

The lingering memory of the opposition within the EU to the endorsement of IAS 39 is still very much alive, and the so - called “carve out” standard is a daily remembrance of this fact . It is most commonly associated with the widespread use, within this standard, of the fair - value. This presentation aims at studying another battlefield, the banking practice of macro - hedging and the way French banks are still accounting for it. To This topic will be dealt with through the economic models at stake and their impact on the financial statements, in order to observe how an entity may, or may not, account for this specific activity.

Les augmentations de capital en numéraire : le cas de la société MARACAT

International audience

The Characteristics of initial public offering for innovative small and medium-sized firms: the case of young french bio/medtech firms

The various government measures in favor of innovative SMEs, the number of biotechnology firms listed on the stock exchange over the last ten years, the characteristics of their pre-introduction financing are different factors that justify a particular interest for these firms and their methods of introduction (discount, float, quotation procedure). Different tests of mean difference have significant results. Comparing with a control sample, we found that SME in this sector are listed on the stock exchange faster, by making greater use of the open-price offer procedure (OPO) and are subject to greater prior financing by financial stockholders. Although the ownership of the capital and the d…

L’introduction en bourse sur Euronext Paris d’une jeune Biotech : le cas Amplitude Surgical

National audience

Determining IPO prices for innovative firms: the case of young French bio-medtech firms

International audience; The large number of French biotech firms that have recently gone public prompts us to analyse the role and characteristics of their initial backers and their influence in determining the offer price at the time of the IPO. We assume the offer price is setso as to underprice companies in conjunction with the exit motives of their main shareholders and the nature and characteristics of the venture capital firms backing them. The paper characterizes listed bio-medtech firms, although the resultssometimes fail to reveal underpricing for the 39 bio-medtech firms that went public on Euronext Paris between 2010 and 2016.

Utilisation des critères non financiers pour évaluer ou piloter la performance : analyse théorique

The determinants which explain the use of non-financial measures in order to evaluate or drive the performance belong to disciplinary (contractual) and knowledge-based approaches. The aim of this paper is to propose a theoretical analysis of these explanations. For the disciplinary view, we realize a typology of the existing literature. We show that others theories explain the choice of non-financial measures too. For the knowledge-based view, we propose a synthesis of the existing literature in which the link between non-financial and theoretical explanations exists. Finally, we explain why the Balanced Scorecard can be associated to the disciplinary view and the Intellectual Capital to th…

Rachats d’actions annoncés versus rachats réalisés:une analyse du découplage sur le marché français - Announced share repurchase versus repurchase shares achieved: an analysis of decoupling

(VF)Notre analyse originale porte sur la pertinence des explications des rachats d’actions en confrontant les motivations des rachats annoncés au faible taux de rachats effectifs mesuré sur le marché français. Nous mobilisons les principales explications théoriques des rachats d’actions et nous proposons une étude empirique de plusieurs centaines de programmes de rachats afin de justifier l’intention volontaire des dirigeants de ne pas engager des rachats importants en dépit de ceux annoncés provoquant ainsi un découplage. Nous montrons que certaines entreprises ont une probabilité plus élevée de provoquer ce découplage en rachetant plus faiblement leurs propres actions. Ce sont les entrepr…

Finance d'entreprise

Rachat d’actions en période de crise sanitaire : réactions boursières, valorisation et motivations implicites des dirigeants

International audience

Rachats d'actions et augmentation de capital : une analyse de leur combinaison appliquée au marché français

Noting that over 22% of capital increases thrown at the French financial market are made when a share repurchase program is in progress, we propose an original study of the combination of the two operations. From 50 operations for the period 1999-2006, we test if the buybacks "prepare" the market before launching the capital increase or means to change the distribution of voting rights. Our results infirm these two hypotheses and confirm rather the proposition of a fortuitous concomitance.

Les rémunérations fondées sur des actions : le cas de la société SCHLMIC

International audience

Dividend Policy and Managerial Overconfidence: French Evidence

This paper examines the impact of managerial overconfidence on dividend policy.The literature has identified two strands of reasoning. Deshmukh et al. (2013) argue that overconfident managers with relatively high investment needs perceive external funds as more costly than internal financing. This leads them to pay out lower dividends. Conversely, Wu and Liu (2011) claim that overconfident CEOs expect higher future cash flows and are prone to pay out higher dividends. We study a sample of 120 French firms for the period 2000–2015. Our results provide evidence that CEOs’ overconfidence plays a decisive role in explaining the dividend policy of French firms. Managerial overconfidence exerts a…

Les motivations des managers utilisant des critères non financiers : une analyse empirique

We test the motives expressed by the managers to use the non-financial indicators so that the performance of the fi rm would increase. Is that really the main reason explaining the choice of the non-financial indicators ? Our study is based on a theoretical research distinguishing the Knowledge-based perspective from the Contractual one. Is that distinction relevant ? Within this framework, is it possible to discriminate firms types according to their use of the nonfinancial indicators ?