3rd Business PhD in France - Slim Souissi...2014/05/03 · 3rd Business PhD in France PhD Camp | 4...
Transcript of 3rd Business PhD in France - Slim Souissi...2014/05/03 · 3rd Business PhD in France PhD Camp | 4...
3rd Business PhD in France
PhD Camp
April 24, 2014
Paris
ESCP Europe, 79 Avenue de la République, 75011 Paris.
3rd Business PhD in France PhD Camp | 1
SUMMARY
WELCOME MESSAGE 2
ORGANIZING COMMITTEE 3
GENERAL AGENDA 4
DETAILED AGENDA BY CONCENTRATION 5
ECONOMICS TRACK 5
FINANCE - CORPORATE FINANCE TRACK 6
FINANCE - FINANCIAL MARKETS TRACK 7
MARKETING TRACK 8
ORGANIZATIONAL BEHAVIOR AND HUMAN RESOURCES TRACK 9
STRATEGY AND ORGANIZATION THEORY TRACK 10
ABSTRACTS 11
ECONOMICS TRACK 11
FINANCE - CORPORATE FINANCE TRACK 14
FINANCE - FINANCIAL MARKETS TRACK 17
MARKETING TRACK 20
ORGANIZATIONAL BEHAVIOR AND HUMAN RESOURCES TRACK 23
STRATEGY AND ORGANIZATION THEORY TRACK 27
LIST OF PARTICIPANTS 33
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WELCOME MESSAGE
Business PhD in France (BPF) was launched a few years ago to foster networking and
collaboration. It is an association led by doctoral students which organizes events to enable
member PhD students to meet and interact. The BPF PhD Camp is one of the important
scientific events organized by BPF.
Already at its 3rd edition, our conference has gained considerable traction and an important
international dimension. For this year’s edition of the PhD Camp, we have received a record
high number of submissions from 13 different countries, up by 20% compared to last
year’s edition, held at HEC Paris. More than 40 contributions will be presented during this
year’s BPF PhD Camp. These figures show a growing interest in management research and
enhance the international dimension of the BPF PhD Camp.
The selected papers concern the major fields of business and show a wide diversity of
subjects and methods, including theoretical as well as practical developments.
Presentations are split into 5 different concentrations: Economics, Finance, Marketing,
Organizational Behavior and Human Resources and Strategy and Organization Theory. We
set up parallel sessions for the Finance Track given the large number of excellent
submissions received. Hence, the Finance concentration will have two parallel sessions:
Corporate Finance and Financial Markets.
On behalf of the BPF management team, I want to thank ESCP Europe for hosting and
financing this year’s edition of the BPF PhD Camp.
We are also grateful to our colleagues on the advisory board – track coordinators – who
selected the papers and the professors who selected the awards of the conference. We
include in these thanks all the people who took part in the organization of this congress.
We hope that our 3rd international conference will be rewarding to you both in terms of
scientific and personal experiences.
Slim Souissi
On Behalf of the BPF Management Team
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ORGANIZING COMMITTEE
Slim Souissi President TELECOM Business School
Oana Peia Executive Vice-President ESSEC Business School
Marco Bottura Vice-President in charge of Development EM Lyon Business School
Davide Romelli Vice-President in charge of Communication and Website ESSEC Business School
Alexandre Garel Vice-President in charge of Conference ESCP Europe Business School
Andrew Zylstra Vice-President in charge of Conference ESCP Europe Business School
Anatoli Colicev Vice-President in charge of Social Events ESSEC Business School
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GENERAL AGENDA
Time Room Scheduled Activity
9:00 – 9:30 JB Say Room (1st floor, building 4)
Registration and Breakfast
9:30 – 10:00 Amphitheatre Gélis Welcome Address
10:15 – 12:45 Morning Parallel Sessions
4211 Economics 4204 Finance - Corporate Finance 4205 Finance - Financial Markets 4110 Marketing 4117 Organizational Behavior and Human Resources 4119 Strategy and Organization Theory
12:45 – 14:15 Lunch
14:15 – 17:00 Afternoon Parallel Sessions 4211 Economics 4204 Finance - Corporate Finance 4205 Finance - Financial Markets 4110 Marketing 4117 Organizational Behavior and Human Resources 4119 Strategy and Organization Theory
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DETAILED AGENDA BY CONCENTRATION
ECONOMICS TRACK
Coordinator: Nima Fazeli – ESSEC – [email protected]
Session 1 10:15 – 12:45
The Impact of Foreign Direct Investment on Economic Growth in an Era of Globalization: A VAR Analysis for North African Countries Soumia Zenasni (University of Tlemcen) Discussant: Samia Badji Bank deposits, monetary policy and demographic dynamics Mattia Girotti (Toulouse School of Economics) Discussant: Soumia Zenasni Does Discrimination Lead to Child Labor? Samia Badji (UCP/ESSEC) Discussant: Mattia Girotti
Lunch 12:45 – 14:15
Session 2 14:15 – 17:00
System Wars: The power of network externalities Adele Whelan (National University of Ireland) Discussant: Richard Meade Multiproduct retailing and supermarket choice: Structural estimation of consumer shopping costs Jorge Florez (Toulouse School of Economics) Discussant: Nima Fazeli Incentives, Efficiency and Quality in Regulated Monopolies under Customer Ownership Richard Meade (Toulouse School of Economics) Discussant: Adele Whelan
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FINANCE - CORPORATE FINANCE TRACK
Coordinator: Arthur Romec – ESCP Europe – [email protected]
Session 1 10:15 – 12:45
Credit Ratings and Stock Price: Why Does a Credit Rating Withdrawal Matter? Federica Salvadè (University Paris 1 - Panthéon - Sorbonne) Discussant: Anamaria Cociorva Are credit ratings a valid measure of financial constraints? Evidence from a natural experiment Anamaria Cociorva (Lund University) Discussant: Laurent Salé Does Board Gender Diversity Make a Difference? New Evidence from Quantile Regression Analysis Rey Dang (University of Orléans) Discussant: Federica Salvadè
Lunch 12:45 – 14:15
Session 2 14:15 – 17:00
Why do Banks hold Cash? Laurent Salé (ESCP Europe) Discussant: Rey Dang The Impact of The Enron scandal on the KLD Corporate Social Responsibility Rating Agencies Jamil Jaballah (Toulouse University) Discussant: Giang Phung Can Foreigners Improve the Efficiency of Emerging Market Banks? Evidence from the Vietnamese Strategic Partner Program Giang Phung (ESCP Europe) Discussant: Jamil Jaballah The Impact of Basel II on the Use of Loan Loss Provisions for Income Smoothing and on Their Informativeness Vlad Andrei Porumb (University of Cergy-Pontoise) Discussant: Arthur Romec
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FINANCE - FINANCIAL MARKETS TRACK
Coordinator: Alexandre Garel – ESCP Europe – [email protected]
Session 1 10:15 – 12:45
Dynamic Portfolio Choice with Information Acquisition Matthijs Breugem(INSEAD) Discussant: Karoll Gomez Portilla Conditional portfolio choice in the US Bond Market: The role of liquidity Karoll Gomez Portilla(TSE& Universidad Nacional de Colombia) Discussant: Anass Patel
Asset generated sukuk managed by independent asset manager: a case study for a sukukmudaraba (asset finance) applied to a French SME Anass Patel (University Paris 1 - Panthéon - Sorbonne) Discussant: Matthijs Breugem
Lunch 12:45 – 14:15
Session 2 14:15 – 17:00
Variance Ratio: Tests of Random Walk and Comparison of Financial Indexes Relative Risks Within the French Market Aya Nasr Eddine (University of Paris x Nanterre) Discussant: Sébastien Ganneval A stochastic model of sovereign credit spread Sy-Hoa Ho(University of Paris-Nord) Discussant: Aya Nasr Eddine Do commodity index fund rolls affect agricultural futures markets? Sébastien Ganneval (University Paris 1 - Panthéon - Sorbonne) Discussant: Sy-Hoa Ho
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MARKETING TRACK
Coordinators: Alix Nativelle – ESCP Europe – [email protected]
Anissa Pomiès – ESCP Europe – [email protected]
Session 1 10:15 – 12:45
An Empirical Analysis of Loyalty Programs and Private Label Demand Jorge Florez-Acosta (Toulouse School of Economics) Discussant: Alireza Keshavarz
The Mirror Effect: When the Firms’ Behaviors are Replicated on the Consumers’ Level Amina Djedidi and Mouhoub Hani(IAE Gustave Eiffel) Discussant: Jorge Florez-Acosta
Labor Markets, Compensation Structure and Turnover of Sales Forces Alireza Keshavarz (HEC Paris) Discussant: Amina Djedidi and Mouhoub Hani
Lunch 12:45 – 14:15
Session 2 14:15 – 17:00
The role of brand signals for institutional investors Andrew Zylstra (ESCP Europe) Discussant: Anissa Pomiès Shopping experience and ubiquitous technologies Sara Belghiti (ESCP Europe) Discussant: Alix Nativelle The impact of the Internet on the process of diffusion of fashion trends Alix Nativelle (ESCP Europe) Discussant: Sara Belghiti
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ORGANIZATIONAL BEHAVIOR AND HUMAN RESOURCES
TRACK
Coordinators: Emmanuelle Garbe – ESCP Europe – [email protected]
Nora Meziani – ESCP Europe – [email protected]
Xavier Léon – ESCP Europe – [email protected]
Session 1 10:15 – 12:45
Not Just Somebody that I used to be :Identity preservation through role exit Sarah Wittman (INSEAD) Discussant: Claudia Urdari
An approach to socially questionable decisions by the discourse of managers - A litterature review Thomas Sorreda (ESCP Europe) Discussant: Dima Murtada The role of individual and organization characteristics in building corporate social entrepreneurship” Shahrazad Hadab (UNESCO & University of Economic Studies, Bucharest) Discussant: Alexandra Iona Pascu
The modes of appropriation of CRS and its impact on HRM practices” Souad Haddadi (Université of ParisX Nanterre) Discussant: Jolien De Baerdemaeker
Lunch 12:45 – 14:15
Session 2 14:15 – 17:00
Measuring the social value and social change generated by entrepreneurial organizations Alexandra Ioana Pascu (University of Economic Studies, Bucharest)
Discussant: Shahrazad Hadab The unintended effects of rankings and accreditation systems: the professional identity construction of academics Claudia Urdari (CNAM) Discussant: Sarah Wittman Employee involvement in work standards elaboration within democratic/participative enterprises Dima Murtada (University of Paris X Nanterre) Discussant: Thomas Sorreda The positive psychology of budgetary slack Jolien De Baerdemaeker (Ghent University, Belgium) Discussant: Souad Haddadi
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STRATEGY AND ORGANIZATION THEORY TRACK
Coordinator: Marco Bottura – EM Lyon Business School – [email protected]
Session 1 10:15 – 12:45
The pooling of logistic resources for the management of the last mile into cities Kanyarat Nimtrakool (University of Le Havre) Discussant: Tran Thai Tan Exploring apparatuses of institutional work – The case of social media Reza Mousavi (ESSEC Business School) Discussant: Rand Gerges-Yammine Narrating the entrepreneurial intentions of creative professionals: Anti-economic contextual processes as triggers for artistic entrepreneurial action Tristan May (EM Lyon Business School) Discussant: Salma Ech-Charqy Towards a greener economy: the pathway to green entrepreneurship in developing economics: evidences from Vietnam and Thailand Tran Thai Tan (PhD applicant) Discussant: Kanyarat Nimtrakool
Lunch 12:45 – 14:15
Session 2 14:15 – 17:00
The business model for proper decision-making: an overview of a case study Salma Ech-Charqy (University of Hassan 1st, Morocco) Discussant: Tristan May Towards changing sales and marketing models for pharmaceuticals Margita Engström (Aalto University, Finland) Discussant: Murta Dibirov Offshoring, Outsourcing or Offshore Outsourcing Murta Dibirov (ISM Paris) Discussant: Margita Engström Immune to social influence? The effects of competition, imitation and power on exit from open multi-partner alliances Rand Gerges-Yammine (EM Lyon Business School) Discussant: Reza Mousavi
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ABSTRACTS
ECONOMICS TRACK
Multiproduct retailing and supermarket choice: Structural estimation of consumer
shopping costs
Jorge Florez-Acosta and Daniel Herrera-Araujo (Toulouse School of Economics)
Economic theory defines shopping costs as the opportunity cost of time a consumer incurs
when shopping. Models on retailer competition rely on the assumption that differences in
consumer shopping patterns is explained by heterogeneous shopping costs. Our research
empirically examines this assumption. We performed reduced-form analyses which show
that shopping costs explain differences in the number of supermarkets visited by
consumers in a week. We set out a model of consumer shopping behavior with retailers
supplying differentiated product lines, which will allow us to structurally estimate
shopping costs. At this stage of our research, we will present the model and give conditions
for identification. At a future stage, the results of the estimation will allow us to test some
theory predictions and policy conclusions.
Bank Deposits, Monetary Policy, and Demographic Dynamics
MattiaGirotti(Toulouse School of Economics)
This paper investigates whether the mechanism behind the lending view to monetary
policy is correctly framed. In its standard formulation, the lending view posits that banks
are ledto cut back lending after a monetary contraction because the marginal cost to
refinance the entire amount of outowed deposits is too high. To have that, it must be that
monetary policyshocks significantly decrease the amounts of reservable/low-interest
deposits. In this paper,I show that reservable/low-interest deposits are very insensitive to
market rates and are notwithdrawn during contractions. That implies that if a bank
finances only with them, it enjoysa constant funding cost. Instead, other forms of funding,
like time deposits, because of theirexplicit short maturity, make banks in the need to
refinance frequently and push the fundingcost to be indexed to market rates. This suggests
that contrary to the original mechanism,the reduction in loan supply, if any, should come
from banks that finance with short-maturitytime deposits or market-based products. The
identification strategy has to cope with theendogeneity of banks' deposit composition in
the cost equation. Building on micro (household) level evidence, I show that demographics
and economic patterns significantly shape thedynamics of banks' deposit structure, and
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construct out of them instrumental variables forthe endogenous covariates in the main
regression.
Incentives, Efficiency and Quality in Regulated Monopolies under Customer
Ownership
Richard Meade (Toulouse School of Economics)
We extend the theory of monopoly regulation under imperfect information tothe case of
customer, rather than investor, ownership. The firm's manager can exerttwo types of
effort: a contractible effort to reduce costs, and an uncontractible effort to increase quality.
The former decreases expected costs and increases expectedprofits, while the latter
increases expected demand, costs and consumer surplus.
Under profit sharing, the manager faces a conflict between pursuing cost reductions and
quality if expected profits are decreasing in quality. Stronger incentives (i.e. a higher
managerial profit share) induce greater cost-reducing effort, but lower quality-enhancing
effort. Since customer owners value consumer surplus as well as profits, they optimally
provide the manager with weaker incentives than investor owners who only value profits
for a given regulated price. This implies higher quality but lower efficiency under customer
ownership, given price. A customer-owned firmis set a tighter price cap than an investor-
owned firm if its profits are more price sensitive than relative consumer surplus, in which
case predicted quality and efficiency differences are accentuated. Failure to account for
incentive power differences between each firm type gives rise to regulatory distortions.
Does Discrimination Lead to Child Labor ?
Samia Badji(UCP/ESSEC)
This paper investigates whether discrimination plays a role in the exclusion of households
from land and labor markets. In particular we pay attention to the role of gender, ethnicity
and religion discrimination in this process. Evaluation of this potential effect is essential to
determine its occurrence and strength, in addition to comparing its impact with that of
“traditional” market failures. Data from the EPM 2005 collected in Madagascar give us
information on the amount of hours worked by each member of the household as well as
measures for market imperfections. The strategy of the paper relies on the fact that
households lacking access to the land and labor markets have different observable
behavior in terms of child labor supply. A switching regression model with unknown
sample separation is used to classify households in one of the two regimes (constrained on
the land and labor markets or not) and finally assess with the switching equation whether
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discrimination takes place. Our results point to a form of affirmative action with ethnic
minorities at the village level.
System Wars: The Power of Network Externalities
Adele Whelan (National University of Ireland)
In a market with network externalities the relative network intensity across products is likely
to have consequences for advertising expenditures, prices and the market equilibrium. I
introduce network externalities and persuasive advertising into a Hotelling framework to
investigate two firms producing different varieties of a good in a market with network
externalities. Firms’ optimal advertising and pricing strategies are shown to depend on the
strength of the network externality for their product. In spite of differences in network
intensities, the findings show that both firms can exist simultaneously in the market. The firm
with the stronger network externality dominates. This result highlights a “Matthew Effect”,
where the initial advantage is self-amplifying. In equilibrium, this dominant firm, when
compared to the firm with the lower network intensity, will have higher advertising
expenditure, price, market share and profits.
The Impact of Foreign Direct Investment on Economic Growth in an Era of
Globalization: A VAR Analysis for North African Countries
ZENASNI Soumia and BENHABIB Abderrezak (University of Tlemcen)
The purpose of this work is to empirically examine the effects of foreign direct investment
(FDI) and on economic growth of North African economies in the era of globalization. The study
of this relationship has largely been analyzed in the literature (Bornschier and al 1978;
Borensztein and al 1992; De Gregorio 1993; Borensztein and al 1998; Choe 2003; Güner and
Yılmaz 2007; Massoud 2008; Tiwari and Mutascu 2010; Rogmans 2011; Adeniyi and al 2012). Our
empirical investigation uses VAR model approach with quarterly data during the period 1980-
2010. Results suggest that FDI plays a positive role in boosting the economic growth of North
African countries. They also emphasize that these countries has been relatively successful over
the last decade in attracting FDI inflows that have not shown a significant performance. In the
other hand, impulse response functions indicate that the existence of external financial shocks
can be followed by depreciation in domestic and external variables as well as in FDI flows and
real GDP fluctuations. Consequently, this can be harmful to the economic activity; that’s why
North African countries should reinforce their economies through the establishment a
monetary, commercial, and financial union between them as well as the adoption of a common
currency and the creation of a free trade area.
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FINANCE - CORPORATE FINANCE TRACK
Credit Ratings and Stock Price: Why Does a Credit Rating Withdrawal Matter?
Federica Salvadè (University Paris 1 - Panthéon– Sorbonne)
This paper tests whether and how ratings influence the market price. To do so I look at
stock price reactions to two types of rating withdrawals. The first type of withdrawals
occurs when the firm stops being rated. In this case, investors react negatively to the loss of
rating. The second type of withdrawals occurs, instead, because Moody's implements a
policy to consolidate the issuers' outstanding ratings. Prior to that policy Moody's released
both the issuer and its family ratings. The policy change allows issuers to withdraw their
own issuer rating and keep only the one of the family, which is usually higher. The effect is
a positive market reaction. It should be noticed that issuers' fundamentals do not change. I
conclude that ratings play a key role in the pricing mechanism. First, they help to correctly
price the credit quality of the issuers. Second, through a feedback effect, the level of
outstanding ratings influences the lenders' supply with the final effect to modify the
original firm's creditworthiness.
Are credit ratings a valid measure of financial constraints? Evidence from a natural
experiment
Anamaria Cociorva (Lund University)
One of the popular proxies for financial constraints are credit ratings, largely due to the fact
that they influence significantly the access to capital markets. However, due to the inherent
endogeneity problem and to potential measurement errors in Tobin’s Q, the conflicting
empirical results are difficult to evaluate. This paper addresses this issue in three different
ways. Firstly, we employ a natural experiment setting by looking at the staggered changes
in corporate income tax rates across U.S. states, which would increase exogenously the
firms’ demand for debt. Secondly, rather than comparing rated to non-rated firms, we look
at the differences between downgraded and non-downgraded companies, since these
credit events are not based on firms’ choice. Lastly, we attempt to reduce the bias in
computing the marginal Q by employing a measurement-error consistent GMM estimator.
Intuitively, rating downgrades in general, and the downgrade to speculative grade in
particular, should increase financial constraints. These firms therefore shouldn’t take on
more debt when it makes sense to do so (i.e. due to an increased value of tax shields),
confirming thus the hypothesis of inelastic supply of external capital in an exogenous
setting.
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Does Board Gender Diversity Make a Difference? New Evidence from Quantile
Regression Analysis
Rey Dang (University of Orléans) and DucKhuong Nguyen (IPAG Business School)
The under-representation of female directors in the boardroom where corporate strategic
decisions are made has recently become not only an ethical business case but also a public
pressure to improve this gender imbalance. While there is some practical evidence to
suggest that gender-diverse corporate boards have a positive impact on performance, the
results from elaborate academic research are not always conclusive and vary across
samples and countries. This article examines the relationship between board gender
diversity and firm performance from a dynamic perspective through using quintile
regression. This method allows us to capture the potential impact of female representation
at different points of the distributions of the performance measure. Using a panel of French
listed companies (SBF 120) over the period 2009-2011, we uncover that the impact of
board gender diversity on firm performance is not alike over different points of the
conditional distribution, and that this impact depends on the measure of performance
under consideration. Typically, board gender diversity affects negatively the Tobin’s Q and
positively the return on asset when these variables are high and low, respectively. Finally,
we show that using traditional OLS and fixed- random-effect estimations may mask the
true effect of board gender diversity.
Why do Banks hold Cash?
Laurent Salé (ESCP Europe)
During the financial crisis, the observation demonstrated that cash was not available at any
point of time in the market. As a determinant of banks’ survival, cash holding is justified by
precautionary, signage, regulatory compliant, survival, predatory and agency motives. This
research is based on 18 years of data observations and tests the hypothesis according to
which the banks do not differ by nature from corporate. We find strong evidences that the
cash flow risk is the preponderant force that leads banks to hold cash. Other motives such
as strategic, establishment of internal capital market or agency play a role but for specific
bank profiles.
The Impact of The Enron scandal on the KLD Corporate Social Responsibility Rating
Agencies
JamilJaballah (Toulouse University)
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KLD (Amy Domini, Steve Lydenberg and Peter Kinder) research & analytics is an
independent intermediary of social performance information that adopts an investor-pay
model and does not have an explicit monitoring on the rated firm. Hence, there is a
reliability problem concerning KLD’s information since she does not have an explicit
monitoring on the rated firm and anyone may claim to have truthful information.
Therefore, we study whether this CSR rating agency (KLD) play the role of a certifier whose
rating changes affect socially responsible investments and whether her influence was
affected by the Enron scandal. We propose an empirical study that relates a number of
equal weighted portfolios returns, excess stock returns and book-to-market ratio to
different dimensions of KLD social responsible ratings. We first find that over the last two
decades CSR rating changes influence significantly and negatively stock returns and book-
to-market ratio of rated firms. This finding suggest that a raise in corporate social
responsibility rating lower the firm’s risk. Second, to assess the scandal’s effect on the
perception of KLD ratings, we compare between the effect of KLD’s ratings announcements
before and after the Enron scandal. We find that after the Enron scandal this significant
effect disappear. This finding supports the view that the Enron scandal annihilates the
KLD’s effect on Socially Responsible Investment.
Can Foreigners Improve the Efficiency of Emerging Market Banks? Evidence from the
Vietnamese Strategic Partner Program
Giang Phung (ESCP Europe) and Michael Tröge (ESCP Europe)
A range of papers have claimed that foreign ownership and foreign management improve the
efficiency of emerging market banks. The paper examines this relationship for the Vietnamese
strategic partner program, where a range of foreign banks have been allowed to take
minority participation in local banks. We show that neither foreign ownership
management nor the representation of foreign owners on the supervisory or the
management boards is associated with better performance. Interestingly, the presence of
foreign executives formerly working for partners is positively related to performance.
The impact of BaselII ob the use of loan loss provisions for income smoothing and
theirin formativeness
Vlad-Andrei Porumb (ESSEC)
This paper analyzes the impact of the Basel II Capital Accord on European banks‟ use of
loan loss provisions (LLPs) for income smoothing purposes. We argue that the new
banking regulation creates a tension with the accounting regulations (IFRS) and reduces
the banks' incentives to smoothe income through LLPs. Consistent with our expectations,
we find that banks decrease income smoothing through LLPs in the post-Basel II period.
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Further, we analyze the effect of Basel II adoption on the informativeness of LLPs.
According to Basel II, banks need to recognize expected future losses through more
forward-looking LLPs. We consequently find an increase in the informativeness of LLPs,
suggesting that (as intended by Basel II) managers disclose their private information to the
market through forward-looking LLPs.
FINANCE - FINANCIAL MARKETS TRACK
Dynamic Portfolio Choice with Information Acquisition
Matthijs Breugem (INSEAD) and Marija Djordjevic (INSEAD)
We consider the joint dynamics of information acquisition and portfolio choice by a CRRA
investor who can purchase information about a risky asset. The ability to purchase
information creates persistence in returns. Indeed, information improves portfolio
performance, which in turn increases the budget available for future information purchases
as well as the benet of such purchases. First, we show that the dynamic benet of
information implies that the longer the investor's horizon, the more information he
purchases. It also implies that, controlling for the expected risk premium, the longer the
investor's horizon, the riskier his portfolio. Second, we characterize the condition under
which an investor with logarithmic utility follows a myopic policy for both information
acquisition and portfolio choice. Finally, we show that investors' ability to purchase
information contributes to wealth distribution inequality.
Conditional portfolio choice in the US Bond Market: The role of liquidity
Karoll Gomez Portilla (TSE & Universidad Nacional de Colombia)
In this paper I estimate the non-parametric optimal bond portfolio choice of a
representative agent that acts optimally with respect to his expected utility one period
forward, given that he observes the ex ante liquidity signal. Using daily observations of
zero-coupon Treasury and TIPS bonds yields I construct equally-weighted returns from
2004-2012 and considering alternative measures of liquidity, I find that the the liquidity
differential between nominal and TIPS bonds seems to be a significant determinant of the
portfolio allocation to US government bonds. In fact, conditional allocations in risky asset
decrease as market liquidity conditions worsen. Also the effect of market liquidity
decreases with the investment horizon.
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Asset generated sukuk managed by independent asset manager: a case study for a
sukukmudaraba (asset finance) applied to a French SME
Anass Patel (University Paris 1 - Panthéon– Sorbonne)
If Sukuk are clearly not defined as conventional shares or bonds, they are somehow defined
according to the AAOIFI standard as “certificates of equal value representing undivided
shares in the ownership of tangible assets, usufructs and services or (in the ownership of)
the assets of particular projects or special investment activity”. This is unfortunately not a
language that financial markets use, and practitioners1 have difficulties in scoping to what
extent sukuk can or should be considered as equity or debt products. There is probably a
missing gap between general standards such as AAOIFI ones and more practical guidelines
driven by professional associations such as the Loan Market Association. In practice, sukuk
who can be in numerous format2, are perceived depending on their risk profile and
structuring nature. They are categorized firstly, from a legal and Islamic structuring level,
especially after the 2008 backlash statement from AAOIFI, as asset-based (credit risk and
recourse to the originator) or as asset-backed (asset risk with no recourse to the
originator). As part of the fixed income family, sukuk requires tradability for their liquidity,
which depends on their underlying assets together with the Islamic contractual
relationships done at the issuer level. But secondly, from a risk and finance structuring
level, sukuk fall easily in the comparison among asset backed securities, profiled in terms of
secured or unsecured financing with the fact that the recourse can be done on the assets
directly or over the guarantor’s balance sheet liabilities where the original assets stand. As
the market is evolving towards more ambitious structures such as perpetual or hybrid
sukuk, or even trying to replicate the features prevailing in European jurisdictions such as
Covered Bond or EuroBond, we demonstrate that a fourth option is possible in the true
spirit of project finance, as the cash flow to be generated from the sukuk structure can be
asset- managed by independent specialists. Regardless of the size of the originator, it can
be a SME as we like it to be, the attractiveness of such sukuk stand in the robustness of the
project cash flow and the capacity of the manager to deliver on the business plan using an
incentivized profit sharing ratio model. Asset-managed sukuk is a pure innovation that we
prototyped in the French market where SMEs financing is a national priority due to the bad
economic conditions. This paper aims at presenting the result of the research and
structuring exercise over a real case study for a mudarabasukuk which is being filed to the
French regulator, hoping to open the doors to more project finance type sukuk issuance,
especially for (small) Euro denominated ticket.
Variance Ratio: Tests of Random Walk and Comparison of Financial Indexes Relative
Risks Within the French Market
Aya Nasr Eddine (University of Paris x Nanterre)
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The random walk hypothesis is tested for equity and bond indexes in the French market
using variance ratios. In particular, we present conventional individual and multiple
variance ratio tests as well as a proposition of the integration of the variance ratios in the
construction of a Wald statistic in order to compare the relative risks while considering
their interactions within the same portfolio. The results give also an idea about the
evolution of returns behavior through time by considering a moving subsample window.
Our findings fail to reject the random walk within the French market for stock market but
also for bonds market especially in the period of financial crisis. Furthermore, relative risk
of equity market becomes indistinguishable from bonds market relative risk in this period
of distress especially when we lengthen our holding period.
A stochastic model of sovereign credit spread
Sy-Hoa Ho (University of Paris-Nord)
The random walk hypothesis is tested for equity and bond indexes in the French market
using variance ratios. In particular, we present conventional individual and multiple
variance ratio tests as well as a proposition of the integration of the variance ratios in the
construction of a Wald statistic in order to compare the relative risks while considering
their interactions within the same portfolio. The results give also an idea about the
evolution of returns behavior through time by considering a moving subsample window.
Our findings fail to reject the random walk within the French market for stock market but
also for bonds market especially in the period of financial crisis. Furthermore, relative risk
of equity market becomes indistinguishable from bonds market relative risk in this period
of distress especially when we lengthen our holding period.
Do commodity index fund rolls affect agricultural futures markets?
Sébastien Ganneval (University Paris 1 - Panthéon - Sorbonne)
The present study evaluates the influence of the rolls of index fund positions, which track
the S&P-GSCI and the DJ-UBSCI on the volatility and dependence of agricultural futures
markets.The methodology used is based on the realized volatility developed by ABDL
(2003). In particular, several tests are made with multivariate realized estimators and a
vector specification of the HAR-RV model of Corsi (2009) is estimated. Using intraday data
from 2007 to 2012, the results indicate that there are no significant changes in the
dependence and the level of volatility on agricultural futures markets when commodity
index funds that track the S&P-GSCI or the DJ-UBSCI roll their positions.
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MARKETING TRACK
The role of brand signals for institutional investors
Andrew Zylstra (ESCP Europe)
This paper looks at how broker brands help resolve how consumers, in this case
institutional investors, resolve uncertainty about product quality. Broker research is
typical of a situation of asymmetric information, where the broker knows the quality of
their product while the institutional investor does not. The academic literature has looked
at the role of brand signals help resolve this situation. The present study proposes to
interview institutional fund managers to assess the role of broker brand signals in the
investment process. Based on a review of the signal theory literature, an interview guide
has been drawn up that will test the model among institutional investors, in particular
brand credibility and the interaction of brand credibility (trust and expertise) with
perceived risk, information costs and perceived quality. Value will also be looked at to see if
it adds more explanatory power to the brand signal model.
The impact of the Internet on the process of diffusion of fashion trends
Alix Nativelle (ESCP Europe)
The boom of social media and the fast growth of the e-commerce totally changed the way
trends merge and how consumers take the lead on them. Social media enable the public
and stakeholders to co-create the brand image and the reputation of a brand. This new
environment has given birth to a new kind of consumers: the prosumers (or professional
consumers) (David & Moy, 2007). There is, however, a lack of empirical studies about the
importance of social media on brand image, despite the importance it carries for
marketers. The Internet includes in this study social media (Facebook, Twitter, blogs,
Instagram, Pinterest, on-line magazines), e-shops, brands websites, multi-brand e-shops,
quick and easy access to information and fast and large diffusion of information ; the
diffusion of a trend is having a big change in the process, the actors and the timeline,
fashion cycles are becoming shorter and the influencers are changing, they used to be the
Luxury brands and are now the consumers themselves ; diffusion is, thanks to the new
technologies and communications tools, a faster and continuously changing flow ; fashion
trends include apparel, shoes, accessories and beauty items. The research question being
investigated of the impact of the internet, social media and e-commerce on fashion trends.
From an epistemological stand point this question will be studied in a constructivist
approach. This topic will be addressed in a comprehensive perspective: first, the theoretical
framework will be determined, then field studies will be conducted to analyze the research
question, via ethnographic observations and qualitative studies.
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Labor Markets, Compensation Structure and Turnover of Sales Forces
Alireza Keshavarz, (HEC Paris)
Sales organizations try to recruit and retain the high performing salespeople not just
because they are the main value generators but also because they may destroy value by
dysfunctional turnover and mobility to a competitor. Drawing on human capital, social
network and matching theories, we explore the dynamics between two human capital
isolating mechanisms i.e. geographic concentration of salespeople and compensation
structure, and functional/ dysfunctional turnover of salespeople. We find that by being
located in regions with low concentration of salespeople, organizations can mitigate
dysfunctional turnover; however, this will come at the cost of lower functional turnover
and greater compensation dispersion. Conversely, organizations may benefit from
matching advantages of occupationally concentrated areas by finding their best fit of
salespeople and at the same time keep the compensation dispersion low.
An empirical analysis of loyalty programs and private label demand
Jorge FLOREZ-ACOSTA (Toulouse School of Economics)
Loyalty programs (LP) are by now a predominant short-run non price strategy in retailing
markets. Most work the same way: a member who purchases today gets a reward to be
used next time she returns to the store (or after she crosses some threshold). Previous
researchers have concluded that the purpose of LPs as a marketing strategy is customer
retention. In the grocery retailing sector it seems to be as well the boost of private label
demand. This paper empirically examines this conjecture. Using discrete-choice methods, I
estimate brand-level demand taking into account household membership to loyalty
programs. I find that although consumers give a lower value to private labels relative to
quality equivalent national brands, loyalty programs have a positive and significant effect
on private label choice, i.e. the marginal valuation for a private label is higher for LP
members. Moreover, the more prone to subscribe to LPs a customer is, the larger her
sensitivity to a price increase and the weaker the expected effects on private label demand.
Welfare analysis shows that consumers are better off when they all join at least one LP. It
suggests that making subscription to LPs prohibitively costly can harm all consumers.
The Mirror Effect: When the firms’ behaviors are replicated on the consumers’ level
Amina DJEDIDI (IAE Gustave Eiffel) and Mouhoub HANI (IAE Gustave Eiffel)
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The aim of our paper is to clear up the draw backs of the firms strategic behaviors on the
consumers’ behaviors. It attempts to spot light on a possible interaction between the
strategic firms’ behavior and the consumers’ behaviors, and this is what we chose to call
the Mirror Effect. This contribution tries to build a bridge between two disciplines whose
frontiers still not really known. The first, belonging to the management field, consists of
introducing the firms strategic behaviors. The second relates to marketing domain and
expresses a particular consumer behavior as the consumer’ resistance and/or oppositional
loyalty. The importance of our work is manifested in the establishment of a link between
the firms’ behaviors (e.g. strategic actions) and the consumers’ behaviors (consumers’
resistance and oppositional loyalty, i.e., reactions) thanks to the Inoculation Theory. This
study is the first one to shed light on this interaction between two different level of
behaviors (corporate/consumers). It allows to explore a new way of apprehending the
aftermath of the corporate behavior and to include it in the firms’ reflexions and strategy.
In order to elucidate this interaction, we chose the Smartphone market to explore the
interaction between the firms’ behaviors and the consumers’ behaviors using the
Inoculation Theory. In fact, our research uses the Inoculation Theory to suggest that the
interaction between firms on the public scene can be a possible source of inspiration for
the consumers who react vertically to the firm and horizontally to its.
Shopping experience and ubiquitous technologies: the case of the smartphones
Sara BELGHITI (ESCP Europe)
This research comes in times when retailing and shopping are litterarly reinventing, and
turning into digital. Electronic commerce is rapidly growing forcing retailers to quickly
adapt to new shopping environments, shifting from one to «multi-channel», and eventually
«omni-channel » strategy (Rigby, 2011). It seems that shopping experiences in stores as
well as «cyber shopping experiences» or « online shopping experiences» are no longer
sufficient. Customers seem to be in need of the advantages of both whenever they want to.
They increasingly want everything ATAWAD (anytime, anywhere, on any device) moving
towards an « omni-channel », in other words « ubiquitous shopping experience ». Our
research is "surfing" on the waves of two disciplines: experiential marketing and “m”- or
“u-marketing” (mobile or ubiquitous marketing). The purpose of our paper is to
understand and analyze the well-known concept of “shopping experience” in the new
digital context. In other words, the objective is to draw the lines of the ubiquitous or “meta-
shopping experience” (Antéblian & al, 2013), and thus, conceptualize the latter. In the first
part of the paper, we present the various dimensions underlying the concept of ubiquity in
the literature. Then, based on a synthesis of the literature review around the shopping
experience, we propose our model of a “meta-shopping experience”, before moving on to
the next steps and expected contributions of our exploratory study.
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ORGANIZATIONAL BEHAVIOR AND HUMAN RESOURCES
TRACK
The unintended effects of rankings and accreditation systems: the professional
identity construction of academics
Claudia Urdari (CNAM)
Drawing on mimetic isomorphism and identity construction, this paper1 explores the unintended
effects of university rankings and accreditation systems. These new forms of performance
management systems (PMS) are based on image and reputation, pressuring actors to accept and
conform to social beliefs. Interviews were conducted with academics within the field of higher
education in Europe and results show that the professional identity of faculty members is
constructed through PMSs. Although education is claimed to be the social responsibility of
higher education institutions, teaching activities passed on a secondary plan. The younger
generations comes in with a mindset where research and publications are awarded while the
others struggle with internalizing this shift at a behavioral level.
An approach to socially questionable decisions by the discourse of managers - A
litterature review
Thomas Sorreda (ESCP Europe)
Deciding in an organization is mostly perceived as a very complicated fact. It may be a
complex action, where alternative are not always clear. Decisions are mostly the
responsibility of managers and the expression of their power. There is an increase on
subjects dealing with socially questionable decisions but these subjects may not tackle
deeply managers’ feelings when they are tacking socially questionable decisions. Thus, our
study tries in a first step to present the state of the art for socially questionable decisions,
and then in a second step to show what are the responses made by managers when they
have to justify their socially decisions.
Employee involvement in work standards elaboration within
democratic/participative enterprises
Dima Murtada (Université of Paris X Nanterre)
Our thesis will analyze the process of co-creation of employment standards and work
conditions by employees through participative management. We focus on ICT as a factor
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that influences the communication and interaction between employees within the
framework of the co-development of labor standards. The theoretical framework on which we
rely is the pragmatist approach that will allow us to understand how standards are developed
gradually through interaction between employees and their participation in decision making.
First of all, this thesis seeks to advance understanding of the employee interaction and
participation in decision making, to find out the implications they have in terms of co-creation of
labor standards. Thereafter, we examine the role of information and communication technologies
(ICT) in the implementation of this procedure. The data will be based on the case study of
“Groupe Hervé”, a 40 years old high technology firm which has been built on participative
management. The entrepreneurial model developed by “Groupe Hervé” is structured on three
dimensions: the intra-entrepreneurship, de-hierarchization of power and network organization.
According to this model, employees are free to manage their own resources and objectives, in
order to take as soon as possible the right decision for every situation. At the end of this study,
we will be able to know if democratic/participative workplaces allow employees to elaborate
work standards that govern the company, and if these standards developed by co-workers are
accepted and integrated in the same way as if they had been created by the company. Thus, we
will be able to identify the role of ICT as a factor involved in this process.
Not just somebody that I used to be: Identity preservation through role exit
Sarah Wittman (INSEAD)
The classical literature on role exit has mainly dealt with cases where identity exit follows
role exit (e.g., Ebaugh, 1988; Ashforth, 2001). Less is known about how and when identities
resist change after role exit. This article uses sociology, psychology and careers literature
on training and practice, status, routines, and uncertainty and status quo maintenance to
argue that important identities may be preserved, enacted, and carried into new roles as
latent identities. A model of role exit is proposed, with self-verification and identity work
enabling identity maintenance. Relevance to new roles and the expectation of role
reactivation will determine if latent identities will be adapted into new roles, will lose
saliency, or will be reactivated in a new role. Consequences of latent identities at the
intrapersonal, interpersonal and organizational levels of analysis are discussed.
Measuring the social value and social change generated by entrepreneurial
organizations
Alexandra IoanaPascu (University of Economic Studies, Bucharest)
Broadly used but seldom defined in a consistent manner, the concept of “social value” has
emerged as a topic of interest in the field of entrepreneurship mainly in the case of social
enterprises. However, its disputed role as a multiplier of economic value has triggered the
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attention of a wider range of organizations. In addition to social entrepreneurship, sources
of social value can be identified as direct consequences of employing social media tools to
build communities or by tracing the ripple effects that certain organizational cultures,
brand characters or innovations determine. Increased loyalty, higher net promoter scores,
lower staff turnover, improved productivity and sustainable growth are just a few of the
benefits that organizations are believed to gain from leveraging their process of generating
social value. In this sense, the need for measurement plays an important part in optimizing
decisions regarding resource allocation, investments and growth. By estimating the impact
to be generated at a social level, organizations can facilitate their access to a wider palette
of financing options and develop a strategy that encompasses the intertwined nature of
social forces. As creators of value, entrepreneurs and intrapreneurs are to a great extent
influenced by their own experiences, background, culture and peers. These factors shape
the shared values and beliefs, while also triggering different relationship dynamics at each
level of the organization. Thus, the need for an interdisciplinary analysis and evaluation
that would involve along the financial perspective, a sociological and psychological view on
the process of generating social value becomes imminent. Even though the development of
concepts such as Corporate Social Performance (CSP) have fostered the emergence of
several models that aim at capturing and assessing social impact through a holistic
approach, their application is in most cases limited to the actions that are meant mainly for
a social end and which are anchored in the present. Furthermore, it has been argued that
an accurate measurement of social impact should include not only the current, immediate
effects, but more importantly, the information and knowledge created that enable
stakeholders to multiply the outcome in the future and access required resources more
efficiently. In this regard, the current presentation aims at contouring the main directions
for an in-depth and multidisciplinary approach to measuring the social value and impact
generated by entrepreneurial organizations. In this sense, it will include a review of the
concepts of social and economic value and their main generating sources, along with the
current tools employed for their measurement and several proposals for further research.
The role of individual and organization characteristics in building corporate social
entrepreneurship
Shahrazad Hadab (UNESCO & University of Economic Studies, Bucharest)
The present research can be very easily integrated in the common trends of studying social
entrepreneurship both from individual and organizational point of view, mostly because a
very significant part of the literature review is based on case studies, and it will attempt to
endorse such kind of activities within multinational companies by drawing their attention
over this field. It will reveal their way of doing social business in such a way that it is self-
sustaining. The purpose of the paper is to design a model for determining what it actually
takes to be classified as a social entrepreneur/corporate social entrepreneur both for
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individuals and for companies with the objective of clarifying key concepts and discussing
the dynamics of corporate social entrepreneurship (CSE), analyzing the role of CSE in
society, discussing the legal basis of CSE in Romania, helping in measuring the (social)
impact of CSE at national level, implementing the obtained results referring to the analysis
of the contribution of the corporate social entrepreneurship and, finally, coming up with
the profile of the corporate social entrepreneur. The research methodology will encompass
mixed-methods research - qualitative and quantitative. The qualitative ones: literature
review (basically studying and analyzing international databases), critical, comparative and
document analyses, face-to-face structured interviews, case studies, focus groups,
workshops. Some of the quantitative methods that we resort to: questionnaire based
research, data analysis - software GAUSS. The data needed for concluding the paper is
available through bibliographic resources, case studies, and primary data acquired through
research. The purpose of the quantitative research is to identify the most frequent
characteristics of the corporate and individual social entrepreneurs and propose the most
viable model for a successful social business, while the purpose of the qualitative analysis is
to identify most common practices, competencies and behaviors. The interviewees are
(corporate) social entrepreneurs and entrepreneurs. The risks/limitations of the research
are the inability of testing all the population and biases such as faulty answers, varying
standards, recency effect, central tendency, and Mathew’s effect, age, nationality, culture,
education. For the practical implications, the research aims to provide the most useful and
comprehensive insights into the concept. It will shed light on the individual and
organizational characteristics that (corporate) social entrepreneurs foster, it will provide a
clear role of the activity they carry on the market and we will attempt to bring social
change and social innovation to the attention of the broader public; and it will also
encourage cooperation between corporate social entrepreneurs and academic social
entrepreneurs allowing them an exchange flow of information. The resulted model will be
applicable for most emergent and efficiency driven countries such as Romania and it will
come to enrich the current research with a topic that is poorly developed in such countries.
Foreword: The meaning of the term “social entrepreneurship” has been in existence for
quite a long time now, but only recently has it come to receive an actual name. The models
according to which people conduct their countries, lives, business, families and education
have become obsolete and this is why the economic reality claims new models that are fit
to contemporary times. Here is where social entrepreneurship comes into play. This theme
is addressed because most of the social problems we face can be counteracted with social
entrepreneurship in a way that all the stakeholders should benefit, therefore CSE could be
seen as a necessity and also as a powerful means of economic growth.
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The modes of appropriation of CSR and its impact on HRM practices
Souad Haddadi (Université of Paris X Nanterre)
Starting from controversies and tensions in the field of CSR, as well as the vision of CSR in
the HRM literature, we will evaluate the impact of modes of appropriation of CSR initiatives
on the practices of the Human Resources function. Based on a case study, this thesis also
intends to study the possibility of creation a sustainable competitive advantage through the
new HRM practices. We will articulate our work on three levels of analysis, in the first step,
the analysis of the process of appropriation of CSR, enable us to meet the constraints
associated with the introduction of CSR and identify the conditions of its success, by using
the theory of organizational learning. In the second step, we will analyze the new HRM
practices, resulting from new learning coming from the integration of the CSR’s principle, in
order to see its impact. Finally,in the last step we will study to what extent the adoption of
new socially responsible practices will involve more employee and stimulate their
creativity which will likely lead to innovations, and even in some conditions to the creation
of sustainable competitive advantage.
The positive psychology of budgetary slack
Jolien de Baerdemaeker (Ghent University, BELGIUM)
In the empirical literature, much consideration has been given over the years to the
dysfunctional effects of budgetary slack. However, theory has found positive elements
associated with its presence and empirical literature increasingly starts recognizing this. In
this paper, we present empirical evidence on the positive effects of budgetary slack. We
argue that managers confronted with environmental uncertainty associated with role
ambiguity may use budgetary slack as a coping mechanism. Using quantitative survey data,
we find that the existence of budgetary slack is a powerful antidote to the detrimental
affective and behavioral effects of role ambiguity and environmental uncertainty. The
results of this paper provide insight in the positive psychology of budgetary slack and its
relationship with environmental uncertainty.
STRATEGY AND ORGANIZATION THEORY TRACK
The business model for proper decision-making: an overview of a case study
Salma ECH-CHARQY (Ecole National de Commerce et de Gestion de Settat)
3rd Business PhD in France PhD Camp | 28
Governance is primarily a global management view based on decentralization of thinking
and decision making. The process of decision making consists of permanent negotiations
between stakeholders and should be based on relevant and accurate information. For that
purpose, such information needs to be obtained from a specific model and methodological
tools.
The concept of business model is a simplified representation of how value is created and
delivered by some organization. It allows overcoming major challenges and issues of the
current context. Particularly, it gives a better understanding of company's core aspects and
promotes communication about its business logic. It could be considered as an analysis unit
that can be observed and compared.
Business model concept has been widely discussed and debated by scholars; however, a
recent study showed that most practitioners perceive it as the design of organizational
structures to enact a commercial opportunity. In this concentration, we try to extend this
perception by providing a conceptualization of business models that may assist
practitioners in the decision-making process. Furthermore, we present a case study of a
Moroccan company to illustrate this concept.
Offshoring, Outsourcing or Offshore Outsourcing
MurtaDibirov (ISM Paris)
Pharmaceutical Research and Development (R&D) organizations established an
operational link between offshoring and outsourcing. Unfortunately today’s theories of
offshoring, outsourcing or combined offshore outsourcing provide with a framework well
enough to allow managers pursue strategic objectives in Pharma R&D. Integrating “value
investment”, multiplication, exponential growth, and business model portfolio theories
shows that strategic decisions towards offshore outsourcing depends on two major factors:
operational availability of retrievable offshoring & outsourcing prototypes in company’s
portfolio; and organizational capability of multiplicating offshoring & outsourcing
prototype(s) within the window of opportunity. The current study points out several
recommendations for follow-up research. First of all, research findings indicate that several
outsourcing models exist, and that the trend is moving towards risk-sharing partnerships
between Pharma R&D sponsors and Contract Research Organizations (CROs). It is
important to get a better understanding of the different outsourcing models, including the
interests of sponsors and CROs in each model and the ethical risks that they entail. This
study might be interpreted more as a discussion document than as a concluding document.
In fact, possibly the largest contribution of this study is that it highlights the lack of
transparency of the pharmaceutical sector, which inherently implies that ethical concerns
over the safety of clinical trial participants in non-traditional trial regions are justified.
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TOWARDS A GEENER ECONOMY: the pathway to green entrepreneurship in
developing economics: evidences from Vietnam and Thailand
Tran Thai Tan (Applicant IAE Touluse 1)
The impact of consumption will be an outcome of air pollution, climate change, and
depletion of natural resources and biodiversity (Halila, 2007). In other words, it asks for
environmental-friendly products, greener technologies, resource efficiency,
dematerialization, reduction of waste and emission, etc (Nuij, 2001).
Green economy is argued to be driven by entrepreneurs who respond to policy incentives
through innovation in management and technology. These private enterprises invest in
green innovation not only generate private profits but also (create) large positive
externalities for society and the environment as a whole. There are different ways of
looking at green entrepreneurship in developed countries and developing countries.
Developed countries put more emphasis on the term ‘green’ and on market opportunities,
while developing countries tend to more focus on the term ‘entrepreneurship’ and on
market needs.
Green enterprises are growing in emerging and developing markets. SMEs in these
countries are being increasingly called upon to meet the needs of new customers, without
compromising the local environment, and also to increase their organizational and
productive efficiency by reducing consumption of natural capital.
However, research on entrepreneurs in emerging countries is scarce and the research
literature on green entrepreneurship is even less widespread and lacks a systematic
empirical foundation. The main objective of this research is to understand how SMEs
perceive to green innovation in emerging and developing economies.
Narrating entrepreneurial intentions of creative professionals: Anti-economic
contextual processes as triggers for entrepreneurial action
Tristan May (EM Lyon Business School)
Recent research regarding entrepreneurial intentions draws on a positivistic
understanding of the phenomena Entrepreneurship. It aims to identify drivers, which favor
venture creation. Yet, it implies a mechanical clockwork view. Put differently, recent
research on entrepreneurial intention formation (1) assumes a static perception of reality
and (2) relies on clearly separable building blocks of behavior.
Moreover, the majority of research centers on a subset of those, who can be considered
entrepreneurs. Namely, business and engineering students are studied with quantitative,
3rd Business PhD in France PhD Camp | 30
survey-based approaches. The questionnaires used subversively suggest intentional
drivers with cognitive and especially economic roots. This default by research design and
the sample, which at best represent a minority of the population of entrepreneurs, lead to
insights, which blur our understanding of Entrepreneurship.
I argue that a process perspective broadens our insights regarding processes of becoming
entrepreneur. Methodically, narrative analysis supports my approach. Narratives are
understood as storylines, which account for retrospective sense-making of unordered,
interacting processes. Thereby these storylines reflect both identity revelations and
identity claims.
By investigating a sample of self-employed creative entrepreneurs in the cultural sector, it
becomes clear that narratives often refer to non-economic or even anti-economic
intentions or events, which triggered the path towards entrepreneurial action.
This shift in perspective has major implications for the way we foster a) research on
entrepreneurial intentions and b) the development of entrepreneurial action itself. A less
economic understanding of Entrepreneurship consequently claims a re-negotiation of
education and entrepreneurial curricula and implies a shift in how to best support
forthcoming entrepreneurs in both business and art schools.
Exploring Apparatuses of Institutional Work – The Case of Social Media
Reza MOUSAVI (ESSEC)
Institutions are enacted through discursive institutional work. This statement brackets the
ways in which those discursive acts are materially manifested. As a result we know little
about how different material manifestations of discursive institutional work condition the
enacted institutions. Filling this gap is the aim of the current study. Specifically, we focus on
the ways in which ‘doing’ institutional work in social media entails results that are different
than those of ‘doing’ it in traditional social interaction. In so doing, we adopt a
sociomaterial perspective and shift the focus away from discursive practices to material-
discursive practices of institutional work. We argue that the specific set of material
discursive practices, or the apparatus, of institutional work afforded by social media
conditions the enacted institutions. Our study has implications for the notions of agency
and performativity: Rather than being a human essence, agency is an emergent property of
a network of human and non-human entities. It is this ensemble that gains the agency to
create, maintain, and/or disrupt institutions. In addition, social media is a performative
arena. Both the discursive contents and the material platform are performative. As
discursive acts, the contents of social media do not merely reflect institutions. They actively
constitute them. Similarly, rather than merely being the mediators of the discursive acts,
3rd Business PhD in France PhD Camp | 31
the material platform is actively shaping them. Just as language is not a mirror of reality,
nor is technology a mediator of it.
Towards Changing sales and marketing models for pharmaceuticals
Margita Engström(Aalto University)
The purpose of a business model is to describe efficiently, yet comprehensively, “the
rationale of how an organization creates, delivers and captures value (Osterwalder,
2010).”Amit and Zott (2008) develop a formal model in order to analyze the contingent
effects of product market strategy and business model choices on firm performance. Kaniz
and Burmann (2012) identify the need to reinvent pharma S&M. Due to the dwindling
growth rate and the absence of new innovative ingredients coupled with intense
competition, the pharmaceutical industry finds itself in a precarious position. These
significant changes raise the question whether the current innovation and product-
oriented business model of pharmaceutical companies is the right one to face future
challenges.
In this paper I will study what is behind the huge S&M costs in pharma. I will study sales
and marketing models as complements to firm business models focusing on economic
value. I will empirically evaluate the current marketing models and economics. By taking
into account the firm business model, firm specific factors influencing marketing model
choice will be controlled for. I will empirically evaluate the current marketing models,
financials and market needs. Thus, this study will integrate the client, economics with the
concepts business model and marketing models. Further, a formal model for assessing the
marketing model fit with market need from an economic perspective offers industry
professionals to reinvent.
The pooling of logistic resources for the management of the last mile into cities
Kanyarat Nimtrakool (University of Le Havre)
This project of thesis focuses on the mutualization of logistic resources in town. On the
basis of a bibliometric studies by academic and professional articles, this project of thesis
realizes the analysis of the interest aroused by the theme of the mutualization of logistic
resources for the management of the last mile in town. The results show the increase of the
importance of urban mutualization theme on the point of view academic as managerial.
The studies of various academic references on the subject allow updating the most relevant
definition of the mutualization of urban logistics, with regard to the number of covered
themes. Finally, this project of thesis highlights the various components of the process of
mutualization of the logistics.
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Immune to Social Influence?The Effects of Competition, Imitation, and Power on Exit
from Open Multipartner Alliances.
Rand Gerges-Yammine (EM Lyon Business School)
This paper investigates the effect of imitation of competitors and the moderating effect of
power on firm exit decisions from open mutlipartner alliances. Building on social influence
models, I argue that firms tend to mimic the behavior of similar others under conditions of
uncertainty. However, powerful firms are relatively immune to imitation pressures and
thus, display autonomous behaviors. I decompose power into two sources, formal and
informal, which are captured by hierarchal position and network centrality, respectively.
An analysis of nine open multipartner alliances in the mobile phone industry from 2000 till
2012 reveals that firms imitate similar others in terms of exit decisions, yet powerful firms
are relatively immune to social influence.
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LIST OF PARTICIPANTS
Agrawal, Gargee - L'Oréal - [email protected] Bachouche, Hager - IAE Gustave Eiffel, Université Paris-Est, Institut de Recherche en Gestion
(IRG) - [email protected] Badji, Samia - ESSEC - [email protected] Ben hamouda, Imen - TELECOM Business School - [email protected] Bottura, Marco - EM Lyon - [email protected] Breugem, Matthijs - INSEAD - [email protected] Bruno, Cazenave - ESCP Europe - [email protected] Cadario, Romain - University of Paris 9 Dauphine - [email protected] Caussat, Paul - ESCP Europe - [email protected] Cociorva, Anamaria - Lund University - [email protected] Colicev, Anatoli - ESSEC - [email protected] Cornejo, Cristi - University of Paris 1 - Panthéon Sorbonne - [email protected] Dang, Rey - University of Orléans - [email protected] De Baerdemaeker, Jolien – Ghent University - [email protected] Delesalle, Esther - [email protected] Deschaintre, Stéphane - ESCP Europe - [email protected] Dibirov, Murta - ISM Paris - [email protected] Djedidi , Amina - Université Paris-Est Créteil & Université Paris-Est Marne la Vallée -
[email protected] DohouFerso, Pascal - [email protected] Echcharqy, Salma - Ecole National de Commerce et de Gestion de Settat -
[email protected] Fazeli, Nima - ESSEC Business School - [email protected] Florez, Jorge - Toulouse School of Economics - [email protected] Ganneval, Sébastien - University Paris 1 - Panthéon - Sorbonne - [email protected] Garbe, Emmanuelle - ESCP Europe - [email protected] Garel, Alexandre - ESCP Europe - [email protected] Gasparyan, Armen - University of Paris 10 Nanterre - [email protected] Gerard, Olivier- [email protected] GergesYammine, Rand – EM Lyon Business School - [email protected] Girotti, Mattia - Toulouse School of Economics - [email protected] Gutierrez Moreno, Cedric - HEC Paris - [email protected] Graeff, Imke - ESCP - [email protected] Hadad, Shahrazad - Academia de Studii Economice, Bucuresti - [email protected] Haddadi, Souad - University of Paris x Nanterre - [email protected] Hdia, Mouna - TELECOM Business School - [email protected] Ho, Sy-Hoa - University of Paris-Nord - [email protected] Huang, Xiaoying - University of Paris 1 - Panthéon Sorbonne - [email protected] Jaballah, Jamil - Toulouse University - [email protected] Jacqueminet, Anne - HEC Paris - [email protected] Javaudin, Laurent - - [email protected] Jean-Christophe, Bianic - ESCP Europe - [email protected] Keshavarz, Alireza – HEC Paris - [email protected] Kucelj, Tamara - ESCP (Executive MBA) - [email protected] Kuscu, Asli - Bogazici University, Istanbul Turkey - [email protected] Labossière, Wilsonn - TELECOM Business School - [email protected]
3rd Business PhD in France PhD Camp | 34
Landry Kameni, Sylvére - University of Paris 10 Nanterre - [email protected] Léon, Xavier - ESCP Europe - [email protected] May, Tristan – EM Lyon Business School – [email protected] Margita, Engström - Aalto University (Finland) - [email protected] Masmoudi, Souhir - University of Aix-Marseille - [email protected] Meade, Richard - Toulouse School of Economics - [email protected] Meziani, Nora - ESCP Europe - [email protected] Mimeche, Wassim - IAE de Montpellier - [email protected] MiroslavovaRadoynovska, Nevena - Northwestern University - n-
[email protected] Mousavi, Reza - ESSEC - [email protected] Murtada, Dima - University of Paris x Nanterre - [email protected] Namouri, Hela - TELECOM Business School - [email protected] Nasr Eddine, Aya - University of Paris x Nanterre - [email protected] Nativelle, Alix - ESCP Europe - [email protected] Nimtrakool, Kanyarat- University of Le Havre- [email protected] Pascu, Ioana - Academia de StudiiEconomice, Bucuresti - [email protected] Patel, Anass - University Paris 1 - Panthéon - Sorbonne - [email protected] Phung, Giang - ESCP Europe - [email protected] Peia, Oana - ESSEC Business School - [email protected] Plaksenkova, Elena – HEC Paris - [email protected] Pomies, Anissa - ESCP Europe - [email protected] Porter, Marc - Kedge Business School - [email protected] Portilla, Karoll Gomez - Toulouse School of Economics & Universidad Nacional de Colombia -
[email protected] Porumb, Vlad Andrei - Université de Cergy-Pontoise - [email protected] Ravina, Giovanni - University of Paris 9 Dauphine - [email protected] Rjiba, Hatem - IAE Gustave Eiffel - [email protected] Romec, Arthur - ESCP Europe - [email protected] Romelli, Davide - ESSEC - [email protected] Salé, Laurent - ESCP Europe - [email protected] Salvadè, Federica - University Paris 1 - Panthéon - Sorbonne - [email protected] Shomali, Azadeh - Grenoble Graduate School of Business - [email protected] Simon, Céline - ESCP Europe - [email protected] Sorreda, Thomas - ESCP Europe - [email protected] Souissi, Slim - TELECOM Business School - [email protected] Taleb, Isma - TELECOM Business School - [email protected] Tedjini, Abderrezak - TELECOM Business School - [email protected] Thai Tan, Tran – (PhD applicant, IAE Toulouse 1)- [email protected] Urdari, Claudia - CNAM - [email protected] Vellin, Dominique - Dauphine - [email protected] Whelan, Adele - National University of Ireland, Maynooth, Co. Kildare, Ireland. -
[email protected] Wittman, Sarah - INSEAD - [email protected] Zenasni, Soumia - University of Tlemcen, Algeria - [email protected] Zerhounis, Anis - ESCP Europe - [email protected]
Zylstra, Andrew – ESCP Europe - [email protected]