Publications

  • Patricia Crifo, Vanina D. Forget
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    ABSTRACT: This paper analyzes the economics of Corporate Social Responsibility (CSR), as a private response to market imperfections in order to satisfy social preferences. Depending on whether they affect regulation, competition or contracts, market imperfections driving CSR decisions are classified in three categories: public goods and bads and altruism; imperfect competition; and incomplete contracts. We successively present these drivers of CSR decisions and highlight the nature of incentives (external or internal) at work and the testable (and tested) hypotheses in the reviewed studies. We finally review the link between CSR and financial performance, as well as between CSR and social and environmental performance. A twofold discrepancy appears in the literature, opening future research paths: a disconnection between our understanding of CSR drivers and CSR impacts; and a knowledge gap between CSR financial and social consequences, the latter having received little attention.
    Journal of Economic Surveys 01/2014; · 1.33 Impact Factor
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    Patricia Crifo, Vanina D. Forget
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    ABSTRACT: This article analyzes the economics of Corporate Social Responsible behaviors, namely the voluntary integration of environmental, social and governance factors in firms' strategy. We review theoretical and empirical literature and provide a unified framework of the forces driving corporate social responsibility, relying on three categories of market imperfections: the existence of externalities and public good; consumer heterogeneity; and imperfects contracts. The impacts of corporate social responsibility on corporate performance and society are also surveyed and the lack of knowledge on the latter leads to a research agenda.
    01/2012;
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    Patricia Crifo, Vanina Forget
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    ABSTRACT: The growth of socially responsible investment on public financial markets has drawn considerable academic attention over the last decade. Discarding from previous literature, this paper sets up to analyze the Private Equity channel, which is shown to have the potentiality to foster sustainable practices in unlisted companies. The fast integration of the Environmental, Social and Governance issues by mainstream Private Equity investors is unveiled and appears to have benefited from the maturation of socially responsible investment on public financial markets and the impetus of large conventional actors. Hypothesis on the characteristics and drivers of this movement are proposed and tested on a unique database covering the French Private Equity industry in 2011. Empirical findings support that Private Equity responsiblen investing is characterized by shareholder activism and strategically driven by a need for new value creation sources, increased risk management and differentiation. In particular, results show that independent funds, which need to attract investors, are more likely than captive funds to develop responsible practices. Evolution of the movement and future research paths are proposed.
    Journal of Business Ethics 01/2012; · 0.96 Impact Factor
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    Patricia Crifo, Nicolas Mottis
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    ABSTRACT: This article analyzes how the actual and expected future activities of French Socially Responsible Investment (SRI) analysts may reveal a convergence process between SRI decisions and traditional financial investment decisions, that is a form of “mainstreaming” of SRI processes, by asking the SRI analysts themselves how their work has evolved and how they perceive their positioning in the asset management sector. We present the results of a field survey on the composition and activities of French SRI analysts’ teams of large institutional investors and asset managers in France in 2009. We show that the convergence towards the mainstream financial analysts seems to be clearly engaged. However, the SRI domain is still emerging and remains very fragmented leading to a wide heterogeneity of practices and positioning in the respective organizations. This is interpreted as a clear sign of a transition phase.
    ESSEC Research Center, ESSEC Business School, ESSEC Working Papers. 01/2010;
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    Sandra Cavaco, Patricia Crifo
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    ABSTRACT: This article analyzes the relationship between corporate social responsibility (CSR) and firm performance by proposing a theoretical model and by testing empirically its main predictions on a matched panel database for the biggest European listed firms over the 2002-2007 period. Our dataset gathers two sources of information: environmental, social and governance (ESG) ratings from the Vigeo database, and economic and financial performance data from the Orbis database. Using the System GMM estimator for dynamic panel data model, we test the complementarity and substitutability, that is the super- and sub- modularity between various corporate social responsibility practices, along with its impact on firm performance. We do observe that a complementarity premium on specific CSR dimensions (human resources and business behavior towards customers and suppliers) exists but also that some practices are relative substitutes (environment and business behaviors).
    HAL, Working Papers. 01/2010;
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    Sandra Cavaco, Patricia Crifo
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    ABSTRACT: This article analyzes the relationship between corporate social performance (CSP) and corporate financial performance (CFP) by proposing a theoretical model and by testing its main predictions through an econometric study on a matched CSP-CFP panel data for the biggest European listed firms over the 2002-2007 period. Our matched micro-economic dataset gathers two sources of information: environmental, social and governance ratings from the Vi-geo database and economic and financial performance data from the Orbis database. Using panel data technique, we examine how the complementarity between various corporate social responsibility practices is likely to increase performance, as predicted by our theoretical model.
    10/2009;
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    Patricia Crifo, Hind Sami
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    ABSTRACT: This paper proposes a model to analyze the dynamic relations between incentive contracts and analysts' effort in providing accurate research when both ethical and reputational concerns matter. First, we show that reputation picks up ability and thus serves as a sorting device: when analysts have a relatively low reputation for providing research quality (below a threshold level) banks find it more profitable to offer a mix of monetary and non monetary (ethic based) incentives and rely on the analyst's work ethic in ordre to provide research quality. Alternatively, when analysts have a high reputation, full financial (performance based) incentives contracts offer a substantial reward for their contribution to the firm's profits. Second, we find that the design of compensation contracts, in the presence of reputational concerns and work ethic, may lead to incentive problems: full financial incentives contracts may exacerbate conflicts of interest by giving analysts extrinsic rewards on reporting, thereby inducing them to prefer high short term benefits to the detriment of long term research and coverage effort. On the contrary, a mix of monetary and non monetary rewards based on the analyst's work ethic may allow them to resist pressures from conflicts of interest and induces a high research effort thus enhancing long-run reputation.
    02/2009;
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    Patricia Crifo, Jean-Pierre Ponssard
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    ABSTRACT: Cet article pr�cise la nature des liens entre RSE et performance financi�re en d�gageant trois axes majeurs pour une r�flexion future: (1) l'inscription durable de la RSE dans le syst�me de valeurs des entreprises, (2) les conditions d'une validation empirique d'un lien entre la strat�gie RSE et la performance financi�re, lorsque cette strat�gie s'inscrit dans le coeur de m�tier de la firme, et, (3) l'int�r�t d'une reformulation de ce lien lorsqu'il s'agit d'une strat�gie Bottom of the Pyramid.
    HAL, Post-Print. 01/2009;
  • Patricia Crifo, Jean-Pierre Ponssard
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    ABSTRACT: This article examines how corporate social and environmental responsibilities (CSR) are evaluated and instrumented by various stakeholders: enterprises, specialized agencies, NGOs, and investors. This analysis questions whether a CSR industry has emerged over the past decade, analogous to the value creation industry that developed during the 1990's. Several lines of research related to this hypothesis are suggested throughout the article.
    09/2008;
  • Patricia Crifo, Hind Sami
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    ABSTRACT: This contribution proposes a model of entrepreneurial activity highlighting a complex relationship between innovation and stigma of failure. Innovation decisions are examined in an endogenous growth model with horizontal differentiation in the spirit of Romer (1990). In our framework, entrepreneurs decide to invent a new good, given entrepreneurial talent and production costs, and face a risk of failure. If an entrepreneur fails in this innovation process, the firm remains on the market but bears a stigma of failure. We then analyze how the risk and the stigma of failure affects business dynamism and economic growth. We show that while a higher risk of failure is detrimental to innovation and growth, it positively affects the returns to entrepreneurial talent (or equivalently the comparative advantage of successful innovators). On the contrary, a higher stigma of failure inhibits entrepreneurial creation but might be beneficial for growth. These results are supported by recent empirical evidence in OECD countries.
    08/2008;
  • Patricia Crifo
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    ABSTRACT: As major determinants of economic activity, innovation and research and development activities are major issues in the analysis of growth. Focusing on microeconomic aspects of innovation within the endogenous growth literature helps reconsidering the sources and mechanisms of growth. This article studies the analysis of innovation within endogenous growth models by reconsidering the standard decomposition based on the nature of technological progress, namely an increase in the variety or quality of goods. In the light of recent contributions on public policy analysis, these theoretical models are analysed within the debate on market structures and the nature of the discovery process. The technological adoption process turns out to be enriched, and competition, traditionally viewed as detrimental, recovers relevancy in the analysis of growth.
    03/2008;
  • Patricia Crifo, Hind Sami
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    ABSTRACT: The theory presented in this paper models a dynamic interaction between reputation and underwriting pressure in analyst research. We examine how these conflicting incentives affect the analysts' forecasts strategy and how investment banks may design compensation contracts that induce their analysts to perform the conflicting tasks. First, we show that the bank will propose a full incentives contract - one that offers performance-based incentives for both tasks - when reputation is above a threshold level and a partial incentives contract - one that offers performance-based incentives for providing forecast quality and standard-based incentives for generating trading volume - otherwise. The model also shed light about how the "reputation effect" and the "underwriting pressure effect" interact in determining research quality. We thus show that under the full performance-based contract, first period research effort is lower than under the partial performance-based contract. This translates into a higher first period research effort for analysts working in lower status banks compared to those working at high status banks. Our results corroborate previous evidence suggesting that analysts are subject to investment banking and brokerage pressure thereby affecting their forecasts accuracy.
    03/2008;
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    ABSTRACT: Les changements organisationnels reposant sur la polyvalence et les TIC qui se sont diffusés dans la plupart des pays de l'OCDE depuis les années 1990 ont de fortes conséquences sur les conditions de travail. Les données disponibles montrent, parallèlement à l'émergence de nouvelles formes organisationnelles fondées sur la polyvalence, une augmentation de la main d'oeuvre employée dans les postes managériaux et une augmentaion des besoins en qualification. Cet article propose un modèle théorique analysant l'allocation optimale du nombre de tâches par individu lorsque le passage à une organisation fondée sur la polyvalence accroît les coûts de coordination entre les individus et les tâches. Les entreprises peuvent réduire ces coûts de coordination en affectant plus de salariés à la gestion des ressources humaines. Le capital humain est accumulé de manière endogène par les travailleurs. Le modèle reproduit assez bien les régularités observées dans les données. En particulier, des accélérations technologiques endogènes tendent à accroître à la fois le nombre de tâches tréalisées et les besoins en qualification, tout en augmentant la part de la main d' qui se consacre à la gestion des ressources humaines.
    02/2008;
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    Raouf Boucekkine, Patricia Crifo
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    ABSTRACT: This paper provides theoretical foundations to the contemporaneous increase in computer usage, human capital, and multitasking observed in many OECD countries during the 1990s. The links among work organization, technology, and human capital is modelled by establishing the conditions under which firms allocate the workers' time among several productive tasks. Organizational change is then analyzed in a dynamic perspective as the transition from specialization toward multitasking emphasizing its technological and educational determinants. We show that large enough can trigger a transition from specialization to multitasking, and this transition obviously should be accompanied by gradual increases in human capital.
    Macroeconomic Dynamics 02/2008; 12(03):320-344. · 0.45 Impact Factor
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    ABSTRACT: Innovative workplace practices based on multi-tasking and ICT that have been diffusing in most OECD countries since the 1990s have strong consequences on working conditions. Available data show together with the emergence of new organizational forms like multi-tasking, the increase in the proportion of workers employed in managerial occupation and the increase in skill requirements. This paper proposes a theoretical model to analyze the coordination costs between workers and between tasks. Firms can reduce coordination costs by assigning more workers to human resources management. Human capital is endogenously accumulated by workers. The model reproduces pretty well the regularities observed in the data. In particular, exogenous technological accelerations tend to increase both the number of tasks performerd and the skill requirements, and to raise the fraction of workers devoted to management.
    01/2008;
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    Patricia Crifo, Hind Sami
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    ABSTRACT: This paper proposes a model of entrepreneurial turnover highlighting a non-monotone relationship between technological change and ability-biased sorting into entrepreneurial types. Entrepreneurial decisions are examined in a two-stage model under uncertainty in which entrepreneurs decide to abandon a project and start a new venture depending on technological change and on ability. We show that technological change affects the quality distribution of entrepreneurship by increasing the ex-ante number of entrepreneurs undertaking the most efficient projects and decreasing the post-entry number of entrepreneurs of low-quality firms who choose to continue their initial business. A higher rate of technological change is therefore likely to induce a cleansing effect on entrepreneurial activity and to alter the market perception of business creation.
    Economic Modelling. 01/2008;
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    Patricia Crifo
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    ABSTRACT: This article contributes to the debate on skill-biased technical change by studying the dynamics of skill supply and wage inequality in an endogenous growth model with ability-biased technical progress. Due to a discouragement effect, rising within groups inequality reduces incentives to become educated for ordinary-ability workers. This mechanism generates a non-monotonic relationship between the growth rate and skill supply driving wage inequality upward during periods of accelerating technical change. This theoretical explanation is consistent with the apparent ambiguous relationship between the relative skill supply and inequality in the last decades in several OECD countries.
    Labour Economics. 01/2008;
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    Patricia Crifo, Hind Sami
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    ABSTRACT: Cet article propose un modèle de choix entrepeneurial mettant en évidence une relation non monotone entre le progrès technique et la sélection des entrepreneurs sur leurs capacités individuelles. Les choix de création d'entreprises sont examinés dans un modèle à deux périodes avec incertitude dans lequel les entrepreneurs décident de continuer ou abandonner leur projet en fonction de l'environnement technologique et de leurs compétences. On analyse comment le progrès technique modifie l'avantage comparatif des entrepreneurs et la dynamique de création d'entreprises dans l'économie. Au-delà d'un seuil de progrès technique, un taux de progrès technologique rapide accroît l'efficacité des projets créés et réduit le nombre d'entrepreneurs qui choisissent de poursuivre, dans l'étape de développement, les projets les moins efficaces. Un progrès technique endogène, fondé sur un mécanisme d'apprentissage par la pratique, renforce ce résultat. Le progrès technique a tendance à exercer un effet "apurant" sur l'activité entrepreneuriale et modifie la perception du marché vis-à-vis de la création d'entreprises.
    02/2006;
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    Patricia Crifo, Marc-Arthur Diaye
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    ABSTRACT: Cet article développe un modèle principal-agent pour analyser la composition optimale des politiques de rémunérations en présence d'incitations monétaires et non monétaires. On caractérise les bénéfices non monétaires comme des symboles pour capturer un ensemble large de compensations non monétaires telles que les avantages en natures, le statut, l'identité ou même les sanctions. Nous montrons que lorsque les préférence des agents sont de connaissance commune les incitaions non monétaires sont toujours plus efficaces que les incitations monétaires. Nous caractérisons également la compostion optimale du schéma de rémunération lorsque le principal ne connaît qu'imparfaitement les préférences des agents. En particulier, nous montrons que des avantages en nature fixes combinés à un salaire variable sont plus rentables pour le principal dans ce contexte.
    02/2005;
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    Raouf Boucekkine, Patricia Crifo
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    ABSTRACT: Cet article fournit des fondements théoriques à l'augmentation simultanée de la polyvalence, le capital humain et l'usage de l'informatique dans de nombreux pays de l'OCDE dans les années 1990. les liens entre organisation du travail, technologie et capital humain sont modélisés en établissant les conditions sous lesquelles les firmes allouent le temps de travail des travailleurs entre plusieurs tâches productives. Le changment organisationnel est ensuite analysé dans une perspective dynamique comme la transition de la spécialsiation à la polyvalence en mettant l'accent sur ses déterminants technologiques et éducatifs.
    02/2005;

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