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138
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652
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Introduction
Even retired, my research interest focused on finance and common resources management, with a particular specialisation in the specific organisations known as “cooperatives” and their governance. I was also interested in the issue of economic coordination and collective action and in socially responsible Economy. Some of my papers can be consulted online on http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1633 or at www.paranque.fr
Additional affiliations
September 2014 - September 2017
September 2013 - November 2015
September 2013 - October 2017
Position
- Research coordinator "Economics and Finance Reconsidered - Emerging Countries"
Publications
Publications (138)
This article aims to understand whether Green Bonds (GBs) can be considered an ethical action with a measurable impact, creating ethical and sustainable value beyond economic and financial value. To this end, we attempt to define an ethico-economic framework to understand whether GBs fit into the objectives of action, sociability, humanitarianism,...
Ce travail s'inscrit dans la poursuite des réflexions critiques engagées sur le paradigme qui définit le rendement financier tel qu'il est utilisé par la profession et théorisé par la communauté académique. Si on veut aller au-delà des constats pour contribuer à la construction de solutions d'émancipation, d'autres questions sont cruciales : qu'est...
This article stems from the contradictions that may be observed between the current demand for sustainability and the current functioning of our financial system. Beginning with a discussion of the epistemological assumptions underlying financial theory, it seeks to reveal the ways in which it may be viewed as an Ideology supporting the financializ...
With the development of intangibles, the issue of value capture has become of paramount importance, especially for firms that have a community of users gathered around their brand. While the notion of utilizing communities may be appealing, transforming the relationship between firms and communities into profit for the firm is less obvious. The dua...
We use an ideal-type approach to analyse ‘interstices’ in which emancipation could appear. The question is how use value can escape from the domination of exchange value, and how could we promote another kind of private property freed from capital. In particular we critique the assimilation of the firm to the company. We refer to the research based...
This article aims to understand whether Green Bonds (GBs) can be considered an ethical action with a measurable impact, creating ethical and sustainable value beyond economic and financial value. To this end, we attempt to define an ethico-economic framework to understand whether GBs fit into the objectives of action, sociability, humanitarianism,...
This paper is based on the observation that there is a contradiction between the current demands for sustainability and the way the financial system works. Beginning with a discussion of the epistemological assumptions underlying financial theory, it seeks to show how it may be viewed as an Ideology for the financialization of economies and societi...
We use an ideal-type approach to analyse « interstices » in which emancipation could appear. The question is how use value can escape from the domination of exchange value, and how could we promote another kind of private property freed from capital. In particular, we critic the assimilation of the enterprise to the company. We refer to the researc...
PurposeFrom a perspective of ‘critical performativity’, John Lewis is of special interest since it is celebrated as a successful organization and heralded as an alternative to more typical forms of capitalist enterprise.
Methodology/approachOur analysis uses secondary empirical material (e.g. JLP documents in the public domain, histories of John Le...
PurposeThis chapter reconsiders commonly held views on the ownership and management of private property, contrasting capitalist and simple property, particularly in relation to how a firm shareholder governance model has shaped society. This consideration is motivated by the scale and scope of the modern global crisis, which has combined financial,...
PurposeThe aim of the chapter is to focus on the connections between three types of actors who build the new world of brands – consumers, marketers, and financier – by focusing on the co-creation of value between the brand community and the company owning the brand.
Methodology/approachThe chapter use three case vignettes to highlight the dual proc...
We live in a world where money is the medium underpinning the circulation of goods and services. Without money it is impossible, if not to survive, then at least to have access to basic products, including cultural or educational ones. However, we need to remember that the means of circulating goods and services that we are familiar with, mainly �...
PurposeThe objective of this chapter is twofold. It first explores the complementarities of Islamic investment with Socially Responsible Investment. Secondly, it examines the financial price, for investors, of being both shariah-compliant and socially responsible.
Methodology/approachUsing a value-weighted approach, we experiment the construction o...
PurposeIn a period of moral and economic crisis all the alternative solutions to finance economic activities are interesting to study, specifically those embedded in solidarity practices. The nature of the ties (bonding ties, linking ties or bridging ties) and solidarities (institutional solidarity, formal or informal solidarity, intergenerational...
This volume argues the need for a radical break with the methodological individualism that dominates economics, management and finance, asking 'How should we (re)define the concept of value?' and serving as a stepping stone for the rethinking of academic finance.
Une approche 'idéaltypique' est proposée pour analyser les 'interstices' au travers desquels une possible émancipation de la valeur d'usage de la domination de la mise en valeur du capital. Cela est fait en critiquant la conception courante et dominante de la propriété privée ainsi que de la réduction de l'entreprise à la seule société de capitaux,...
We use an ideal‐type approach to analyse 'interstices' in which emancipation could appear. The question is how use value can escape from the domination of exchange value, and how could we promote another kind of private property freed from capital. In particular we critique the assimilation of the enterprise to the company. We refer to the research...
Purpose – Drawing on family-business and business model (BM) literature the purpose of this paper
is to explore whether a relationship exists between the family involvement in the management
(i.e. closed or mixed management) and BM choice.
Design/methodology/approach – A multiple case study analysis of family-owned wineries in
Chianti (Italy) and C...
Purpose
– The purpose of this paper is to explore brand transformation and the value slippage that can ensue.
Design/methodology/approach
– This is a conceptual paper drawing upon a solid bibliographic base; its intended contribution is to create a linkage among constructs. It mobilizes a socio-economic framework which enables the multiple transfo...
This article aims to highlight the need for a radical break with the methodological individualism that dominates the fields of economics and management, especially finance. It advocates the need to try to understand the issues and methods that are required to coordinate economic action in order to meet social needs.The article questions methodologi...
L’idée qui a amené la publication de cet ouvrage est celle de la soutenabilité de notre développement en lien avec l’absence de réflexion critique sur le paradigme soutenant le modèle théorique fondant les politiques sociale et économique engagées. La difficulté à critiquer ce modèle est qu’il semble aller de soi tant sa naturalisation a été forte...
Nous vivons dans un monde où la monnaie est le support de la circulation des biens et des services. Sans monnaie il est impossible si ce n'est de survivre du moins d'accéder aux produits de base, y compris culturels ou éducatifs. Gaël Giraud propose dans cette perspective d'analyser la finance à partir de deux fonctions de celle‐ci, la liquidité et...
Nous souhaitons proposer une réflexion sur le dépassement de la forme de propriété libérale qui oppose le travailleur libre à la maîtrise privée des moyens de production nécessaires à sa subsistance. Le dépassement des formes de propriétés privées est peu débattu sans doute parce que les expériences se sont réduites à des formes étatiques, certaine...
We live in a world where money is the medium underpinning the circulation of goods and services. Without money it is impossible if not to survive at least to have access to basic products, including cultural or educational ones. From this perspective, Gaël Giraud proposes to analyse finance based on two of its functions ‐ liquidity and credit. Fina...
The structures of ownership and governance at John Lewis, a major UK employee-owned retailer, have been commended by those who wish to recuperate capitalism and by those who seek to transform it. From a perspective of critical performativity', John Lewis is of special interest since it is celebrated as a successful organization and heralded as an a...
Le monde traverse une crise sans précédent qui mêle finance, économie, social et culture. Si nous ne voulons pas être rejetés de ce monde, il faut alors questionner l’utopie fondatrice de nos sociétés modernes. Cette utopie a fondé la reconnaissance de la liberté individuelle. Mais l’idéologie du monde qu’elle a accouché, a borné l’exercice de cett...
L'organisation sociopolitique des villages kabyles : une gouvernance spécifique des ressources naturelles, Notes de Recherche n°14-+++, IREGE, Université de Savoie. 1 L'organisation socio-politique des villages kabyles : une gouvernance spécifique des ressources naturelles Socio-political organization of the Kabyl villages : a specific common pool...
Purpose
– The purpose of this paper is to reconsider commonly held views on the ownership and management of private property, contrasting capitalist and simple property, particularly as it relates to the impact of the firm shareholder governance model on the shape of society.
Design/methodology/approach
– The author contrasts an exchange value sta...
The paper examines the cooperative ownership and governance structures of John Lewis, a major UK employee-owned retailer, to explore whether they are a model of `responsible capitalism’ or a departure from it. From a perspective of `critical performativity’, John Lewis is of special interest as it is celebrated as a successful organization that is...
This article reconsiders commonly held views on the ownership and management of private property, contrasting capitalist and simple property, particularly in relation to how a firm shareholder governance model has shaped society. By contrasting an exchange value standpoint with a use value perspective, this article explicates current conditions in...
Français Résumé: En Kabylie l’ "art de l’association" est l’expression de la territorialité. Dans le village, unité de base territoriale et politique qui unit les citoyens, des liens horizontaux unissent les habitants qui adhérent à un même système de représentation et sont fiers de leur identité. Aujourd’hui encore, c’est la persistance de d’une o...
Private property and collective action: cooperation as a mean to reappropriate the world
This paper reconsiders commonly held views on the ownership and management of private property, contrasting capitalist and simple property, particularly as it relates to the impact of the firm shareholder governance model on the shape of society. I contrast an...
In light of the current financial and economic crisis, the question we are asking is how ethics can be restored to the heart of society and finance put back in its place. In other words, what legitimacy does the creation of shareholder value have in defining and attaining social welfare? Our hypothesis is that the subject should be reversed. Rather...
La mondialisation est au cœur des débats politiques et, plus particulièrement, des débats de politiques économiques. Simultanément, le développement des échanges est fortement contesté alors même que les besoins de coopérations n’ont jamais été aussi fort (Techniques Financières et Développement, 2002). Ces besoins sont autant liés à la demande de...
Lanalyse des modes de financement des entreprises allemandes et françaises a été menée dans le cadre dun projet détude commun auquel ont participé des économistes de la Banque de France et de la Banque fédérale dAllemagne. Cette étude comporte une analyse descriptive des structures de financement au passif et des composantes de lactif ainsi qu...
La propriété privée capitaliste s’oppose à la propriété privée personnelle en tant qu’elle sépare le travailleur des moyens de production en cherchant, par l’accumulation, non l’amélioration du rapport à la nature, mais la valeur pour la valeur. Penser l’entreprise hors la société/firme s’impose pour s’interroger sur les fins et les moyens de l’act...
Purpose: This is a conceptual paper drawing upon a solid bibliographic base; its intended contribution is to create a linkage among constructs. Its aim is to depict the entity of ‘value capture’ and its relationship with ‘value co-creation’ and ‘brand community’. Design/Methodology/Approach: The key question is: how can the firm prevent the potenti...
What people do with brands has always been considered a source of value for them. Nonetheless, during the last decade, this phenomenon has been accelerated by the rising power of consumer communities, backed by the development of the internet and social media. It has been shown today that the success of a brand increasingly relies on the existence...
Capitalist private property opposes "personal" private property insofar as it separates the worker from actual production means by seeking, through accumulation, to improve value for value and not the relation with nature. It is necessary to think of enterprise outside of the company context when reflecting upon the end purpose and means of collect...
Grâce a une enquete originale realisee aupres d’etudiants algeriens, cet article analyse les transformations de la cellule familiale algerienne et, au travers de ses differentes dimensions, l’evolution de la solidarite intergenerationnelle mise en œuvre dans les familles. Nos resultats montrent que si la cellule familiale connait des transformation...
Increasing consumer power, accelerated by the meteoric rise of social media, threatens the foundations of branding. In the wake of this affirmation featured within the Journal of Brand Management Call for Papers, the question we ask ourselves is twofold: On the one hand, how can interactions between a brand and its most enthusiastic consumers be tr...
RESUME: Dans quelles conditions l’exercice de la citoyenneté au sein de l’entreprise peut elle s’exercer ? Est‐ce que les coopératives, et plus précisément les SCOP (sociétés coopératives et participatives), seraient des formes d’organisations dépassées, expression de la survivance des corporations et de formes datées d’associations de producteurs...
This paper reconsiders commonly held views on the ownership and management of private property, contrasting capitalist and simple property, particularly as it relates to the impact of the firm shareholder governance model on the shape of society. I contrast an exchange value standpoint with a use value perspective to explicate current conditions un...
Le monde traverse une crise sans précédent qui mêle finance, économie, social et culture. Si nous ne voulons pas être rejetés de ce monde, il faut alors questionner l’utopie fondatrice de nos sociétés modernes. Cette utopie a fondé la reconnaissance de la liberté individuelle. Mais l’idéologie du monde qu’elle a accouché, a borné l’exercice de cett...
End of the reign of exchange value ?
This paper reconsiders commonly held views on consumption, contrasting capitalist and simple property, particularly as it relates to the impact of the firm shareholder governance model on the shape of society. I contrast an exchange value standpoint with a use value perspective to explicate current conditions un...
Socio-political organization of the Kabyl villages : a specific common pool resources governance
In Kabylie “art of association” is an expression of territoriality. In the village, territorial and political unit that unites citizens, horizontal links unite the people who adhere to the same system of representation and are proud of their identity. S...
Purpose
This paper aims to highlight a typology of small firms which, beyond the criteria of size or industrial field, makes it possible to distinguish the quality of firms according to their internal organisation and the type of market on which they act with the objective of reducing the capital gap and credit rationing.
Design/methodology/approa...
Liberalism was born as a utopia against monarchy and religion; it became the ideology of capitalism. This essay sets out that Marx's thought is above all a criticism of capitalism, and therefore it also represents the utopia corresponding to capitalism, described as a "communist" utopia, the main thrust of which relates to social relations within c...
Le libéralisme est né comme une utopie au sens de Ricœur. De ce fait, utopie de la monarchie absolue, il est devenu l’idéologie du capitalisme. La pensée de Marx est avant tout une critique du capitalisme dont l’essentiel du propos porte sur les rapports sociaux au sein du capitalisme. Son analyse prolonge la pensée libérale en qui concerne la libe...
Compared to equity-based companies, the challenge posed by partnerships resides in the nature of the undertakings given by their partners and owners, which may be backed by all their personal wealth. Although financial performance is rarely questioned, even if it is debatable, the concept of, “social performance,” remains to be defined, and gives r...
This article aims to demonstrate the need for a radical break with the methodological individualism that dominates the fields of economics and management, and especially finance. It advocates the need to try to understand the issues, and the methods that are required to coordinate economic action in order to meet social needs. This coordination is...
Today, brand communities constitute an externality that brand valuation methods like the Interbrand Global Rankings try to account for. By incorporating this externality, such methods build a bridge between two worlds that are totally foreign to one another: the world of investors; and the world of consumers/fans. Through a case study, we show that...
The management sciences are largely based on the figure of an economic agent who seeks to maximise his or her own individual interests, in the same way as the celebrated homo economicus. The whole corpus of finance relies on this fundamental hypothesis. However, developments in this field, as well as in the neighbouring field of marketing, in the l...
Abstract :
The paper questions methodological individualism and the dominant role of shareholders. Is it possible to promote social welfare simply considering it as a result of shareholders value maximization point of view? If not, this implies fully understanding the challenges we face but also being innovative in how we coordinate the actions nec...
The management sciences are largely based on the figure of an economic agent who seeks to maximise his or her own individual interests, in the same way as the celebrated homo economicus. The whole corpus of finance relies on this fundamental hypothesis. However, developments in this field, as well as in the neighbouring field of marketing, in the l...
Management science is based on the idea of an economic agent who seeks to maximise his personal interest, i.e. the so-called homo economicus. The bodies of academic literature of finance and marketing rely mainly on this fundamental hypothesis. However, recent developments during the last decade in these two domains such as in other management doma...
L'espace Euro-Méditerranéen est une véritable opportunité pour trouver les solutions novatrices appelées par les défis qu'il nous adresse : gestion des ressources naturelles, résolution des conflits, aspiration au développement, croissance... Cet essai s'attache à comprendre les enjeux, les modes de coordination de l'action économique nécessaires p...
This text aims at highlighting a typology of small firms which, beyond those resting upon size or industry, allows to distinguish the firms according to their internal organization and the type of market on which they act. We will thus try to arrange the population of SMEs which is still often considered as an homogenous subset of the national prod...
Cet ouvrage vise à revisiter l'espace euro-méditerranéen à travers une analyse pluridisciplinaire qui invite à le penser moins comme un espace géographique, que comme un espace de sens. Ce choix méthodologique est le dénominateur commun aux différentes contributions réunies qui proposent une nouvelle conception de l'action économique incorporant d'...
Currently, Accounting and Finance is the only Social Science Citations Index accounting journal in the academic writing of Australia and New Zealand (SSCI, 2006) but its contribution to stand alone environmental accounting research output, for the period 2000-2005, amounts to one journal article. Whilst Keef and Rouf's (2005) narrowly constructed c...
In this paper, an empirical study is carried out in order to identify the corporate financial patterns of non-financial firms in seven Continental European countries for the period 1991-2001. We depart from the usual binary distinction between market-based and bank-based systems and propose an original theoretical framework in order to explain dive...
La double nécessité à laquelle se trouve confrontée la puissance publique - dynamisation de la croissance au moyen de l'aide aux entreprises et renforcement des règles prudentielles transnationales - invite à se demander dans quelle mesure les divergences résultant de la mise en application simultanée de critères de sélection opposés peuvent être a...
This study examined various types of corporate financial behaviour during the period from 1990 to 1993 and their relationship to certain factors, in particular company size. It identified the different determinants of corporate financial structure and assessed their respective importance according to the size of the company. The data analysis highl...
A Catastrophe Theory Model modified for the explanation of the evolution/revolution of behavior in the securities market can be classified in the realm of behavioral finance. (See Thaler, 1993; Statman, 1998 and Pruden, 1989). An early model of the Cusp Catastrophe Model modified to explain speculative crashes appeared in Zeeman (1976, 1977). Later...
The behavioral finance model for structuring the data of the experiment was the Cusp Catastrophe Model of non-linear behavior. The nominal model, based upon the data exposed by the positive model, was a group of four technical market analysis principles and one mental discipline/trading strategy discipline. This article, the Part B article of the s...
Ce rapport vise à fonder et mesurer la notion de surcoût dans les DOM qui, comme le rappelle le cahier des charges, "constitue une caractéristique reconnue au plan juridique pour les activités exercées dans les régions ultra périphériques à laquelle il apparaît désormais nécessaire de conférer une base économique au caractère incontestable.". De ma...
An important literature has pointed out the coordination problems faced by the agents, in particular the financial one when they have to manage risk and their portfolio. If we follow Kaldor and its definition of speculation, then we could point out that in this case agents are short term oriented because they have to face to an uncertain reality: u...
I modify the uniform-price auction rules in allowing the seller to ration bidders. This allows me to provide a strategic foundation for underpricing when the seller has an interest in ownership dispersion. Moreover, many of the so-called "collusive-seeming" equilibria disappear.
Ce rapport vise à fonder et mesurer la notion de surcoût dans les DOM qui, comme le rappelle le cahier des charges, "constitue une caractéristique reconnue au plan juridique pour les activités exercées dans les régions ultra périphériques à laquelle il apparaît désormais nécessaire de conférer une base économique au caractère incontestable.". De ma...
Have the national financial systems converged in Europe in the 1990s? To answer to this issue, we carry out an empirical study based on the observation of the corporate financial patterns of non-financial firms in seven continental European countries. We depart from the usual binary distinction between market-based and bank-based system and propose...
Dans un article d’octobre 2001, Jensen souligne les limites opérationnelles de la théorie de la maximisation de la valeur et de la théorie des parties prenantes (Stakeholder theory). La complémentarité entre ces théories vient de l’affirmation que le bien être collectif n’est atteint que si « toutes les valeurs » portées par chaque partie prenante...
During the last years, the goodwill of the non financial companies has increased before to move back. The efficiency of financial market has been contested because of the gap between the increase of the goodwill and the lack of value for shareholders. At the same time, the international insolvency rules produces many questions about the sustainabil...
In an article published in October 2001, Jensen highlights the operational limitations of the prevailing interpretation/use made of value maximisation and the stakeholder theory. Without it being explicitly stated, it seems that the recent financial scandals may have a bearing on the desire to explain the operating conditions proposed by these two...
This Article builds on a previous study on corporate financing regimes and refers to the economics of conventions. The issues at stake are not clearly identifiable because many of the factors involved are not explicitly stated, but rather implied. There is, however, an indirect approach based on what might be considered as the result of the combina...
Le présent article se situe dans le prolongement d’un précédent travail exploratoire sur les régimes de financement et se réfère à l’économie des conventions. Cette problématique ne se prête que difficilement à l’observation dans la mesure où nombre des modalités y concourrant sont de l’ordre du non-dit, de l’implicite. Il existe toutefois une déma...
Dans un article d’octobre 2001, Jensen souligne les limites opérationnelles de la théorie de la maximisation de la valeur et de la théorie des parties prenantes (Stakeholder theory). La complémentarité entre ces théories vient de l’affirmation que le bien être collectif n’est atteint que si « toutes les valeurs » portées par chaque partie prenante...
This paper aims at showing how the state may be an example in evaluation firms' quality. We develop this idea referring to a concrete experimental tool developed by the French Small Business Administration.
La fin des années 90 et le début des années 2000 ont été marqués par de fortes progression des goodwill des entreprises non financières débouchant sur un brutal retournement. Nombreux sont ceux qui ont alors mis en cause les marchés financiers, en particulier les grandes firmes et leurs stratégie, en s’interrogeant sur la soutenabilité de ce type d...
This paper is about what is called usually SME (Small and medium-sized entreprises, thus including the very small companies). But it raises in preamble the question of the relevance, from an economic point of view, of this statistical category, defined, for example, like the companies employing less than 500 workers by the french statistical insitu...
Comment offrir à aux entreprises, en particulier les petites, une évaluation individualisée de leur qualité, leur permettant, d’une part, de mieux gérer leurs projets et leur développement et, d’autre part, de signaler leur qualité aux tiers, dont les banques. Le problème généralement rencontré par ces firmes et contre lequel tentent de lutter la p...
Il est courant de comparer les PME aux grandes entreprises . Mais, est-ce qu’une opposition selon la seule taille est pertinente (Belletante, Levratto, Paranque, 2001) ? Plus précisément, ne doit-on pas d’abord analyser les entreprises du point de vue de leur logique de développement ? L’arbre de la taille ne cache-t-il pas la forêt de la spécifici...
