Marc-Arthur Diaye

• PhD Economics, University Paris 1 Pantheon-Sorbonn
• Professor (Full) at Paris 1 Panthéon-Sorbonne University

Purpose In this article the authors examine how corporate social responsibility (CSR) affects the wage policy of firms. At the first glance, one may think that socially responsible firms want to attract employees via ethical concerns and corporate culture, thereby inducing a negative link between CSR and wages. On the other side, socially responsib...

How important a good ESG performance is for GDP per capita? In this paper we examine the economic effect of environmental, social and governance (ESG) performance in 29 OECD countries over the 1996–2014 period, using panel cointegration techniques. The application of cointegration methodology allows distinguishing between long run and short run eff...

Cet article étudie empiriquement les déterminants du provisionnement des prêts accordés par les banques multilatérales de développement (BMDs), qui financent les économies en développement en levant des fonds sur les marchés financiers. Cette étude vise à expliquer leurs choix comptables, dans le contexte du référentiel IFRS, par des théories concu...

Until recently, little attention has been paid to the consequences of Hume’s theory of action for intertemporal decision. Yet in view of the recurring discussion concerning situations of conflicting choice between a close and aremote objective, which run from Book 2 of the "Treatise", to the second "Enquiry", to the "Dissertation", intertemporal de...

This paper analyses the role of informal help at the workplace and identifies its determinants and outcomes. With an agency model, a multidisciplinary framework is proposed to understand how the "managerial" logic that shapes formal communication combines with the social logic underlying informal help in the context of organizational changes. With...

Performance appraisals are among the most widely used managerial practices. Its effects on economic variables like wage and productivity have been investigated in the literature. In this paper, we use a French matched employer-employee data (French Working Conditions Survey 2013), in order to assess the effect of performance appraisals on employees...

This paper examines the determinants of loan loss provisioning by multilateral development banks (MDBs). These entities provide financing for developing countries by raising funds on the capital markets. The objective of the paper is to explain the motivation of MDBs’ management in the choice of their financial reporting methods in the context of I...

Le secteur des services à la personne en France se caractérise principalement par des emplois à temps partiel (souvent « subi », même lorsqu’ils sont proposés sous un contrat à durée indéterminée), des contrats temporaires et la multi-activité (plusieurs emplois pour un même employeur ou plusieurs employeurs d’un même salarié). La situation de ces...

We study whether and how a country's environmental, social, and governance (ESG) performance relates to its sovereign borrowing costs in international capital markets. We hypothesize that good ESG performance plays an economic role: It signals a country's commitment to sustainability and long-term orientation and is a buffer against negative shocks...

This article aims to identify and analyse the internal determinants of the financial and social performance of microfinance institutions (MFI) in Ivory Coast. For this purpose, we have collected a database of twenty-two Ivorian MFI with financial data covering the period 2011-2014. Our results show that MFI with the status of "public limited compan...

It is known that the distribution of an integrable random vector ξ in Rd is uniquely determined by a (d+1)-dimensional convex body called the lift zonoid of ξ. This concept is generalised to define the lift expectation of random convex bodies. However, the unique identification property of distributions is lost; it is shown that the lift expectatio...

It is known that the distribution of an integrable random vector $\xi$ in $\mathbb{R}^d$ is uniquely determined by a $(d+1)$-dimensional convex body called the lift zonoid of $\xi$. This concept is generalised to define the lift expectation of random convex bodies. However, the unique identification property of distributions is lost; it is shown th...

We examine whether the extra-financial performance of countries on environmental, social and governance (ESG) factors matters for sovereign bonds markets. Using a panel regression model over a data set with 23 OECD countries from 2007 to 2012, we show that ESG ratings significantly decrease government bond spreads.

Cet article propose, à partir de l’enquête Changements Organisationnels et Informatisation 2006, une évaluation non paramétrique de l’impact des changements organisationnels ou technologiques sur les risques psychosociaux des salariés. La nature couplée de cette enquête permet de mesurer les changements au niveau salarié et entreprise. Les risques...

Do Organisational Changes Increase Psychosocial Risks ? Lessons from a French Matched Employer-Employee Survey. Psychosocial risks have been identified as one of the major challenges for occupational health in France in recent years. Based on the 2006 French Organisational Changes and Computerization survey (COI), we use a propensity score matching...

The recent literature about tax compliance has highlighted the role of the market structure and of the exogenous or endogenous character of the detection probability. In the paper, we analyze the demand of undeclared labor by legally registered firms who compete in a Cournot oligopoly structure and whose probability of detection using undeclared wo...

The considerable attention given to corporate social responsibility (CSR) could be explained by the fact that CSR has become an essential tool for a firm’s success. Corporate social responsibility refers to socially and environmentally friendly actions not only required by law, but going beyond compliance, privately providing public goods or volunt...

Performance appraisals have become a widespread practice in OECD member countries. However, whereas the problem of constructing an optimal contract with subjective evaluation receives a lot of attention, firm level performance appraisals are strikingly left outside of economic theory. The purpose of this paper is threefold: first, to theoretically...

ISO 14001 is one the main environmental standards used by firms. In the last few years, the number of ISO14001 certifications has grown fastly in all countries. We examine in this paper, for European countries, the determinants of the coverage rate of the ISO 14001 standard (defined as the number of ISO 14001 certifications per Gross Domestic Produ...

We apply random sets theory to decision making under risk. This leads to a unifying concept which is compatible with some types of behavior like the Choquet Expected Utility and MaxMin Expected Utility. We show that the “expected utility” of a random set lottery is easy to calculate. Hence a decision making model with random sets is actually very t...

This article examines whether the extra-fi nancial performance of countries on environmental, social and governance (ESG) factors matter for sovereign bonds markets. We propose an econometric analysis of the relationship between ESG performances and government bond spreads of 23 OECD countries over the 2007-2012 period. Our results reveal that ESG...

Garicano’s model has become one of the main models dealing with the analysis of the structure of information within organizations. It is used in many fields such as labor economics, international economics and strategic management. However, few papers have attempted to test the predictions of this model at the microeconomic level. In this paper we...

The objective of this paper is to provide an empirical evidence for whether the hierarchical position (determined by firm’s quality strength) of different types of quality supply chain categories implies the same hierarchy in terms of economic gains. Using data collected in France through a survey, we distinguish between four types of quality suppl...

Several articles report a positive effect of financial participation (profit sharing (PS) and employee share ownership) on firms' economic performance. This increase can be obtained in two main ways: by increasing the effort (extrinsic, intrinsic or commitment) of workers, directly or indirectly through worker selection; or by transferring more ris...

This paper explores the consequences of cognitive dissonance, coupled with time-inconsistent preferences, in an intertemporal decision problem with two distinct goals: acting decisively on early information (vision) and adjusting flexibly to late information (flexibility). The decision maker considered here is capable of manipulating information to...

Within classical epistemic logic it is easy to see that unawareness, which implies unawareness of itself is precluded. A generalized state space in con-nection with non-classical logic for representing non-trivial unawareness has been introduced by Heifetz, Meier and Schipper [HMS 2006] (HMS). Their approach, however, is capable of representing onl...

This paper contributes to the discussion of the compatibility of consumers' behavior in "real" life with GARP. Within expenditure panel data we observe a relatively low rate of violation (240 out of 3630 households). We show that these violations do not imply an "irrational" behavior of the agents, but can be attributed to a change in the agents' c...

We consider preferences as fulfillment of conditional desires, which can be either positive or negative, or both. We go beyond the standard multi-attributive additive utility theory in the sense that we separate the data given by the preference relation over an unstructured space from the property structure representing (conditional) attributes or...

Most papers using experimental data find that a significant number of agents are not utility function maximizers. Using three experimental data sets, we provide empirical evidence that these violations of utility function maximizing behavior are simply generated by a violation of the preference transitivity axiom. Moreover, we find that 97% of the...

This paper contributes to the discussion of the compatibility of consumers' behavior in "real" life with GARP. Within expenditure panel data we observe a relatively low rate of violation (240 out of 3630 households). We show that these violations do not imply an "irrational" behavior of the agents, but can be attributed to a change in the agents' c...

In this paper we present the state of ISO 9001 certification in Montenegro. Our research will give results of number of certification comparing with citizen number and Gross Domestic Product (GDP). Furthermore, we will compare them with certain coun tries in region to estimate approximately number of certifications in the moment of becoming EU memb...

The purpose of this paper is twofold. We first point out that violation of rationality axioms (SARP, GARP, WARP) do not necessarily lead to a non-rational behavior. Second, our tests of axioms SARP, GARP and WARP over a Polish panel data (1987-90) show that over the 3630 households only 240 violate the three axioms. However these 240 violations are...

The objective of this article is to provide an empirical evidence that supports the claim of ISO certification as a Club Good. To this purpose, we use two French cross sectional surveys called the "Enquête Annuelle d'Entreprises" (EAE 1997) and the "Changement Organisationnel et Informatisation" (COI 1997) and we show that there is a positive relat...

Coordination through communication is not restricte d to the members of an official team. Indeed, diffe rent teams can coordinate themselves and different emplo yees working officially independently can interact for productive reasons. In order to catch the relationa l dimension of work organisation beyond the usual c oncept of team, the work socio...

This paper examines how organisational changes and ICT adoption affect workers’ wages and wages progression. We use the 1997 French survey on organisational change and ICT use (COI 1997), which is a matched employer/employee survey describing both changes occurring in the life of manufacturing firms between 1994 and 1997, and labour market history...

Individual evaluation interviews have become a widespread practice. 52% of employees in French manufacturing firms over 50 employees declared an annual individual evaluation interview in 1997. However whereas the problem of constructing an optimal contract with subjective evaluation (which is defined simply as a signal in most papers) receives a la...

This paper explores empirically the relationships between the renewal of generations, employment instability of young workers and technological dynamics of firms using the business section of the French survey on organizational changes and computerization ( C.o.i . [1997]) matched with the Dads data file (“Déclarations Annuelles de Données Social...

Individual evaluation interviews have become a widespread practice. 52 % of employees in French manufacturing firms over 50 employees declared an annual individual evaluation interview in 1997. However whereas the problem of constructing an optimal contract with subjective evaluation (which is defined simply as a signal in most papers) receives a l...

We propose in this note a simple non-parametric test of Richter-rationality which is the basic definition of rationality used in choice functions theory. Loosely speaking, the data set is rationalizable in the Richter' sense if there exists a complete-acyclic binary relation that rationalizes the data set. Hence a data set is rationalizable in the...

For the reader who considers economic theory of choice as a special case of a more general theory of action, Hume's discussion of the determinants of action in the Treatise of Human Nature (1739 - 40), in the Enquiry on Human Understanding (1748) and in the Dissertation on Passions (1757) deserves attention. However, according to some modern commen...

Facing R. Sugden's criticism of our interpretation, it is shown in this paper that rationality appears as a possible consequence of Hume's theory of choice. We first argue that Sugden's dismissal of the preference relation from the type of rationality through which Hume's theory is apprehended, is highly disputable, from the point of view of both s...

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...

Cet article propose une théorie des entretiens d’évaluation alternative à celle d’une mesure ex post de la performance lorsque l’autonomie se développe, les salaires restant peu flexibles. Notre modèle d’agence avec travail en équipe met en évidence que de fortes interdépendances horizontales et une technologie super-modulaire ne garantissent pas l...

In this paper, we develop a Principal-Agent model with both mon-etary and non-monetary incentives. We show that the latter are always more efficient, that is Pareto-dominate, monetary incentives. Indeed, we not only show that all what monetary incentives can do, non-monetary incentives can do it as well, we go further and show the possibility for n...

This paper puts forward an alternative evaluation interview theory to the one of an ex post performance measurement when autonomy increases , since wages remain fairly rigid . Our agency model with teamwork shows that strong horizontal interdependence and super-modularity do not ensure coordination to reach Pareto-optimal equilibrium . The cost of...

This article proposes a theory of individual evaluation interviews alternative to ex post performance measures when autonomy diffuses with little wage flexibility. Our agency model with teamwork shows that strong horizontal interdependencies and a supermodular technology do not guarantee coordination towards the Pareto-optimal equilibrium. The cost...

We deal here with the issue of menu-dependent choice set in Sen [1971, 1993, 1994, 1997]. However, we use a different approach to Baigent and Gaertner [1996], Gaertner and Xu [1997, 1999 a, b, c]. Indeed, we assume that choice is menu- dependent because preferences are menu-dependent.

EXPLAINING MENU-DEPENDENT CHOICES BY MENU-DEPENDENT PREFERENCES We deal here with the issue of menu-dependent choice set in Sen [1971,1993, 1994,1997]. However, we use a different approach to Baigent and Gaertner [1996], Gaertner and Xu [1997,1999 a, b, c]. Indeed, we assume that choice is menudependent because preferences are menu-dependent. Class...

The variable intervals model is a generalization of Fishburn's Intervals model. It fully characterizes the complete acyclic relation when the alternatives set is countable. In the uncountable case, a perfect separability condition has to be added.

We examine here the quasi-transitivity axiom which is considered to be a minimal criterion which a rational preference should respect. We check for the consistency of this axiom with the well-known theory if choice function.

We extend an earlier publication on the foundation of preferences by desires to the case of uncertainty. This allows us to derive an additive cardinal representation and elaborate further testing and utility measurement methods. We investigate applications of the theory to preference revision.

We consider preferences as fulfilment of cardinal conditional de-sires, which can be either positive or negative, or both. In contrast to the standard multiattributive approach, we do not presuppose the desires to be preferentially independent, but rather allow for conditional preference reversal. It is only assumed that the desires do not superven...

Coordination through communication is not restricted to the members of an official team. Indeed, different teams can coordinate themselves and different employees working officially independently can interact for productive reasons. In order to catch the relational dimension of work organisation beyond the usual concept of team, the work sociologis...

Performance appraisals (called also subjective eval uation interviews) are widespread in most OECD countries. For instance, in the US over 90% of large organizations employ some performance appraisal system (Murphy and Cleveland, 1991) and over 75% of state agencies require annual performance appraisals (Seldon, Ingr aham and Jacobson, 2001). While...

We analyse in our paper the role of a black labor force detection mechanism on the labor demand by legal firms. However to the con-trary of most papers in the literature, we consider the more realistic hypothesis of an endogeneous probability of detection. We construct a Principal-Multiagents model with an endogeneous probability for the Agents to...

Individual evaluation interviews have become a widespread practice. of em-ployees in French manufacturing firms over 50 employees declared an annual indi-vidual evaluation interview in 1997. However whereas the problem of constructing an optimal contract with subjective evaluation (which is defined simply as a signal in most papers) receives a larg...