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Introduction
Innovation, corporate governance, diversity
Current institution
Additional affiliations
January 2015 - October 2017
September 2010 - January 2016
Publications
Publications (79)
This paper studies non-compliant firms with gender legislation and why some businesses are taking the risk of not binding the gender quotas. It is conducted on firms listed on the SBF120 index, after the introduction of the gender law of Copé and Zimmermann, in 2011. Our findings show that gender diversity on advisory committees, unlike monitoring...
p class="MsoNormal" style="margin-top: 12pt; text-align: justify;"> This study examines the role of the Corporate Social Responsibility Committee (CSRC) in the adoption of strategic Corporate Social Responsibility (CSR) projects that surpass regulatory requirements and basic stakeholder expectations. Our results demonstrate that the establishment o...
Les innovations organisationnelles ou managériales sont des innovations, souvent, affranchies des budgets de « recherche & développement » des organisations. Elles constituent pourtant d’importants leviers de performance pour les entreprises. Elles ont la vertu de stimuler et de développer la capacité d’initiative et de créativité des salariés. Mai...
The aim of this paper is to analyze the effects of Grenelle I and Grenelle II laws on financial performance, social performance, and risk-taking in France. The study is focussed on SBF120 (The SBF120 index consists of the 120 largest capitalizations listed on the French Stock Exchange market (SBF: Société des Bourses Françaises)) firms between 2005...
p class="MsoNormal" style="margin-top: 12pt; line-height: 12pt; text-align: justify;"> This study analyzes how the presence and the composition of nomination committees could influence innovation. Specifically, we focus on the committee size, the frequency of meetings, and the presence of independent and female members. Innovation is measured by (1...
The current paper examines how corporate social responsibility (CSR) through three dimensions (social, environmental and governance) could influence technological and non‐technological innovations. The study is conducted on a longitudinal dataset of firms listed on the SBF120 ¹ index between 2005 and 2016. It shows significant associations between...
Contemporary Research in Accounting, Finance, and Taxation (CRAFT) is an international Research Conference for academics, professionals and market makers.
https://craft-2023.sciencesconf.org/
Deadline June 10, 2023
The conference is organized by The Tunisian Association of Studies on Accounting, Finance and Taxation and its partners the research...
We are pleased to share the call for papers for the second edition of the international conference CRAFT to be held in Tunisia, Hammamet in October 2023
Extended deadline June 10, 2023
https://craft-2023.sciencesconf.org/
In this chapter, we analyze the association between CSR and corporate lobbying. Specifically, we study the impact of CSR and corporate lobbying from an environmental perspective on firm performance in the event of environmental misconduct. We further investigate whether these two policies enhance firms’ performance and give response to the call for...
A growing call for green initiatives made companies implement corporate social responsibility (CSR) into their business activities ethically or strategically to gain legitimacy and present an environmentally responsible public image. In this regard, the problem of greenwashing has emerged even during the pandemic: companies disclose positive commun...
Purpose: The main aim of this paper is to analyse the association between management and technological innovations. Specifically, we determine whether organisational innovations influence technological ones or vice versa.
Design/approach: This study is drawn from a sample of listed firms on the SBF120¹ index and French Community Innovation Surveys...
Purpose
The current paper studies how CEO attributes could influence corporate risk-taking. The authors examine the effects of CEO demographic attributes and CEO position's attributes on financial and strategic risk-taking.
Design/methodology/approach
This study is drawn on non-financial firms listed on the SBF120 index, between 2001 and 2013.
Fi...
The study investigates the influence of CEO attributes on innovation outcomes on all firms listed on the SBF120 index between 2001 and 2013. We provide the following results. First, CEOs who graduate in business are less prone to introduce new products, while science-educated CEOs are more likely to increase the number of patents in high-technology...
This study analyzes how the board’s characteristics could be associated with globally corporate social responsibility CSR and specific areas of CSR. It is drawn on all listed firms, in 2016, on the SBF120 between 2003 and 2016. Our results provide strong evidence that diversity in boards and diversity of boards globally are positively associated wi...
This chapter aims to critically review the existing literature on the relationship between corporate social responsibility (CSR) and corporate governance features. Drawn on management and corporate governance theories, we develop a theoretical model that makes explicit the links between board diversity, CSR committees' attributes, CSR and financial...
This paper aims to explain why some firms are non-compliant with the gender quota law of Copé-Zimmermann law introduced in 2011. It is conducted on firms listed on the SBF 120 index 3 between 2011 and 2017. It shows the following results. First, some board characteristics could be valuable to increase the compliance likelihood. Specifically, more d...
In this chapter, we analyze the association between CSR and innovation. We state that CSR concept has evolved over time and has changed the way innovation is conceived. The state of art shows that CSR activities have been responsively introduced to achieve the stakeholders' needs and standards, to become gradually more strategic activities. In fact...
The current chapter shows that strategic corporate social responsibility (here-after CSR) drives more pioneering socially responsible initiatives than responsive CSR based on "imitative" activities introduced to meet stakeholders' basic expectations. We conclude that strategic CSR leads to more sustainable financial performance as well as more soci...
This chapter provides a theoretical and conceptual overview of the governance of corporate social responsibility (CSR). It is based on an extensive review of corporate governance literature, specifically on the composition of boards and committees and how they influence corporate outcomes. The attributes of com-mittees' members could play a key rol...
The main aim of the current paper is to analyse how the directors’ characteristics could influence innovation. We study specifically the effect of demographic attributes, such as age, gender, nationality, educational degree and academic background on innovation. Innovation is measured by (1) the firm’s ability to engender innovation in things such...
The current study analyses how CEO’s attributes could influence innovation. It is drawn on all listed firms on the SBF120¹ index between 2001 and 2013. Proxies for innovation effort are the ratio of R&D spending and the number of researchers/scientists per R&D team. First, we find that the CEO’s education background could influence innovation effor...
Purpose
The purpose of this paper is to investigate the effect of female members in boards of directors on asymmetric information in the French stock market.
Design/methodology/approach
The authors use two proxies for asymmetric information: the idiosyncratic volatility and the bid-ask spread. This study is conducted on all listed firms in the SBF...
Purpose
The purpose of this paper is to examine the gender diversity on boards and its effect on stock market liquidity in French boardrooms.
Design/methodology/approach
Using a sample of French firms between 2002 and 2012 listed on the Paris Stock Exchange (SBF120), the study uses ordinary least squares and three-stage least squares (3SLS) regr...
The aim of the current session is to analyze the effects of individual traits on governance attributes and how these effects could drive and influence innovation processes. Specifically, we focus on gender, ethnic, and cultural diversity and their influence on the firm in terms of governance, and types and means of innovation.
Abstract
Purpose – The purpose of this paper is to investigate the effect of female members in boards of directors on
asymmetric information in the French stock market.
Design/methodology/approach – The authors use two proxies for asymmetric information: the idiosyncratic
volatility and the bid-ask spread. This study is conducted on all listed firm...
Combinant ingéniosité, simplicité et jugée responsable d’un point de vue social et environnemental, l’innovation frugale est perçue comme un retour aux sources favorisant la croissance économique. Si les innovateurs frugaux présentent certaines caractéristiques communes aux innovateurs classiques, d’autres leur sont spécifiques comme l’intelligence...
Dans ce chapitre, nous avons mis en évidence la part encore minoritaire de femmes dirigeantes, soit qu’elles siègent dans des CA, soit qu’elles dirigent leur entreprise en tant que créatrice.
Il est à constater, qu’en dépit du nombre important de dispositifs mis en place pour initier et concilier les femmes avec l’exercice du pouvoir, les freins de...
The programs and policy research on innovation neglect certain types of innovations and innovators, particularly innovations made by women. The aim of this paper is to provide a new framework for research on gender and innovation. The literature on business, management and economics provides evidence that innovations introduced by women in female-c...
This study examines whether and how female board directors may affect stock market liquidity. The empirical analysis is drawn on a sample of 81 firms listed on the SBF 120 between 2002 and 2012. The paper considers several measures of liquidity and gender diversity. To assess the quality of corporate governance we rely on five scores on board struc...
This study examines whether and how female board directors may affect stock market liquidity. The empirical analysis is drawn on a sample of 81 firms listed on the SBF 120 between 2002 and 2012. The paper considers several measures of liquidity and gender diversity. To assess the quality of corporate governance we rely on five scores on board struc...
Underlying asset price varies significantly during the life-time option. In order to make options’ markets more liquid, the article proposes a general valuation of reset option of Gray and Whaley in which all options are replaced by At-the-Money ones by resetting the strike price X at the underlying asset price St
at pre-specified reset date t, bef...
We study the impact of board gender diversity on firm risk-taking in a developing market. Our study is drawn from a sample of 30 Tunisian-listed firms between 1997 and 2010. First, we found that women have a risk perception that leads to risk avoidance behaviour: the presence of women directors, even when there is one woman director, is positively...
This study examines whether and how female board directors may affect stock market liquidity. The empirical analysis is drawn on a sample of 81 firms listed on the SBF 120 between 2002 and 2012. The paper considers several measures of liquidity and gender diversity. To assess the quality of corporate governance we rely on five scores on board struc...
The current article shows that CAC 40 index options (namely PXA) display some illiquidity problems. We examine daily data on PXA trades between May 2005 and August 2012. The study evidences the presence of a considerable number of outstanding PXA contracts; most of these options are long-term maturity options and are deep in or deep out the money o...
It is well documented in economic, psychological and social literatures and the few recent studies in finance that women are more risk averse than men. The current study investigates the influence of board gender-diversity in firm risk taking in a developing market.Using a sample of Tunisian firms during 1997-2010, findings show that more women sit...
Our study tries to determine what drives the efficiency of Islamic banks. To this purpose, we use the stochastic frontier analysis in one step. This allows us to take into account in the frontier function, explanatory variables which influence efficiency. We find that market power and profitability have a positive impact on Islamic banks efficiency...
This paper analyzes the relationship between public disclosure, private information and stock liquidity in Tunisian context using a sample of 41 listed firms in the Tunis Stock Exchange in 2007. First, we find no evidence that there is a relation between public and private information. Second, Tunisian investors do not trust the information disclos...
Daily data available between May 2005 and August 2012 show the presence of a considerable number of outstanding PXA contracts that have not expired and been offset by taking or making delivery. The current paper concludes that CAC 40 index options displays some illiquidity problems, particularly long term maturity options that are deep out or in th...
This paper analyzes the link between the financial capital structure in LBO (Leveraged Buyout) acquisitions and the agents’ incentives under asymmetric information. We present a static model with three agents: the entrepreneur, the LBO fund and the bank. The first two agents provide complementary and non-observable efforts to enhance the distributi...
The current paper studies the financial structure in buyout firms under moral hazard due to unobservable efforts and an excessive risk-taking. The choice of the exit route may lead to agency conflicts between the entrepreneur and the Leveraged Buyout (LBO) firm: the former may take very risky decisions to increase the probability of IPO exit. If th...
The aim of the current paper is to study the link between the effects of corporate governance on information asymmetry problems and stock liquidity in the Tunisian Stock Market. We use a sample of 49 Tunisian firms listed between 1998 and 2007. Our results show that corporate governance has direct and indirect effects on stock liquidity. Threat of...
Discussion of Islamic private equity PE financing modes rarely provide detailed analytical insights into their properties: there is no rigorous analysis of their features. The current paper analyzes how Profit Loss Sharing (PLS) financing methods solve asymmetric information problem. We focus on Mudaraba and Musharaka financing schemes and consider...
Purpose
– The purpose of this paper is to analyze the impact of public and private information of Tunisian firms on stock liquidity.
Design/methodology/approach
– The paper uses a sample of 41 Tunisian firms listed in Tunis Stock Exchange for the year 2007. Public information disclosed in annual reports and in web sites is measured by two self‐con...
The current paper analyzes similarities and differences between conventional and Islamic private equity (PE). Despite the financial subprime crisis and the lack of liquidities in financial markets, PE still play an important role in financing growing unlisted firms all over the world. However, conventional PE and Islamic PE display different featur...
The Islamic private equity (IPE) market has grown dramatically over the last few years. There are some similarities between venture capital (VC) and some traditional methods in Islamic financing. In medieval Islamic societies it is hard to pinpoint the starting of IPE but there were partnership arrangements similar to those practiced in conventiona...
The current paper studies the determinants of R&D strategy and analyzes the effects of R&D decentralization on financial performance and earnings management. We use a sample of 160 U.S. Multinational companies (MNCs) between 2001 and 2006. Our results provide evidence that MNCs decentralize their R&D to improve firm profitability but mangers can ta...
The current paper studies the financial structure in buyout firms under moral hazard due to unobservable efforts and an excessive risk-taking. The choice of the exit route may lead to agency conflicts between the entrepreneur and the LBO firm: the former may take very risky decisions to increase the probability of IPO exit. If the target is taking...
We present a dynamic agency model in which the LBO fund may write the entrepreneur's project off at the end of the starting stage to invest in a competitive project. The two partners provide unobservable efforts in both stages to enhance the productivity of the acquired company. We show that under restrictive conditions, the debt-equity contracts i...
We consider a double moral hazard model with three agents: the entrepreneur, the LBO fund and the bank. The entrepreneur and the LBO fund have to exert efforts in order to improve the productivity of their project; efforts are not observable. We show that the bank's payments decrease with the outcome of the project. When the project is not very ris...
After the 1980's, LBO projects have dramatically increased on the American and European markets. Despite the high level of debt, they provide significant gains and they improve the productivity of the acquired firms. First, we describe the evolution of this industry on these markets, we focus particularly on the french market. Then we present the f...
After 1985, a large number of LBO project were not able to meet their debt. Among these cases, the Federated Department Stores LBO repurchased by Campeau and the Gateway LBO repurchased by Macy's. But, the conventional view of LBO transactions is that they are designed to improve the efficiency of the firm. The question raised in this paper is the...
This paper deals with statistics' and econometrics' properties of fractionally integrated GARCH (FIGARCH). We compare these characteristics with those of traditional models. We insist on the GARCH exponential/IGARCH infinite decrease of volatility impact. Then, we apply it on three Tunisian exchange rate series between 1994 and 2006. As Beine, Laur...
A vast and often confusing economics literature relates competition to investment in innovation. Following Joseph Schumpeter, one view is that monopoly and large scale promote investment in research and development by allowing a firm to capture a larger fraction of its benefits and by providing a more stable platform for a firm to invest in R&D. Ot...
This paper deals with statisticsand econometricsproperties of fractionally integra- ted GARCH (FIGARCH). We compare these characteristics with those of traditional models. We insist on the GARCH exponential/IGARCH in
nite decrease of volatility impact. Then, we apply it on three Tunisian exchange rate series between 1994 and 2006. As Beine, Laure...
After 1985, a large number of LBO project were not able to meet their debt. Among these cases, the Federated Department Stores LBO repurchased by Campeau and the Gateway LBO repurchased by Macy's. But, the conventional view of LBO transactions is that they are designed to improve the efficiency of the firm. The question raised in this paper is the...
This paper deals with statisticsand econometricsproperties of fractionally integra- ted GARCH (FIGARCH). We compare these characteristics with those of traditional models. We insist on the GARCH exponential/IGARCH in nite decrease of volatility impact. Then, we apply it on three Tunisian exchange rate series between 1994 and 2006. As Beine, Laurent...
After 1985, a large number of LBO projects were not able to meet their debt, like for example Federated Department Stores LBO repurchased by Campeau and Gateway LBO repurchased by Macy's. But, the conventional view of LBO transactions is that they are designed to improve the efficiency of the firm. The question raised in this paper is the following...
Our study aims at analyzing Islamic banks efficiency over the period 2001-2008. We found that they were efficient at 78.9%. The level of efficiency could however vary according to regions. Asia displays the highest score with 84.64%. Indeed, country like Malaysia and Pakistan implemented reforms in order to allow Islamic banks to better cope with t...
Our study aims at analyzing Islamic bank efficiency over the period 2001-2008. We found that they were efficient at 92%. The level of efficiency could however vary according to the region where they operate. Asia displays the highest score with 96%. Indeed, country like Malaysia made reforms in order to allow these banks to better cope with the exi...
The current paper analyzes the performance and the choice of portfolio in Islamic banks. We consider a sample of 8 Malaysian universal Islamic banks between 2004 and 2008. We use the Herfindahl-Hirschman Index (HHI) as an indicator of the degree of diversification. The performance of the banks is measured by the return on assets ratio (ROA) and the...
Questions
Questions (7)
Hi there,
Curious, motivated PhD candidates with advanced econometric skills, could submit their applications for the following PhD contract:
The PhD student has to speak/write fluent English.
The PhD dissertation is on CSR, greenwashing, and corporate lobbying in the energy sector.
The PhD funding is yearly and renewable over four years, depending on the PhD advancement.
If interested, send CV + motivation letter + research project (10 pages), before May 20th, 2023, to: ouidad.yousfi@umontpellier.fr
Bonjour,
Recherche doctorant curieux, motivé avec des compétences économétriques pousées et un excellent niveau d'anglais (à l'oral et à l'écrit).
Le sujet est en lien avec la RSE, le greenwashing, et le lobbying. Le contexte d'étude est le secteur d'énergie.
Possibilité de financement un an renouvelable 4 ans. Le renouvellement est fonction de l'avancement du doctorant.
Si intéressé(e), envoyez CV+Lettre de motivation+ sujet de recherche (10 pages), avant le 20 Mai 2023, à : ouidad.yousfi@umontpellier.fr
Dear ResearchGate Community,
Could we use proxies based on dummy and quantitative variables ? Do you have some references to recommend ?
thank you.
Best regards
O. YOUSFI
Dear researchGate community,
I hope you are doing well.
I am looking for studies on the compliance of international/multinational/big corporates with local regulation when the business has its headquarters outside the country.
Thank you very much for your help.
Best regards.
Dear Researchgate Community,
I would like to analyze the impact of diversification in firm strategy on risks from a governance perspective:
I found several interesting references distinguishing between product diversity and geographic diversity.
I found a way to assess the level of geographic diversity through international sales on total sales ratio. However, I struggle to identify a good proxy for product diversity (I have financial-statements data).
I think also of mergers and acquisitions as a proxy for diversification, I have no data however.
Do you have some helpful studies on how to assess product diversity?
Thank you for your helpful insights.
Best regards.
Dear Researchgate community,
I lost a huge part of my hand-collected data. I was happy enough to keep several tables, however, they are in photos. Before starting to hand-collect my work, I was wondering if anyone knows how to download those tables in Excel/word.
Thank you very much for your kind help.
Best of all for all!
Dear Research Gate community,
I am looking for capital structure data of listed firms in Bloomberg dataset. I could find data on SBF120 index but cannot get access to all firms’ information, probably because of my awkward use of Bloomberg. Any help/advice could be valuable.
Best regards
Dear colleagues,
I would like to collect data on boards of European Listed firms (Spain, Italy, Norway, Germany …).
Unfortunately, there are some very expensive datasets not available in my university.
Do not hesitate to contact me if you have any valuable idea.
Thank you.
Best regards.
