Patricia Crifo
UPOND & École Polytechniqu...

PhD
15.46

Publications

  • Patricia Crifo · Antoine Rebérioux

    No preview · Article · Jan 2015
  • Patricia Crifo · Vanina D. Forget
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    ABSTRACT: This article examines the role of corporate social and environmental responsibility in the energy transition, as a complement of or substitute for public decisions. Three main motives explain the economic incentives of firms implementing such voluntary practices: to respond to public and private pressures, to attract consumers, to differentiate one own’s products from those of its competitors and create new markets; or to respond to the demands of shareholders, in particular socially responsible investors, or employees. The real effects of corporate social and environmental responsibility on financial and nonfinancial performance are also discussed.
    No preview · Article · Dec 2014 · Revue d économie industrielle
  • Patricia Crifo · Vanina D. Forget · Sabrina Teyssier
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    ABSTRACT: This paper sheds light on the impact environmental, social and governance (ESG) corporate practices disclosure have on equity financing. We present a unique framed field experiment in which professional private equity investors competed in closed auctions to acquire fictive firms. We hence observe that corporate non-financial (ESG) performance disclosure impacts firm valuation and investment decision and we quantify to which extent. Main result is an asymmetric effect, investors reacting more to bad ESG practices disclosure than to good ESG ones. Our findings are discussed in terms of practical implications for both investors and firm managers.
    No preview · Article · Dec 2014 · Journal of Corporate Finance
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    Patrica Crifo · Marc-Arthur Diaye · Sanja Pekovi
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    ABSTRACT: This paper analyzes how different combinations of Corporate Social Responsibility (CSR) dimensions affect corporate economic performance. We use various dimensions of CSR to examine whether firms rely on different combinations of CSR, in terms of quality versus quantity of CSR practices. Our empirical analysis based on an original database including 10,293 French firms shows that different CSR dimensions in isolation impact positively firms’ profits but their effect in term on intensity varies among CSR dimensions. Moreover, the findings on the qualitative CSR measure, based on interaction between its dimensions, show that the substitutability of these dimensions is highly significant for firm performance. However, in terms of the intensity, those interactions produce differential effects.
    Full-text · Article · Dec 2014 · International Journal of Production Economics
  • Patricia Crifo · B. Sinclair-Desgagńe
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    ABSTRACT: This paper surveys the economic literature on Corporate Environmental Responsibility (CER). It first defines and illustrates what CER is, and what it is not (namely green washing). It then examines various rationales for firms to implement CER programs: to respond to social pressure, pre-empt regulations, strategically differentiate from competitors, raise entry barriers, retain and motivate employees, lower the cost of capital, promote discipline and good governance, and foster innovation. Whether implementing CER enhances economic welfare is considered next. The paper ends by sketching what appear at this point to be some worthwhile research directions.
    No preview · Article · Dec 2014 · International Review of Environmental and Resource Economics
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    ABSTRACT: This paper develops a two-way director-firm fixed effect model to study the relationship between independent directors’ individual heterogeneity and firm operating performance, using French data. This strategy allows considering and differentiating in a unified empirical framework mechanisms related to board functioning and mechanisms related to director selection. We first show that the independence status, netted out unobservable individual heterogeneity, is negatively related to performance. This result suggests that independent board members experience a strong informational gap that outweighs other monitoring benefits. However, we show that industry-specific expertise as well as informal connections inside the boardroom may help to bridge this gap. Second, we provide evidence that independent directors have higher intrinsic ability as compared to affiliated board members, consistent with a reputation-based selection process.
    Full-text · Article · Nov 2014
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    Patricia Crifo · Marc-Arthur Diaye · Rim Oueghlissi
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    ABSTRACT: 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 ratings signi ficantly decrease government bond spreads and this fi nding is robust for a wide range of model setups. We also find that the impact of ESG ratings on the cost of sovereign borrowing is more pronounced in bonds of shorter maturities. Finally, we show that extra-fi nancial performance plays an important role in assessing risk in the financial system. In particular, the informational content of ESG ratings goes beyond the set of quantitative variables traditionally used as determinant of a country's extra-fi nancial rating such as CO2 emissions, the share of protected areas, social expenditure and health expenditure per GDP, or the quality of institutions, and off ers an additional evaluation of governments' ESG performance that matters for government bond spreads.
    Full-text · Article · Jul 2014
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    Cavaco · Crifo
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    ABSTRACT: This article analyses the interactions between various dimensions of corporate social responsibility (CSR) that mediate the relationship between CSR and financial performance. We hypothesize that the absence of consensus in the empirical literature on the CSR–financial performance relationship may be explained by the existence of synergies (complementarity) and trade-offs (substitutability) between the different CSR components. We investigate such relationship using a final unbalanced panel sample of 1094 observations (around 300 firms per year) from 15 countries over the 2002–2007 period. Our results show that responsible behaviours towards employees (human resources dimension) and towards customers and suppliers (business behaviour dimension) appear as complementary inputs of financial performance, indicating mutual benefits and less conflict between those stakeholders. Conversely, responsible behaviours towards customers and suppliers and towards the environment appear as substitutable inputs of financial performance, suggesting more conflict between or over-investment towards those stakeholders.
    Full-text · Article · Jun 2014 · Applied Economics
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    ABSTRACT: While often criticized, independence remains the ultimate criterion for evaluating board composition, whether for regulators or shareholder activists. In this study, we examine the relationship between board independence and firm operating performance in a panel of French listed companies, paying particular attention to heterogeneity and endogeneity concerns. We take advantage of an original database, with a time-series dimension that can be used to mitigate heterogeneity and dynamic endogeneity issues through GMM estimators. In addition, this database can be disaggregated at the individual (director) level. This design enables us to introduce firm fixed effects and individual fixed effects in (firm) performance equations, thereby controlling for heterogeneity at the firm and individual levels. To our knowledge, this is the first paper so far to provide a systematic account on this issue for France. Our main result is to document a significant negative relationship between accounting performance and the independence status (irrespective of the person). This result supports the argument of an information gap suffered by independent board members, as developed by Adams and Ferreira (2007).
    Full-text · Article · Jan 2014
  • 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.
    No preview · Article · Jan 2014 · Journal of Economic Surveys
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    Patricia Crifo · Vanina Forget
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    ABSTRACT: Cet article examine les déterminants économiques des pratiques de responsabilité sociale et environnementale des entreprises (RSE), à savoir l'intégration volontaire de facteurs environnementaux, sociaux et de gouvernance dans la stratégie des entreprises. Nous présentons la littérature théorique et empirique dans un cadre unifié qui explique le développement de ces pratiques de RSE en se fondant sur trois catégories d'imperfections de marché : l'existence d'externalités et biens publics ; la concurrence imparfaite et enfin les contrats incomplets. Nous examinons également l'impact de la RSE sur la performance et le bien-être social et dégageons des pistes de recherche futures.
    Full-text · Article · Jun 2013
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    P. Crifo · N. Mottis

    Full-text · Article · Jan 2013
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    P. Crifo · N. Mottis

    Full-text · Article · Jan 2013 · Business & Society
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    Patricia Crifo · Vanina Forget · Sabrina Teyssier
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    ABSTRACT: This paper sheds light on the impact sustainable and unsustainable corporate practices have on equity financing. We present a unique framed field experiment in which professional private equity investors competed in closed auctions to acquire fictive firms. We hence observe that corporate non-financial performance impacts firm valuation and investment decision and we quantify to which extent. Main result is an asymmetric effect, entrepreneurs having more to lose from unsustainable practices than to gain from sustainable ones. Our findings are discussed in terms of practical implications for both investors and firm managers.
    Full-text · Article · Nov 2012
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    Patricia Crifo · Vanina D. 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.
    Full-text · Article · Aug 2012 · Journal of Business Ethics
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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.
    Full-text · Article · Jul 2012
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    Patricia Crifo · Nicolas Mottis

    Full-text · Article · Jan 2011
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    Full-text · Article · Oct 2010
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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.
    Full-text · Article · Apr 2010
  • Patricia Crifo · Jean-Pierre Ponssard

    No preview · Article · Jan 2010

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