3rd business phd in france - slim souissi...2014/05/03 · 3rd business phd in france phd camp | 4...

3rd Business PhD in France

PhD Camp

April 24, 2014

Paris

ESCP Europe, 79 Avenue de la République, 75011 Paris.

3rd Business PhD in France PhD Camp | 1

SUMMARY

WELCOME MESSAGE 2

ORGANIZING COMMITTEE 3

GENERAL AGENDA 4

DETAILED AGENDA BY CONCENTRATION 5

ECONOMICS TRACK 5

FINANCE - CORPORATE FINANCE TRACK 6

FINANCE - FINANCIAL MARKETS TRACK 7

MARKETING TRACK 8

ORGANIZATIONAL BEHAVIOR AND HUMAN RESOURCES TRACK 9

STRATEGY AND ORGANIZATION THEORY TRACK 10

ABSTRACTS 11

ECONOMICS TRACK 11

FINANCE - CORPORATE FINANCE TRACK 14

FINANCE - FINANCIAL MARKETS TRACK 17

MARKETING TRACK 20

ORGANIZATIONAL BEHAVIOR AND HUMAN RESOURCES TRACK 23

STRATEGY AND ORGANIZATION THEORY TRACK 27

LIST OF PARTICIPANTS 33


WELCOME MESSAGE

Business PhD in France (BPF) was launched a few years ago to foster networking and

collaboration. It is an association led by doctoral students which organizes events to enable

member PhD students to meet and interact. The BPF PhD Camp is one of the important

scientific events organized by BPF.

Already at its 3rd edition, our conference has gained considerable traction and an important

international dimension. For this year’s edition of the PhD Camp, we have received a record

high number of submissions from 13 different countries, up by 20% compared to last

year’s edition, held at HEC Paris. More than 40 contributions will be presented during this

year’s BPF PhD Camp. These figures show a growing interest in management research and

enhance the international dimension of the BPF PhD Camp.

The selected papers concern the major fields of business and show a wide diversity of

subjects and methods, including theoretical as well as practical developments.

Presentations are split into 5 different concentrations: Economics, Finance, Marketing,

Organizational Behavior and Human Resources and Strategy and Organization Theory. We

set up parallel sessions for the Finance Track given the large number of excellent

submissions received. Hence, the Finance concentration will have two parallel sessions:

Corporate Finance and Financial Markets.

On behalf of the BPF management team, I want to thank ESCP Europe for hosting and

financing this year’s edition of the BPF PhD Camp.

We are also grateful to our colleagues on the advisory board – track coordinators – who

selected the papers and the professors who selected the awards of the conference. We

include in these thanks all the people who took part in the organization of this congress.

We hope that our 3rd international conference will be rewarding to you both in terms of

scientific and personal experiences.

Slim Souissi

On Behalf of the BPF Management Team


ORGANIZING COMMITTEE

Slim Souissi President TELECOM Business School

Oana Peia Executive Vice-President ESSEC Business School

Marco Bottura Vice-President in charge of Development EM Lyon Business School

Davide Romelli Vice-President in charge of Communication and Website ESSEC Business School

Alexandre Garel Vice-President in charge of Conference ESCP Europe Business School

Andrew Zylstra Vice-President in charge of Conference ESCP Europe Business School

Anatoli Colicev Vice-President in charge of Social Events ESSEC Business School


GENERAL AGENDA

Time Room Scheduled Activity

9:00 – 9:30 JB Say Room (1st floor, building 4)

Registration and Breakfast

9:30 – 10:00 Amphitheatre Gélis Welcome Address

10:15 – 12:45 Morning Parallel Sessions

4211 Economics 4204 Finance - Corporate Finance 4205 Finance - Financial Markets 4110 Marketing 4117 Organizational Behavior and Human Resources 4119 Strategy and Organization Theory

12:45 – 14:15 Lunch

14:15 – 17:00 Afternoon Parallel Sessions 4211 Economics 4204 Finance - Corporate Finance 4205 Finance - Financial Markets 4110 Marketing 4117 Organizational Behavior and Human Resources 4119 Strategy and Organization Theory


DETAILED AGENDA BY CONCENTRATION

ECONOMICS TRACK

Coordinator: Nima Fazeli – ESSEC – [email protected]

Session 1 10:15 – 12:45

The Impact of Foreign Direct Investment on Economic Growth in an Era of Globalization: A VAR Analysis for North African Countries Soumia Zenasni (University of Tlemcen) Discussant: Samia Badji Bank deposits, monetary policy and demographic dynamics Mattia Girotti (Toulouse School of Economics) Discussant: Soumia Zenasni Does Discrimination Lead to Child Labor? Samia Badji (UCP/ESSEC) Discussant: Mattia Girotti

Lunch 12:45 – 14:15

Session 2 14:15 – 17:00

System Wars: The power of network externalities Adele Whelan (National University of Ireland) Discussant: Richard Meade Multiproduct retailing and supermarket choice: Structural estimation of consumer shopping costs Jorge Florez (Toulouse School of Economics) Discussant: Nima Fazeli Incentives, Efficiency and Quality in Regulated Monopolies under Customer Ownership Richard Meade (Toulouse School of Economics) Discussant: Adele Whelan

mailto:[email protected]


FINANCE - CORPORATE FINANCE TRACK

Coordinator: Arthur Romec – ESCP Europe – [email protected]

Session 1 10:15 – 12:45

Credit Ratings and Stock Price: Why Does a Credit Rating Withdrawal Matter? Federica Salvadè (University Paris 1 - Panthéon - Sorbonne) Discussant: Anamaria Cociorva Are credit ratings a valid measure of financial constraints? Evidence from a natural experiment Anamaria Cociorva (Lund University) Discussant: Laurent Salé Does Board Gender Diversity Make a Difference? New Evidence from Quantile Regression Analysis Rey Dang (University of Orléans) Discussant: Federica Salvadè

Lunch 12:45 – 14:15

Session 2 14:15 – 17:00

Why do Banks hold Cash? Laurent Salé (ESCP Europe) Discussant: Rey Dang The Impact of The Enron scandal on the KLD Corporate Social Responsibility Rating Agencies Jamil Jaballah (Toulouse University) Discussant: Giang Phung Can Foreigners Improve the Efficiency of Emerging Market Banks? Evidence from the Vietnamese Strategic Partner Program Giang Phung (ESCP Europe) Discussant: Jamil Jaballah The Impact of Basel II on the Use of Loan Loss Provisions for Income Smoothing and on Their Informativeness Vlad Andrei Porumb (University of Cergy-Pontoise) Discussant: Arthur Romec



FINANCE - FINANCIAL MARKETS TRACK

Coordinator: Alexandre Garel – ESCP Europe – [email protected]

Session 1 10:15 – 12:45

Dynamic Portfolio Choice with Information Acquisition Matthijs Breugem(INSEAD) Discussant: Karoll Gomez Portilla Conditional portfolio choice in the US Bond Market: The role of liquidity Karoll Gomez Portilla(TSE& Universidad Nacional de Colombia) Discussant: Anass Patel

Asset generated sukuk managed by independent asset manager: a case study for a sukukmudaraba (asset finance) applied to a French SME Anass Patel (University Paris 1 - Panthéon - Sorbonne) Discussant: Matthijs Breugem

Lunch 12:45 – 14:15

Session 2 14:15 – 17:00

Variance Ratio: Tests of Random Walk and Comparison of Financial Indexes Relative Risks Within the French Market Aya Nasr Eddine (University of Paris x Nanterre) Discussant: Sébastien Ganneval A stochastic model of sovereign credit spread Sy-Hoa Ho(University of Paris-Nord) Discussant: Aya Nasr Eddine Do commodity index fund rolls affect agricultural futures markets? Sébastien Ganneval (University Paris 1 - Panthéon - Sorbonne) Discussant: Sy-Hoa Ho



MARKETING TRACK

Coordinators: Alix Nativelle – ESCP Europe – [email protected]

Anissa Pomiès – ESCP Europe – [email protected]

Session 1 10:15 – 12:45

An Empirical Analysis of Loyalty Programs and Private Label Demand Jorge Florez-Acosta (Toulouse School of Economics) Discussant: Alireza Keshavarz

The Mirror Effect: When the Firms’ Behaviors are Replicated on the Consumers’ Level Amina Djedidi and Mouhoub Hani(IAE Gustave Eiffel) Discussant: Jorge Florez-Acosta

Labor Markets, Compensation Structure and Turnover of Sales Forces Alireza Keshavarz (HEC Paris) Discussant: Amina Djedidi and Mouhoub Hani

Lunch 12:45 – 14:15

Session 2 14:15 – 17:00

The role of brand signals for institutional investors Andrew Zylstra (ESCP Europe) Discussant: Anissa Pomiès Shopping experience and ubiquitous technologies Sara Belghiti (ESCP Europe) Discussant: Alix Nativelle The impact of the Internet on the process of diffusion of fashion trends Alix Nativelle (ESCP Europe) Discussant: Sara Belghiti




ORGANIZATIONAL BEHAVIOR AND HUMAN RESOURCES

TRACK

Coordinators: Emmanuelle Garbe – ESCP Europe – [email protected]

Nora Meziani – ESCP Europe – [email protected]

Xavier Léon – ESCP Europe – [email protected]

Session 1 10:15 – 12:45

Not Just Somebody that I used to be :Identity preservation through role exit Sarah Wittman (INSEAD) Discussant: Claudia Urdari

An approach to socially questionable decisions by the discourse of managers - A litterature review Thomas Sorreda (ESCP Europe) Discussant: Dima Murtada The role of individual and organization characteristics in building corporate social entrepreneurship” Shahrazad Hadab (UNESCO & University of Economic Studies, Bucharest) Discussant: Alexandra Iona Pascu

The modes of appropriation of CRS and its impact on HRM practices” Souad Haddadi (Université of ParisX Nanterre) Discussant: Jolien De Baerdemaeker

Lunch 12:45 – 14:15

Session 2 14:15 – 17:00

Measuring the social value and social change generated by entrepreneurial organizations Alexandra Ioana Pascu (University of Economic Studies, Bucharest)

Discussant: Shahrazad Hadab The unintended effects of rankings and accreditation systems: the professional identity construction of academics Claudia Urdari (CNAM) Discussant: Sarah Wittman Employee involvement in work standards elaboration within democratic/participative enterprises Dima Murtada (University of Paris X Nanterre) Discussant: Thomas Sorreda The positive psychology of budgetary slack Jolien De Baerdemaeker (Ghent University, Belgium) Discussant: Souad Haddadi





STRATEGY AND ORGANIZATION THEORY TRACK

Coordinator: Marco Bottura – EM Lyon Business School – [email protected]

Session 1 10:15 – 12:45

The pooling of logistic resources for the management of the last mile into cities Kanyarat Nimtrakool (University of Le Havre) Discussant: Tran Thai Tan Exploring apparatuses of institutional work – The case of social media Reza Mousavi (ESSEC Business School) Discussant: Rand Gerges-Yammine Narrating the entrepreneurial intentions of creative professionals: Anti-economic contextual processes as triggers for artistic entrepreneurial action Tristan May (EM Lyon Business School) Discussant: Salma Ech-Charqy Towards a greener economy: the pathway to green entrepreneurship in developing economics: evidences from Vietnam and Thailand Tran Thai Tan (PhD applicant) Discussant: Kanyarat Nimtrakool

Lunch 12:45 – 14:15

Session 2 14:15 – 17:00

The business model for proper decision-making: an overview of a case study Salma Ech-Charqy (University of Hassan 1st, Morocco) Discussant: Tristan May Towards changing sales and marketing models for pharmaceuticals Margita Engström (Aalto University, Finland) Discussant: Murta Dibirov Offshoring, Outsourcing or Offshore Outsourcing Murta Dibirov (ISM Paris) Discussant: Margita Engström Immune to social influence? The effects of competition, imitation and power on exit from open multi-partner alliances Rand Gerges-Yammine (EM Lyon Business School) Discussant: Reza Mousavi



ABSTRACTS

ECONOMICS TRACK

Multiproduct retailing and supermarket choice: Structural estimation of consumer

shopping costs

Jorge Florez-Acosta and Daniel Herrera-Araujo (Toulouse School of Economics)

Economic theory defines shopping costs as the opportunity cost of time a consumer incurs

when shopping. Models on retailer competition rely on the assumption that differences in

consumer shopping patterns is explained by heterogeneous shopping costs. Our research

empirically examines this assumption. We performed reduced-form analyses which show

that shopping costs explain differences in the number of supermarkets visited by

consumers in a week. We set out a model of consumer shopping behavior with retailers

supplying differentiated product lines, which will allow us to structurally estimate

shopping costs. At this stage of our research, we will present the model and give conditions

for identification. At a future stage, the results of the estimation will allow us to test some

theory predictions and policy conclusions.

Bank Deposits, Monetary Policy, and Demographic Dynamics

MattiaGirotti(Toulouse School of Economics)

This paper investigates whether the mechanism behind the lending view to monetary

policy is correctly framed. In its standard formulation, the lending view posits that banks

are ledto cut back lending after a monetary contraction because the marginal cost to

refinance the entire amount of outowed deposits is too high. To have that, it must be that

monetary policyshocks significantly decrease the amounts of reservable/low-interest

deposits. In this paper,I show that reservable/low-interest deposits are very insensitive to

market rates and are notwithdrawn during contractions. That implies that if a bank

finances only with them, it enjoysa constant funding cost. Instead, other forms of funding,

like time deposits, because of theirexplicit short maturity, make banks in the need to

refinance frequently and push the fundingcost to be indexed to market rates. This suggests

that contrary to the original mechanism,the reduction in loan supply, if any, should come

from banks that finance with short-maturitytime deposits or market-based products. The

identification strategy has to cope with theendogeneity of banks' deposit composition in

the cost equation. Building on micro (household) level evidence, I show that demographics

and economic patterns significantly shape thedynamics of banks' deposit structure, and


construct out of them instrumental variables forthe endogenous covariates in the main

regression.

Incentives, Efficiency and Quality in Regulated Monopolies under Customer

Ownership

Richard Meade (Toulouse School of Economics)

We extend the theory of monopoly regulation under imperfect information tothe case of

customer, rather than investor, ownership. The firm's manager can exerttwo types of

effort: a contractible effort to reduce costs, and an uncontractible effort to increase quality.

The former decreases expected costs and increases expectedprofits, while the latter

increases expected demand, costs and consumer surplus.

Under profit sharing, the manager faces a conflict between pursuing cost reductions and

quality if expected profits are decreasing in quality. Stronger incentives (i.e. a higher

managerial profit share) induce greater cost-reducing effort, but lower quality-enhancing

effort. Since customer owners value consumer surplus as well as profits, they optimally

provide the manager with weaker incentives than investor owners who only value profits

for a given regulated price. This implies higher quality but lower efficiency under customer

ownership, given price. A customer-owned firmis set a tighter price cap than an investor-

owned firm if its profits are more price sensitive than relative consumer surplus, in which

case predicted quality and efficiency differences are accentuated. Failure to account for

incentive power differences between each firm type gives rise to regulatory distortions.

Does Discrimination Lead to Child Labor ?

Samia Badji(UCP/ESSEC)

This paper investigates whether discrimination plays a role in the exclusion of households

from land and labor markets. In particular we pay attention to the role of gender, ethnicity

and religion discrimination in this process. Evaluation of this potential effect is essential to

determine its occurrence and strength, in addition to comparing its impact with that of

“traditional” market failures. Data from the EPM 2005 collected in Madagascar give us

information on the amount of hours worked by each member of the household as well as

measures for market imperfections. The strategy of the paper relies on the fact that

households lacking access to the land and labor markets have different observable

behavior in terms of child labor supply. A switching regression model with unknown

sample separation is used to classify households in one of the two regimes (constrained on

the land and labor markets or not) and finally assess with the switching equation whether


discrimination takes place. Our results point to a form of affirmative action with ethnic

minorities at the village level.

System Wars: The Power of Network Externalities

Adele Whelan (National University of Ireland)

In a market with network externalities the relative network intensity across products is likely

to have consequences for advertising expenditures, prices and the market equilibrium. I

introduce network externalities and persuasive advertising into a Hotelling framework to

investigate two firms producing different varieties of a good in a market with network

externalities. Firms’ optimal advertising and pricing strategies are shown to depend on the

strength of the network externality for their product. In spite of differences in network

intensities, the findings show that both firms can exist simultaneously in the market. The firm

with the stronger network externality dominates. This result highlights a “Matthew Effect”,

where the initial advantage is self-amplifying. In equilibrium, this dominant firm, when

compared to the firm with the lower network intensity, will have higher advertising

expenditure, price, market share and profits.

The Impact of Foreign Direct Investment on Economic Growth in an Era of

Globalization: A VAR Analysis for North African Countries

ZENASNI Soumia and BENHABIB Abderrezak (University of Tlemcen)

The purpose of this work is to empirically examine the effects of foreign direct investment

(FDI) and on economic growth of North African economies in the era of globalization. The study

of this relationship has largely been analyzed in the literature (Bornschier and al 1978;

Borensztein and al 1992; De Gregorio 1993; Borensztein and al 1998; Choe 2003; Güner and

Yılmaz 2007; Massoud 2008; Tiwari and Mutascu 2010; Rogmans 2011; Adeniyi and al 2012). Our

empirical investigation uses VAR model approach with quarterly data during the period 1980-

2010. Results suggest that FDI plays a positive role in boosting the economic growth of North

African countries. They also emphasize that these countries has been relatively successful over

the last decade in attracting FDI inflows that have not shown a significant performance. In the

other hand, impulse response functions indicate that the existence of external financial shocks

can be followed by depreciation in domestic and external variables as well as in FDI flows and

real GDP fluctuations. Consequently, this can be harmful to the economic activity; that’s why

North African countries should reinforce their economies through the establishment a

monetary, commercial, and financial union between them as well as the adoption of a common

currency and the creation of a free trade area.


FINANCE - CORPORATE FINANCE TRACK

Credit Ratings and Stock Price: Why Does a Credit Rating Withdrawal Matter?

Federica Salvadè (University Paris 1 - Panthéon– Sorbonne)

This paper tests whether and how ratings influence the market price. To do so I look at

stock price reactions to two types of rating withdrawals. The first type of withdrawals

occurs when the firm stops being rated. In this case, investors react negatively to the loss of

rating. The second type of withdrawals occurs, instead, because Moody's implements a

policy to consolidate the issuers' outstanding ratings. Prior to that policy Moody's released

both the issuer and its family ratings. The policy change allows issuers to withdraw their

own issuer rating and keep only the one of the family, which is usually higher. The effect is

a positive market reaction. It should be noticed that issuers' fundamentals do not change. I

conclude that ratings play a key role in the pricing mechanism. First, they help to correctly

price the credit quality of the issuers. Second, through a feedback effect, the level of

outstanding ratings influences the lenders' supply with the final effect to modify the

original firm's creditworthiness.

Are credit ratings a valid measure of financial constraints? Evidence from a natural

experiment

Anamaria Cociorva (Lund University)

One of the popular proxies for financial constraints are credit ratings, largely due to the fact

that they influence significantly the access to capital markets. However, due to the inherent

endogeneity problem and to potential measurement errors in Tobin’s Q, the conflicting

empirical results are difficult to evaluate. This paper addresses this issue in three different

ways. Firstly, we employ a natural experiment setting by looking at the staggered changes

in corporate income tax rates across U.S. states, which would increase exogenously the

firms’ demand for debt. Secondly, rather than comparing rated to non-rated firms, we look

at the differences between downgraded and non-downgraded companies, since these

credit events are not based on firms’ choice. Lastly, we attempt to reduce the bias in

computing the marginal Q by employing a measurement-error consistent GMM estimator.

Intuitively, rating downgrades in general, and the downgrade to speculative grade in

particular, should increase financial constraints. These firms therefore shouldn’t take on

more debt when it makes sense to do so (i.e. due to an increased value of tax shields),

confirming thus the hypothesis of inelastic supply of external capital in an exogenous

setting.


Does Board Gender Diversity Make a Difference? New Evidence from Quantile

Regression Analysis

Rey Dang (University of Orléans) and DucKhuong Nguyen (IPAG Business School)

The under-representation of female directors in the boardroom where corporate strategic

decisions are made has recently become not only an ethical business case but also a public

pressure to improve this gender imbalance. While there is some practical evidence to

suggest that gender-diverse corporate boards have a positive impact on performance, the

results from elaborate academic research are not always conclusive and vary across

samples and countries. This article examines the relationship between board gender

diversity and firm performance from a dynamic perspective through using quintile

regression. This method allows us to capture the potential impact of female representation

at different points of the distributions of the performance measure. Using a panel of French

listed companies (SBF 120) over the period 2009-2011, we uncover that the impact of

board gender diversity on firm performance is not alike over different points of the

conditional distribution, and that this impact depends on the measure of performance

under consideration. Typically, board gender diversity affects negatively the Tobin’s Q and

positively the return on asset when these variables are high and low, respectively. Finally,

we show that using traditional OLS and fixed- random-effect estimations may mask the

true effect of board gender diversity.

Why do Banks hold Cash?

Laurent Salé (ESCP Europe)

During the financial crisis, the observation demonstrated that cash was not available at any

point of time in the market. As a determinant of banks’ survival, cash holding is justified by

precautionary, signage, regulatory compliant, survival, predatory and agency motives. This

research is based on 18 years of data observations and tests the hypothesis according to

which the banks do not differ by nature from corporate. We find strong evidences that the

cash flow risk is the preponderant force that leads banks to hold cash. Other motives such

as strategic, establishment of internal capital market or agency play a role but for specific

bank profiles.

The Impact of The Enron scandal on the KLD Corporate Social Responsibility Rating

Agencies

JamilJaballah (Toulouse University)


KLD (Amy Domini, Steve Lydenberg and Peter Kinder) research & analytics is an

independent intermediary of social performance information that adopts an investor-pay

model and does not have an explicit monitoring on the rated firm. Hence, there is a

reliability problem concerning KLD’s information since she does not have an explicit

monitoring on the rated firm and anyone may claim to have truthful information.

Therefore, we study whether this CSR rating agency (KLD) play the role of a certifier whose

rating changes affect socially responsible investments and whether her influence was

affected by the Enron scandal. We propose an empirical study that relates a number of

equal weighted portfolios returns, excess stock returns and book-to-market ratio to

different dimensions of KLD social responsible ratings. We first find that over the last two

decades CSR rating changes influence significantly and negatively stock returns and book-

to-market ratio of rated firms. This finding suggest that a raise in corporate social

responsibility rating lower the firm’s risk. Second, to assess the scandal’s effect on the

perception of KLD ratings, we compare between the effect of KLD’s ratings announcements

before and after the Enron scandal. We find that after the Enron scandal this significant

effect disappear. This finding supports the view that the Enron scandal annihilates the

KLD’s effect on Socially Responsible Investment.

Can Foreigners Improve the Efficiency of Emerging Market Banks? Evidence from the

Vietnamese Strategic Partner Program

Giang Phung (ESCP Europe) and Michael Tröge (ESCP Europe)

A range of papers have claimed that foreign ownership and foreign management improve the

efficiency of emerging market banks. The paper examines this relationship for the Vietnamese

strategic partner program, where a range of foreign banks have been allowed to take

minority participation in local banks. We show that neither foreign ownership

management nor the representation of foreign owners on the supervisory or the

management boards is associated with better performance. Interestingly, the presence of

foreign executives formerly working for partners is positively related to performance.

The impact of BaselII ob the use of loan loss provisions for income smoothing and

theirin formativeness

Vlad-Andrei Porumb (ESSEC)

This paper analyzes the impact of the Basel II Capital Accord on European banks‟ use of

loan loss provisions (LLPs) for income smoothing purposes. We argue that the new

banking regulation creates a tension with the accounting regulations (IFRS) and reduces

the banks' incentives to smoothe income through LLPs. Consistent with our expectations,

we find that banks decrease income smoothing through LLPs in the post-Basel II period.


Further, we analyze the effect of Basel II adoption on the informativeness of LLPs.

According to Basel II, banks need to recognize expected future losses through more

forward-looking LLPs. We consequently find an increase in the informativeness of LLPs,

suggesting that (as intended by Basel II) managers disclose their private information to the

market through forward-looking LLPs.

FINANCE - FINANCIAL MARKETS TRACK

Dynamic Portfolio Choice with Information Acquisition

Matthijs Breugem (INSEAD) and Marija Djordjevic (INSEAD)

We consider the joint dynamics of information acquisition and portfolio choice by a CRRA

investor who can purchase information about a risky asset. The ability to purchase

information creates persistence in returns. Indeed, information improves portfolio

performance, which in turn increases the budget available for future information purchases

as well as the benet of such purchases. First, we show that the dynamic benet of

information implies that the longer the investor's horizon, the more information he

purchases. It also implies that, controlling for the expected risk premium, the longer the

investor's horizon, the riskier his portfolio. Second, we characterize the condition under

which an investor with logarithmic utility follows a myopic policy for both information

acquisition and portfolio choice. Finally, we show that investors' ability to purchase

information contributes to wealth distribution inequality.

Conditional portfolio choice in the US Bond Market: The role of liquidity

Karoll Gomez Portilla (TSE & Universidad Nacional de Colombia)

In this paper I estimate the non-parametric optimal bond portfolio choice of a

representative agent that acts optimally with respect to his expected utility one period

forward, given that he observes the ex ante liquidity signal. Using daily observations of

zero-coupon Treasury and TIPS bonds yields I construct equally-weighted returns from

2004-2012 and considering alternative measures of liquidity, I find that the the liquidity

differential between nominal and TIPS bonds seems to be a significant determinant of the

portfolio allocation to US government bonds. In fact, conditional allocations in risky asset

decrease as market liquidity conditions worsen. Also the effect of market liquidity

decreases with the investment horizon.


Asset generated sukuk managed by independent asset manager: a case study for a

sukukmudaraba (asset finance) applied to a French SME

Anass Patel (University Paris 1 - Panthéon– Sorbonne)

If Sukuk are clearly not defined as conventional shares or bonds, they are somehow defined

according to the AAOIFI standard as “certificates of equal value representing undivided

shares in the ownership of tangible assets, usufructs and services or (in the ownership of)

the assets of particular projects or special investment activity”. This is unfortunately not a

language that financial markets use, and practitioners1 have difficulties in scoping to what

extent sukuk can or should be considered as equity or debt products. There is probably a

missing gap between general standards such as AAOIFI ones and more practical guidelines

driven by professional associations such as the Loan Market Association. In practice, sukuk

who can be in numerous format2, are perceived depending on their risk profile and

structuring nature. They are categorized firstly, from a legal and Islamic structuring level,

especially after the 2008 backlash statement from AAOIFI, as asset-based (credit risk and

recourse to the originator) or as asset-backed (asset risk with no recourse to the

originator). As part of the fixed income family, sukuk requires tradability for their liquidity,

which depends on their underlying assets together with the Islamic contractual

relationships done at the issuer level. But secondly, from a risk and finance structuring

level, sukuk fall easily in the comparison among asset backed securities, profiled in terms of

secured or unsecured financing with the fact that the recourse can be done on the assets

directly or over the guarantor’s balance sheet liabilities where the original assets stand. As

the market is evolving towards more ambitious structures such as perpetual or hybrid

sukuk, or even trying to replicate the features prevailing in European jurisdictions such as

Covered Bond or EuroBond, we demonstrate that a fourth option is possible in the true

spirit of project finance, as the cash flow to be generated from the sukuk structure can be

asset- managed by independent specialists. Regardless of the size of the originator, it can

be a SME as we like it to be, the attractiveness of such sukuk stand in the robustness of the

project cash flow and the capacity of the manager to deliver on the business plan using an

incentivized profit sharing ratio model. Asset-managed sukuk is a pure innovation that we

prototyped in the French market where SMEs financing is a national priority due to the bad

economic conditions. This paper aims at presenting the result of the research and

structuring exercise over a real case study for a mudarabasukuk which is being filed to the

French regulator, hoping to open the doors to more project finance type sukuk issuance,

especially for (small) Euro denominated ticket.

Variance Ratio: Tests of Random Walk and Comparison of Financial Indexes Relative

Risks Within the French Market

Aya Nasr Eddine (University of Paris x Nanterre)


The random walk hypothesis is tested for equity and bond indexes in the French market

using variance ratios. In particular, we present conventional individual and multiple

variance ratio tests as well as a proposition of the integration of the variance ratios in the

construction of a Wald statistic in order to compare the relative risks while considering

their interactions within the same portfolio. The results give also an idea about the

evolution of returns behavior through time by considering a moving subsample window.

Our findings fail to reject the random walk within the French market for stock market but

also for bonds market especially in the period of financial crisis. Furthermore, relative risk

of equity market becomes indistinguishable from bonds market relative risk in this period

of distress especially when we lengthen our holding period.

A stochastic model of sovereign credit spread

Sy-Hoa Ho (University of Paris-Nord)

The random walk hypothesis is tested for equity and bond indexes in the French market

using variance ratios. In particular, we present conventional individual and multiple

variance ratio tests as well as a proposition of the integration of the variance ratios in the

construction of a Wald statistic in order to compare the relative risks while considering

their interactions within the same portfolio. The results give also an idea about the

evolution of returns behavior through time by considering a moving subsample window.

Our findings fail to reject the random walk within the French market for stock market but

also for bonds market especially in the period of financial crisis. Furthermore, relative risk

of equity market becomes indistinguishable from bonds market relative risk in this period

of distress especially when we lengthen our holding period.

Do commodity index fund rolls affect agricultural futures markets?

Sébastien Ganneval (University Paris 1 - Panthéon - Sorbonne)

The present study evaluates the influence of the rolls of index fund positions, which track

the S&P-GSCI and the DJ-UBSCI on the volatility and dependence of agricultural futures

markets.The methodology used is based on the realized volatility developed by ABDL

(2003). In particular, several tests are made with multivariate realized estimators and a

vector specification of the HAR-RV model of Corsi (2009) is estimated. Using intraday data

from 2007 to 2012, the results indicate that there are no significant changes in the

dependence and the level of volatility on agricultural futures markets when commodity

index funds that track the S&P-GSCI or the DJ-UBSCI roll their positions.


MARKETING TRACK

The role of brand signals for institutional investors

Andrew Zylstra (ESCP Europe)

This paper looks at how broker brands help resolve how consumers, in this case

institutional investors, resolve uncertainty about product quality. Broker research is

typical of a situation of asymmetric information, where the broker knows the quality of

their product while the institutional investor does not. The academic literature has looked

at the role of brand signals help resolve this situation. The present study proposes to

interview institutional fund managers to assess the role of broker brand signals in the

investment process. Based on a review of the signal theory literature, an interview guide

has been drawn up that will test the model among institutional investors, in particular

brand credibility and the interaction of brand credibility (trust and expertise) with

perceived risk, information costs and perceived quality. Value will also be looked at to see if

it adds more explanatory power to the brand signal model.

The impact of the Internet on the process of diffusion of fashion trends

Alix Nativelle (ESCP Europe)

The boom of social media and the fast growth of the e-commerce totally changed the way

trends merge and how consumers take the lead on them. Social media enable the public

and stakeholders to co-create the brand image and the reputation of a brand. This new

environment has given birth to a new kind of consumers: the prosumers (or professional

consumers) (David & Moy, 2007). There is, however, a lack of empirical studies about the

importance of social media on brand image, despite the importance it carries for

marketers. The Internet includes in this study social media (Facebook, Twitter, blogs,

Instagram, Pinterest, on-line magazines), e-shops, brands websites, multi-brand e-shops,

quick and easy access to information and fast and large diffusion of information ; the

diffusion of a trend is having a big change in the process, the actors and the timeline,

fashion cycles are becoming shorter and the influencers are changing, they used to be the

Luxury brands and are now the consumers themselves ; diffusion is, thanks to the new

technologies and communications tools, a faster and continuously changing flow ; fashion

trends include apparel, shoes, accessories and beauty items. The research question being

investigated of the impact of the internet, social media and e-commerce on fashion trends.

From an epistemological stand point this question will be studied in a constructivist

approach. This topic will be addressed in a comprehensive perspective: first, the theoretical

framework will be determined, then field studies will be conducted to analyze the research

question, via ethnographic observations and qualitative studies.


Labor Markets, Compensation Structure and Turnover of Sales Forces

Alireza Keshavarz, (HEC Paris)

Sales organizations try to recruit and retain the high performing salespeople not just

because they are the main value generators but also because they may destroy value by

dysfunctional turnover and mobility to a competitor. Drawing on human capital, social

network and matching theories, we explore the dynamics between two human capital

isolating mechanisms i.e. geographic concentration of salespeople and compensation

structure, and functional/ dysfunctional turnover of salespeople. We find that by being

located in regions with low concentration of salespeople, organizations can mitigate

dysfunctional turnover; however, this will come at the cost of lower functional turnover

and greater compensation dispersion. Conversely, organizations may benefit from

matching advantages of occupationally concentrated areas by finding their best fit of

salespeople and at the same time keep the compensation dispersion low.

An empirical analysis of loyalty programs and private label demand

Jorge FLOREZ-ACOSTA (Toulouse School of Economics)

Loyalty programs (LP) are by now a predominant short-run non price strategy in retailing

markets. Most work the same way: a member who purchases today gets a reward to be

used next time she returns to the store (or after she crosses some threshold). Previous

researchers have concluded that the purpose of LPs as a marketing strategy is customer

retention. In the grocery retailing sector it seems to be as well the boost of private label

demand. This paper empirically examines this conjecture. Using discrete-choice methods, I

estimate brand-level demand taking into account household membership to loyalty

programs. I find that although consumers give a lower value to private labels relative to

quality equivalent national brands, loyalty programs have a positive and significant effect

on private label choice, i.e. the marginal valuation for a private label is higher for LP

members. Moreover, the more prone to subscribe to LPs a customer is, the larger her

sensitivity to a price increase and the weaker the expected effects on private label demand.

Welfare analysis shows that consumers are better off when they all join at least one LP. It

suggests that making subscription to LPs prohibitively costly can harm all consumers.

The Mirror Effect: When the firms’ behaviors are replicated on the consumers’ level

Amina DJEDIDI (IAE Gustave Eiffel) and Mouhoub HANI (IAE Gustave Eiffel)


The aim of our paper is to clear up the draw backs of the firms strategic behaviors on the

consumers’ behaviors. It attempts to spot light on a possible interaction between the

strategic firms’ behavior and the consumers’ behaviors, and this is what we chose to call

the Mirror Effect. This contribution tries to build a bridge between two disciplines whose

frontiers still not really known. The first, belonging to the management field, consists of

introducing the firms strategic behaviors. The second relates to marketing domain and

expresses a particular consumer behavior as the consumer’ resistance and/or oppositional

loyalty. The importance of our work is manifested in the establishment of a link between

the firms’ behaviors (e.g. strategic actions) and the consumers’ behaviors (consumers’

resistance and oppositional loyalty, i.e., reactions) thanks to the Inoculation Theory. This

study is the first one to shed light on this interaction between two different level of

behaviors (corporate/consumers). It allows to explore a new way of apprehending the

aftermath of the corporate behavior and to include it in the firms’ reflexions and strategy.

In order to elucidate this interaction, we chose the Smartphone market to explore the

interaction between the firms’ behaviors and the consumers’ behaviors using the

Inoculation Theory. In fact, our research uses the Inoculation Theory to suggest that the

interaction between firms on the public scene can be a possible source of inspiration for

the consumers who react vertically to the firm and horizontally to its.

Shopping experience and ubiquitous technologies: the case of the smartphones

Sara BELGHITI (ESCP Europe)

This research comes in times when retailing and shopping are litterarly reinventing, and

turning into digital. Electronic commerce is rapidly growing forcing retailers to quickly

adapt to new shopping environments, shifting from one to «multi-channel», and eventually

«omni-channel » strategy (Rigby, 2011). It seems that shopping experiences in stores as

well as «cyber shopping experiences» or « online shopping experiences» are no longer

sufficient. Customers seem to be in need of the advantages of both whenever they want to.

They increasingly want everything ATAWAD (anytime, anywhere, on any device) moving

towards an « omni-channel », in other words « ubiquitous shopping experience ». Our

research is "surfing" on the waves of two disciplines: experiential marketing and “m”- or

“u-marketing” (mobile or ubiquitous marketing). The purpose of our paper is to

understand and analyze the well-known concept of “shopping experience” in the new

digital context. In other words, the objective is to draw the lines of the ubiquitous or “meta-

shopping experience” (Antéblian & al, 2013), and thus, conceptualize the latter. In the first

part of the paper, we present the various dimensions underlying the concept of ubiquity in

the literature. Then, based on a synthesis of the literature review around the shopping

experience, we propose our model of a “meta-shopping experience”, before moving on to

the next steps and expected contributions of our exploratory study.


ORGANIZATIONAL BEHAVIOR AND HUMAN RESOURCES

TRACK

The unintended effects of rankings and accreditation systems: the professional

identity construction of academics

Claudia Urdari (CNAM)

Drawing on mimetic isomorphism and identity construction, this paper1 explores the unintended

effects of university rankings and accreditation systems. These new forms of performance

management systems (PMS) are based on image and reputation, pressuring actors to accept and

conform to social beliefs. Interviews were conducted with academics within the field of higher

education in Europe and results show that the professional identity of faculty members is

constructed through PMSs. Although education is claimed to be the social responsibility of

higher education institutions, teaching activities passed on a secondary plan. The younger

generations comes in with a mindset where research and publications are awarded while the

others struggle with internalizing this shift at a behavioral level.

An approach to socially questionable decisions by the discourse of managers - A

litterature review

Thomas Sorreda (ESCP Europe)

Deciding in an organization is mostly perceived as a very complicated fact. It may be a

complex action, where alternative are not always clear. Decisions are mostly the

responsibility of managers and the expression of their power. There is an increase on

subjects dealing with socially questionable decisions but these subjects may not tackle

deeply managers’ feelings when they are tacking socially questionable decisions. Thus, our

study tries in a first step to present the state of the art for socially questionable decisions,

and then in a second step to show what are the responses made by managers when they

have to justify their socially decisions.

Employee involvement in work standards elaboration within

democratic/participative enterprises

Dima Murtada (Université of Paris X Nanterre)

Our thesis will analyze the process of co-creation of employment standards and work

conditions by employees through participative management. We focus on ICT as a factor


that influences the communication and interaction between employees within the

framework of the co-development of labor standards. The theoretical framework on which we

rely is the pragmatist approach that will allow us to understand how standards are developed

gradually through interaction between employees and their participation in decision making.

First of all, this thesis seeks to advance understanding of the employee interaction and

participation in decision making, to find out the implications they have in terms of co-creation of

labor standards. Thereafter, we examine the role of information and communication technologies

(ICT) in the implementation of this procedure. The data will be based on the case study of

“Groupe Hervé”, a 40 years old high technology firm which has been built on participative

management. The entrepreneurial model developed by “Groupe Hervé” is structured on three

dimensions: the intra-entrepreneurship, de-hierarchization of power and network organization.

According to this model, employees are free to manage their own resources and objectives, in

order to take as soon as possible the right decision for every situation. At the end of this study,

we will be able to know if democratic/participative workplaces allow employees to elaborate

work standards that govern the company, and if these standards developed by co-workers are

accepted and integrated in the same way as if they had been created by the company. Thus, we

will be able to identify the role of ICT as a factor involved in this process.

Not just somebody that I used to be: Identity preservation through role exit

Sarah Wittman (INSEAD)

The classical literature on role exit has mainly dealt with cases where identity exit follows

role exit (e.g., Ebaugh, 1988; Ashforth, 2001). Less is known about how and when identities

resist change after role exit. This article uses sociology, psychology and careers literature

on training and practice, status, routines, and uncertainty and status quo maintenance to

argue that important identities may be preserved, enacted, and carried into new roles as

latent identities. A model of role exit is proposed, with self-verification and identity work

enabling identity maintenance. Relevance to new roles and the expectation of role

reactivation will determine if latent identities will be adapted into new roles, will lose

saliency, or will be reactivated in a new role. Consequences of latent identities at the

intrapersonal, interpersonal and organizational levels of analysis are discussed.

Measuring the social value and social change generated by entrepreneurial

organizations

Alexandra IoanaPascu (University of Economic Studies, Bucharest)

Broadly used but seldom defined in a consistent manner, the concept of “social value” has

emerged as a topic of interest in the field of entrepreneurship mainly in the case of social

enterprises. However, its disputed role as a multiplier of economic value has triggered the


attention of a wider range of organizations. In addition to social entrepreneurship, sources

of social value can be identified as direct consequences of employing social media tools to

build communities or by tracing the ripple effects that certain organizational cultures,

brand characters or innovations determine. Increased loyalty, higher net promoter scores,

lower staff turnover, improved productivity and sustainable growth are just a few of the

benefits that organizations are believed to gain from leveraging their process of generating

social value. In this sense, the need for measurement plays an important part in optimizing

decisions regarding resource allocation, investments and growth. By estimating the impact

to be generated at a social level, organizations can facilitate their access to a wider palette

of financing options and develop a strategy that encompasses the intertwined nature of

social forces. As creators of value, entrepreneurs and intrapreneurs are to a great extent

influenced by their own experiences, background, culture and peers. These factors shape

the shared values and beliefs, while also triggering different relationship dynamics at each

level of the organization. Thus, the need for an interdisciplinary analysis and evaluation

that would involve along the financial perspective, a sociological and psychological view on

the process of generating social value becomes imminent. Even though the development of

concepts such as Corporate Social Performance (CSP) have fostered the emergence of

several models that aim at capturing and assessing social impact through a holistic

approach, their application is in most cases limited to the actions that are meant mainly for

a social end and which are anchored in the present. Furthermore, it has been argued that

an accurate measurement of social impact should include not only the current, immediate

effects, but more importantly, the information and knowledge created that enable

stakeholders to multiply the outcome in the future and access required resources more

efficiently. In this regard, the current presentation aims at contouring the main directions

for an in-depth and multidisciplinary approach to measuring the social value and impact

generated by entrepreneurial organizations. In this sense, it will include a review of the

concepts of social and economic value and their main generating sources, along with the

current tools employed for their measurement and several proposals for further research.

The role of individual and organization characteristics in building corporate social

entrepreneurship

Shahrazad Hadab (UNESCO & University of Economic Studies, Bucharest)

The present research can be very easily integrated in the common trends of studying social

entrepreneurship both from individual and organizational point of view, mostly because a

very significant part of the literature review is based on case studies, and it will attempt to

endorse such kind of activities within multinational companies by drawing their attention

over this field. It will reveal their way of doing social business in such a way that it is self-

sustaining. The purpose of the paper is to design a model for determining what it actually

takes to be classified as a social entrepreneur/corporate social entrepreneur both for


individuals and for companies with the objective of clarifying key concepts and discussing

the dynamics of corporate social entrepreneurship (CSE), analyzing the role of CSE in

society, discussing the legal basis of CSE in Romania, helping in measuring the (social)

impact of CSE at national level, implementing the obtained results referring to the analysis

of the contribution of the corporate social entrepreneurship and, finally, coming up with

the profile of the corporate social entrepreneur. The research methodology will encompass

mixed-methods research - qualitative and quantitative. The qualitative ones: literature

review (basically studying and analyzing international databases), critical, comparative and

document analyses, face-to-face structured interviews, case studies, focus groups,

workshops. Some of the quantitative methods that we resort to: questionnaire based

research, data analysis - software GAUSS. The data needed for concluding the paper is

available through bibliographic resources, case studies, and primary data acquired through

research. The purpose of the quantitative research is to identify the most frequent

characteristics of the corporate and individual social entrepreneurs and propose the most

viable model for a successful social business, while the purpose of the qualitative analysis is

to identify most common practices, competencies and behaviors. The interviewees are

(corporate) social entrepreneurs and entrepreneurs. The risks/limitations of the research

are the inability of testing all the population and biases such as faulty answers, varying

standards, recency effect, central tendency, and Mathew’s effect, age, nationality, culture,

education. For the practical implications, the research aims to provide the most useful and

comprehensive insights into the concept. It will shed light on the individual and

organizational characteristics that (corporate) social entrepreneurs foster, it will provide a

clear role of the activity they carry on the market and we will attempt to bring social

change and social innovation to the attention of the broader public; and it will also

encourage cooperation between corporate social entrepreneurs and academic social

entrepreneurs allowing them an exchange flow of information. The resulted model will be

applicable for most emergent and efficiency driven countries such as Romania and it will

come to enrich the current research with a topic that is poorly developed in such countries.

Foreword: The meaning of the term “social entrepreneurship” has been in existence for

quite a long time now, but only recently has it come to receive an actual name. The models

according to which people conduct their countries, lives, business, families and education

have become obsolete and this is why the economic reality claims new models that are fit

to contemporary times. Here is where social entrepreneurship comes into play. This theme

is addressed because most of the social problems we face can be counteracted with social

entrepreneurship in a way that all the stakeholders should benefit, therefore CSE could be

seen as a necessity and also as a powerful means of economic growth.


The modes of appropriation of CSR and its impact on HRM practices

Souad Haddadi (Université of Paris X Nanterre)

Starting from controversies and tensions in the field of CSR, as well as the vision of CSR in

the HRM literature, we will evaluate the impact of modes of appropriation of CSR initiatives

on the practices of the Human Resources function. Based on a case study, this thesis also

intends to study the possibility of creation a sustainable competitive advantage through the

new HRM practices. We will articulate our work on three levels of analysis, in the first step,

the analysis of the process of appropriation of CSR, enable us to meet the constraints

associated with the introduction of CSR and identify the conditions of its success, by using

the theory of organizational learning. In the second step, we will analyze the new HRM

practices, resulting from new learning coming from the integration of the CSR’s principle, in

order to see its impact. Finally,in the last step we will study to what extent the adoption of

new socially responsible practices will involve more employee and stimulate their

creativity which will likely lead to innovations, and even in some conditions to the creation

of sustainable competitive advantage.

The positive psychology of budgetary slack

Jolien de Baerdemaeker (Ghent University, BELGIUM)

In the empirical literature, much consideration has been given over the years to the

dysfunctional effects of budgetary slack. However, theory has found positive elements

associated with its presence and empirical literature increasingly starts recognizing this. In

this paper, we present empirical evidence on the positive effects of budgetary slack. We

argue that managers confronted with environmental uncertainty associated with role

ambiguity may use budgetary slack as a coping mechanism. Using quantitative survey data,

we find that the existence of budgetary slack is a powerful antidote to the detrimental

affective and behavioral effects of role ambiguity and environmental uncertainty. The

results of this paper provide insight in the positive psychology of budgetary slack and its

relationship with environmental uncertainty.

STRATEGY AND ORGANIZATION THEORY TRACK

The business model for proper decision-making: an overview of a case study

Salma ECH-CHARQY (Ecole National de Commerce et de Gestion de Settat)


Governance is primarily a global management view based on decentralization of thinking

and decision making. The process of decision making consists of permanent negotiations

between stakeholders and should be based on relevant and accurate information. For that

purpose, such information needs to be obtained from a specific model and methodological

tools.

The concept of business model is a simplified representation of how value is created and

delivered by some organization. It allows overcoming major challenges and issues of the

current context. Particularly, it gives a better understanding of company's core aspects and

promotes communication about its business logic. It could be considered as an analysis unit

that can be observed and compared.

Business model concept has been widely discussed and debated by scholars; however, a

recent study showed that most practitioners perceive it as the design of organizational

structures to enact a commercial opportunity. In this concentration, we try to extend this

perception by providing a conceptualization of business models that may assist

practitioners in the decision-making process. Furthermore, we present a case study of a

Moroccan company to illustrate this concept.

Offshoring, Outsourcing or Offshore Outsourcing

MurtaDibirov (ISM Paris)

Pharmaceutical Research and Development (R&D) organizations established an

operational link between offshoring and outsourcing. Unfortunately today’s theories of

offshoring, outsourcing or combined offshore outsourcing provide with a framework well

enough to allow managers pursue strategic objectives in Pharma R&D. Integrating “value

investment”, multiplication, exponential growth, and business model portfolio theories

shows that strategic decisions towards offshore outsourcing depends on two major factors:

operational availability of retrievable offshoring & outsourcing prototypes in company’s

portfolio; and organizational capability of multiplicating offshoring & outsourcing

prototype(s) within the window of opportunity. The current study points out several

recommendations for follow-up research. First of all, research findings indicate that several

outsourcing models exist, and that the trend is moving towards risk-sharing partnerships

between Pharma R&D sponsors and Contract Research Organizations (CROs). It is

important to get a better understanding of the different outsourcing models, including the

interests of sponsors and CROs in each model and the ethical risks that they entail. This

study might be interpreted more as a discussion document than as a concluding document.

In fact, possibly the largest contribution of this study is that it highlights the lack of

transparency of the pharmaceutical sector, which inherently implies that ethical concerns

over the safety of clinical trial participants in non-traditional trial regions are justified.


TOWARDS A GEENER ECONOMY: the pathway to green entrepreneurship in

developing economics: evidences from Vietnam and Thailand

Tran Thai Tan (Applicant IAE Touluse 1)

The impact of consumption will be an outcome of air pollution, climate change, and

depletion of natural resources and biodiversity (Halila, 2007). In other words, it asks for

environmental-friendly products, greener technologies, resource efficiency,

dematerialization, reduction of waste and emission, etc (Nuij, 2001).

Green economy is argued to be driven by entrepreneurs who respond to policy incentives

through innovation in management and technology. These private enterprises invest in

green innovation not only generate private profits but also (create) large positive

externalities for society and the environment as a whole. There are different ways of

looking at green entrepreneurship in developed countries and developing countries.

Developed countries put more emphasis on the term ‘green’ and on market opportunities,

while developing countries tend to more focus on the term ‘entrepreneurship’ and on

market needs.

Green enterprises are growing in emerging and developing markets. SMEs in these

countries are being increasingly called upon to meet the needs of new customers, without

compromising the local environment, and also to increase their organizational and

productive efficiency by reducing consumption of natural capital.

However, research on entrepreneurs in emerging countries is scarce and the research

literature on green entrepreneurship is even less widespread and lacks a systematic

empirical foundation. The main objective of this research is to understand how SMEs

perceive to green innovation in emerging and developing economies.

Narrating entrepreneurial intentions of creative professionals: Anti-economic

contextual processes as triggers for entrepreneurial action

Tristan May (EM Lyon Business School)

Recent research regarding entrepreneurial intentions draws on a positivistic

understanding of the phenomena Entrepreneurship. It aims to identify drivers, which favor

venture creation. Yet, it implies a mechanical clockwork view. Put differently, recent

research on entrepreneurial intention formation (1) assumes a static perception of reality

and (2) relies on clearly separable building blocks of behavior.

Moreover, the majority of research centers on a subset of those, who can be considered

entrepreneurs. Namely, business and engineering students are studied with quantitative,


survey-based approaches. The questionnaires used subversively suggest intentional

drivers with cognitive and especially economic roots. This default by research design and

the sample, which at best represent a minority of the population of entrepreneurs, lead to

insights, which blur our understanding of Entrepreneurship.

I argue that a process perspective broadens our insights regarding processes of becoming

entrepreneur. Methodically, narrative analysis supports my approach. Narratives are

understood as storylines, which account for retrospective sense-making of unordered,

interacting processes. Thereby these storylines reflect both identity revelations and

identity claims.

By investigating a sample of self-employed creative entrepreneurs in the cultural sector, it

becomes clear that narratives often refer to non-economic or even anti-economic

intentions or events, which triggered the path towards entrepreneurial action.

This shift in perspective has major implications for the way we foster a) research on

entrepreneurial intentions and b) the development of entrepreneurial action itself. A less

economic understanding of Entrepreneurship consequently claims a re-negotiation of

education and entrepreneurial curricula and implies a shift in how to best support

forthcoming entrepreneurs in both business and art schools.

Exploring Apparatuses of Institutional Work – The Case of Social Media

Reza MOUSAVI (ESSEC)

Institutions are enacted through discursive institutional work. This statement brackets the

ways in which those discursive acts are materially manifested. As a result we know little

about how different material manifestations of discursive institutional work condition the

enacted institutions. Filling this gap is the aim of the current study. Specifically, we focus on

the ways in which ‘doing’ institutional work in social media entails results that are different

than those of ‘doing’ it in traditional social interaction. In so doing, we adopt a

sociomaterial perspective and shift the focus away from discursive practices to material-

discursive practices of institutional work. We argue that the specific set of material

discursive practices, or the apparatus, of institutional work afforded by social media

conditions the enacted institutions. Our study has implications for the notions of agency

and performativity: Rather than being a human essence, agency is an emergent property of

a network of human and non-human entities. It is this ensemble that gains the agency to

create, maintain, and/or disrupt institutions. In addition, social media is a performative

arena. Both the discursive contents and the material platform are performative. As

discursive acts, the contents of social media do not merely reflect institutions. They actively

constitute them. Similarly, rather than merely being the mediators of the discursive acts,


the material platform is actively shaping them. Just as language is not a mirror of reality,

nor is technology a mediator of it.

Towards Changing sales and marketing models for pharmaceuticals

Margita Engström(Aalto University)

The purpose of a business model is to describe efficiently, yet comprehensively, “the

rationale of how an organization creates, delivers and captures value (Osterwalder,

2010).”Amit and Zott (2008) develop a formal model in order to analyze the contingent

effects of product market strategy and business model choices on firm performance. Kaniz

and Burmann (2012) identify the need to reinvent pharma S&M. Due to the dwindling

growth rate and the absence of new innovative ingredients coupled with intense

competition, the pharmaceutical industry finds itself in a precarious position. These

significant changes raise the question whether the current innovation and product-

oriented business model of pharmaceutical companies is the right one to face future

challenges.

In this paper I will study what is behind the huge S&M costs in pharma. I will study sales

and marketing models as complements to firm business models focusing on economic

value. I will empirically evaluate the current marketing models and economics. By taking

into account the firm business model, firm specific factors influencing marketing model

choice will be controlled for. I will empirically evaluate the current marketing models,

financials and market needs. Thus, this study will integrate the client, economics with the

concepts business model and marketing models. Further, a formal model for assessing the

marketing model fit with market need from an economic perspective offers industry

professionals to reinvent.

The pooling of logistic resources for the management of the last mile into cities

Kanyarat Nimtrakool (University of Le Havre)

This project of thesis focuses on the mutualization of logistic resources in town. On the

basis of a bibliometric studies by academic and professional articles, this project of thesis

realizes the analysis of the interest aroused by the theme of the mutualization of logistic

resources for the management of the last mile in town. The results show the increase of the

importance of urban mutualization theme on the point of view academic as managerial.

The studies of various academic references on the subject allow updating the most relevant

definition of the mutualization of urban logistics, with regard to the number of covered

themes. Finally, this project of thesis highlights the various components of the process of

mutualization of the logistics.


Immune to Social Influence?The Effects of Competition, Imitation, and Power on Exit

from Open Multipartner Alliances.

Rand Gerges-Yammine (EM Lyon Business School)

This paper investigates the effect of imitation of competitors and the moderating effect of

power on firm exit decisions from open mutlipartner alliances. Building on social influence

models, I argue that firms tend to mimic the behavior of similar others under conditions of

uncertainty. However, powerful firms are relatively immune to imitation pressures and

thus, display autonomous behaviors. I decompose power into two sources, formal and

informal, which are captured by hierarchal position and network centrality, respectively.

An analysis of nine open multipartner alliances in the mobile phone industry from 2000 till

2012 reveals that firms imitate similar others in terms of exit decisions, yet powerful firms

are relatively immune to social influence.


LIST OF PARTICIPANTS

Agrawal, Gargee - L'Oréal - [email protected] Bachouche, Hager - IAE Gustave Eiffel, Université Paris-Est, Institut de Recherche en Gestion

(IRG) - [email protected] Badji, Samia - ESSEC - [email protected] Ben hamouda, Imen - TELECOM Business School - [email protected] Bottura, Marco - EM Lyon - [email protected] Breugem, Matthijs - INSEAD - [email protected] Bruno, Cazenave - ESCP Europe - [email protected] Cadario, Romain - University of Paris 9 Dauphine - [email protected] Caussat, Paul - ESCP Europe - [email protected] Cociorva, Anamaria - Lund University - [email protected] Colicev, Anatoli - ESSEC - [email protected] Cornejo, Cristi - University of Paris 1 - Panthéon Sorbonne - [email protected] Dang, Rey - University of Orléans - [email protected] De Baerdemaeker, Jolien – Ghent University - [email protected] Delesalle, Esther - [email protected] Deschaintre, Stéphane - ESCP Europe - [email protected] Dibirov, Murta - ISM Paris - [email protected] Djedidi , Amina - Université Paris-Est Créteil & Université Paris-Est Marne la Vallée -

[email protected] DohouFerso, Pascal - [email protected] Echcharqy, Salma - Ecole National de Commerce et de Gestion de Settat -

[email protected] Fazeli, Nima - ESSEC Business School - [email protected] Florez, Jorge - Toulouse School of Economics - [email protected] Ganneval, Sébastien - University Paris 1 - Panthéon - Sorbonne - [email protected] Garbe, Emmanuelle - ESCP Europe - [email protected] Garel, Alexandre - ESCP Europe - [email protected] Gasparyan, Armen - University of Paris 10 Nanterre - [email protected] Gerard, Olivier- [email protected] GergesYammine, Rand – EM Lyon Business School - [email protected] Girotti, Mattia - Toulouse School of Economics - [email protected] Gutierrez Moreno, Cedric - HEC Paris - [email protected] Graeff, Imke - ESCP - [email protected] Hadad, Shahrazad - Academia de Studii Economice, Bucuresti - [email protected] Haddadi, Souad - University of Paris x Nanterre - [email protected] Hdia, Mouna - TELECOM Business School - [email protected] Ho, Sy-Hoa - University of Paris-Nord - [email protected] Huang, Xiaoying - University of Paris 1 - Panthéon Sorbonne - [email protected] Jaballah, Jamil - Toulouse University - [email protected] Jacqueminet, Anne - HEC Paris - [email protected] Javaudin, Laurent - - [email protected] Jean-Christophe, Bianic - ESCP Europe - [email protected] Keshavarz, Alireza – HEC Paris - [email protected] Kucelj, Tamara - ESCP (Executive MBA) - [email protected] Kuscu, Asli - Bogazici University, Istanbul Turkey - [email protected] Labossière, Wilsonn - TELECOM Business School - [email protected]











































Landry Kameni, Sylvére - University of Paris 10 Nanterre - [email protected] Léon, Xavier - ESCP Europe - [email protected] May, Tristan – EM Lyon Business School – [email protected] Margita, Engström - Aalto University (Finland) - [email protected] Masmoudi, Souhir - University of Aix-Marseille - [email protected] Meade, Richard - Toulouse School of Economics - [email protected] Meziani, Nora - ESCP Europe - [email protected] Mimeche, Wassim - IAE de Montpellier - [email protected] MiroslavovaRadoynovska, Nevena - Northwestern University - n-

[email protected] Mousavi, Reza - ESSEC - [email protected] Murtada, Dima - University of Paris x Nanterre - [email protected] Namouri, Hela - TELECOM Business School - [email protected] Nasr Eddine, Aya - University of Paris x Nanterre - [email protected] Nativelle, Alix - ESCP Europe - [email protected] Nimtrakool, Kanyarat- University of Le Havre- [email protected] Pascu, Ioana - Academia de StudiiEconomice, Bucuresti - [email protected] Patel, Anass - University Paris 1 - Panthéon - Sorbonne - [email protected] Phung, Giang - ESCP Europe - [email protected] Peia, Oana - ESSEC Business School - [email protected] Plaksenkova, Elena – HEC Paris - [email protected] Pomies, Anissa - ESCP Europe - [email protected] Porter, Marc - Kedge Business School - [email protected] Portilla, Karoll Gomez - Toulouse School of Economics & Universidad Nacional de Colombia -

[email protected] Porumb, Vlad Andrei - Université de Cergy-Pontoise - [email protected] Ravina, Giovanni - University of Paris 9 Dauphine - [email protected] Rjiba, Hatem - IAE Gustave Eiffel - [email protected] Romec, Arthur - ESCP Europe - [email protected] Romelli, Davide - ESSEC - [email protected] Salé, Laurent - ESCP Europe - [email protected] Salvadè, Federica - University Paris 1 - Panthéon - Sorbonne - [email protected] Shomali, Azadeh - Grenoble Graduate School of Business - [email protected] Simon, Céline - ESCP Europe - [email protected] Sorreda, Thomas - ESCP Europe - [email protected] Souissi, Slim - TELECOM Business School - [email protected] Taleb, Isma - TELECOM Business School - [email protected] Tedjini, Abderrezak - TELECOM Business School - [email protected] Thai Tan, Tran – (PhD applicant, IAE Toulouse 1)- [email protected] Urdari, Claudia - CNAM - [email protected] Vellin, Dominique - Dauphine - [email protected] Whelan, Adele - National University of Ireland, Maynooth, Co. Kildare, Ireland. -

[email protected] Wittman, Sarah - INSEAD - [email protected] Zenasni, Soumia - University of Tlemcen, Algeria - [email protected] Zerhounis, Anis - ESCP Europe - [email protected]

Zylstra, Andrew – ESCP Europe - [email protected]












































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