Publications

This study examines the relationship between family firms and carbon emissions using a large cross-country dataset of 6600 non-financial firms over the period 2010–2019. We find that family firms emit less carbon than non-family firms, especially after the Paris Agreement. Several factors contribute to this outcome, including governance structure, the degree of family control, R&D spending, and the issuance of green patents. Our study also shows that despite lower carbon emissions, family firms have lower environmental scores, primarily due to their reduced public commitment to emission reduction. Both environmental scores and carbon emissions increase when non-family CEOs are appointed and when family ownership decreases, indicating that agency conflicts may influence these outcomes.

Relationship lending is well known to allow SMEs to obtain credit, however one of the most crucial obstacles for these firms is not obtaining credit but applying for credit in the first place. We explore how relationship lending impacts the demand for credit, i.e., borrower's discouragement. Using a European cross-country survey of more than 2300 firms in 2010, we show that firms that rely on relationship lending to get access to credit refrain from applying in the first place. We show that this result is due to a self-rationing mechanism: riskier firms employing relationship lending tend to be more discouraged. Instead, the use of transactional lending reduces discouragement, and this effect does not depend on firms' risk. Our results suggest that firms employing relationship lending know their own likelihood of rejection better and can decide when not to apply.

This study demonstrates how female role model encourages women-led firms to apply for a credit. Employing a sample of 29,157 firms from 112 countries between 2009 and 2020, our results indicate that the exposure to a female political leader offsets the likelihood for woman-led firms to be discouraged. This is explained by reduced emotional barriers to apply for a credit and is function of the personal status of the role model and its proximity with the female CEO.

Trust towards banks plays a central role in theoretical literature. Diamond and Dybvig (1983) argue that in a trustworthy environment banks can easily collect deposit foster banking activity and asset transformation. Diamond and Rajan (2001) posit that a high trust environment discourages banks from creating liquidity. To address these conflicting views, the current study measures liquidity creation using Berger and Bouwman's (2009) methodology, then assesses the level of trust in the environment with four proxies and two additional instruments deployed in previous research. The results confirm a positive effect of trust in banks on liquidity creation, especially for small or state-chartered banks and during economic downturns. The results are robust to time effects and potential endogeneity concerns.

Is bank profitability beneficial for economic growth? While policymakers have shown major concerns for low levels of bank profitability, the influence of bank profitability on economic growth remains an open question. While it can favor economic growth by strengthening financial stability, it can also result from lower competition and as such depress economic growth. We provide the first empirical investigation to appraise the impact of bank profitability on economic growth. We examine a panel of 132 countries during the period 1999-2013 using generalized method of moments (GMM) dynamic panel techniques. We document a positive impact of bank profitability on economic growth in both the short-run and the long-run. These findings are robust to controlling for the dynamics of banks' profits. They are also robust to alternative measures, specifications, and time periods. They support the view that bank profitability should be promoted by authorities for growth concerns.

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Inscrite dans la perspective des pratiques, cette recherche vise à identifier si la co-création de valeur se reflète dans des pratiques singulières du marketing. L'analyse d'entretiens menés avec 15 managers met au jour des modalités plurielles des pratiques du marketing, "co-créative" et "orthodoxe", qui émergent par l'action des praticiens face à leur contexte organisationnel. En particulier, la modalité "co-créative" des pratiques est déployée par des praticiens qui espèrent faire entendre la voix du marketing en favorisant l'irruption du client allié dans l'organisation.

Objectif : L’objectif de cet article est de proposer un outil de mesure de perception du stress au sein de structures médico-sociales et à en analyser les résultats. Champs de l’étude : Cette recherche a été menée au sein de 26 Etablissements Hébergeant des Personnes Agées Dépendantes (EHPAD) répartis sur toute la France et intègre des structures citadines, rurales, de tailles, de statuts et de niveau de dépendance différents. Population étudiée : Tous les professionnels présents au sein de l’établissement au moment de l’étude. Méthode : Le questionnaire a été construit à partir de de trois structures pilote. Chaque échelle a été testée en fonction des alphas de Cronbach, α. Les résultats ont été exploités via une régression linéaire multiple de la fonction perception du stress. Résultats : La recherche porte sur 914 professionnels qui ont participé à cette étude. Le questionnaire comporte 42 questions portant sur des variables spécifiques aux conditions de travail et d’autres plus spécifiques aux critères identifiés lors des phases de pré test. L’alpha de Cronbach fait apparaître un coefficient de .893, quant aux 13 questions relatives aux conditions de travail, et de .848 quant aux 21 questions spécifiques au stress identifiées en focus group. Les résultats mettent en exergue 8 facteurs propres au rythme de travail, à la clarté des missions, aux interruptions des activités, au sens au travail, à la relation avec les résidents ou avec les collègues, aux ordres contradictoires et à l’encadrement. Conclusions : Certains facteurs tels que la relation avec les familles n’interviennent pas dans l’analyse des causes du stress, mettant en avant des facteurs organisationnels plus marqués, qui sont de réels leviers d’actions pour le manager.

This paper provides an insight into the global state of Lean Industry 4.0 (LI4) with over 1,000 industry responses. The approach employs a rigorous qualitative open-response survey. Our findings indicate that there was no unified industry perspective of LI4 terminology. The evolution of I4 is taking a similar path to Lean and making the same mistakes by not focusing on leadership, engagement, competencies, and behaviours. Past academic research has perhaps over-emphasised the environment and supply chain. The benefits of LI4 application are largely in terms of efficiency, cost reduction, learning and engagement. This work contributes by highlighting research avenues: why a piecemeal approach has been taken by industry to LI4, why LI4 has not been more widespread, and more detailed studies around contingent factors). It also provides industry with lessons on how to implement LI4 and the mistakes to avoid such as seeing implementation as a purely technical exercise.

mutations were recognized recently among patients with a Marfan-like phenotype. The associated clinical and prognostic spectra remain unclear. Methods and Results—Clinical features and outcomes of 71 patients with a TGFBR2 mutation (TGFBR2 group) were compared with 50 age-and sex-matched unaffected family members (control subjects) and 243 patients harboring FBN1 mutations (FBN1 group). Aortic dilatation was present in a similar proportion of patients in both the TGFBR2 and FBN1 groups (78% versus 79%, respectively) but was highly variable. The incidence and average age for thoracic aortic surgery (31% versus 27% and 3516 versus 3913 years, respectively) and aortic dissection (14% versus 10% and 3812 versus 399 years) were also similar in the 2 groups. Mitral valve involvement (myxomatous, prolapse, mitral regurgitation) was less frequent in the TGFBR2 than in the FBN1 group (all P0.05). Aortic dilatation, dissection, or sudden death was the index event leading to genetic diagnosis in 65% of families with TGFBR2 mutations, versus 32% with FBN1 mutations (P0.002). The rate of death was greater in TGFBR2 families before diagnosis but similar once the disease had been recognized. Most pregnancies were uneventful (without death or aortic dissection) in both TGFBR2 and FBN1 families (38 of 39 versus 213 of 217; P1). Seven patients (10%) with a TGFBR2 mutation fulfilled international criteria for Marfan syndrome, 3 of whom presented with features specific for Loeys-Dietz syndrome. Conclusions—Clinical outcomes appear similar between treated patients with TGFBR2 mutations and individuals with FBN1 mutations. Prognosis depends on clinical disease expression and treatment rather than simply the presence of a TGFBR2 gene mutation. (Circulation. 2009;120:2541-2549.)