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Article
Publication date: 10 November 2020

Irfan Saleem, Eric Lamarque and Rashedul Hasan

The purpose of this study is to study the evolution of French corporate governance law in light of collibration approach and bring statistical evidence from French

Abstract

Purpose

The purpose of this study is to study the evolution of French corporate governance law in light of collibration approach and bring statistical evidence from French Companies Executive Compensation practices.

Design/methodology/approach

The study has used mixed methods. In the first part, the authors analyzed the French laws in the light of collibration. In the second part of the study, the authors used unbalanced panel data to test the hypotheses related to executive remuneration based on the theoretical underpinning of collibration. Data for 173 firms listed in the Euronext Paris Index is collected from the Bloomberg database. Seemingly unrelated regression (SUR) analysis is performed to investigate the impact of collibration on the governance disclosure of French-listed firms.

Findings

SUR results indicate that board size plays a significant role in the governance disclosure before collibration. However, the collibration model is found to be more effective in ensuring the desired level of governance disclosure. Under the collibration approach, executive remuneration, frequency of board meetings, executive directors in the compensation committee and independent directors play a significant role in governance disclosure. Board size, however, does not have a substantial impact on governance disclosure after the adoption of collibration mechanism.

Research limitations/implications

Results provided by this study can allow regulators to improve corporate disclosure regime in France, which could play a vital role in safeguarding the interest of stakeholder.

Originality/value

The authors study the impact of collibration on the extent of governance disclosure in the context of France. Empirical evidence on the implication of collibration as governance mechanisms to enhance stakeholder confidence is rare and allows this study to make a unique contribution to the governance literature.

Details

International Journal of Law and Management, vol. 63 no. 2
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 4 January 2011

Tanja Kontinen

The purpose of this research is make managerial recommendations for firms operating or planning to operate in the French market.

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2618

Abstract

Purpose

The purpose of this research is make managerial recommendations for firms operating or planning to operate in the French market.

Design/methodology/approach

This study reports findings from an in‐depth case study covering eight Finnish SMEs operating in the French market. To facilitate the understanding of the recommendations, the findings are discussed through typical features of the French culture.

Findings

The findings report the best practices of eight Finnish SMEs operating in France.

Research limitations/implications

Although the case study method made it possible to acquire detailed knowledge about the firms' internationalization, the findings can be generalized only to some extent.

Practical implications

Managers of family and other types of SMEs will find several practical tools to facilitate their business in the French market.

Originality/value

Prior research has focused on managerial practices in France to a limited extent as compared to other countries.

Details

Journal of Business Strategy, vol. 32 no. 1
Type: Research Article
ISSN: 0275-6668

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Article
Publication date: 1 October 2005

John Capstaff and Andrew Marshall

Several papers have investigated the use of foreign exchange (FX) derivatives but evidence on the use of international cash management meth ods to hedge FX is scarce. This…

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2050

Abstract

Several papers have investigated the use of foreign exchange (FX) derivatives but evidence on the use of international cash management meth ods to hedge FX is scarce. This paper contributes to the existing evidence by considering the use of international cash management systems to hedge foreign exchange (FX) risks using a sample of French and UK companies. We find that matching, netting and pricing policies are the most commonly used techniques in both the UK and French samples al though there is evidence of greater use of all cash management techniques in the UK. We also consider whether the theoretical explanations of hedging determine the use of cash management techniques for FX hedging, and if there are differences between the UK and French samples. We find support for the theoretical prediction that FX hedgers have higher levels of financial distress, and that these firms tend to be larger, more international and less liquid. We find little support for the under investment theory. The extent of internationalisation appears to play no role in the decision of French firms to use cash management techniques to manage FX risk, and the use of all cash management techniques were lower than in UK firms. These latter findings may be explained by the reduction in FX risk facing French firms following the introduction of the euro.

Details

Managerial Finance, vol. 31 no. 10
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 February 2008

Mehdi Boussebaa and Glenn Morgan

The purpose of this paper is to explore the influence of national institutional contexts on a multinational's project to develop a transnational talent management system.

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4815

Abstract

Purpose

The purpose of this paper is to explore the influence of national institutional contexts on a multinational's project to develop a transnational talent management system.

Design/methodology/approach

The study combines a comparative analysis of British and French conceptions of management with qualitative empirical data drawn from interviews, observation and documents collected in France and the UK.

Findings

The concept of “talent management”, as understood by UK managers, could not simply be reproduced in the French setting where the idea of managing talent took on a different meaning. The attempt to do so through a UK‐instituted programme ignored this difference and resulted in the complete failure of the headquarters' project to develop a transnational talent management system.

Research limitations/implications

Theoretical implications include the importance of an institutionally sensitive approach to the study of talent management within multinationals. A limitation of the study is that it is based on a single case study.

Originality/value

The paper is a case study of a cross‐national talent management programme from a comparative institutionalist perspective rather than that of mainstream international management. It highlights the conflicts and tensions involved in implementing management systems uniformly across national borders. The paper's Anglo‐French focus also contributes a comparative angle that is relatively rare in institutionalist studies of MNCs (multinational companies). Finally, the paper sheds light on the newly emerging and yet under‐researched concept of “talent management”, connecting this idea with existing debates on multinationals and institutional change and reproduction.

Details

Critical perspectives on international business, vol. 4 no. 1
Type: Research Article
ISSN: 1742-2043

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Article
Publication date: 10 August 2010

Tanja Kontinen and Arto Ojala

The purpose of this paper is to investigate how psychic distance affects the internationalization process, foreign market entry (FME), and entry mode choice of Finnish…

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2772

Abstract

Purpose

The purpose of this paper is to investigate how psychic distance affects the internationalization process, foreign market entry (FME), and entry mode choice of Finnish small and medium‐sized family enterprises (family SMEs) operating in France.

Design/methodology/approach

The paper reports findings from an in‐depth case study covering four Finnish manufacturing family SMEs operating in the French market. The data were analyzed using the Uppsala model and distance creating and distance‐bridging factors encountered in the FME to France.

Findings

The findings reveal that the family SMEs mainly followed a sequential process and favored indirect entry modes before entering the French market. The French market was psychically distant, but the case firms were able to overcome the distance by using different distance‐bridging factors. Based on the findings, it can be argued that psychic distance has an especially important role in the internationalization and the FME of family SMEs, mainly because of their general cautiousness caused by family presence.

Research limitations/implications

Although the case study method made it possible to acquire detailed knowledge about the firms' internationalization, the findings can be generalized only to some extent.

Practical implications

Managers of family SMEs and family members should be provided with the capacity to overcome distance‐creating factors, they might encounter in their FME. The decision to internationalize is a strategic change that will most probably change the historical harmony of the firm.

Originality/value

Prior research has mainly focused only on general internationalization pathways of family SMEs. In addition and contrast to the previous studies, this paper investigates the role of perceived psychic distance in family SMEs' FME and entry mode choice in a certain target market.

Details

Journal of Small Business and Enterprise Development, vol. 17 no. 3
Type: Research Article
ISSN: 1462-6004

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Article
Publication date: 1 March 2013

Ramzi Benkraiem and Calin Gurau

The purpose of this paper is to study the influence of various corporate characteristics on the capital structure of French small and medium‐sized enterprises (SMEs).

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2081

Abstract

Purpose

The purpose of this paper is to study the influence of various corporate characteristics on the capital structure of French small and medium‐sized enterprises (SMEs).

Design/methodology/approach

OLS fixed‐effect regressions are used to estimate the influence of SME corporate characteristics on three capital structure measures, namely total, long‐term and short‐term debt.

Findings

The findings suggest that size, profitability, growth and tangibility of assets influence, in a significant way, the capital structure of French SMEs. Furthermore, when decomposing the sample into two groups: small (1) and medium‐sized (2) firms, the findings indicate that corporate characteristics affect the capital structure of these two subsamples in the same direction, but with different amplitudes.

Originality/value

The evidence presented and discussed in this paper extends the existing literature. From an academic perspective, the methodological approach and the empirical results provide a level of analysis unmatched by the previous research on French firms. Moreover, the findings can add to the knowledge and the understanding of SME corporate managers. They can provide useful information to assist them in their decision making regarding the capital structure of their firms at a time when difficulties of SME financing are more and more evoked in the French context.

Details

International Journal of Entrepreneurial Behavior & Research, vol. 19 no. 2
Type: Research Article
ISSN: 1355-2554

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Article
Publication date: 27 March 2007

Rohan Jordan, Pietro Zidda and Larry Lockshin

The success of the Australian wine industry is well documented. However, there have been few comparative studies of the reasons for this success as compared to Australia's…

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3749

Abstract

Purpose

The success of the Australian wine industry is well documented. However, there have been few comparative studies of the reasons for this success as compared to Australia's main competitors. Most of the anecdotal evidence and trade publications focus on “value for money” and fruit‐driven wines, without looking at how the Australian wine businesses operate. The purpose of this paper is to investigate the external environment in France and Australia as one of the drivers for Australian wine sector success.

Design/methodology/approach

In‐depth interviews with two French and two Australian wineries and a review of the literature led to a series of hypotheses about the role of market orientation, strategic orientation, innovative and entrepreneurial environment orientation, constraining legislation, industry infrastructure usage, industry plan support, and interorganizational collaboration as factors differentiating the two countries. An online survey of wineries in the two countries resulted in a sample of 82 French and 63 Australian responses. An analysis of variance revealed significant differences between Australian wineries as compared to the French.

Findings

Australian wineries rated themselves higher in market orientation, growth strategy, export proactiveness, perceived innovative environment, perceived entrepreneurial environment, more interorganizational collaboration, and less perceived constraining legislation.

Practical implications

These results not only provide some basis for Australia's success in wine exporting, but also add to the literature on the effect of the external environment on business performance.

Originality value

Wine exporting countries can use the results to help shape policy for creating a more conducive environment for exporting wine.

Details

International Journal of Wine Business Research, vol. 19 no. 1
Type: Research Article
ISSN: 1751-1062

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Article
Publication date: 11 May 2012

Madina Rival

The central question in this article is: do recurring types of corporate lobbying strategies exist (in the same way as for generic strategies, for example)? The objective…

Abstract

Purpose

The central question in this article is: do recurring types of corporate lobbying strategies exist (in the same way as for generic strategies, for example)? The objective of this research is to define a typology of lobbying strategies implemented by French and UK firms, and then to discuss to what extent firms' political strategies are universal or country‐specific.

Design/methodology/approach

An empirical study examined 679 lobbying campaigns (also known as “political action”) of French and UK firms. They were grouped into categories and described using statistical data analysis techniques (multiple correspondence analysis and classification).

Findings

The results highlight a pattern in the corporate lobbying phenomenon: five types of lobbying strategy (that can be described and illustrated) exist for French firms, and four for UK firms. Tentative explanations can be put forward: implementation of lobbying strategies appears to depend on the type of issues addressed (which could be universal), but also on the country's political environment (which could be country specific). The study shows the interdependent influence of organisational resources, economic structures and the political environment (laws and the role of the state) on firms' lobbying strategies. Thus, societal effects theory could be applied to firms' political strategies, which are global and local at the same time.

Originality/value

Lobbying public decision makers is an increasingly widespread managerial practice, but has so far attracted little research attention in Europe.

Details

Journal of Strategy and Management, vol. 5 no. 2
Type: Research Article
ISSN: 1755-425X

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Article
Publication date: 19 October 2021

Nadia Ben Farhat Toumi, Rim Khemiri and Yosra Fourati Makni

The aim of this paper is to examine the impact of directors' home regions on corporate social responsibility (CSR) disclosure. Specifically, the authors aim to determine…

Abstract

Purpose

The aim of this paper is to examine the impact of directors' home regions on corporate social responsibility (CSR) disclosure. Specifically, the authors aim to determine whether Anglo-American, European, French, other European and other regional directors' presence affects CSR disclosure differently.

Design/methodology/approach

This empirical study uses panel data analysis of all listed firms on the SBF 120 from 2008 to 2019. The environmental, social and governance (ESG) scores are collected from the Bloomberg database and indicate the extent of CSR information disclosure by French companies. The paper is based on a dynamic generalized method of moments panel estimator that makes it possible to control for unobservable heterogeneity and endogeneity and reduces estimation bias.

Findings

The findings of this study provide evidence that home region diversity and the presence of Anglo-Americans on a board are positively and significantly associated with ESG disclosure and environmental disclosure, whereas they are negatively associated with social and governance disclosure. Surprisingly, when directors come from European countries, they disclose less ESG and environmental information. Nevertheless, when only French directors are present, the company tends to divulge all dimensions of CSR. Indeed, while there is a significant positive influence of French directors on ESG disclosure, the presence of other European directors displays negative and statistically significant regression coefficients.

Research limitations/implications

This study may be interesting the French policy makers who can now pay more appropriate attention to directors' nationality or region. Thus, firms should identify the foreign directors who can support their strategy with relevant experience in terms of CSR. This could help to change the opinion of some companies that consider the internalization of the board as a constraint rather than an opportunity. These results will be useful for French-listed companies in setting the criteria for the appointment of foreign directors. It may be interesting to recruit directors across European boundaries.

Practical implications

This paper attempts to provide a better understanding of the effects of the home regions of directors on CSR disclosure in order to enlighten corporate managers whose companies operate in different cultures given that they have to deal with this aspect. In this international business environment, CEOs should increasingly consider the international CSR experience of directors to be a resource. In addition, this study may be of relevance to French market authorities, which constantly encourage firms to diversify the profiles of directors on their boards and recruit more international members.

Originality/value

This study is the first to evince that the disclosure of each CSR disclosure score differs depending on the directors' home regions. Unlike previous studies, the authors focused simultaneously on the resource-based view (RBV) and institutional theory.

Details

Journal of Applied Accounting Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0967-5426

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Article
Publication date: 1 January 2012

Habib Jouber and Hamadi Fakhfakh

This paper attempts to investigate the relationships between the board of directors' characteristics and earnings management being a proxy of earnings quality in two…

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3572

Abstract

Purpose

This paper attempts to investigate the relationships between the board of directors' characteristics and earnings management being a proxy of earnings quality in two separate countries, France and Canada. Specifically, it aims to investigate how certain contextual features affect differently earnings management behavior, and to reveal which factors are the most prominent incentives of management discretion in both cases.

Design/methodology/approach

The paper uses a performance matched discretionary accruals (PMDA) measure as a proxy for earnings management. Three separate panel‐regressions are then performed on a full sample, comprising a French sub‐sample and a Canadian sub‐sample, to detect board characteristics and institutional features' impacts on the PMDA. Regressions are based on a panel of 180 French and Canadian listed firms' data over the period 2006‐2008.

Findings

Evidence shows that CEO stock ownership, independent monitoring and institutional investor's property are strong earnings management determinants in both the French and Canadian frameworks. Nevertheless, leadership structure and board size seem to be neutral. Furthermore, French firms show specific earnings management incentives which are related to high ownership concentration, low equity widespread and high contractual debt costs. Dominant minority ownership and capital market forces are the key earnings management incentives in the Canadian context. These findings are robust to alternative sensitivity tests.

Research limitations/implications

Even though the findings answer some questions, earnings management incentives are still to be decided. Future research could further highlight the impact of contractual, legal, cultural, ethical and political country‐specific factors related to financial reporting.

Originality/value

This paper investigates how an effective board of directors is able to provide a monitoring mechanism to ensure high quality of earnings. Moreover, it builds on cross‐country variations in corporate governance features and contextual‐specific factors to reveal earnings management behavior's incentives in two separate environments, namely French and Canadian ones. The underlying promise is that poor corporate governance (weak board monitoring), high ownership concentration, and intensive financial market forces create incentives that largely influence manager's willingness to report earnings that don't reflect a firm's true performance.

Details

Managerial Auditing Journal, vol. 27 no. 1
Type: Research Article
ISSN: 0268-6902

Keywords

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