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The purpose of this paper is to study the effects of financial accounting standards on the economic decisions of managers. The primary research question addressed in the paper is whether the hedging behavior of corporate treasurers in France has been affected by the issuance of International Accounting Standard No. 39 and International Financial Reporting Standard No. 9 dealing with financial instruments and hedging.

In all, 48 semi-structured interviews were conducted with French corporate treasurers. The interview instrument is included as an exhibit to this paper. The interviews were recorded and transcribed. In addition, three interviews were conducted with representatives of Big 4 audit firms who are experts in accounting for financial instruments. The empirical findings are interpreted using a theoretical framework derived from Jean Baudrillard who argues that the “map” (accounting results) tends to define the “territory” (economic decision-making) in a period of “hyperreality” (when the underlying economic reality is confused). In other words, accounting standards, and the reported numbers that result from such standards, can influence the economic decisions of managers and not merely represent the outcome of economic decisions already taken.

Corporate treasurers often make decisions based on earnings impact. This finding is similar to findings in prior literature regarding the effects of accounting standards on economic decisions taken by managers. A fear of increased earnings volatility is central to the treasurers’ concerns. Also key is the complexity of the process for qualifying financial instruments for hedge accounting treatment. The authors also find that the behavior of corporate treasurers is neither stable nor homogeneous. The behavior appears to be the outcome of a collective learning process in which the corporate treasurer is only one actor.

The type of qualitative research undertaken in this study has its limitations. It cannot be demonstrated that the findings are generalizable. There is a contextual specificity to the treasurer’s function, which reinforces a particular focus on accounting results. The CFO is simultaneously the superior of the treasurer and responsible for financial reporting, and consequently subject to a conflict of interest that does not necessarily apply to other types of managers. Therefore the findings cannot apply to all managerial functions.

The authors found that corporate treasurers focus on accrual-based earnings despite engaging in a function that is supposed to focus on cash flows. Even if the IASB believes that accounting standards should be used primarily by investors and creditors, they should acknowledge that there is a fear of earnings volatility by managers, and that there is an temptation toward increased use of other comprehensive income as an alternative to reporting volatile earnings numbers.

The research provides support for those who argue that international accounting standards that require fair value accounting for financial instruments have had a negative pro-cyclical impact on the real economy.

This paper is a qualitative research study conducted in an area of research where there have previously been only quantitative studies. The access to a large number of French corporate treasurers is unique. The study supports prior findings regarding the influence of accounting standards on managerial behavior, but with an added theoretical interpretation related to Baudrillard’s arguments regarding the nature of the “map” and the “territory” in complex economic systems.

This paper aims to expand foreign investors' understanding of potential return enhancement and risk diversification advantages offered by equity market of Pakistan through comparing its performance to performances in other markets and investigating what matters for investing in Pakistan's market.

Comparative analysis of Pakistan Stock Exchange is performed using data for 22 developed and 22 emerging markets over the period 1993–2019. Cross-sectional analysis is performed using data for 130 non-financial firms from Pakistan and Carhart (1997) and Fama and French (2015) models are applied. The role of liquidity with five-factor model is analyzed using turnover rate and Amihud (2002) illiquidity cost as liquidity measures.

Pakistan's equity offers substantial diversification benefits if added to developed market portfolios. However, observed large returns come together with inverted premia for most traditional factors indicating that investors may want to invest preferably in big stocks with low book-to-market and momentum. Finally, global investors can invest in high yielding stocks with low liquidity risk owing to positive connection between liquidity and returns.

This study will provide investment model for foreign investors to enhance their portfolio returns. Policy makers in Pakistan must identify regulatory steps to facilitate foreign investments.

To the best of the authors' knowledge, this is the first study which identifies efficiency gains offered by Pakistan's equity for global investors.

Today, there is no academic or sociocultural context in which Austrian Economics (AE) is described as being dominant. AE is and remains, for better or for worse, a heterodox current. In the United States, however, but probably nowhere else in the world, AE is heterodox without being invisible or inconsequential. American scholars for whom AE is their preferred paradigm have been able to participate actively in the sort of “discussions” that Arjo Klamer (2007, p. 4) wishes to encourage. They are taken seriously by fellow economists. The vitality of American AE has no equivalent in the rest of the world.¹ Obvious constraints of time and space prevent us from offering supporting evidence for this sweeping statement, but in this paper we propose to take a close look at the French case. AE has made few inroads in France. There was a brief period in the 1980s when it was the object of some short-lived enthusiasm; since then interest has waned, although there are indications that the tide might yet again be turning, and in fact, as compared to many other western European countries, France may turn out to be, all things being relative, a less infertile ground than might a priori be thought.

In analysing the beancounter image's trajectory, from its birth to its persistence, in European French language comics between 1945 and 2016, this paper explores why artists continue beancounter image usage in popular culture.

Beancounter characters have been studied in an application of Iconology (Panofsky, 1955) in order to unravel how individuals make sense of cultural artefacts and how, in turn, the visuals shape cultural belief systems at a given time.

This study reveals that comics artists usage of the beancounter image results from their critical reactions to management and capitalism whilst at other times the usage is an indication of authenticity. Motivation for the usage is not constant over time nor is the impact of the beancounter image. Both appear dependant of the level of artistic freedom experienced by the artist.

Based on a single media (comics) with a unique characters (European French language) this study deepens exploration of the ways in which accounting becomes entwined with the everyday and implies that further research is needed.

Extends the work of Smith and Jacobs (2011) and Jacobs and Evans (2012) by focusing on a genre of popular culture over a long period, and by adopting a critical viewpoint. Also expands the possible applications of Panofsky's (1955) Iconology in accounting studies.

The thinking of the philosopher Baruch Spinoza is gradually entering the field of social science. In this paper, we are particularly interested in applying his theory of affects to the analysis of passionate collective behaviours at work in the field of financial markets. The general hypothesis that underpins our work is the idea that, in a context of radical uncertainty about the future, the succession of common affect regimes translates into passionate sequences that determine investor behaviour and produce market dynamics. Using an analysis of the stock market cycles of Taffler, Bellotti, and Agarwal (2018), Taffler, Agarwal, and Wang (2019), we show that the Spinozist concept of common affects can help us to understand the mechanisms in the production of collective emotion and to account for the speculative dynamics at the origin of the great financial bubbles.

This paper aims to provide a more nuanced image of cooperation in France, first, insisting on the idiosyncratic conditions under which French will be likely to cooperate, and, second, pointing the importance of the local context, finally criticizing the average stereotyped image given by the intercultural management quantitative literature.

The studies behind the article are based on qualitative data and on an interpretative analysis of culture, considered as a frame of meanings through which people read the organizational situation they are in.

Advanced form of cooperation may be obtained when some balance can be established through subtle arrangement between organizational and cultural needs, i.e. allowing staff to escape from their founding fear of servility.

Such analysis of the conditions that can facilitate or hinder cooperation should not be limited to France. It may be applied to any other cultural area.

Intercultural management training sessions for expatriates could benefit from this qualitative approach.

This approach challenges the quantitative main Stream approach in cross-national studies on management.

The purpose of this paper is to study the contribution of French sociology of organisations (mainly represented by M. Crozier, E. Friedberg and J.D. Reynaud) to the knowledge of organisations in the French context, specially through the “bureaucratic phenomenon”.

The author shows that the work has provided a relevant picture of some of the main characteristics of a “French way of organising”, but shows in a second part that French specificities are only a part of the authors’ scientific project, and discusses some of the reasons why it did not get a large international recognition in the English-speaking literature.

The article provides a summary of the analysis and a discussion of its relevance to the French context today. It opens a reflection about the question as to whether a sociological school based on field studies can be used outside of its original context of conception.

The author does not have the ambition of an exhaustive overview of the international impact of this school.

The author aims at a reevaluation of the contribution, for English-speaking academics, and at a development of the thinking about the use of the “strategic analysis” model.

An examination of the today relevance of the “bureaucratic” model in France, and a better knowledge of the interest of this school outside France.

The purpose of this paper is to analyze the mechanisms involved in the progressive integration of marginal and peripheral urban areas, located close to established tourist destinations, into the visited tourism perimeter, and the interplay of the supporting public and private actors. It focusses on the intertwining processes of commercial gentrification, heritagization and aestheticization of former “ordinary” or marginal areas as tools for and indications of their tourism development. It explores how the metropolitan tourism geography is progressively redesigned.

Following a comprehensive literature analysis, the Saint-Ouen flea market was selected as the object of study. The methodology is based on extensive in situ observations, a systematic analysis of the press and a corpus of tourist guides and several in-depth interviews with local public and private stakeholders.

This paper shows that combined public (Parisian urban and tourism stakeholders) and private interests led to the integration in the tourism perimeter of a space that was once on the margins of the tourism and metropolitan area. It highlights the mechanisms of this integration and the link between touristification, gentrification, aestheticization and artification. It was found that private investors and political decision makers regard Saint-Ouen flea market as a major opportunity for tourism and real estate development, which leads to some contradictions regarding heritage protection. Finally, it shows that market traders opposed the evolution of a commercial place into a place of symbolic consumption. At another level, it shows the stakes of tourism diversification in a metropolitan tourism destination that is characterized by overtourism.

More studies are needed to identify not only the potential of flea markets to diversify tourist areas and practices, but also any potential resistance. The consequences on metropolitan tourism can be the subject of additional investigations: can this tourism diversification reduce overtourism in the centre, or is it only a diversification that functions as an additional driver of attractiveness? This research opens new perspectives on the modes of diversification (spatial and experiential) of metropolitan tourism as well as on the role that commercial changes play in these evolutions. It also makes it possible to question the modes of engagement of investors and traders in tourism.

This is an in-depth analysis of the case of Saint-Ouen flea market. The issues raised herein are applicable to similar peripheral urban areas, flea markets especially, that are rarely studied on the tourism-aestheticization-gentrification nexus. The analysis also shows the diversification of places and imaginaries of metropolitan tourism.

There are a number of conflicts today involving groups and individuals as regards nature in its various forms. The aim of this article is to examine how these give rise to changes in the forms of critique and justification that underpin them. Based on various points of disagreement as to how nature should be developed, three possibilities of change have been put forward for examination according to the importance of the transformations required: (a) integration of the model into existing orders of justification, (b) development of a new order based on the same model, (c) serious adjustment of the underlying common matrix of orders and the basis it offers for appreciating injustice.