Jean-Laurent Viviani

In the Bordeaux region, climate change has a very significant impact on wine production, with an increase in vineyard area, but a decrease in yield and income. We use a Ricardian approach to assess the magnitude of these changes. We combine very detailed individual, structural and financial data at the farm level with weather data to measure the impact of climate change on vineyards. Econometric models highlight the important role of high temperatures and rainfall in reducing yields during the growing season. Farmers respond to these phenomena through a combination of strategies: increasing vineyard area, prioritising operational expenditure over long‐term investment strategies and using adaptive risk management techniques such as irrigation and crop insurance. These results suggest that wine producers are effectively adapting to climate change and its adverse effects on yield and income volatility. Moreover, these strategies are differentiated according to the value and quality of the production.

Purpose: Why do some retail networks operate shop-in-shops along with stand-alone units while others do not? Drawing on a resource-based and intellectual capital (IC) perspective as a broad theoretical lens, the purpose of this paper is to focus on retailer-run shop-in-shops and examine the determinants of their adoption.Design/methodology/approach: To gain a comprehensive understanding of shop-in-shop adoption by retail branded networks, a research design mixing a quantitative study (n= 170) and a qualitative study (n= 19) was adopted to test nine hypotheses regarding these determinants of the adoption of retailer-run shop-in-shops and explore in greater depth the processes whereby they actually occur.Findings: The main findings show that intangible resources are major determinants of the choice to operate shop-in-shops while tangible resources are minor determinants. The more robust results of the analysis lie in the positive effect of own-label merchandise range, premium pricing strategy, positioning based on symbols, retail concept fast renewal and high sector specialisation on the choice to operate a shop-in-shop. The effect of financial constraints on the decision to expand via shop-in-shops is limited.Research limitations/implications: The authors emphasise the importance of marketing-related and company-related characteristics in differentiating the likelihood of retail networks to expand via shop-in-shops. These results lend support to the relevance of a resource-based and IC perspective in explaining the propensity of retailers to develop via shop-in-shops.Practical implications: The decision to operate shop-in-shops should depend on the extent to which intangible resources – the most important being retail positioning grounded in symbols, an own-label merchandise range, and a high retail branded network reputation – can be valued and enhanced. Expanding a retail network via shop-in-shops does not appear to be a financially constrained expansion strategy: it must be considered as a relevant first best strategy when an independent and young retail company has intangible resources to value but limited tangible resources.Originality/value: The study contributes to channel management and retailing research in four ways. First, it precisely delineates the specific characteristics of shop-in-shops. Second, it provides theoretical explanations – based on a resource and IC perspective – of determinants that influence the choice of shop-in-shops. Third, it empirically tests the influence of marketing-related and company-related characteristics when adopting shop-in-shops. Fourth, it provides insights into how adopting shop-in-shops. To the authors’ knowledge, the research is on the first to analyse theoretically and test the determinants for the choice of retailer-run shop-in-shops.

Cette étude a pour objectif de tester de façon empirique l’hypothèse de financement séquentiel de Mayers (1998) qui affirme que les entreprises émettent des obligations convertibles (OCs) afin de maîtriser le problème de surinvestissement propre à ce type de situation. Ce modèle prédit de forts niveaux d’investissement et de financement suite aux rappels anticipés ou aux conversions des OCs, particulièrement lorsque les options (de rappel anticipé ou de conversion) sont dans la monnaie. Sur la base d’un échantillon de 313 OCs comprenant 108 OCs callable remboursées par anticipation et 205 OCs non-callable remboursées normalement à leurs échéances par des entreprises non financières ouest européennes entre 1994 et 2009 ; nous aboutissons à des résultats qui supportent partiellement la théorie du financement séquentiel de Mayers (1998). En utilisant la méthodologie, originale dans ce contexte, des doubles différences, nous observons des variations positives des dépenses d’investissement des émetteurs ayant réalisé les remboursements anticipés de leurs OCs dans la monnaie, significativement plus importantes que celles des firmes ayant remboursé leurs OCs en dehors de la monnaie. De plus, lorsque le rappel a lieu, les firmes remboursant leurs OCs dans la monnaie augmentent plus rapidement leur endettement que les émetteurs remboursant leurs OCs en dehors de la monnaie. Cependant, en contradiction avec la théorie de Mayers (1998), nous ne trouvons aucune différence significative en termes d’investissement et de financement entre les firmes dont l’OC termine dans la monnaie et celles dont l’OC termine en dehors de la monnaie.

The purpose of this paper is to investigate whether CEO compensation scheme may induce some agency conflicts in the foreign exchange risk hedging policy. Residual exposure is a post-hedging variable computed as the ratio of unrealized foreign exchange risk gains/losses to international sales. The authors follow the optimal hedging theory developed by Smith and Stulz (1985). The residual foreign exchange risk exposure is a way to capture some consequences of the managerial risk aversion, whereas the compensation scheme granted to CEO reveals that of the shareholders. The authors interpret any deviation to the predictions of this theory as a mark that some agency conflicts exist. CEO compensation (stock-options, shares and so) significantly influence the level of the residual foreign exchange risk exposure. Both in-the-money exercisable options and shares are negatively related to the residual exposure of foreign exchange risk. The authors also document that the effect of agency problems is rather contingent because shares and options have especially a negative impact when the level of foreign exchange risk is relatively high. The residual FX risk exposure variable the authors promote in this paper completes the traditional proxies used to depict the corporate hedging policy such as the nominal or total fair value of currency derivatives (Davies et al., 2006), use of nominal values (Spanò, 2007), use of fair values of derivatives and the fraction of production hedged (Wang and Fan, 2011). The information that it conveys differs significantly from the one provided by traditional proxies because it captures the year-end post hedging firm’s risk profile.

Cet ouvrage collaboratif, écrit par 27 enseignants-chercheurs de l’IGR-IAE de Rennes (université de Rennes 1), se propose de faire le point sur le thème « Collaborations et réseaux ». Les liens entre ces deux concepts sont effectivement étroits. Car si la collaboration peut avoir lieu hors d’un réseau, elle nous semble aussi (et surtout) être une dimension constitutive du réseau. Par exemple, les clients et les fournisseurs sont en relations, mais ils ne vont constituer un réseau que lorsqu’i...

Introduction La crise de 2007 et les réformes du système bancaire (Bâle 3) ont rendu plus difficile l’accès aux sources de financement pour les entreprises. Face à ces difficultés, deux solutions sont possibles : la « guerre du cash » (Milne, 2009), chaque membre de la chaîne logistique essaie de retarder ses paiements et d’encaisser ses recettes le plus rapidement possible ; l’amélioration de la situation financière des uns se fait donc aux dépens de celle des autres ; la coopération : les memb...