The purpose of this article is to analyze the influence of three host country-specific variables (political risk, cultural distance, level of economic development) on international joint venture (IJV) survival in the Middle East and North Africa (MENA) region. The authors compiled a database of 124 IJVs established in MENA countries. The findings demonstrate that cultural distance and the level of economic development have an impact on IJV survival whereas political risk does not seem to affect IJV sustainability in this region. The study contributes to the debate about the role of host country factors for IJV survival, indicating that these factors may vary across geographic regions.

This paper examines the relationship between financial development and energy consumption estimations in the major MENA countries (Algeria, Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi, Arabia, Syria, Tunisia, United Arab Emirates and Yemen) over the period 1996 to 2014. We consider the energy use in kg of oil equivalent per capita as a dependent variable that reflects the cross-country energy consumption. We measure the level of financial development in the MENA countries by considering banking indicators. Our study differs from past ones in that we investigate the determinants of energy demand considering the heterogeneity, nonlinearity and asymmetry. We extend the model of Sadorsky (2011) by estimating both linear and non-linear dynamic panel process. Our results show a positive and statistically significant relationship between the intermediation capacity of the banking system as well as its size and energy consumption. However, this relationship is non-monotonous. Above a critical threshold, the effect of financial development on energy consumption becomes negative. It seems that financial development only promotes energy demand to a certain extent because of its non-linear inverted U-shaped impact on GDP.
Keywords: Energy consumption, Financial Development, MENA Region, Dynamic panel

This paper investigates the impact of exports on financial performances in Romanian wine industry as well as the main determinants of exports. The dataset includes mixed firm-level (i.e. 207 companies) data, big data and mezzo-economic variables and covers the period 2009-2017. The results show that exports can improve the financial performance of Romanian wine producers. The latter seems also to be directly affected by the collection payment period and the number of employees per firm. Moreover, exports are strongly impacted by the wine productivity (especially in the case of the red wine varieties), by the intensive vine cultivated surfaces, firms’ agglomeration and specific high temperature.

Lors du lancement d’un nouveau produit technologique, 25% des échecs sont imputables à la technique et les 75% restants sont dus à une défaillance de la fonction marketing. Dans de nombreux cas, c’est la complexité d’utilisation et l’absence de prise en compte du client/utilisateur du produit technologique qui est en cause. Dans le cadre de nos travaux, nous avons étudié le rôle de l’utilisabilité et de l’esthétique lors de l’utilisation d’interfaces hommemachine (IHM). Nous avons mené une expérimentation qui montre que 1) l’esthétique perçue améliore l’évaluation des utilisateurs seulement lors de la phase d’exposition à l’interface ; 2) l’utilisabilité augmente les évaluations des utilisateurs après utilisation de l’interface. Fort de ces constats, nous avons pu adapter un processus de conception des IHM en s’appuyant dans un premier temps sur l’esthétique avant de focaliser le travail de conception sur l’utilisabilité. Cet article se positionne donc à la frontière entre l’informatique et le marketing. Il contribue à l’élaboration d’IHM en tenant compte des attentes et perceptions des utilisateurs afin d’améliorer la proposition de valeur des entreprises, en favorisant l’adoption de produits logiciels.

Since the aftermath of the recent global financial crisis, socially responsible (SR) investments have become an alternative form of conventional finance, giving rise to further systemic risk between conventional and SR stock markets. In this paper, we assess this risk transmission using Value at Risk (VaR) modeling for the US, Europe and the Asia-Pacific region, over the period covering January 2004–December 2016. We find that socially responsible stock markets exhibit less risk than do conventional markets in terms of the risk hedging properties induced by the SR screening. Second, contributions to systemic risk vary across market phases and return distribution levels, with a larger contribution and spillover effect during the recent global financial crisis. For example, at the downside of the distribution (CoVaR at 5%), the conventional European index shows the highest contribution to the world market’s systemic risk, while the US stock market shows the highest contribution at the upside of the distribution (CoVaR at 95%). This finding is justified by the difference in the risk aversion of investors that varies with the market state as well as the disparities in the development of SR markets.

The aim of this paper is to highlight the impact of the predecessor’s role on the successor’s attitude following his integration into the family business. We deploy a combined model that helps to elucidate the process (Le Breton-Miller, Miller and Steier (2004)) and a typology developed by Bauer (1993) that helps to characterize the actors. Four attitudes are distinguished: belated independence, unconstrained independence, forced conservatism and agreed conservatism.

The goal of this paper is to explore volatility transmission from various markets to the fine wine market. Knowledge of these channels for transmitting volatility to the wine market allows practitioners to anticipate the future volatility and the consequences of a shock on the wine market, to develop their investment strategy and diversify their risk. We especially analyse the impact of U.S. markets (i.e. art, commodities, credit, financial and real estate) during the 2007–2017 period. We shed additional light on how the volatility of the fine wine market varies during an extended period including a financial crisis. Our results indicate that, in the short-term, volatility is transmitted with a negative effect through the financial and commodity markets and with a positive effect through the art, residential real estate, and credit default markets. In the long-term, the wine market is impacted by all other markets. We show that correlations are time-varying.

Keywords
ADCC-GARCHAlternative assetCollectiblesFinancial marketsVolatilityWine

The chapter focuses on the delivery of brand value through aesthetics. Based on the concepts of aestheticisation and artification, the discussion centres on the use of art and architecture to create and communicate a meaningful and value-laden brand identity.

Cette recherche remet en cause l’idée selon laquelle l’autonomie est bénéfique pour les consommateurs quelle que soit la situation. Plus précisément, cette recherche démontre, à travers deux expérimentations et une étude terrain, que l’autonomie ne donne lieu à du plaisir que lorsque le risque est faible. Ces études identifient également le contrôle personnel comme un mécanisme expliquant pourquoi l’autonomie rend la consommation plus ou moins agréable, et ce, en fonction de la perception du risque. Dans l’étude 1, nous démontrons que le risque perçu modère l’effet que l’autonomie peut avoir sur le fait de rendre une expérience agréable, l’absence de risque permettant à l’autonomie d’accroître le contrôle personnel. L’étude 2 réplique cet effet modérateur du risque au cours d’une étude terrain. Pour tester si de mêmes effets peuvent être retrouvés avec un autre type de risque perçu, l’étude 3 manipule le risque social et réplique l’effet modérateur du risque dans la relation entre autonomie, contrôle personnel et plaisir observé dans les études 1 et 2. D’une manière générale, cette recherche met en avant la nécessité de prendre en considération le risque lorsqu’on rend les consommateurs autonomes, et offre de nouvelles contributions aux recherches sur l’autonomie des consommateurs.