Les déterminants de la décision d’achat d’actions de l’investisseur individuel français

International audienc

The determinants of the individual investor's stocks buying decision : an analysis based on the perceived value. The case of the French individual shareholder

La constante baisse de l’actionnariat individuel en France est qualifiée d’énigme. Les ménages français participent faiblement aux marchés d’actions. Les entreprises éprouvent des difficultés à attirer de nouveaux investisseurs individuels, or l’actionnariat individuel est apprécié pour sa fidélité et son engagement. L’action est un produit financier et d’image qui offre une source de financement stable et durable pour les entreprises, les systèmes de retraite et les investissements à long terme. Les décisions financières et d’investissements sont nourries par la finance moderne et la finance comportementale. Bien que des contradictions existent sur leurs hypothèses fondatrices, ces courants partagent une même conception de la valeur intrinsèque d’un actif financier, une valeur objective déterminée essentiellement par les attributs monétaires du produit, limitant ainsi l’individu dans ses choix et décisions. Notre recherche explore le comportement de l’investisseur individuel en mobilisant le cadre conceptuel de la valeur perçue développé par la littérature en marketing. Nous proposons un modèle de comportement d’achat d’actions de l’investisseur individuel pour examiner les relations entre les attributs des actions et les bénéfices perçus. Ce modèle permet de comprendre le processus de formation de la valeur perçue de l’investisseur individuel qui détermine sa décision d’achat d’actions. Notre démarche exploratoire utilise une méthode mixte pour étudier le contexte de l’actionnaire individuel français détenteur d’actions en direct. Les résultats relèvent l’existence de familles d’attributs du produit action, d’une typologie de bénéfices perçus, et des liens entre attributs et bénéfices faisant ressortir des profils d’investisseurs individuels. Notre recherche éclaire davantage le processus de choix et de décision d’achat d’actions de l’investisseur individuel, et propose aux acteurs du marketing financier une segmentation des investisseurs individuels par les bénéfices perçus afin d’adapter leurs offres de produits et services financiers envers cette cible.The constant decline of individual shareholders is a French puzzle. French households participate feebly in equity markets. Companies find it difficult to attract new individual investors, even though they are valued for their loyalty and commitment. A share is a financial and image products that provides a sustainable source of finance for businesses, retirement systems, and long-term investments. Financial and investment decisions are framed by modern finance and behavioral finance. Although they are contradictory on their founding assumptions, these streams share the same conception of the intrinsic value of a financial asset, an objective value determined essentially by the monetary attributes, thus limiting the individual in his choices and decisions. Our research explores the behavior of the individual investor through applying the conceptual framework of the perceived value developed by the marketing literature. We propose an individual investor's stock behavior model to examine the relationship between stock attributes and perceived benefits. This model allows understanding the process of the formation of the perceived value of the individual investor, which determines his decision to buy shares. Our exploratory approach uses a mixed method to study the context of the French individual shareholder holding registered shares. The results highlight the existence of families of shares’ attributes, a typology of perceived benefits, and links between attributes and benefits that exhibiting individual investor profiles. Our research sheds new light on the individual investor's decision-making and buying process, and offers financial marketers a segmentation of individual investors based on the perceived benefits, allowing them to tailor their financial products and services offerings towards this target

L'apport de la lisibilité en communication financière

International audienceLa crise de confiance du marché en l’information financière a poussé les organismes à intensifier laréglementationen faveur de la lisibilité. Nous avons donc menés une étude sur la lisibilité de la lettre aux actionnaires des sociétés cotées en France. En se fondant sur un score de lisibilité, les résultats suggèrent d’une part que cet outil de communication financière n’est pas lisible et d’autre part que la lisibilité de la communication des entreprises n’évolue pas en fonction de la réglementation

The Role of Wikipedia on Corporate E-reputation: Evidence from French Companies

Online novembre 2016 Indicateurs 2016International audienceThis study complements previous research on e-reputation by exploring how social media influence corporate e-reputation by extending the circle of stakeholders who can influence, even indirectly, a company’s e-reputation. We also suggest a new way of measuring corporate e-reputation and its determinants. We quantitatively analyze the effect of Wikipedia and its key features on the corporate e-reputation of companies that are listed on the French stock market SBF 120®. Our results show that Wikipedia has an impact on corporate e-reputation across several dimensions, including the articles’ quality and reputation, the latter resulting from a combination of the authors’ rigor and diversity, and the immediacy of information provision

Reputation, Image, and Social Media as Determinants of e-Reputation: The Case of Digital Natives and Luxury Brands

International audienceAlthough the Internet represents great opportunities for businesses, some firms that are evolving in the luxury industry were initially reluctant to engage in digital activities. However, over the past few years, digital natives represent a main reason for these firms to start adopting online strategies. Specifically, reputation and image are inherent to the luxury industry, and with social media, they are considered the determinants of e-reputation. Using an online survey design, the authors find that the influence of reputation, image and social media on e-reputation differs based on the status of the luxury brand (traditional compared with modern) and that digital natives moderate these links

From Transgenerational Entrepreneurship to Family Entrepreneurial Heritage. Evidence from French Champagne Houses

International audienc

From Transgenerational Entrepreneurship to Family Entrepreneurial Heritage. Evidence from French Champagne Houses

International audienc

How French Wine Producers Use Open Innovation to Gain and Manage Their Legitimacy

First online November 2015 Compté en 2015International audienceWhile open innovation and legitimacy are two processes that redefine the boundaries between the firm and its surrounding environment, no study has so far bridged the gap between these two concepts. Herein, we analyze how innovation strategies on the continuum between closed and open innovations confer different types of legitimacy. Our empirical setting focuses on traditional industries characterized with long and established know-how transferred from generation to generation. The wine industry is pertinent as it went through major changes over the past 30 years and since innovation plays a major role. Over time, our results show that in the wine sector, closed innovation was used not only to gain legitimacy but also to protect the acquired legitimacy. Then, open innovation brought normative and cognitive legitimacy to maintain and protect legitimacy. The findings contribute to the neo-institutional approach of legitimacy. We also contribute on a better understanding regarding the balance between closed and open innovations

La légitimité: le lien manquant pour expliquer la performance des équipes entrepreneuriales?

International audienceno abstrac

Legitimacy: The missing link in investigating the dynamics of entrepreneurial teams in successful Champagne houses

Prev. 2017 : février,International audienceWhile recent studies have emphasised the growing interest in entrepreneurial teams, a consensus regarding the benefits of entrepreneurial teams for newly created firms remains lacking. Consequently, legitimacy might represent the missing link in investigating entrepreneurial team dynamics. Legitimacy has been widely used in entrepreneurship research, although never in an entrepreneurial team context. The aim of this article is two-fold: 1) to examine the legitimating role of entrepreneurial teams within successful firms; 2) to investigate the different types of teams in the context of champagne houses. We examine six champagne houses and identify 23 entrepreneurial teams operating in them since their inception. We find that the size, composition and profile of the entrepreneurial team provide different types of legitimacy to champagne houses. This research provides an insightful contribution to the literature on entrepreneurial teams and legitimacy. In the wine context, it also highlights the role of such teams over time