Après une décennie de « buzz » : quelle pertinence pour le concept de modèle d’affaires en stratégie?

Une dizaine d’années après la renaissance manifeste de l’intérêt des praticiens, puis des chercheurs, pour le concept de modèle d’affaires (business model), la question de sa pertinence au regard des concepts et des outils existants en stratégie persiste. Concept polysémique? Concept « valise »? Concept utile? Concept durable? Autant de questions qui, au-delà de la popularité du concept, nous invitent à porter un regard à la fois critique et constructif sur le modèle d’affaires dans le champ du management stratégique.Alors que notre pratique d’enseignement de la stratégie et d’accompagnement de projets d’innovation nous amenait à questionner la pertinence du concept/outil du modèle d’affaires, il nous sembla qu’un tour de table s’imposait pour tenter de répondre aux questions soulevées. Ce tour de table s’est tenu le 8 juin 2011 lors de la XXe conférence de l’Association Internationale de Management Stratégique (AIMS) à Nantes. Ce petit ouvrage a pour but de faire partager au lecteur l’intégralité des propos échangés ce jour-là

The Co-Movements of Faith-Based Cryptocurrencies in Periods of Pandemics

In the recent coronavirus pandemic, several researchers have focused on the drivers of cryptocurrency behavior. In particular, this study provides insights into what can drive Islamic cryptocurrency markets and how do they react during the COVID-19 pandemic. We explore the cryptocurrency volatility and the connectedness between the Islamic, conventional, and COVID-19 confirmed cases and deaths using the wavelet approaches. The preliminary results show that faith-based cryptocurrencies have reduced risk exposure than their conventional counterparts, in the long run, making them more appealing for investment, particularly for investors seeking low-risk and Shariah-compliant assets. Furthermore, the empirical results indicate that both Islamic and conventional cryptocurrencies are more sensitive to the death toll than the newly confirmed cases. We also observe significant positive co-movements between Bitcoin and Islamic cryptocurrencies. Besides, Bitcoin exhibits a substantial response during various time scales while compared with Islamic cryptocurrencies. This study contributes to the literature by investigating the sensitivity and the vulnerability of a new category of cryptocurrencies backed by tangible assets to pandemic shocks. To the extent of the author's knowledge, this study is the first attempt that examines the co-movement between Islamic and conventional cryptocurrencies using the wavelet approach. A viable, ethical, and alternative investment route for faith-based investors can be provided by the Shariah-Compliant cryptocurrencies as they are risk-reduced and less sensitive to the pandemic than conventional benchmarks. Besides, this study creates opportunities in portfolio diversification for investors. \textcopyright 2021 University of New Orleans

How the Cryptocurrency Market Has Performed during COVID 19? A Multifractal Analysis

Cryptocurrency markets are complex systems based on speculation. Where investors interact using strategies that generate some biases responsible for endogenous instabilities. This paper investigated the herding biases by quantifying the self-similarity intensity of cryptocurrency returns' during the COVID-19 pandemic. The main purpose of this work was to study the level of cryptocurrency efficiency through multifractal analysis before and after the coronavirus pandemic. The empirical results proved that COVID-19 has a positive impact on the cryptocurrency market efficiency. © 2020 Elsevier Inc

ICT Development, Governance Quality and the Environmental Performance: Avoidable Thresholds from the Lower and Lower-Middle-Income Countries

Purpose: This paper aims to study the relationship between information and communication technology (ICT) readiness, use, and intensity and environmental sustainability factors in the lower and middle lower-income countries from 2012 to 2018. Design/methodology/approach: ICT readiness, use and intensity are measured with the impact of ICT on access to basic services, phone penetration and Internet penetration, while CO2 emissions per capita, fossil fuel energy consumption and methane emissions are used as indicators for air pollution. To achieve this goal, a two-step generalized method of moments (GMM) estimation was performed which thresholds are computed contingent on the validity of tested hypotheses. Findings: The results demonstrate that increasing ICT readiness, use and intensity in lower and lower-middle-income countries enhance environmental sustainability by decreasing CO2 emissions and energy consumption. Research limitations/implications: One of the limitations of this study is that the conclusions and policy recommendations do not take into account the specificities of each country. Indeed there are some differences in the growth pattern of ICT in the lower and middle-lower-income countries. Taken together, the authors conclude that increasing ICT has a positive net effect on CO2 and methane emissions per capita, while increasing the impact of ICT access in basic services has a net negative effect on CO2 fossil fuel energy consumption and methane emissions. Practical implications: The world needs immediate emissions reduction to avoid the long-term danger of climate change. Second, government authorities should give additional efforts in the more pollutant sector such as transport and industry to monitor their energy consumption. Originality/value: To explore this issue further, the negative net effects suggest that ICT needs to be further developed beyond the determined thresholds, to attain the required negative net effect on fossil fuel energy consumption. \textcopyright 2021, Emerald Publishing Limited

Big Data Tools for Islamic Financial Analysis

Behavioural science states that emotions, principles and the manner of thinking can affect the behaviour of individuals and even investors in their decision making on financial markets. In this paper, we have tried to measure the investor sentiment by three means of big data. The first is based on a search query of a list of words related to Islamic context. The second is inferred from the engagement degree on social media. The last measure of sentiment is built, based on the Twitter API classified into positive and negative directions by a machine learning algorithm based on the naive Bayes method. Then, we investigate whether these sensations and emotions have an impact on the market sentiment and the price fluctuations by means of a vector autoregression model and Granger causality analysis. In the final step, we apply the agent-based simulation by means of the sequential Monte Carlo method with the control of our Twitter measure on Islamic index returns. We show, then, that the three social media sentiment measures present a remarkable impact on the contemporaneous and lagged returns of the different Islamic assets studied. We also give an estimation of the parameters of the latent variables relative to the agent model studied. © 2020 John Wiley & Sons, Ltd

Investor Behavior and Cryptocurrency Market Bubbles during the COVID-19 Pandemic

Purpose: Cryptocurrencies lack fundamental values and are often subject to behavioral bias leading to market bubbles. This study aims to investigate the contribution of the coronavirus pandemic to the creation of market bubbles. Design/methodology/approach: This study identifies four major cryptocurrency market bubbles by using the Phillips et~al. (2016) (hereafter PSY) test. Subsequently, the co-movements of the coronavirus proxies with PSY measurement using the wavelet approach were studied. Findings: Short-lived bubbles are detected at the beginning of the studied period, and more extended bubble periods are identified at the end. Besides, the empirical results show evidence of significant negative co-movement between each pandemic proxy and each cryptocurrency bubble measurement. Research limitations/implications: Given the complex financial dynamics of the cryptocurrency markets due to some behavioral biases in some circumstances, investors can benefit from the date stamping of the bubbles bursting to make the best trading positions. In the same way, governments could support the healthy development of cryptocurrencies by preventing bubbles during such pandemics. Originality/value: The financial bubble is commonly attributed to a change in investor behavior. Because traders and investors think they can resell the asset at a higher price in the future. This study explored the contribution of the COVID-19 pandemic in the creation of these bubbles by date stamping their occurrence and explosive periods. To the best of the authors' knowledge, this study is the first attempt that explores the contribution of the COVID-19 pandemic to the creation of bubbles caused by a change in the investors' behavior. © 2022, Emerald Publishing Limited