Widespread pesticide distribution in the European atmosphere questions their degradability in air

Risk assessment of pesticide impacts on remote ecosystems makes use of model-estimated degradation in air. Recent studies suggest these degradation rates to be overestimated, questioning current pesticide regulation. Here, we investigated the concentrations of 76 pesticides in Europe at 29 rural, coastal, mountain, and polar sites during the agricultural application season. Overall, 58 pesticides were observed in the European atmosphere. Low spatial variation of 7 pesticides suggests continental-scale atmospheric dispersal. Based on concentrations in free tropospheric air and at Arctic sites, 22 pesticides were identified to be prone to long-range atmospheric transport, which included 15 substances approved for agricultural use in Europe and 7 banned ones. Comparison between concentrations at remote sites and those found at pesticide source areas suggests long atmospheric lifetimes of atrazine, cyprodinil, spiroxamine, tebuconazole, terbuthylazine, and thiacloprid. In general, our findings suggest that atmospheric transport and persistence of pesticides have been underestimated and that their risk assessment needs to be improved

Widespread pesticide distribution in the European atmosphere questions their degradability in air

Risk assessment of pesticide impacts on remote ecosystems makes use of model-estimated degradation in air. Recent studies suggest these degradation rates to be overestimated, questioning current pesticide regulation. Here, we investigated the concentrations of 76 pesticides in Europe at 29 rural, coastal, mountain, and polar sites during the agricultural application season. Overall, 58 pesticides were observed in the European atmosphere. Low spatial variation of 7 pesticides suggests continental-scale atmospheric dispersal. Based on concentrations in free tropospheric air and at Arctic sites, 22 pesticides were identified to be prone to long-range atmospheric transport, which included 15 substances approved for agricultural use in Europe and 7 banned ones. Comparison between concentrations at remote sites and those found at pesticide source areas suggests long atmospheric lifetimes of atrazine, cyprodinil, spiroxamine, tebuconazole, terbuthylazine, and thiacloprid. In general, our findings suggest that atmospheric transport and persistence of pesticides have been underestimated and that their risk assessment needs to be improved

L’impact de l’affectation du free cash flow sur la création de valeur actionnariale : le cas de la politique d’endettement et de dividendes des entreprises françaises cotées

(VF)Selon la théorie du free cash flow, l’endettement, tout comme la distribution de dividendes, en réduisant le free cash flow, permettraient de limiter le pouvoir discrétionnaire des dirigeants, et contribueraient à la création de valeur actionnariale. Cette théorie est infirmée par cette recherche selon laquelle l’affectation du free cash flow au service du remboursement de la dette exerce une influence négative, statistiquement significative, sur la richesse des actionnaires. Dans le même temps, l’impact d’un réinvestissement des fonds discrétionnaires sous forme de distribution de dividendes n’est pas décelable.(VA) Theory states that managers of low growth/high free cash flow firms engage in non-value-maximizing activities. Jensen (1986) argues debt, like dividends, mitigate the non-value-maximizing activities by reducing the level of free cash flow and hence contribute to shareholder value. However, this research shows that the payout of cash flow in excess, either in the form of debt service, or in the form of dividends, has no positive influence on shareholder value. These conclusions would thus infirm the implications of Jensen’s hypothesis.free cash flow;coûts d’agence;endettement;distribution de dividendes;valeur actionnariale;free cash flow;agency costs;debt;dividends;shareholder value.

Stock-options, décisions financières des dirigeants et création de valeur de l'entreprise:le cas français

(VF)Cet article expose les principaux résultats d'une étude consacrée à l'influence des stock-options sur la résolution des conflits d'agence actionnaires/dirigeants en France. Si l'attribution de stock-options semble influencer les décisions d'investissement, essentiellement dans leur volet corporel, l'impact présumé sur les décisions de financement et de distribution de dividendes n'est pas décelable, pas plus que sur la création de valeur actionnariale.(VA)This paper investigates the hypothesis that executive stock options have a role in reducing agency problems. The findings are partially inconsistent with the agency hypothesis. They show that firm's investment policy seems influenced positively by stock options. However, this incentive compensation seems to have no positive influence on financing and dividend decisions and there is no relationship between option holdings and value creation.stock-options;théorie de l'agence;rémunération incitative; création de valeur;stock option plan;agency theory;incentive compensation;value creation.

The Corporate Social Responsibility of Family Businesses: An International Approach

This study analyzes the links between listed family businesses and social responsibility. On the theoretical level, it establishes a relationship between socioemotional wealth, proactive stakeholder engagement, and the social responsibility of family businesses. On a practical level, our results (obtained from a sample of 363 companies) show that family businesses do not differ from non-family businesses in many dimensions of social responsibility. Moreover, family businesses have statistically significant lower ratings for four sub-dimensions of “corporate governance”, namely “balance of power and effectiveness of the Board”, “audit and control mechanisms”, “engagement with shareholders and shareholder structure”, and “executive compensation”

Le rôle des dynamiques familiales dans la stratégie et la gouvernance des entreprises : soixante ans d'histoire dans une entreprise familiale

International audienceno abstrac

La politique de stock-options des entreprises familiales cotées: quelques résultats empiriques

International audienceCet article expose les principaux résultats d'une étude empirique centrée sur les spécificités de la politique de stock-options des entreprises familiales cotées, en France. Elle s'appuie sur le BALO et sur une enquête menée auprès de 61 entreprises, dont 24 familiales. Les résultats sont contrastés: si une proportion non négligeable d'entreprises familiales cotées alloue des stock-options, les pratiques d'attribution en leur sein restent assez sélectives. En outre, si les objectifs affichés sont résolument participatifs, les caractéristiques incitatives des plans d'options sont partielles, et les effets estimés par les responsables d'entreprise en termes d'alignement des intérêts et de fidélisation apparaissent contradictoires. De manière générale, l'étude révèle une homogénéité de la politique de stock-Options des entreprises françaises cotées

Le rôle des dynamiques familiales dans la stratégie et la gouvernance des entreprises : soixante ans d'histoire dans une entreprise familiale

International audienceno abstrac