Relation entre notation sociale et structure financière des entreprises : une étude empirique.

Relation entre notation sociale et structure financière des entreprises : une étude empirique Cet article étudie le lien entre la structure du capital des entreprises et leur notation sociale. Notre modèle théorique montre que les entreprises les moins éthiques, pour échapper à la sanction du marché financier, recourent plus massivement à l'endettement, notamment à l'emprunt bancaire. En effet, l'intérêt croissant des investisseurs pour la responsabilité sociale fait que les entreprises non éthiques supportent un coût des capitaux propres plus élevé que leurs concurrentes éthiques. Inversement, le coût de la dette n'est pas lié à la qualité éthique de l'entreprise, les banques ne prenant pas en compte le critère éthique dans la fixation des taux d'intérêt. Nous proposons de vérifier que le niveau d'endettement des entreprises est en relation décroissante avec la note RSE (responsabilité sociale de l'entreprise). Nous tenons compte dans notre analyse de l'influence de plusieurs déterminants de la structure du capital, comme les coûts de faillite, le niveau de taxation, les variables d'agence et d'asymétrie d'information. L'étude porte sur un échantillon de 562 entreprises européennes pour lesquelles nous disposons de la note RSE fournie par l'agence de notation Vigéo. La période d'étude s'étend sur les années 1999 à 2007. Nos résultats montrent que la structure financière actuelle des entreprises est encore peu influencée par la note éthique. En revanche, lorsque l'on cherche à comprendre comment cette structure évolue, on identifie clairement la note éthique comme un facteur de changement : plus une entreprise a une bonne note éthique, plus elle se détourne de l'endettement.investissement socialement responsable ; notation éthique ; coût du capital ; endettement ; structure du capital ; optimum.

Job satisfaction and work–family policies through work-family enrichment

Purpose: The purpose of this paper is to analyze the effect of a bundle of work–family policies on employee’s job satisfaction and (affective) organizational commitment, by using work–family enrichment and conflict as explanatory. Design/methodology/approach: Empirical study is conducted with a sample of 322 employees from 30 Spanish firms that have been granted with the “Flexible Firm Award” or have been certified as “Family Responsible Firms.” Structural equation modeling is used to test hypotheses. Findings: The results show that the higher the use of work–family policies the more positive effects on work–family enrichment and conflict, and that job satisfaction is positively related to (effective) organizational commitment. Research limitations/implications: This is a cross-sectional study which may limit the establishment of causal relationships. Practical implications: Work–family policies may constitute a relevant management tool to balance work and family life by making employees more interested in their jobs, enhancing their well-being and reducing the conflicts between work and family domains. The positive role of work–family enrichment contributes to enhance employees’ job satisfaction and, at the same time, to increase their organizational commitment. Managers should pay attention at how work–family policies are justified because they may influence differently on their outcomes on satisfaction and commitment. Originality/value: There are two main original contributions of the paper. First, the authors study the joint effect of work–family policies on different dimensions of enrichment and conflict. Second, the authors analyze the relationship between different dimensions of enrichment and conflict on job satisfaction and organizational commitment

Information and the dispersion of cross-border equity holdings

This paper studies, both theoretically and empirically, dispersion in cross-border equity holdings. We present a multi-asset rational expectations equilibrium model in which agents have information about asset-specific components of payoff and/or information about components that affect many stocks' payoffs.Information economics ; REE Models

Las medidas de conciliación en las empresas y la satisfacción laboral de los empleados: el papel explicativo del enriquecimiento trabajo-familia

Este trabajo analiza la relación de un conjunto de diferentes medidas de conciliación laboral y familiar con la satisfacción de los empleados y de esta con su compromiso hacia la empresa, introduciendo en esta relación el término novedoso del enriquecimiento trabajo-familia (T-F) versus familia-trabajo (F-T), así como manteniendo el rol clásico del conflicto trabajo-familia (T-F) versus familia-trabajo (F-T). El estudio se ha realizado con una muestra de 322 trabajadores, utilizando la metodología de ecuaciones estructurales. Los resultados indican que un mayor uso de las medidas de conciliación tiene efectos beneficiosos sobre el enriquecimiento y el conflicto, y hace que estos influyan en la satisfacción laboral de los empleados. En cambio, mayores niveles de interferencia o tensión en el trabajo hacen que el empleado se sienta menos satisfecho en su puesto de trabajo. El trabajo destaca el papel positivo del enriquecimiento para lograr una mayor satisfacción laboral del empleado y que, a su vez, aumente su compromiso hacia la organización

Work-family practices and organizational commitment: the mediator effect of job satisfaction

This article analyzes the mediator effect of job satisfaction in the relationship between the availability of work-family practices and employees'' organizational commitment. Empirical data from employees working for family-friendly awarded firms shows that when employees perceive that work-family practices are really available to them, they are more satisfied in their jobs and demonstrate more organizational commitment

Characterization of Microbialites and Microbial Mats of the Laguna Negra Hypersaline Lake (Puna of Catamarca, Argentina)

Microbial carbonates provide an invaluable tool to understand biogeochemical processes in aqueous systems, especially in lacustrine and marine environments. Lakes are strongly sensitive to climatically driven environmental changes, and microbialites have recently been shown to provide a record of these changes. Unraveling physicochemical and microbiological controls on carbonates textures and geochemistry is necessary to correctly interpret these signals and the microbial biosphere record within sedimentary carbonates. The Laguna Negra is a high-altitude hypersaline Andean lake (Puna of Catamarca, Argentina), where abundant carbonate precipitation takes place and makes this system an interesting example that preserves a spectrum of carbonate fabrics reflecting complex physical, chemical, and biological interactions. The extreme environmental conditions (high UV radiation, elevated salinity, and temperature extremes) make the Laguna Negra a good analogue to some Precambrian microbialites (e.g., Tumbiana Fm., Archean, Australia). In addition, the discovery of ancient evaporating playa-lake systems on Mars’ surface (e.g., ShalbatanaVallis, Noachian, Mars) highlights the potential of Laguna Negra to provide insight into biosignature preservation in similar environments, in both terrestrial and extraterrestrial settings, given that microbial processes in the Laguna Negra can be studied with remarkable detail.Fil: Boidi, Flavia Jaquelina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Córdoba. Centro de Investigaciones en Ciencias de la Tierra. Universidad Nacional de Córdoba. Facultad de Ciencias Exactas Físicas y Naturales. Centro de Investigaciones en Ciencias de la Tierra; ArgentinaFil: Mlewski, Estela Cecilia. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Córdoba. Centro de Investigaciones en Ciencias de la Tierra. Universidad Nacional de Córdoba. Facultad de Ciencias Exactas Físicas y Naturales. Centro de Investigaciones en Ciencias de la Tierra; ArgentinaFil: Gomez, Fernando Javier. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Córdoba. Centro de Investigaciones en Ciencias de la Tierra. Universidad Nacional de Córdoba. Facultad de Ciencias Exactas Físicas y Naturales. Centro de Investigaciones en Ciencias de la Tierra; ArgentinaFil: Gérard, Emmanuelle. Centre National de la Recherche Scientifique; Franci

Mortality and pulmonary complications in patients undergoing surgery with perioperative sars-cov-2 infection: An international cohort study

Background The impact of severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) on postoperative recovery needs to be understood to inform clinical decision making during and after the COVID-19 pandemic. This study reports 30-day mortality and pulmonary complication rates in patients with perioperative SARS-CoV-2 infection. Methods This international, multicentre, cohort study at 235 hospitals in 24 countries included all patients undergoing surgery who had SARS-CoV-2 infection confirmed within 7 days before or 30 days after surgery. The primary outcome measure was 30-day postoperative mortality and was assessed in all enrolled patients. The main secondary outcome measure was pulmonary complications, defined as pneumonia, acute respiratory distress syndrome, or unexpected postoperative ventilation. Findings This analysis includes 1128 patients who had surgery between Jan 1 and March 31, 2020, of whom 835 (740%) had emergency surgery and 280 (248%) had elective surgery. SARS-CoV-2 infection was confirmed preoperatively in 294 (261%) patients. 30-day mortality was 238% (268 of 1128). Pulmonary complications occurred in 577 (512%) of 1128 patients; 30-day mortality in these patients was 380% (219 of 577), accounting for 817% (219 of 268) of all deaths. In adjusted analyses, 30-day mortality was associated with male sex (odds ratio 175 [95% CI 128-240], p<00001), age 70 years or older versus younger than 70 years (230 [165-322], p<00001), American Society of Anesthesiologists grades 3-5 versus grades 1-2 (235 [157-353], p<00001), malignant versus benign or obstetric diagnosis (155 [101-239], p=0046), emergency versus elective surgery (167 [106-263], p=0026), and major versus minor surgery (152 [101-231], p=0047). Interpretation Postoperative pulmonary complications occur in half of patients with perioperative SARS-CoV-2 infection and are associated with high mortality. Thresholds for surgery during the COVID-19 pandemic should be higher than during normal practice, particularly in men aged 70 years and older. Consideration should be given for postponing non-urgent procedures and promoting non-operative treatment to delay or avoid the need for surgery. Funding National Institute for Health Research (NIHR), Association of Coloproctology of Great Britain and Ireland, Bowel and Cancer Research, Bowel Disease Research Foundation, Association of Upper Gastrointestinal Surgeons, British Association of Surgical Oncology, British Gynaecological Cancer Society, European Society of Coloproctology, NIHR Academy, Sarcoma UK, Vascular Society for Great Britain and Ireland, and Yorkshire Cancer Research

Elective Cancer Surgery in COVID-19-Free Surgical Pathways During the SARS-CoV-2 Pandemic: An International, Multicenter, Comparative Cohort Study.

PURPOSE: As cancer surgery restarts after the first COVID-19 wave, health care providers urgently require data to determine where elective surgery is best performed. This study aimed to determine whether COVID-19-free surgical pathways were associated with lower postoperative pulmonary complication rates compared with hospitals with no defined pathway. PATIENTS AND METHODS: This international, multicenter cohort study included patients who underwent elective surgery for 10 solid cancer types without preoperative suspicion of SARS-CoV-2. Participating hospitals included patients from local emergence of SARS-CoV-2 until April 19, 2020. At the time of surgery, hospitals were defined as having a COVID-19-free surgical pathway (complete segregation of the operating theater, critical care, and inpatient ward areas) or no defined pathway (incomplete or no segregation, areas shared with patients with COVID-19). The primary outcome was 30-day postoperative pulmonary complications (pneumonia, acute respiratory distress syndrome, unexpected ventilation). RESULTS: Of 9,171 patients from 447 hospitals in 55 countries, 2,481 were operated on in COVID-19-free surgical pathways. Patients who underwent surgery within COVID-19-free surgical pathways were younger with fewer comorbidities than those in hospitals with no defined pathway but with similar proportions of major surgery. After adjustment, pulmonary complication rates were lower with COVID-19-free surgical pathways (2.2% v 4.9%; adjusted odds ratio [aOR], 0.62; 95% CI, 0.44 to 0.86). This was consistent in sensitivity analyses for low-risk patients (American Society of Anesthesiologists grade 1/2), propensity score-matched models, and patients with negative SARS-CoV-2 preoperative tests. The postoperative SARS-CoV-2 infection rate was also lower in COVID-19-free surgical pathways (2.1% v 3.6%; aOR, 0.53; 95% CI, 0.36 to 0.76). CONCLUSION: Within available resources, dedicated COVID-19-free surgical pathways should be established to provide safe elective cancer surgery during current and before future SARS-CoV-2 outbreaks

Elective cancer surgery in COVID-19-free surgical pathways during the SARS-CoV-2 pandemic: An international, multicenter, comparative cohort study

PURPOSE As cancer surgery restarts after the first COVID-19 wave, health care providers urgently require data to determine where elective surgery is best performed. This study aimed to determine whether COVID-19–free surgical pathways were associated with lower postoperative pulmonary complication rates compared with hospitals with no defined pathway. PATIENTS AND METHODS This international, multicenter cohort study included patients who underwent elective surgery for 10 solid cancer types without preoperative suspicion of SARS-CoV-2. Participating hospitals included patients from local emergence of SARS-CoV-2 until April 19, 2020. At the time of surgery, hospitals were defined as having a COVID-19–free surgical pathway (complete segregation of the operating theater, critical care, and inpatient ward areas) or no defined pathway (incomplete or no segregation, areas shared with patients with COVID-19). The primary outcome was 30-day postoperative pulmonary complications (pneumonia, acute respiratory distress syndrome, unexpected ventilation). RESULTS Of 9,171 patients from 447 hospitals in 55 countries, 2,481 were operated on in COVID-19–free surgical pathways. Patients who underwent surgery within COVID-19–free surgical pathways were younger with fewer comorbidities than those in hospitals with no defined pathway but with similar proportions of major surgery. After adjustment, pulmonary complication rates were lower with COVID-19–free surgical pathways (2.2% v 4.9%; adjusted odds ratio [aOR], 0.62; 95% CI, 0.44 to 0.86). This was consistent in sensitivity analyses for low-risk patients (American Society of Anesthesiologists grade 1/2), propensity score–matched models, and patients with negative SARS-CoV-2 preoperative tests. The postoperative SARS-CoV-2 infection rate was also lower in COVID-19–free surgical pathways (2.1% v 3.6%; aOR, 0.53; 95% CI, 0.36 to 0.76). CONCLUSION Within available resources, dedicated COVID-19–free surgical pathways should be established to provide safe elective cancer surgery during current and before future SARS-CoV-2 outbreaks

Effects of hospital facilities on patient outcomes after cancer surgery: an international, prospective, observational study

Background Early death after cancer surgery is higher in low-income and middle-income countries (LMICs) compared with in high-income countries, yet the impact of facility characteristics on early postoperative outcomes is unknown. The aim of this study was to examine the association between hospital infrastructure, resource availability, and processes on early outcomes after cancer surgery worldwide.Methods A multimethods analysis was performed as part of the GlobalSurg 3 study-a multicentre, international, prospective cohort study of patients who had surgery for breast, colorectal, or gastric cancer. The primary outcomes were 30-day mortality and 30-day major complication rates. Potentially beneficial hospital facilities were identified by variable selection to select those associated with 30-day mortality. Adjusted outcomes were determined using generalised estimating equations to account for patient characteristics and country-income group, with population stratification by hospital.Findings Between April 1, 2018, and April 23, 2019, facility-level data were collected for 9685 patients across 238 hospitals in 66 countries (91 hospitals in 20 high-income countries; 57 hospitals in 19 upper-middle-income countries; and 90 hospitals in 27 low-income to lower-middle-income countries). The availability of five hospital facilities was inversely associated with mortality: ultrasound, CT scanner, critical care unit, opioid analgesia, and oncologist. After adjustment for case-mix and country income group, hospitals with three or fewer of these facilities (62 hospitals, 1294 patients) had higher mortality compared with those with four or five (adjusted odds ratio [OR] 3.85 [95% CI 2.58-5.75]; p<0.0001), with excess mortality predominantly explained by a limited capacity to rescue following the development of major complications (63.0% vs 82.7%; OR 0.35 [0.23-0.53]; p<0.0001). Across LMICs, improvements in hospital facilities would prevent one to three deaths for every 100 patients undergoing surgery for cancer.Interpretation Hospitals with higher levels of infrastructure and resources have better outcomes after cancer surgery, independent of country income. Without urgent strengthening of hospital infrastructure and resources, the reductions in cancer-associated mortality associated with improved access will not be realised