PANC Study (Pancreatitis: A National Cohort Study): national cohort study examining the first 30 days from presentation of acute pancreatitis in the UK

Abstract Background Acute pancreatitis is a common, yet complex, emergency surgical presentation. Multiple guidelines exist and management can vary significantly. The aim of this first UK, multicentre, prospective cohort study was to assess the variation in management of acute pancreatitis to guide resource planning and optimize treatment. Methods All patients aged greater than or equal to 18 years presenting with acute pancreatitis, as per the Atlanta criteria, from March to April 2021 were eligible for inclusion and followed up for 30 days. Anonymized data were uploaded to a secure electronic database in line with local governance approvals. Results A total of 113 hospitals contributed data on 2580 patients, with an equal sex distribution and a mean age of 57 years. The aetiology was gallstones in 50.6 per cent, with idiopathic the next most common (22.4 per cent). In addition to the 7.6 per cent with a diagnosis of chronic pancreatitis, 20.1 per cent of patients had a previous episode of acute pancreatitis. One in 20 patients were classed as having severe pancreatitis, as per the Atlanta criteria. The overall mortality rate was 2.3 per cent at 30 days, but rose to one in three in the severe group. Predictors of death included male sex, increased age, and frailty; previous acute pancreatitis and gallstones as aetiologies were protective. Smoking status and body mass index did not affect death. Conclusion Most patients presenting with acute pancreatitis have a mild, self-limiting disease. Rates of patients with idiopathic pancreatitis are high. Recurrent attacks of pancreatitis are common, but are likely to have reduced risk of death on subsequent admissions. </jats:sec

Board directors’ home regions and social disclosure: evidence from french firms listed in SBF 120

International audienceThis chapter examines the impact of directors’ home regions on employee human rights policy (EHRP) disclosure in the French context. We classify foreign directors into four home regions, namely, Anglo-American, European, Asian, and Middle Eastern regions. Logistic regression analyses are conducted, referring to a sample of 73 French firms that were listed on the Euronext Paris Stock Exchange and members of the SBF 120 index over the period from 2008 to 2018. EHRP disclosure data are collected from the Bloomberg database and indicate whether the firm has disclosed EHRP information in its annual report or CSR statement. Results provide evidence that board home region diversity is positively and significantly associated with EHRP disclosure. Results also show that the presence of Anglo-American and Asian directors is positively associated with EHRP disclosure. Surprisingly, European directors are less concerned about EHRP disclosure. Furthermore, we provide evidence that there is no relationship between the presence of directors from the Middle East and EHRP disclosure. The chapter highlights the need to reconsider the composition of French boards by promoting the presence of directors from different home regions. Specifically, the authors support the recommendations of the AFEP-MEDEF (2020) regarding the need to intensify international recruitment when selecting new board members

La diversité de la formation des administrateurs indépendants :contribution à la performance des firmes cotées françaises

International audienc

Monitoring of the Entrenchment of Managers through Board Characteristics: Insights from Gender Diversity, Background and Independence Director’s

The purpose of this study is to investigate the relationship between the entrenchment managerial and board characteristics in publicly traded French firms. These two concepts are at the intersection of corporate finance and accounting, as managerial entrenchment and board characteristics may affect earnings management, which would make investors reluctant to invest in a firm. Using data on listed firms belonging to the SBF120, over the period 2011–2018, we mainly find that: the entrenchment managerial is impacted by (1) gender diversity, (2) educational background (3) and independence directors

Composition du conseil d’administration et divulgation d’informations RSE

International audienceThis paper investigates tht effect of board composition on the CSR information quality disclosure. Our sample includes 82 French listed companies on the SBF 120 Index over the period 2008 to 2015. After controlling for endogeneity bias, our results show a strong impact of board gender diversity and the employees boards representation on the disclosure of social information. A positive and significant impact of board members nationalities and CSR disclosures scores. Neverless, our research exibits no relationship between the directors qualifications and the schools providing them on the one hand, and the quality of this information on the other.Cet article examine l’impact de la composition du CA (conseil d’administration) sur la qualité des informations RSE (responsabilité sociétale des entreprises) divulguées. Notre échantillon comporte 82 sociétés françaises cotées à l’indice SBF120 entre 2008 et 2015. Après avoir contrôlé les biais d’endogénéité, nos résultats montrent un fort impact de la diversité de genre et de la représentation des administrateurs élus par les salariés sur la divulgation des informations sociales. Une relation positive et significative entre la diversité des nationalités au sein du CA et nos mesures RSE. Néanmoins, notre étude révèle l’absence de liens entre la diversité des formations et des écoles les dispensant d’une part, et la qualité de ces informations d’autre part

Corporate social responsibility disclosure and debt financing

International audiencePurposeThe purpose of this paper is to examine how corporate social responsibility (CSR) reporting influences leverage ratios. In particular, this paper aims to determine whether firms with higher CSR disclosure scores have better access to debt financing.Design/methodology/approachThis paper uses a panel data analysis of non-financial French firms listed on the Euronext Paris Stock Exchange and members of the SBF 120 index from 2010 to 2015. The environmental, social and governance (ESG) disclosure scores that are collected from the Bloomberg database are used as a proxy for the extent of ESG information disclosures by French companies.FindingsThe empirical results demonstrate that leverage ratios are positively related to CSR disclosure scores. In addition, the results show that the levels of long-term and short-term debt increase with the disclosure of ESG information, thus suggesting that CSR disclosures play a significant role in reducing information asymmetry and improving transparency around companies’ ESG activities. This finding meets the lenders’ expectations in terms of extrafinancial information and attracts debt financing sources.Research limitations/implicationsThe research is based only on the quantity of the ESG information disclosed by French companies and does not account for the quality of the CSR disclosures. The empirical model omits some control variables (e.g. the nature of the industry, the external business conditions and the age of the firm). The results should not be generalized, since the sample was based on large French companies for 2010–2015.Practical implicationsFrance is a highly regulated context that places considerable pressure on French firms in terms of CSR policies. The French Parliament has adopted several laws requiring transparency in the environmental, social, and corporate governance policies of French firms. In this context, firms often regard CSR policies as constraints rather than opportunities. This study highlights the benefits that result from transparent CSR practices. More precisely, it provides evidence that the high disclosure of ESG information is a pull factor for credit providers.Originality/valueThis study extends the scope of previous studies by examining the value and relevance of CSR disclosures in financing decisions. More precisely, it focuses on the relatively little explored relationship between the extent of CSR disclosures and access to debt financing. This paper demonstrates how each category of CSR disclosure information (e.g. social, environmental and governance) affects access to debt financing. Moreover, this study focuses on the rather interesting empirical setting of France, which is characterized by its highly developed legal reforms in terms of CSR. Achieving a better understanding of the effects of ESG information is useful for corporate managers desiring to meet lenders’ expectations and attract debt financing sources

Executive compensation indexed to corporate social responsibility and firm performance: empirical evidence from France

CNRS 3, FNEGE 3, HCERES B, ABS 2International audienceThis study examines the effect of introducing CSR criteria into CEO incentive compensation on the financial and extra-financial performance of French companies listed on the SBF 120 index. Based on panel data from 102 companies over a five-year period between 2014 and 2019, the empirical analysis shows that the inclusion of CSR criteria in compensation contracts improves environmental, societal and governance performance. However, the inclusion of these criteria has a negative impact on financial performance as measured by Tobin's q

Directors nationalities and the social engagement: evidence from french firms

International audienc

Board directors' home regions and CSR disclosure: evidence from France

CNRS 3, FNEGE 3, HCERES B, ABS 2International audiencePurpose - The aim of this paper is to examine the impact of directors' home regions on corporate social responsibility (CSR) disclosure. Specifically, the authors aim to determine whether Anglo-American, European, French, other European and other regional directors' presence affects CSR disclosure differently.Design/methodology/approach - This empirical study uses panel data analysis of all listed firms on the SBF 120 from 2008 to 2019. The environmental, social and governance (ESG) scores are collected from the Bloomberg database and indicate the extent of CSR information disclosure by French companies. The paper is based on a dynamic generalized method of moments panel estimator that makes it possible to control for unobservable heterogeneity and endogeneity and reduces estimation bias.Findings - The findings of this study provide evidence that home region diversity and the presence of Anglo-Americans on a board are positively and significantly associated with ESG disclosure and environmental disclosure, whereas they are negatively associated with social and governance disclosure. Surprisingly, when directors come from European countries, they disclose less ESG and environmental information. Nevertheless, when only French directors are present, the company tends to divulge all dimensions of CSR. Indeed, while there is a significant positive influence of French directors on ESG disclosure, the presence of other European directors displays negative and statistically significant regression coefficients.Research limitations/implications - This study may be interesting the French policy makers who can now pay more appropriate attention to directors' nationality or region. Thus, firms should identify the foreign directors who can support their strategy with relevant experience in terms of CSR. This could help to change the opinion of some companies that consider the internalization of the board as a constraint rather than an opportunity. These results will be useful for French-listed companies in setting the criteria for the appointment of foreign directors. It may be interesting to recruit directors across European boundaries.Practical implications - This paper attempts to provide a better understanding of the effects of the home regions of directors on CSR disclosure in order to enlighten corporate managers whose companies operate in different cultures given that they have to deal with this aspect. In this international business environment, CEOs should increasingly consider the international CSR experience of directors to be a resource. In addition, this study may be of relevance to French market authorities, which constantly encourage firms to diversify the profiles of directors on their boards and recruit more international members.Originality/value - This study is the first to evince that the disclosure of each CSR disclosure score differs depending on the directors' home regions. Unlike previous studies, the authors focused simultaneously on the resource-based view (RBV) and institutional theory