Showing papers by "HEC Paris published in 1999"

Earnings Management to Exceed Thresholds

Abstract: Earnings provide important information for investment decisions. Thus, executives--who are monitored by investors, directors, customers, and suppliers--acting in self-interest and at times for shareholders, have strong incentives to manage earnings. The authors introduce behavioral thresholds for earnings management. A model shows how thresholds induce specific types of earnings management. Empirical explorations identify earnings management to exceed each of three thresholds: report positive profits, sustain recent performance, and meet analysts' expectations. The positive profits threshold proves predominant. The future performance of firms suspect for boosting earnings just across a threshold is poorer than that of control group firms. Copyright 1999 by University of Chicago Press.

Floor versus Screen Trading : Evidence from the German Stock Market

Abstract: The last decade has witnessed a dramatic increase in both the number and the market share of screen-based trading systems. Electronic trading systems do offer lower operating costs and the possiblilty of remote access to the market. On the other hand, arguments based on the anonymity of electronic trading systems suggest that adverse selection may be a more severe problem and that, therefore, bid-ask spreads may be higher. The present paper addresses the issue of transaction costs in floor and computerized trading systems empirically. In Germany, floor and screen trading for the same stocks exist in parallel. Both markets are liquid and operate simultaneously for several hours each day. An analysis of the bid-ask spreads reveals that the electronic trading system is relatively less attractive for less liquid stocks. The market shares of the competing systems reveal a similar pattern. The market share of the electronic trading system is negatively related to the total trading volume of the stock, is positively related to the difference between spreads on the floor and in the screen trading system and is at least partially negatively related to return volatility. We further document that spreads in the electronic trading system respond more heavily to changes in return volatility and that the adverse selection component of the spread is larger. We discuss implications our results have for the design of electronic trading systems.

Hedonic and utilitarian consumer benefits of sales promotions

Abstract: A growing number of marketers and academics argue that sales promotions have a detrimental impact on brand equity, increase consumer sensitivity to price, and are inefficient and frequently unprofitable in the short term. These critics usually assume that monetary savings are the only benefit of sales promotions; thus they recommend every-day-low-pricing (EDLP) as a more efficient way to pass savings to the consumer. Ignored in this debate is the question of whether sales promotions have consumer benefits beyond monetary savings. In this report, authors Chandon, Wansink, and Laurent suggest that sales promotions actually offer consumers multiple benefits, both utilitarian and hedonic. They develop and test a multibenefit framework and, in two experiments, demonstrate that a promotion's effectiveness is determined by the range of benefits it delivers and the congruency these benefits have with the promoted product.

On the dynamic interdependence of international stock markets: A Swiss perspective

Abstract: Cet article etudie les liens existant entre le marche des actions suisses et les cinq plus grands marches mondiaux (Etats-Unis, Japon, Grande-Bretagne, Allemagne et France) en terme de rentabilite et de volatilite. Nous trouvons que chaque marche presente de l'heteroscedasticite conditionnelle et que la volatilite conditionnelle reagit de facon asymetrique aux chocs passes. Afin de prendre en compte ces phenomenes de facon appropriee nous modelisons les relations entre marches a l'aide de modeles GARCH bivaries asymetriques. Les resultats de nos estimations montrent que le marche americain a la plus forte influence sur le marche helvetique en terme de rentabilite et de volatilite. Les liens avec les autres marches en termes de rentabilite sont relativement faibles. Les marches anglais et allemand ont egalement une forte influence sur le marche suisse en terme de volatilite. Enfin, nous trouvons que l'influence du marche suisse sur les autres marches est relativement faible.

Pricing of Domestic versus Multinational Companies

Abstract: World financial markets are becoming integrated. Hence, global factors rather than domestic factors should dominate the pricing of stocks. All the empirical studies published until the mid-1990s, however, reported that stock prices respond primarily to domestic factors. In other words, the pricing of a company's stock is driven predominantly by the primary location of its stock listing rather than by the nature and geographical breakdown of its activities. We challenge this vision of international market pricing. We have found that stock pricing, at least for non-U.S. companies, is strongly influenced by the extent of the company's nondomestic activities. This finding has implications for the organization of global equity research departments and for the structure of the investment process.

Accounting for Brands in IAS 38 of IASC (intangible assets) Compared with French and German Practices: An Illustration of the Difficulty of International Harmonization

Abstract: It is often stressed that the process of IASC standard setting and its output are very much influenced by the Anglo-American accounting approach. This is considered to be one of the major reasons for the obvious reluctance of countries to adopt the international accounting standards. The importance given to the two accounting characteristics of "reliability" and "relevance" and their mutual relationship is one of the dominant reasons for the differences between the Continental-European and the Anglo-American accounting philosophy. An area where this competing relationship between relevance and reliability becomes highly obvious is in accounting for intangible assets, and namely for brands. It is then highly interesting to study whether the treatment developed by the IASC differs from the accounting practice in Continental European countries and to consider if it could be adopted easily by entreprises in those countries. That is the main objective of this article, which compares the positions adopted in IAS 38 concerning brands and the related practices in France and Germany. Despite the existence of numerous points of convergence, the article shows some major differences between two countries supposed to follow relatively similar rules. It tends then to draw our attention on the difficulty of international harmonization.

Competition for Listings

Abstract: We develop a model in which two profit maximizing exchanges compete for IPO listings. They choose the listing fees paid by firms wishing to go public and control the trading costs incurred by investors. All firms prefer lower costs, however firms differ in how they value a decrease in trading costs. Hence, in equilibrium, the exchanges obtain positive expected profits by charging different trading fees and different listing fees. As a result, firms that list on different exchanges have different characteristics. The model has testable implications for the cross-sectional characteristics of IPOs' on different quality exchanges and the relationship between the level of trading costs and listing fees. We also find that competition does not guarantee that exchanges choose welfare maximizing trading rules. In some cases, welfaire is larger with a monopolist exchange than with oligopolist exchanges.

Une introduction au concept de " stratégie politique d'entreprise" Une étude du lobbying pratique par les entreprises en France.

Abstract: L'objectif de cette recherche exploratoire est d'etudier, du point de vue du management strategique, le lobbying pratique par les entreprises, en France et sur le plan communautaire. D'une part, il s'agit d'analyser la nature et le degre d'integration du lobbying dans la strategie des entreprises, ainsi que ses implications manageriales. D'autre part, il s'agit d'identifier les specificites d'une pratique conditionnee par le contexte institutionnel dans lequel elle se developpe. La these est organisee en quatre parties. La premiere partie est consacree a une presentation du lobbying en tant que phenomene sociopolitique, et a celle du concept de "strategie politique d'entreprise". Cette notion permet de relier la pratique du lobbying et le management strategique. Dans la deuxieme partie, nous proposons un modele theorique d'analyse du lobbying des entreprises. Le lobbying est interprete comme la resultante de relations de concurrence, d'agence et d'influence, entre l'entreprise et les parties prenantes de son environnement technico-economique et sociopolitique, et dont la mise en oeuvre repose sur la mobilisation de ressources politiques. Les resultats des observations empiriques sont presents dans la troisieme partie. Dans un premier temps, l'analyse des systemes de representations des acteurs du lobbying, ainsi que celle des departements "affaires publiques"- dont se sont dotees certaines firmes, nous permettent de caracteriser le contexte dans lequel se developpent les actions politiques des entreprises. L'etude de cinq cas nous permet, dans un second temps, d'apprehender les processus de lobbying "au concret". La quatrieme partie est reservee aux enseignements theoriques et pratiques pouvant etre tires de cette etude exploratoire.

Normes et jugements de valeur en économie normative

Abstract: This essay discusses the status of normative economics by identifying several conceptions that economists have entertained in this respect. It connects these conceptions with two main philosophical strands, i.e., positivism in its many variants and Weber's philosophy of values. The paper argues that economists cannot avoid making value judgments of their own about social welfare, distributive justice, and collective rationality. This conclusion runs counter to the Weberian claim of valueneutrality that today's normative economists often implicitly endorse. Quand on parle d'une theorie "positive" en economie, on veut generalement dire qu'elle repose sur des jugements logiques et des jugements de fait, a l'exclusion de tout jugement de valeur qu'elle porterait. L'existence de theories positives en ce sens a fait l'objet de contestations vigoureuses : l'ecole historique allemande, le marxisme, la sociologie de la connaissance chacun de ces courants, a la maniere qui lui est propre, nie que la science sociale et l'economie en particulier puissent etre "axiologiquement neutres", c'est-a-dire delivrees des jugements de valeur que le sociologue, l'historien, l'economiste sont susceptibles de porter. Afin d'apprecier convenablement ces theses, il faut prendre soin de distinguer le scientifique et le positif, qui n'est au fond que l'intention du scientifique, et non pas encore sa realisation. La testabilite des theories economiques, leur integration dans un ensemble systematique, le caractere progressif de leurs reformulations : une enquete sur la scientificite de l'economie debouche * Version revisee d'un article paru sous ce titre dans Information sur les sciences sociales/Social Science Information, vol. 34 (8), 1999, p. 521-553). L'auteur a recu de l'editeur l'autorisation de reprendre des passages ce texte ; il le remercie de sa complaisance.

Normes et jugements de valeur en economie normative

Abstract: L'article discute de la sante de l'economie normative en distinguant les differentes conceptions repandues a cet egard parme les economistes, conceptions qu'il s'efforce de rattacher a leurs sources philosophiques -essentiellement, le positivisme dnas ses multiples versions et la philosophie weberienne des valeurs.

Minimum Price Variations, Time Priority and Quotes Dynamics

Abstract: We analyze price competition between dealers in a security market where the bidding process is sequential. The model provides an interpretation for the evolution of the best ask and bid prices, in-between transactions. We find that convergence to the competitive ask and bid prices can take time. The speed of convergence is determined by the frequency with which dealers check their offers and the tick size. This creates a relationship between the expected trading cost and the timing of offers posted by the dealers. We also obtain that a zero minimum price variation never minimizes the expected trading cost. In fact, the optimal tick size increases with the level of the monitoring cost borne by the dealers. Finally, we find that time priority prevents dealers from using bidding strategies sustaining a non-competitive price for a long time.

Effects of time of day on shopping behavior.

Abstract: Shoppers interviewed in a shopping mall at different times of the day show different activities within the mall and attitudes toward the products. Prices also vary with the time of the day. These results can be explained in terms of shopping values and the related demographic characteristics of the population visiting the shopping center at different times of the day.

Tableaux de bord pour managers

Abstract: A la fois tres pedagogique et bâti sur des cas reels d'entreprise, cet ouvrage propose une demarche methodologique rigoureuse de construction d'un systeme de tableaux de bord pertinent par rapport aux objectifs et aux zones d'action du dirigeant d'entreprise et de chacun de ses responsables. Il a notamment pour atout de detailler l'application de cette analyse a differents secteurs d'activite. En complement, une disquette synthetise la methodologie, l'illustre d'un exemple et vous fournit des grilles de travail pour construire votre propre tableau de bord.

Une illustration des difficultés de l´harmonisation internationale: La comptabilisation des marques en France, en Allemagne et selon les règles de l`IASC

Abstract: Il est souvent note que le processus de normalisation comptable internationale est influence par l'approche anglo-americaine, ce qui explique en partie la reticence de certains pays a adopter les normes comptables internationales. La difference entre les philosophies anglo-americaines et europeennes continentales peut s'expliquer par l'importance accordee a deux caracteristiques essentielles de la comptabilite : fiabilite et pertinence. Le domaine des actifs incorporels, et notamment des marques, fait particulierement ressortir l'opposition existant entre ces deux concepts. Il est alors interessant de voir si le traitement propose par l'IASC est different des pratiques des pays d'Europe continentale et s'il pourrait etre adopte facilement par les entreprises de ces pays. Tel est le principal objectif de cet article qui compare les positions retenues dans la norme IAS 38 en matiere de marques avec celles de la France et de l'Allemagne. Malgre l'existence de nombreux points de convergence, cette recherche fait ressortir plusieurs differences majeures entre deux pays supposes suivre des regles relativement similaires. Ceci tend donc a attirer notre attention sur la difficulte de l'harmonisation internationale.

From Corporate Culture to Corporate Identity

Abstract: A FRENCH PERSPECTIVE ON IDENTITY This paper introduces a distinct approach to organizational identity study which has lately been known as the 'French School of Thought' (Moingeon and Ramanantsoa, 1997). Larcon and Reitter (1979) defined identity as a set of interdependent characteristics of an organization which give the organization specificity, distinctiveness and coherence over time. Following this path-setting definition, a 'tradition' of identity research emerged at HEC Business School, Paris. This definition is broadly similar to that of Albert and Whetten (1985) which is regarded as the foundation stone of the OB (organizational behavior) approach to identity (Whetten and Godfrey, 1998). However, there are some specificities to the French school of thought which will be illustrated below in the context of the study of firms merger, notably, this case illustrates the importance of a notion of organizational imaginaire, a concept somewhat linked to that of organizational images (Dutton et al., 1994)

The Impact of Cultural Dimensions on Sales Force Compensation

Abstract: Financial compensation has long been held as the primary motivator of salespeople. Motivation however may be achieved differently in various countries, as the large disparities in pay schemes across countries seem to indicate. In this paper, the authors explore the impact of cultural dimensions on sales force compensation structures. Using data collected from financial companies of three European countries, they (1) assess transnational cultural profiles of managers (i.e., market, group-centric and hybrid), (2) confirm discrepancies in terms of managerial preferences for compensation structures and (3) uncover associated rationales such as rejection of incentive compensation due to its perceived immorality. The results indicate that cultural dimensions explain managers choice for (1) the use of incentive pay in the compensation package (i.e., fixed versus variable compensation) as well as (2) the basis for its allocation (i.e., individual versus group). The authors conclude by discussing the implications of their research for designing compensation plans in the global market place.

Management stratégique et technologies de réseau : analyse des déterminants de la compatibilité et de la coopération. Recherche empirique sur les déterminants de l'interbancarité monétique en France 1985-1996

Abstract: En situation d'interdependance des fonctions de production des firmes concurrentes, se pose la question du mode de coordination des activites economiques : quelles institutions sont meme de servir de cadre aux interactions entre les acteurs, Marche ou Cooperation ? Telle est la question theorique majeure, qui est commune a l'economie et au management et qui sous-tend l'ensemble de ce projet de recherche, qui nous conduit a cerner la specificite des processus de cooperation interfirmes comme tenant a l'endogeneite des regles du jeu qu'ils mettent en place. Ainsi, les situations ou il existe des externalites de reseau posent le probleme de l'interdependance entre les firmes. Alors que la litterature sur les processus de standardisation est largement focalisee sur l'emergence spontanee de standards, nous proposons dans cette recherche un modele centre sur les determinants des processus cooperatifs de standardisation dans le cas general, puis dans le cas des cartes bancaires en France en particulier. Contrairement a des idees tres largement repandues selon lesquelles l'interbancarite monetique totale, c'est-a-dire l'universalite des fonctions de retrait et de paiement des cartes bancaires francaises, serait le resultat des decisions unilaterales emanant des pouvoirs publics en France, notre recherche empirique montre que la compatibilite des systemes de cartes bancaires est precisement le resultat de la volonte des banques francaises. En effet, cette cooperation dans le domaine des cartes, qui est le resultat d'un processus qui debute des 1967 pour prendre la forme en 1984 d'un protocole d'accord entre un certain nombre de banques francaises dites " chefs de file ", apparait incontestablement comme une strategie gagnante et reflechie de la part des banques en presence, autant que pour les usagers. C'est le resultat majeur de ce travail. Cette analyse empirique des determinants de l'interbancarite des cartes bancaires s'est appuyee sur une base de donnees construite pour l'occasion, de tests statistiques et de modeles de simulation permettant d'identifier les conditions strategiques et institutionnelles qui ont permis l'emergence et la viabilite de l'interbancarite. Il est montre que celle-ci correspond a une institution, c'est-a-dire un cadre d'interaction entre les acteurs, qui n'implique absolument pas l'arret de l'affrontement concurrentiel entre eux.

Ni prescrire, ni laisser faire : une analyse exploratoire des logiques de production de l'innovation dans les organisations

Abstract: L'innovation est un enjeu crucial pour les organisations oeuvrant au sein de systemes economiques concurrentiels. Celle-ci peut resulter soit d'une acquisition externe, soit d'une co-production entre plusieurs partenaires economiques, soit d'une production interne. C'est a cette derniere configuration que nous nous interessons dans cette recherche. Les auteurs de gestion ont mis en evidence, a partir du debut des annees 60s, le role des structures organisationnelles pour expliquer les performances inegales des organisations en matiere de production interne de l'innovation. Ils demontrent, parfois, et postulent, souvent, le role determinant des structures organisationnelles sur les strategies des acteurs en charge de la production de l'innovation. Pres de quatre decennies plus tard, les travaux sur la question sont nombreux, contradictoires, et leur portee prescriptive non averee. L'objet de la presente recherche est de progresser dans l'analyse des logiques de production de l'innovation dans les organisations. Nous designons par la, l'articulation dynamique qui s'opere entre les structures organisationnelles prescrites d'une part, et les strategies effectives mises en oeuvre par les acteurs producteurs de l'innovation, d'autre part. Cet objet presente la particularite d'etre a la croisee de deux programmes de recherche qui s'ignorent mutuellement: le programme de la Gestion de l'Innovation d'une part, qui privilegie l'analyse des structures, et le programme de la Sociologie de l'Innovation qui s'interesse aux strategies d'acteurs, developpees dans un cadre extra-organisationnel. La strategie de recherche choisie a consiste a repartir d'une observation directe et en temps reel de 3 processus d'innovations dans trois entites internes dediees a la production de l'innovation: ENSD (Hewlett Packard) ; XRCE ( Xerox) ; et Ludo (pseudonyme d'une startup francaise). L'objectif etait de caracteriser les structures prescrites en place et les strategies, individuelles et collectives, effectivement developpees par les acteurs " producteurs" de l'innovation. La demarche est qualitative. Le statut de la recherche est exploratoire. Les resultats produits sont de 3 ordres differents. -Realisation de trois monographies sur trois dispositifs dedies a la production de l'innovation. Construites a partir d'une analyse directe et en temps reel, elles decrivent trois modalites differentes d'articulation entre structures prescrites et strategies d'acteurs, i.e. trois logiques differentes de production de l'innovation. - Realisation d'une analyse comparative de ces 3 monographies. Cette comparaison permet d'enoncer une serie de propositions sur les effets typiques des configurations structurelles prescrites sur les logiques de production de l'innovation. - Construction theorique. Cette construction consiste a inferer des observations realisees, des propositions explicatives generiques, propres a etre testees dans des recherches futures. Ces propositions concernent essentiellement la specificite des activites de production de l'innovation, et le type de configurations structurelles aptes a les promouvoir. Cette derniere etape permet de renouveler l'approche gestionnaire dominante qui mobilise deux ideaux types structurels en opposition: l'ideal type Monocratique vs Adhocratique

Strategies of European Banks in Emerging Markets: A Comparative Approach

Abstract: The aim of this research is to identify and explain the main strategies conducted by the major European banks in emerging markets. What are the similarities and the differences between European banks concerning, first, their entry onto developing markets and, second, the level of integration of the local units in the global organization of these banks? This survey examines in particular three essential aspects of establishing operating units in emerging markets: corporate strategies regarding entry onto new markets (long-term objectives, geographical presence, modes of entry), the organizational process (degree of integration of new units, reporting) and human resources policy (recruitment, training and development of corporate culture in the local entities). This research encompasses a review of the literature on bank internationalization and strategies in emerging countries and an empirical survey, completed through interviews with three major European banks: ABN Amro (The Netherlands), Barclays (United Kingdom), Societe Generale (France). The findings are that bank strategies in the emerging countries greatly vary according to the basic international strategy of the firm. Two patterns have been identified: (1) retaining a foreign status by focusing on the high end value of the market, (2) striving to obtain domestic status by entering retail or consumer banking.

Institutions, Institutional Change, Strategic Assets and Competitive Advantage of American and French Film Industries (1895-1998)

Abstract: This paper uses neo-institutional economics (I.E.) to examine why French film production firms have lost their competitive advantage to their American competitors from 1895 to 1998. I.E. posits that major institutional changes result in changes in firms' strategic assets and strategies as well as in strategic industry factors. This causal path represents a bold shift in perspective from Industrial Organization, which considers the institutional environment as exogenous and largely beyond the reach of strategy. The same holds for the Resource-Based View. Several propositions stemming from neo-institutional economics are examined with a qualitative historical methodology. Robust evidence is provided to confirm the importance of neo-institutional explanations of strategic and industry changes over the whole period under study. However, institutions and institutional change have not been the sole drivers of industry and firms evolutions: chance (technologies and wars) and cognitive models of industry players also played their part, albeit complementary.

Performance des Grands Groupes et Stratégies de rétribution des dirigeants

Abstract: In today's managerial world (corporate governance, shareholders' wealth maximization, agency theory) how are CEOs paid in the 700 layest French firms ? What are the various components of total compensation: fixed camp, bonus fringes, stock options ? What parties influence the mix and amounts : board, compensation committee, CEO himself, etc. ? On what criteria is CEOs' compensation based : objective / subjective criteria, short term / medium term, etc. ? What ratio between the various layers of employees from CEO to workers? How and where are CEOs recruited ? These are the major questions to which we produce answers. We also tests various theories like tournament or compensation as a key element of social status.

Performance des grands groupes et stratégies de rétribution des dirigeants

Abstract: In today's managerial world (corporate governance, shareholders' wealth maximization, agency theory) how are CEOs paid in the 700 layest French firms ? What are the various components of total compensation: fixed camp, bonus fringes, stock options ? What parties influence the mix and amounts : board, compensation committee, CEO himself, etc. ? On what criteria is CEOs' compensation based : objective / subjective criteria, short term / medium term, etc. ? What ratio between the various layers of employees from CEO to workers? How and where are CEOs recruited ? These are the major questions to which we produce answers. We also tests various theories like tournament or compensation as a key element of social status.

Accounting for brands in IAS 38 of IASC (intangible assets) compared with French and German practices : an illustration of the difficulty of international harmonization

Abstract: It is often stressed that the process of IASC standard setting and its output are very much influenced by the Anglo-American accounting approach. This is considered to be one of the major reasons for the obvious reluctance of countries to adopt the international accounting standards. The importance given to the two accounting characteristics of reliability and relevance and their mutual relationship is one of the dominant reasons for the differences between the Continental-European and the Anglo-American accounting philosophy. An area where this competing relationship between relevance and reliabitlity becomes highly obvious is in accounting for intangible assets, and namely for brands. It is then highly interesting to study whether the treatment developed by the IASC differs from the accounting practice in Continental European countries and to consider if it could be adopted easily by enterprises in those countries. That is the main objective of this article, which compares the positions adopted in IAS 38 concerning brands and the related practices in France and Germany. Despite the existence of numerous points of convergence, the article shows some major differences between two countries supposed to follow relatively similar rules. It tends then to draw our attention on the difficulty of international harmonization.

Scheduling with Opting Out: Improving Upon Random Priority

Abstract: In a scheduling problem where agents can opt out, we show that the familiar Random Priority (RP)a rule can be improved upon by another mechanism dubbed Probabilistic Serial (PS). Both mechanisms are nonmanipulable in a strong sense, but the latter is Pareto superior to the former and serves a larger (expected number of agents. The PS equilibrium outcome is easier to compute than the RP outcome; on the other hand RP is easier to implement than PS. We show that the improvement of PS over RP is significant but small: at most a couple of percentage points in the relative welfare gain and the relative difference in quantity served. We conjecture that the latter never exceeds 8.33 %. Both gains vanish when the number of agents is large.

Transaction costs: a new point of view

Abstract: We consider a new approach to portfolio selection in presence of transaction costs which allows to map the problem into one without costs. The proposed approach connects all the quantities of interest to exit times and probabilities to reach barriers. This leads to analytic results in the Wiener case and to directly measurable quantities on a historical dataset in real markets.

Comparaison France - Canada - Allemagne - OCDÉ en matière de Gouvernement d'entreprise

Abstract: Le cadre juridique et reglementaire, le role de l'Etat et du marche, la proeminence d'investisseurs institutionnels dans le systeme de financement etc. sont autant de facteurs qui, jusqu'a maintenant, ont caracterise les modeles nationaux en matiere de gouvernement d'entreprise (cf. Bash 1995, Gadhoum 1995). L'intuition a l'origine de notre recherche exegetique est qu'a partir du moment ou les marches financiers sont de plus en plus integres sur le plan international, les particularites locales en matiere de gouvernement d'entreprise devraient s'estomper au profit d'un modele quasi sans frontieres. Cet article compare les modeles canadiens, francais et allemands ainsi que les principes promulgues par l'OCDE en matiere de gouvernement d'entreprise dans le but de verifier cette hypothese ou du moins de faire le point sur cette question. Le choix de ces pays n'est pas neutre car ils representent trois traditions differentes (anglo-saxonne, francaise et germanique) sur le plan des facteurs pouvant influencer les modeles de gouvernement d'entreprise. Pour aborder cette comparaison, nous adoptons la demarche suivante. Sans parametres, une comparaison internationale en matiere de gouvernement d'entreprise peut s'averer risquee etant donne l'etendue du sujet et les multiples caracteristiques sur lesquelles elle peut porter. C'est pourquoi nous rappelons d'abord les principaux elements du modele integrateur de Zhara et Pierce 1989. Ceux-ci ont utilise leur modele pour faire un revue des courants de recherche et des etudes empiriques qui ont porte sur le gouvernement d'entreprise et, du meme coup, pour realiser un inventaire assez exhaustif des variables dont on a etudie la relation avec la performance des entreprises. De notre cote, nous utilisons des elements de ce modele pour construire une typologie qui nous permet de juxtaposer et de classifier les directives, recommandations ou principes proposes afin d'evaluer si les organismes de normalisation qui se sont interesses au processus de gouvernement ont tenu compte des variables que la theorie associe a la performance des entreprises. L'une des principales differences que nous avons constatees tient a ce qu'on exige des entreprises canadiennes qu'elles divulguent leurs pratiques en matiere de gouvernement soit dans leur circulaire d'information soit dans leur rapport annuel. Autrement, nous n'avons pu refuter notre hypothese de depart tant les pratiques observees sont semblables. De plus, nous constatons que les pratiques adoptees par les entreprises des trois pays touchent la plupart des aspects du modele utilise. Ce constat preliminaire nous amene a proposer comme avenue de recherche de confronter le resultat de notre recherche exegetique a une recension des pratiques suivies par les entreprises au Canada, en France et en Allemagne selon l'information divulguee dans les rapports annuels.

Accounting for brands in IAS 38 of IASC (intangible assets) compared with French and German practices: an illustration of the difficulty of international harmonization

Abstract: It is often stressed that the process of IASC standard setting and its output are very much influenced by the Anglo-American accounting approach. This is considered to be one of the major reasons for the obvious reluctance of countries to adopt the international accounting standards. The importance given to the two accounting characteristics of reliability and relevance and their mutual relationship is one of the dominant reasons for the differences between the Continental-European and the Anglo-American accounting philosophy. An area where this competing relationship between relevance and reliabitlity becomes highly obvious is in accounting for intangible assets, and namely for brands. It is then highly interesting to study whether the treatment developed by the IASC differs from the accounting practice in Continental European countries and to consider if it could be adopted easily by enterprises in those countries. That is the main objective of this article, which compares the positions adopted in IAS 38 concerning brands and the related practices in France and Germany. Despite the existence of numerous points of convergence, the article shows some major differences between two countries supposed to follow relatively similar rules. It tends then to draw our attention on the difficulty of international harmonization.