Academic year 2010/2011 - EM Lyon

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ScientifiC REPORT 2010-2011

140 years of entrepreneurial education

3 Educating entrepreneurs for the world contents Editorial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p 3 Research policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p 5 Research serving a strategic position and ambitions . . . . p 11 French Corporate Governance Institute (I.F.G.E.) . . . . . . . . p 33 Organisations, Careers and New Elites (OCE) . . . . . . . . . . p 37 CEntre for Financial Risks Analysis (CEFRA) . . . . . . . . . . . p 39 Doctorate and Ph.D. EMLYON Business School . . . . . . . . . p 41 Bookstore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p 45 Financing Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p 49

Dear Reader, In this year 2012, I am particularly pleased to present the scientific report for the academic year 2010-2011. Indeed, this autumn, EMLYON Business School will be celebrating its 140th year. For the past 140 years, we have been educating entrepreneurs for the world. EMLYON is now one of Europe’s leading business schools. This scientific report is unusual in the way it is structured. Such a report is expected to review and highlight all of the scientific activities of the year. This has been the case for EMLYON’s previous scientific reports. The Faculty’s scientific activities are regularly highlighted in the Research Newsletters and other targeted communication materials. And all the publications, listed by type and author, are presented in the appendix to the scientific report (available on our website www.em-lyon.com, under the heading Faculty & Research, sub-heading Publications). This year, we have decided to develop a different kind of scientific report, which is selective, rather than comprehensive. For many years, EMLYON has been a leader in the lifelong development of entrepreneurial and international skills. The aim of this report is to show how the work published over the past two years (2009-2010 and 2010-2011) has further enhanced and reinforced our leadership position. I hope you enjoy discovering more about our work. Tugrul Atamer Vice-President, Faculty & Research EMLYON Business School

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5 RESEARCH POLICY Research is at the heart of strategies past and present devised by EMLYON Business School and shall remain so. Philippe Monin Associate Dean Of capital added value, it is the for Research foundation of both the legitimacy and the international reputation of the School and it feeds the Faculty’s expertise to the benefit of the participants in EMLYON’s programmes. The Faculty’s mission is to create knowledge, to develop new tools and pedagogical innovations, and to spread that knowledge in the form of academic and professional publications - by using face-to-face and remote means - in order to promote the development of international entrepreneurial management skills over a lifetime. It is its scientific activity which enables the Faculty to carry out its mission and, going further still, to provide partner companies with precious mechanisms for the monitoring and updating of knowledge. Excellence in research In 2009 and 2010, the international accreditation agencies EQUIS and AACSB emphasised the Faculty’s academic quality. Nevertheless, EMLYON’s scientific activities had never been directly and explicitly evaluated. This is the reason why, in 2010, EMLYON Business School asked for an evaluation by AERES, the French evaluation agency for research and higher education. EMLYON Research became the first research unit of a French Grande Ecole to be evaluated separately by AERES.

EMLYON Scientific report 2010-2011

AERES stated that the EMLYON Research laboratory had « a significantly big dimension » nationwide, with a « high activity rate », and « publications that cover a large range of prestigious journals, both French (36%) and international ones (64%) ». AERES also highlighted the « relevance of the disciplinary research centres », the « volume and quality of publications », the « quality of leadership of the research centres », and the « depth and breadth of links with businesses and socio-economic networks ». EMLYON Research received an A+ rating for the quality and ambition of its scientific project. To download the report: http://www.aeres-evaluation.fr/Etablissements/EMLYON-Business-School

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7 The EMLYON Research laboratory

The EMLYON Research laboratory is a bona fide EMLYON Business School facility. It has given itself the primary mission of supporting the teaching of entrepreneurial skills oriented towards reasoned action striving towards the transformation of institutions and organisations, and the development of capacities for critical, autonomous and conscious analysis. In order to reach this objective, EMLYON Research has set up four Research Centres that each focus on a particular angle of EMLYON Business School’s guiding principle, «Educating Entrepreneurs for the World». • The first centre studies Entrepreneurial Processes. The Entrepreneurial Research Centre has examined five themes of priority research over the last few years: the study of processes for the creation of innovative activities; organisational entrepreneurship ; teaching and the evaluation of the effectiveness of entrepreneurial teaching programmes; the evaluation of public policy in the field of company creation and takeover; the dynamics of fast-growth start-ups. The Entrepreneurship Research Centre is co-managed by Frédéric Delmar and Alain Fayolle.


• The second centre examines governance in relation to the political legitimacy of the entrepreneur. Four main research themes form the basis of targeted work and publications; Executives vs. Management; Shareholders vs. Investors; Financial capital vs. Human capital; Business vs. Society. Thanks to the activity and influence of its Director, PierreYves Gomez, the Institut Français de Gouvernement

A unique conception of excellence Academic excellence lies in the intrinsic quality of work that is published (of course, five publications in lower-rank journals would never be worth one publication in a top-ranking journal). It also lies in the harmony that exists between different works published under the umbrella of a single positioning, over a ten year timeframe, given the relative permanence of teams of research professors (because research professors are not, in fact, bounty hunters moving from one institution to another), as borne out by the great stability of the teams who embody and convey EMLYON’s image. Finally, academic excellence lies in the impact that publications have on the world around us, where “the organisational” aspect comes into play.

des Entreprises (I.F.G.E.) is a major player in research into governance and management in France. • The third centre is concerned with the political and critical analysis of organisations and management. The Organisations, Careers and new Elites (OCE) research centre was created in 2005 and is dedicated to the political and critical analysis of organisations and management. Three themes have been the object of study and targeted publications: the evolution of organisations and individual experiences; political processes and the role of elites; the study of market dynamics and inter-organisational relations. Organisations, Careers and new Elites (OCE) is directed by Françoise Dany. • The fourth centre, the analysis (the reconsideration) of financial risk, is the subject privileged by the researchers at the CEntre for Financial Risks Analysis (CEFRA) created in 2007 and directed by Olivier Le Courtois. The Centre for Financial Risks Analysis looks to stimulate exchange between corporate finance, market

finance, insurance and risk management. With this fourth centre, EMLYON Research demonstrates two convictions: that the understanding and approach to risk (notably - but not uniquely - financial risk) are at the heart of the entrepreneurial dynamic; and that the relation of the entrepreneur to risk (notably - but not uniquely - financial risk) varies according to institutional systems. Consequently, a detailed understanding of risk is essential in order to contribute to the entrepreneurial agility of students and participants of EMLYON programmes.

and within the framework of traditional disciplines, such as marketing, finance, accounting, information systems, strategy etc. EMLYON Research has given itself the complementary mission of supporting research in all the constitutive disciplines within the panoply of knowledge necessary for the implementation of generalist teaching programmes in management.

The tables below present research publication statistics for the year 2010-2011. The year 2010-2011 was another record year for EMLYON Business School in many ways, notably concerning the total number of publications and articles published in tier A and B journals, the most selective journals published internationally (see Table 1 and the list of EMLYON Business

School academic revues available at: http:// www.em-lyon.com/france/ faculte/recherche/publications/ index. aspx). Table 2 contains a longer historical perspective. It shows the progress made compared to the three previous five-year periods (1991-1996 ; 1997-2002 ; 2002-2007) upon the basis of which EMLYON Business School was re-accredited by EQUIS.

Table 1 – Annual statistics on scientific production 09.2003 – 08.2011 Types of publication

03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11

Academic articles in tier A and B journals Including: Tier A articles (1) Including: Tier B articles (1)

16 23 20 23 26 33 42 44 (3) 7 6 8 4 8 10 10 14 9 17 12 19 18 23 22 30

Academic articles of other ranks

11

19

23

20

21

40

17

40 (3)

Articles published in unranked journals 18 28 26 16 16 40 55 27 or trade journals Books

8 13 10 12 12 15 12 13

Book chapters

13 27 28 41 57 58 30 48

Sub-total

66 110 107 112 132 186 156 172

Presentations in Conferences

62

Working papers

14 13 15 15 5 10 13 6

Published case studies Total publications

EMLYON Research also includes a certain number of researchers whose work is not directly articulated by the fundamental direction of the School. The policy of EMLYON Research cannot be disassociated from the specific positioning of EMLYON Business School, which is that of a generalist Grande Ecole. Thus we offer to programme participants a faculty staff which is qualified in all the constitutive disciplines within the field of management. As a result, EMLYON Research professors are able to develop their research work outside the four centres described

publications in 2010-2011

4

95

7

101

23

97

9

98 NC (2) NC (2) NC (2)

5

17

26 (2)

(1) Based on the EMLYON ranking of academic journals (latest version 01.09.2009) (2) Not taken into account (and not included in statistics), Total > 100. (3) Including 50 ranked articles in the list: CNRS Economy-Management Section, 2008

Table 2 - Comparison of scientific productions from one period to another Types of publication Average Average Average 1991-1996 1997-2002 2002-2007 07-08 08-09 09-10 10-11 Total Articles Books

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146 225 246 233 240 NC NC NC (2) (2)

14.4

37

58.6

63

113

114

111

2.2 8 11.2 12 15 12 13

Book chapters

11.2 22.5 27.2 57 58 30 48

Total

27.8 67.5 97 132 186 156 172

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9 A highlight: the successful completion of a process of doctoral qualification for ten professors of the Faculty

In many respects, the 2010-2011 year was characterised by continuity: some ten professors were recruited and integrated, existing research centres were developed, conferences of national and international scope were organised and prizes and awards of various kinds were won. However, one highlight in particular deserves to be mentioned regarding this year: the end of the process of doctoral qualification for about ten professors of the Faculty. In the early 2000s, in order to accompany its research policy, prompted by the Dean of the


Faculty, Tugrul Atamer, EMLYON had initiated an ambitious policy of helping colleagues who were heavily involved with the institution and who had contributed to its development, but who, as they had been recruited within a different context, had no doctoral qualification. Between 2002 and 2006, about ten experienced professors undertook doctoral studies. This process was facilitated by a policy that released them from their teaching obligations and provided them with support from professors on the Scientific Committee. After François Scheid, Emmanuelle Dontenwill, Rickie Moore and Philippe Portier in previous years, six colleagues defended their theses this year: Brigitte Auriacombe, Frank Azimont, Marie-Josée

Bernard, Pascale Berthier, Agathe Potel and Anne Tercinet. This collective success bears witness to the relevance of incremental policies that are for the long term, and of the strength of interpersonal solidarity when a form of community with a common goal emerges - in particular in the marketing and management of human resources / personal development teams. Because other colleagues had to mobilise, sometimes for several years in a row, to fill in for those who had embarked on the doctoral adventure.

Doctoral dissertation award in entrepreneurship

Doctoral dissertation award in strategy

The doctoral dissertation award in entrepreneurship 2011, given by Fondation Nationale pour l’Etude et la la Recherche en Gestion (FNEGE) and Académie de l’Entrepreneuriat, went to Wadid Lamine, for his dissertation supervised by Alain Fayolle (EMLYON Business School). His thesis was titled Socio-technical Analysis of the Survival / Development Phase of Innovative Business Start-ups. Wadid Lamine is now an assistant professor at ESC Troyes and an associate researcher at the Entrepreneurship Research Centre at EMLYON.

The doctoral dissertation award in strategy 2011, given by FNEGE and Association Internationale de Management Stratégique (AIMS), went to Pham Nguyen, whose thesis was jointly supervised by Tugrul Atamer (EMLYON Business School) and Alain-Charles Martinet (Lyon 3 University). His dissertation was titled Re-examination of the Relationship between Internationalization and Performance: a ThreeDimensional Analysis. After completing a post-doc at EMLYON, Pham Nguyen is now an assistant professor at ESC Clermont-Ferrand.

SIX Ph.D.s IN THE SPOTLIGht Brigitte Auriacombe defended her doctoral dissertation in Management Science on November 30, 2010 at Paul Cézanne University AixMarseille III, awarded with the distinction: Highly Honorable with Praise. Her dissertation was titled Invocation of the service guarantee as a means to regulate the service relationship. The thesis committee was presided over by David Courpasson (EMLYON) and was composed of the following professors: Véronique Cova (Paul Cézanne University), thesis advisor, Valérie-Inès de La Ville (Poitiers University) and Muriel Jougleux (Paris-Est Marne-la-Vallée University), reporting committee members, and Sylvie Llosa (Paul Cézanne University). On November 17, 2010, Frank Azimont defended his doctoral dissertation at Lancaster University: Valuation, Metrologies and Judgments: A Study of Market Practices. This thesis was supervised by Geoff Easton (Lancaster University) and Lars Gunnar Mattson (Stockholm School of Economics). Marie-Josée Bernard defended her doctoral thesis in Management Science on October 25, 2010 at Jean Moulin Lyon 3 University, obtaining the distinction: Highly Honorable with Praise. The title of her dissertation was Entrepreneurial Resilience: The Role of the Resilience Model in Understanding Entrepreneurship. The thesis committee was composed of the following professors: Louis Jacques Fillion (HEC Montreal), Michel Bernasconi (Skema Business School), Boualem Aliouat (University of Nice), Sylvie Roussillon (EMLYON), Alain Asquin (Lyon 3 University) and Alain Fayolle (EMLYON), thesis advisor.

Pascale Berthier defended her doctoral thesis in Management Science on December 15, 2010 at Jean Moulin University Lyon 3, obtaining the distinction: Highly Honorable with Praise. Her dissertation was titled Skill Transfer upon Returning from International Mobility in High-Level Expatriate Executives. The thesis committee was composed of the following professors: Didier Retour, Professor at Pierre Mendès France University (Grenoble 2) who died suddenly on Saturday, December 11, 2011 and to whom we pay tribute, Martine Brasseur, Professor at Paris Descartes University (Paris 5), Sylvie Roussillon, professor at EMLYON Business School, Yves-Frédéric Livian, professor at Jean Moulin University (Lyon 3), Jean Pautrot, President of the Magellan International Mobility Club and Alain Roger, Professor at Jean Moulin University (Lyon 3) and thesis advisor. Agathe Potel defended her doctoral thesis in Management Science on February 18, 2011 at Paris 2-Panthéon-Assas University. Her dissertation was titled New Trends in the ManagerCompany Relationship in Studying Managers in Their Thirties: Organisational Commitment and Tradeoffs. The thesis committee was composed of the following professors: Jacques Rojot (Paris 2-Panthéon-Assas, Director), Frank Bournois and Véronique Chanut (Paris 2-Panthéon-Assas, joint thesis supervisors), Aline Scouarnec (Caen, reporting committee member), Maurice Thévenet (CNAM, reporting committee member), Sylvie Roussillon (EMLYON, examiner) and Birgit Fratzke-Weiss (EDF, examiner). Anne Tercinet defended her doctoral thesis in Law, with a Specialization in Private Law, on October 8, 2010 at Jean Moulin University - Lyon 3, obtaining the distinction: Highly Honorable with Praise. This dissertation, titled: The Fight against International Cartels: Reflections in Light of the American Model, was supervised by Professor Cyril Nourissat. The thesis committee was composed of the following professors: Jacques Azema (Lyon 3 University), Georges Decocq (Paris XII University), Sylvaine Poillot-Peruzzetto (Toulouse I University) and François Souty (La Rochelle University).

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11 RESEARCH SERVING A STRATEGIC POSITION AND AMBITIONS

EDUCATING ENTREPRENEURS FOR THE WORLD

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10 pillars of entrepreneurship at Emlyon 1 Innovation 2 Entrepreneurial Finance 3 Growth 4 Organisational entrepreneurship 5 SOCIal entrepreneurship 6 Entrepreneurial education 7 EQUIPPING AND INCUBATING entrepreneurs 8 ENTREPRENEUrship IN different CONTEXTs 9 INTERNATIONAL entrepreneurship EMLYON Scientific report 2010-2011

10 “FOR” THE WORLD

Our objective in this report is to show how the research conducted at the School contributes to reinforcing EMLYON’s strategic position, “Educating Entrepreneurs for the World”, by consolidating its “pillars”. These constitute avenues of research for the coming years and opportunities for those who manage to identify them: academic entrepreneurs. This is why, on p. 6, we reaffirm that the primary goal of the research conducted at EMLYON is to support the teaching of entrepreneurial skills oriented towards reasoned action striving towards the transformation of institutions and organisations, and the development of capacities for critical, autonomous and conscious analysis. In order to achieve this objective, EMLYON Research has set up four Research Centres that each focus on a particular angle of EMLYON Business School’s guiding mission. Amongst them, the Entrepreneurship Research Centre played a major role. The Entrepreneurship Research Centre was created in 2005 by Alain Fayolle and is co-directed today by Frédéric Delmar and Alain Fayolle. It is continuing the work initiated 15 years ago at EMLYON, notably via the « Entrepreneurs Generation » Chair and latterly the « Rodolphe Mérieux » Chair, both of which were financed by Alain Mérieux. It also pilots the international and comparative GEM (Global Entrepreneurship Monitor) study, of which EMLYON Business School is the French representative. Finally, the Centre has been mobilising some of the results, activities and networks which were the result of work and projects initiated in the early 2000s by Alain Fayolle (1). Research teams at the Entrepreneurship Research Centre use a varied ensemble of paradigms, approaches and disciplines in order to deepen their knowledge of all the facets of entrepreneurial activity within organisations.

(1)

I n particular, the research theme «The study of innovative activity creation processes» is increasing and further developing the scientific project which enabled the creation of the Technological Research Team (TRT) Entrepreneurial Innovation Processes. This TRT was the object of a partnership between Pierre Mendès France University (UPMF) in Grenoble and Institut National Polytechnique de Grenoble (INPG). It has maintained substantial scientific relations since its creation with the CERAG, a mixed CNRS/UPMF research unit, which explains the current privileged relations between certain entrepreneurship researchers within EMLYON Research and that laboratory.

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Interview with Philippe Silberzahn Philippe Silberzahn, after some 20 years of experience in the high-tech sector as a repeat entrepreneur and manager, you recently defended your doctoral thesis at Ecole Polytechnique on innovation. The book that you just co-published with your colleague Walter Van Dyck takes a rather different approach from other Ph.D. dissertations.

Scientific report 2010-2011

Philippe Silberzahn Professeur d’entrepreneuriatinnovation à EMLYON

Pillar 1: Innovation

Innovation is often associated with new, high technology products such as the iPhone, Facebook, space travel or genetic engineering. But innovation is a broader concept. The economist Schumpeter defined innovation as the recognition of opportunities for profitable change that is adopted in practice. It means three things. First, that innovation is also about creating new services, new business models and new ways of doing things. Second, it means that change must be profitable to the innovator, and to those who use the innovation, i.e. innovation is not gratuitous. This is what distinguishes innovation from mere invention. Third, it means that innovation is inherently a social process. In innovation, what matters is the relationship created between innovators and users. Successful innovators, from Thomas Edison to Baron Bich and Steve Jobs, invent not just products, but organisations that invent such products.

EMLYON

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educating entrepreneurs for the world

Philippe Silberzahn: Yes, probably! Indeed, the book primarily addresses the practitioners of innovation. The concept behind the book is to present and comment on a series of very diverse cases, whose practitioners may be inspired to develop their own approach, or “style” of innovation. And we didn’t want to offer a clear-cut recipe, simply because there is no such thing in innovation.

What is your approach to innovation?

Following in the footsteps of the innovation economist Joseph Schumpeter, we define it as the introduction of a profitable change adopted in practice. The change may concern products and services, but it may also concern methods, processes and means. The change must be profitable both to its producer and its consumer, and it must not be free, which distinguishes the innovator from the inventor. Finally, the change must be adopted in practice, which illustrates the social dimension of innovation. There can be no successful innovation without mastery over this social aspect, wherein the users adopt, and often adapt, the innovation, in order to appropriate it. Once this definition has been established, innovation becomes a challenge for managers on a daily basis. And because there is no readymade method, it can sometimes be considered as magical, or haphazard. We show in the

« Les innovations chez Apple ne résultent pas d’un éclair de génie, comme on le croit parfois. Steve Jobs a beaucoup réfléchi à l’organisation de sa société, à son management, aux processus de collaboration. Il a ainsi bâti une entreprise d’une redoutable efficacité, à tous les niveaux. C’est un point capital, et qui est encore peu documenté. En un sens, Steve Jobs est un designer de produits et de services, mais aussi d’entreprise. Ensuite, il y avait chez Steve Jobs un souci légendaire du détail, en particulier en matière de design. Il mettait des semaines à choisir la couleur d’un ordinateur. D’où venait cette capacité de Steve Jobs à innover ? Peut-être de son coté rebelle, un peu adolescent… Il a aussi fait des choses en apparence inutiles - étudier la calligraphie par exemple - qu’il a ensuite reliées les unes aux autres. Il a notamment intégré le design au vrai sens du terme - c’est-à-dire sa capacité à fusionner des univers différents. Ce qui lui a permis de redéfinir les règles du jeu en vigueur au profit d’Apple. »

book that applying a bit of methodology, and especially having a genuine desire to try and learn from your successes and failures, is the key to successful innovation. More concretely?

A lot of books on innovation describe emblematic companies such as Apple, Facebook or a 3M. But these companies are often so extraordinary and inaccessible that we might not be able to learn much from b their success stories. So we wanted to find some hidden treasures; companies that you can feel closer to and for which innovation is an everyday thing, but which are not featured on magazine covers. We were Philippe Silberzahn not disappointed! We found innovation in a wide range of its own style of innovation. This style does not fields, sometimes uncommon: mobile phones, emerge overnight; rather, it is the result of a computer networks, but also frying pans, duvet process during which the company refines its covers, TV programmes and gift boxes! Some model while learning from its experiences, companies are multinationals; others are SMEs, whether these are successful or not. For sometimes start-ups. And I especially liked the example, GreenPan developed an ecological interview we had with Billy Salha, General frying pan and didn’t establish its distribution Manager Europe of BIC, who explained model until after several trials. Finally, we have how this pioneer of “the democratization seen the tricky balance between creativity of products” remains competitive, through - new ideas, new products, new markets, new innovation. operating or organisational modes - and the Ultimately, what should we take away from discipline of any organisation which, these experiences of innovation? ultimately, must produce results. It is the importance of this balancing act that gives the What is striking is the diversity of book its title: The Balancing Act of Innovation. approaches. It is clear that there is no magic

a : Géopolitique, October-NovemberDecember 2011 b : L’héritage de Steve Jobs, Les Echos., October 7, 2011

Where did Steve Jobs get his ability to innovate? Maybe from his rebellious, somewhat adolescent side...

solution to success in innovation. Although certain principles remain valid, such as technological breakthroughs, commoditization, etc., we have seen that each company develops

http://philippesilberzahn.com

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15 Interview with PAUL MILLIER Paul Millier, you recently published the third edition of your book, titled The Strategy and Marketing of Technological Innovation - Creating the Markets of the Future. What were your objectives with this book?

This book and the ones before it had one major objective: sharing, with the largest possible audience, and masters and Ph.D. students, the knowledge that I have accumulated from industrial partners over numerous years on the topic of technological innovation. These partners have offered me the most precious resource that I, as a researcher/ consultant could possibly wish for: the field of observation and implementation. What are the key messages of your various books?

Forget about cosmetic measures! Innovation marketing does not mean just reading a basic marketing book and throwing some novelty into the mix! That’s what I call a cosmetic measure. Innovation marketing is a genuine discipline in its own right. It has its own philosophy, principles, rules and methods, and perhaps, more fundamentally, a special positioning and scope of application. The risk is high that, by being unaware of this difference, even a marketing expert might completely miss out on the reality of a situation, blinded by the very

Interview with François Scheid tools that he uses to analyze the market and take action. Innovation marketing is a less familiar world; more mysterious and paradoxical. In short, The Strategy and Marketing of Technological Innovation recommends exploring a new world in order to innovate. Your current projects deal with innovation management. How is this work positioned relative to the innovation marketing that you describe in your book?

There are two complementary, synergistic stances behind innovation. The first consists of looking outside of the company to find opportunities for innovation; by observing clients, markets, the competition, etc. That’s what innovation marketing is. But innovations that lead you out of your comfort zone bring their share of difficulties and resistance to change. And so, the second possibility is to innovate by focusing inside of the company, by setting up teams, resources, procedures and systems to innovate effectively. And that is what innovation management is all about. This second aspect is necessary. Indeed, it is not because the outcome of innovation is unpredictable that you should forget about managing the conditions of its emergence and development. Innovation is 5% creativity and 95% rigorous efforts, method and labor.

François Scheid, your book, The Role of the First Customers in Designing Radical Innovations largely mirrors the findings of your doctoral thesis, defended in 2009 at the Ecole Polytechnique’s Business Research Centre. You had conducted real-time longitudinal research with two high-tech start-ups in the world of software. What were the main lessons drawn from this research protocol?

The major interest of my research comes from the real-time analysis of the innovation process, from the design of the product architecture to the implementation of a radical software innovation, developed by two software firms. My position as a researcher was built up gradually, over several years, with companies that were rather unfamiliar with research in Management Science, because I was unable to gain access to all of the players (suppliers and customers) immediately. But this limitation had to be accepted in order to be able to observe the process of innovation from the start. Furthermore, the methodology that I used can be qualified as a clinical study, and fits into a tradition of business research in which researchers engage in interventions. However, my work demonstrates that the opposition between observation and intervention must be put into perspective, because it is rare for a researcher to be able to gain access to organisations over a long period, without contributing something.

How does taking account of the uniqueness of the software industry modify the way we understand the forms of innovation and design?

The software industry seems to be a key area of application of « open innovation » and « user innovation ». This means that, by analyzing software innovation processes, we can uncover phenomena that can be applied to other industries. The design of a radical software innovation usually involves different suppliers, as well as their customers, as part of the first projects implementing the innovation. My research has led to a description of a design process in which the first customers play a crucial, but limited, role. I define the various roles that these customers, the « catalysts » of this process, can play: « innovation architect », « project manager », « expert user » and « classic user ». This led me to enrich the notion of « lead user » and make it multidimensional. On the other hand, only suppliers seem capable of developing certain skills crucial to the success of the process of designing a radical multiplayer innovation. This means that this kind of process cannot be completely managed by customers or users, no matter who they are, which contradicts people who uphold the pre-eminence of « user innovation ».

Other publications


The people to whom companies generally turn to create innovative products, i.e. engineers, are often not the best fit for the job. They don’t practice the art of conversation... Paul Millier

Midler, Christophe & Silberzahn, Philippe. 2011. Comment l’apprentissage multi-projets peut-il contribuer à un modèle de développement entrepreneurial robuste? : Le cas de deux startups françaises. In Bloch, Alain & Morin Delerm, Sophie: Innovation et création d’entreprise, de l’idée à l’organisation: 247-260. Eska.

Scheid, François & Charue-Duboc, Florence. 2010. When customers design a new product architecture: the software case. International Journal of Project Organisation and Management, 2 (3):286-309. Scheid, François & Charue-Duboc, Florence. 2011. Le rôle des lead users dans le processus d’innovation logicielle. Revue Française de Gestion, 37 (210):133-147.

Silberzahn, Philippe. 2010. Réforme du système de santé : la prescription de l’innovateur. Gérer et Comprendre, 102:93-95.

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Pillar 2: entrepreneurial Finance

Research on entrepreneurial finance encompasses the relationship between suppliers of capital and entrepreneurial ventures. The term is not restricted to financing companies only in the first stage of their life cycle. Rather it is based on the principle of accompanying start-ups from their birth to a certain degree of maturity which can for example be defined by “becoming profitable”. During this time, the contracts and terms, the incentives of the parties involved, the financial sources, potential conflicts of interest and the empirical assessment of success are very specific with respect to general corporate finance theory. Early stage financial claims are long term, highly illiquid, and their risks differ substantially from claims in established businesses. They are built on close relationships between entrepreneurs and various financing parties which are actively involved in the development of their investees and their long-term strategy. Entrepreneurial finance deals with the complexity of matching the interests of entrepreneurs and financing parties by designing appropriate contracts and securities. By enhancing the mutual understanding of entrepreneurs and capital suppliers, research on the topic plays a key role in the value-creating momentum of entrepreneurs.

of doing business and the development of high-tech industries). The idea of the Global Venture Capital and Private Equity Country Attractiveness Index is to take into account all of these factors across different nations and to determine the relative positioning of particular economies and/or regions for investors.

The 2011 Annual of the Global Venture Capital and Private Equity Country Attractiveness Index can be downloaded at the website below. What objectives do you have in making this download free of charge?

We think that this index is unique, because it provides transparency for the VC and PE markets, and we hope that investors will appreciate this information on such a vast scale. And politicians will be able to identify levers to increase the attractiveness of their country for international venture capital investors http://blog.iese.edu/vcpeindex/

Other Publications Groh, Alexander Peter & Gottschalg, Oliver. 2011. The effect of leverage on the cost of capital of US buyouts. Journal of Banking and Finance, 35 (8):2099-2110. Groh, Alexander Peter & Liechtenstein, Heinrich von. 2011. The first step of the capital flow from institutions to entrepreneurs: the criteria for sorting venture capital funds. European Financial Management, 17 (3):532–559.

Groh, Alexander Peter & Liechtenstein, Heinrich von. 2011. Determinants for allocations to Central Eastern Europe venture capital and private equity limited partnerships. Venture Capital, 13 (2):175-194. Groh, Alexander Peter & Lieser, Karsten. 2010. Heading down Route 66: How do the 66 investable real estate markets around the world measure up

for institutional investors? The Institutional Real Estate Letter Europe, 4 (10), 24-26. Fayolle, Alain & LiPuma, Joseph. Assessing Venture Capital Funding for Small and Medium-Sized Enterprises, www.qfinance.com

Interview with Alexander groh Alexander Groh, with your colleagues Heinrich Liechtenstein and Karsten Lieser, you present the updated results of the Country Attractiveness Index for investors, both for Venture Capital and Private Equity. Could you tell us about the origins of this index project? EMLYON Scientific report 2010-2011

This project started at IESE Business School in 2006, thanks to a pilot study financed by the European Union. Based on the results of this study, we extended the system. Since then, two professors, one Ph.D. student and many research assistants have worked on this project. We selected over 300 chronological data sets from all sorts of suppliers, and included as many countries as possible, ending up with more than 200,000 individual data.

What are your objectives?

Investors in Venture Capital and Private Equity (VC/PE) funds have a key objective: to get access to transactions with satisfying risk and return ratios. They look globally to achieve their goals, and often set their sights on emerging regions. To find prime investment opportunities, investors often focus on specific factors like: economic activity (GDP growth, unemployment rate, inflation rate); size and liquidity of capital markets; tax policy and tax rates; investor protection and corporate governance; the human and social environment (including labor market policies and crime rates); and entrepreneurial opportunities and culture (including innovation capacity, the ease

Assessing Venture Capital Funding for Small and MediumSized Enterprises by Alain Fayolle and Joseph LiPuma

Executive Summary • • • • •

Entrepreneurs and small and medium-sized enterprise (SME) managers capitalize their firms with debt equity investments, or a combination of both. Equity investments such as venture capital can erode executive control but can enable access to the investor’s knowledge, advice, and networks. 1

Venture capital can be provided by business angels, independent venture capital firms (IVCs ), corporations, or universities. The sources’ differing investment objectives, backgrounds, and control mechanisms deliver varying levels of added value to the SME. Companies seeking venture capital should select investors whose objectives, potential to add value, and expectations of control mesh most closely with those of the entrepreneur.

Introduction

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3

Pillar 3: growth

Frédéric Delmar is doubtless, along with his Swedish compatriots Per Davidsson et Johan Wiklund, one of the most influential researchers in the domain of the growth of start-ups at this time. In 2006, all three of them offered the following summary of the situation: « Concerning ‘growth influencing factors’, whatever the company type and their context, we would say that the scientific community has gone as far as it can, that is to say there is a large number of known factors for individuals, companies and the community which exert an influence but no factor has a dominant influence. » (Davidsson, Delmar & Wiklund, 2006).

Nevertheless, it must be recognised that this vast knowledge base remains barely usable for researchers and actors because it furnishes contradictory indications due to the large disparity between the concepts and conceptions studied. And Gilbert, McDougall & Audretsch (2006) underlined in their review of available literature on growth that research focusing on critical strategic decisions had been neglected. It is on the basis of these observations that important research is currently being conducted by Frédéric Delmar and his colleagues.

The World Entrepreneurship Forum, co-founded by EMLYON and KPMG in 2008, joined in 2010 by Nanyang Technological University and Action Community for Entrepreneurship (Singapore) and in 2011 by Greater Lyon and the Lyon Chamber of Commerce and Industry, brings together each year several hundred entrepreneurs, NGO founders, politicians and academics with a common conviction: entrepreneurs create wealth and social justice.

Publications Delmar, Frédéric & Wennberg, Karl. 2010. Knowledge Intensive Entrepreneurship, The Birth, Growth and Demise of Entrepreneurial Firms, éditions Edward.

In this book, Frédéric Delmar (EMLYON) and Karl Wennberg, Professor at the Stockholm School of Economics, examine how and why companies are created, developed and liquidated / transferred by entrepreneurs in knowledge-intensive economies. They show that these entrepreneurial processes are profoundly embedded in an economic and social context that fashions the process by which individuals discover entrepreneurial opportunities, creating new organisations that sometimes grow to reach a quite remarkable size, but usually remain small and eventually disappear altogether.

b

a EMLYON Scientific report 2010-2011

Entrepreneurship, A Driver for Innovation and Technology

White Paper Proceedings of the fourth World Entrepreneurship Forum Singapore 2-5 November 2011

a : World Entrepreneurship Forum - White Paper 2010, p.17 b : World Entrepreneurship Forum - White Paper 2010 c : World Entrepreneurship Forum - White Paper 2011 To download these documents: www.world-entrepreneurship-forum.com

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20 4

PILLAR 4: Organisational entrepreneurship

What we mean by Organisational Entrepreneurship (syn: Intrapreneurship, Corporate Entrepreneurship, Corporate Venturing), is the adoption of a mindset and skills based upon innovation, proactivity and risk-taking within an existing organisation with the objective of improving its internal functioning or developing its markets. The work focuses in particular on the entrepreneurial orientation of organisations. The literature on this topic is vast, but the dimensions selected by the various authors to measure entrepreneurial orientation are rarely operational. Which dimensions should be taken into account? How can we measure them (what indicators, what investigative methods, etc. should be used?). These questions are at the heart of ongoing research by Véronique Bouchard.

Interview with Véronique bouchard Véronique Bouchard, vous venez de publier

Award-winning work

EMLYON Scientific Report 2010-2011

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The ADVANCIA 2010 Grand Prize for Best Book on Entrepreneurship was awarded to Véronique Bouchard, associate professor of strategic management at EMLYON, for her book: Intrapreneurship, Innovation and Growth, published by Dunod. This book offers ways of understanding the concept of intrapreneurship and adopting entrepreneurial attitudes and practices in existing organisations. The judges commended this first book published on intrapreneurship in a long time.

Véronique Bouchard, how do you define intrapreneurship?

There are multiple definitions. To simplify, I would say that intrapreneurship consists in adopting entrepreneurial practices and behaviors within existing organisations. Personally, I like the definition of Sharma and Chrisman (1999): “Intrapreneurship is the process whereby an individual or group of individuals, in association with an existing organisation, create a new organisation or instigate renewal or innovation within that organisation”. This definition highlights the partnership that needs to be established between the individual and the organisation, without which success is impossible.

What differentiates the intrapreneur from the entrepreneur?

The intrapreneur is embedded within an existing organisation: this organisation provides him with resources and a safety net, but it requires him to “manage the interfaces”. The intrapreneur must spend as much time and energy in managing the internal environment and its pitfalls as the external environment and its uncertainties. What is the importance of intrapreneurship in the context of crisis we are currently experiencing?

Its importance is definitely heightened. We are not in the eighties anymore, when the priority was to cut costs. Companies don’t have much fat to trim, their processes have been optimized and their activities have been subcontracted out and often delocalized. It is the commitment of the personnel and 360° innovation that will enable companies, provided that they have a sound financial situation, to limit the damage from the crisis, or even emerge from it as winners. Employees need to be imaginative and mobilized. In order for their creativity to be transformed into something tangible, these employees need to be guided and supported by ad hoc systems, and they need to be trained, insofar as possible. Communication, cooperation, and calculated risk-taking are becoming the new buzz words. Intrapreneurship encompasses all of these values.

The editorial stance of your book implies that intrapreneurship can be learned, for example, through training. But this is a hotly debated idea...

Indeed. The basic objective of training is to modify individuals’ representations. This means that it will never make intrapreneurs of everyone! However, it can make someone want to embark on the intrapreneurial adventure if an opportunity comes up; or it can make managers and executives more aware of the needs of intrapreneurs. Training is often an opportunity for people to evaluate their own strengths and weaknesses; the intrapreneurial skills they already have and the ones they lack. Finally, don’t forget that training is a message from the top: if the management of a company finances intensive training in intrapreneurship, they must believe in it, at least to some extent. Who does this book target?

This book documents seven years of research, reflection and exchanges on the topic of intrapreneurship with my students – and in particular experienced students in MBA programmes – and the many managers that I have trained - and who, in many ways, trained me as well. This book gives them back what they taught me. I sought to make the subject as accessible and concrete as possible, by exploring a multitude of case studies, providing answers to practical questions, and offering several original conceptual tools.

Other Publications Fayolle, Alain. 2010. Organisation entrepreneuriale et orientation vers les opportunités : Un cadre intégrateur. Revue Française de Gestion, 36 (206):149-169.

Fayolle, Alain & Basso, Olivier. 2010. Entrepreneurial spirit and corporate entrepreneurship in large companies. International Journal of Entrepreneurship & Small Business, 10 (3): 307-323.

Fayolle, Alain, Basso, Olivier & Bouchard, Véronique. 2010. Special Issue: Corporate entrepreneurship: challenges and new perspectives. The International Journal of Entrepreneurship and Innovation, 10 (4): 253-256.

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Pillar 5: SOCIAL ENTREPRENEURSHIP

A growing number of entrepreneurs – often called “social entrepreneurs” – are finding innovative ways of servicing the world’s poorest by recombining resources and institutions. In developed countries, they are using their creativity to help the excluded and partly compensate for the increasing weaknesses of social protection systems. In the context of developing countries, social entrepreneurs can also be seen as “institutional entrepreneurs”, channelling their efforts towards disrupting norms, beliefs, practices and technologies that impede many to participate in the communities in which they live, as well as towards creating and strengthening institutions that foster both economic and social development and thus help the excluded to participate in the market economy and in broader society.

Journal of Business Venturing 24 (2009) 419–435

a

Contents lists available at ScienceDirect

Journal of Business Venturing

b : Dubard Barbosa, Saulo & Marti-Lanuza, Ignasi. 2009. L’entrepreneuriat social. In Coster, Michel, Entrepreneuriat, p. 333-351, Pearson Education France.

Entrepreneurship in and around institutional voids: A case study from Bangladesh☆ Johanna Mair a,⁎,1, Ignasi Marti b,2 a b

IESE Business School, Av. Pearson, 21, 08034 Barcelona, Spain EM Lyon, 23 Avenue de Collongue, 69130 Ecully, France

a r t i c l e

i n f o

Article history: Received 11 April 2008 Accepted 15 April 2008 Keywords: Institutional entrepreneurship Institutional voids Bricolage Development Social entrepreneurship

a b s t r a c t In many developing countries those living in poverty are unable to participate in markets due to the weakness or complete absence of supportive institutions. This study examines in microcosm such institutional voids and illustrates the activities of an entrepreneurial actor in rural Bangladesh aimed at addressing them. The findings enable us to better understand why institutional voids originate and to unpack institutional processes in a setting characterized by extreme resource constraints and an institutional fabric that is rich but often at odds with market development. We depict the crafting of new institutional arrangements as an ongoing process of bricolage and unveil its political nature as well as its potentially negative consequences. © 2008 Elsevier Inc. All rights reserved.

1. Executive summary Viewed as specialized social structures and important exchange mechanisms, markets require specific institutions and rules in order to come into existence and to function. As the World Bank reiterated in its 2002 World Development Report, building institutions that support the development of markets is of paramount importance to poor people's participation in them. Yet in many developing countries those living in poverty are unable to participate in markets because of ‘institutional voids’ – situations where institutional arrangements that support markets are absent, weak, or fail to accomplish the role expected of them. Scholars from different disciplines – economics, political science, and sociology — have started to explore how powerful actors with sufficient resources such as the state and/or business groups fill these institutional voids. The state or governments for example, do this by regulation: enforcing property rights, contracts, governance structures and other methods of control. Where the state is weak, business groups often step in, encouraging self-regulation and other mechanisms of trust in order to help markets to function. Yet we know relatively little about where institutional voids come from and how less powerful actors address them. In this paper we refine and extend our understanding of when, where and how institutional entrepreneurs act by analyzing the activities of BRAC, an NGO in Bangladesh, in its effort to alleviate poverty and empower the poorest of the poor. By studying this type of actor, an NGO operating under conditions of extreme resource constraints; and by choosing the context of Bangladesh, a country that is rich in traditions and informal institutions but poor in institutions that characterize modern market economies; we are able to enrich our understanding of the types of resources such actors deploy, what strategies they enact to deploy them and how they work with existing institutions to help overcome the lack of market supporting ones. We see BRAC in this context as an “institutional entrepreneur”.

b

Publications


SOCIAL ENTREPRENEURSHIP

INSTITUTIONAL ENTREPRENEURSHIP

Fayolle, Alain & Matlay, Harry. 2010. Handbook of Research on Social Entrepreneurship, Edward Elgar.

Marti-Lanuza, Ignasi & Coulombe, Caroline. 2009. When they do it: institutional entrepreneurship in two Québécois organisations. The International Journal of Entrepreneurship and innovation, 10 (4): 267-277. Croidieu, Grégoire & Monin, Philippe. 2010. Why effective entrepreneurial innovations sometimes fail to diffuse : identity-based interpretations of appropriateness in the Saint-Emilion, Languedoc, Piedmont and Golan Heights wine regions. In Sine, Wesley D & David, Robert J: Institutions and Entrepreneurship (Research in the Sociology of Work, Vol. 21): p. 287-328. Emerald Group Publishing Limited.

☆ We thank Christian Seelos, Kate Ganly, Marc Ventresca, two anonymous reviewers and Jared Harris for sharing ideas and providing inspiration and insights. The broader research project benefited from financial support from the European Academy of Business in Society (EABIS), the Anselmo Rubiralta Center for Globalization and Strategy, the Center for Business in Society, and the IESE Platform for Strategy & Sustainability at IESE Business School. ⁎ Corresponding author. Tel.: +34 93 253 4200; fax: +34 93 253 4343. E-mail addresses: [email protected] (J. Mair), [email protected] (I. Marti). 1 Authors are listed in alphabetical order. 2 Tel.: +33 4 78 33 78 00; fax: +33 4 78 33 61 69. 0883-9026/$ – see front matter © 2008 Elsevier Inc. All rights reserved. doi:10.1016/j.jbusvent.2008.04.006

Saulo Dubard Barbosa

Ignasi Marti Lanuza

a : Marti-Lanuza, Ignasi & Mair, Johanna. 2009. Entrepreneurship in and around institutional voids: A case study from Bangladesh. Journal of Business Venturing, 24 (5): 419-435.

24 6

Pillar 6: ENTREPRENEURIAL Education

Teaching and the evaluation of teaching programmes for entrepreneurship are important themes for which the international visibility of the work we do at EMLYON is important. This work recently led institutions such as the OECD and the Swedish Higher Education Ministry to ask us to participate as experts for several projects in this field. Janice Byrne and Alain Fayolle, with the support of Caroline Verzat (Professor at Novancia), have worked - and this is just one example of ongoing research - on the impact of pedagogical approaches using games upon the constitution and functioning of student working groups (see opposite).


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Olivier Toutain defended his doctoral thesis in Management Science on December 8, 2010 at Jean Moulin University Lyon 3, obtaining the distinction: Highly Honorable with Praise, for his doctoral dissertation titled Experimental Learning and Metacognition in Entrepreneurial Education. The thesis committee was composed of the following professors: Karim Messeghem (Montpellier 1 University), director, Martine Brasseur (Paris Descartes University) and Bernard Surlemont (HEC, Liège University), reporting committee members, Alain Fayolle (EMLYON Business School), thesis advisor, Zied Guedri (EMLYON Business School), Alain Asquin (Jean Moulin University Lyon 3) and Lux Duquenne (Expert consultant, Delphic Consulting), examiners.

Publications Verzat, Caroline, Byrne, Janice & Fayolle, Alain. 2009. Tangling with spaghetti: Pedagogical lessons from games. Academy of Management Learning & Education, 8 (3): 356-369. Fayolle, Alain, Dubard Barbosa, Saulo, Marinho De Oliveira, Walter & Vidal Barbosa, Francisco. 2011. Perceptions culturelles et intention d’entreprendre : Une comparaison entre des étudiants brésiliens et français. Revue Internationale PME, 23 (2):9-41. Kickul, Jill, Gundry, Lisa K., Barbosa, Saulo & Simms Shalei. 2010. One style does not fit all: The role of cognitive style in entrepreneurship education. International Journal of Entrepreneurship and Small Business, 9 (1): 36-57.

Fayolle, Alain. 2010. Handbook of Research in Entrepreneurship Education. Volume 3: International Perspectives, Edward Elgar.

The evaluation of training activities appears to be a complex subject because there are different types, levels and objectives of evaluation. One can attempt, for example, to evaluate the relevance of a programme (relevance of the objectives vis-à-vis the needs and objectives of society), its coherence (are content and pedagogical resources in phase with the objectives?), its efficacy (do the results show that the objectives have been reached?) and its efficiency (have the results been reached by optimising the resources mobilised?) Measuring the effectiveness of training programmes certainly corresponds to one of the most commonly studied evaluation problems in Management Science. But in the field of entrepreneurship, this issue has not been studied very extensively yet.

Ecole Centrale de Lille engineering students tangling with spaghetti

Starting from these preliminary observations, we would postulate that the principal role of entrepreneurial training in a university milieu is to increase the awareness and acceptation by students that entrepreneurship represents a viable career option (Donckels,

1991). The initial objective of our research is thus to test the impact of awareness initiatives upon attitudes, and the perceptions and intentions of students concerning entrepreneurship in higher education. Empirical research is underway in American and Scandinavian universities.

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Pillar 7: EQUIPPING AND INCUBATING entrepreneurs

a

In the domain of innovative company creation, the responsibility for how a project is implemented is entirely that of the entrepreneur. He is the true author and engine of the creation. Thus he cannot blindly confide the implementation of his project to advisors, however competent they may be. This is even truer when there are substantial technological elements to be considered because advisors may not possess all the scientific and technical competence necessary in order to thoroughly understand the economic aspect of the project. b The ultimate goal of research into this area is to create the necessary tools to enable those who conceive innovative company creation projects, directly or via the intermediary of those who accompany them, to improve their representation of the situations in which they find themselves as well as the risks and the stakes involved. At the same time, it aims to suggest likely means of rendering their activities more effective and more coherent vis-à-vis their objectives and skills, and to avoid failure by means of an earlier diagnosis of the project’s weak points.


Work on this theme is carried out in collaboration with those concerned, most notably the RETIS network - which includes public incubators - who are specialists in the support of innovative company creation projects. For example, the doctoral work of Wadid LAMINE relies on support networks and contacts and aims to contribute their knowledge of the manner in which entrepreneurs construct alliances based upon the interests of those involved or upon the nature and content of the individual learning plans specific to company creation.

Publications THE ROLE OF ENTREPRENEURIAL ECOSYSTEMS Levratto, Nadine & Torres, Olivier. 2011. Le classement européen des villes entrepreneuriales : méthode, résultats, portée. In Dokou, Gérard A Kokou : Territoires et entrepreneuriat : Les expériences des villes entrepreneuriales : p. 93-114. L’Harmattan. Maherault, Loïc, Torres, Olivier & Joyal, André. 2011. Les métropoles, berceau de l’entrepreneuriat ? : Une analyse à partir du classement européen des villes entrepreneuriales. In Carre, Denis & Levratto, Nadine : Les performances des territoires : Les politiques locales, remèdes au déclin industriel : p. 95-120. Fayolle, Alain & Byrne, Janice. 2010. The entrepreneurship ecosystem of EMLYON Business School. In Fetters, Michael, Greene Patricia, Rice, Mark et al.: The development of university-based entrepreneurship ecosystems: p. 45-75, Edward Elgar.

The Role of Business Incubators Fayolle, Alain, Ben, Salah Amira & Ben, Salah Imen. 2010. Efficacité des pépinières dans la création d’entreprise innovante : Cas de la Tunisie. Innovations, 33 (3):157-179.

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Fayolle, Alain & Torres, Olivier. 2011. Science and technology based entrepreneurship in France: Toward a regionalized neo-Colbertism. In Mian, Sarfraz: Science and Technology Based Regional Entrepreneurship: Global Experience in Policy and Program Development: p. 108-124. Edward Elgar.

Page 1/1

Cinq tendances à explorer avant de lancer son business

c

Tendances. Michel Coster, directeur de l'incubateur de THM Lyon, lance cinq pistes de réflexion • L'innovation d'usage

S'il rappelle qu'un projet doit, avant tout, rencontrer un marché, Michel Coster, directeur de l'incubateur de l'EM Lyon, est convaincu que les innovations d'usage héritées des nouvelles technologies méritent toute l'attention des créateurs d'entreprises. Au premier chef : la santé - et le vieillissement de la population -, puisque devrait naître, dans les prochaines années, « une nouvelle chaîne de valeurs dans l'industrie hospitalière ». Si celle-ci s'accompagne d'un nouveau modèle de financement, « la façon d'exercer les soins vivra une vraie révolution ». Télésanté, livraison de médicaments à domicile... Le business model dépendra du nouveau système de santé et du financement de la sécurité sociale, et sera fondé sur les problématiques de diminution des coûts des soins ou encore

Pour Michel Coster, c'est un créneau qui se révèle « de plus en plus pointu » puisque « Ie bâtiment est en train d'être totalement repensé». Des capteurs de sensibilité des besoins énergétiques jusqu'aux systèmes de mesures performants, les innovations en la matière concernent les bâtiments industriels et la construction de maisons individuelles. Michel Coster voit poindre l'avènement de la domotique qui intègre des solutions intelligentes.

• Le servicing Coster, « un gisement de création Le professeur d'entrepreneuriat de valeurs ». Agriculture raisonnée, estime que les sous-segmentations bio, santé, goût... Il y a, selon lui, de services de servicing (entretien « encore beaucoup de choses à au sens large) à la personne ont de organiser » Tant en ce qui concerbeaux jours devant elles, tant dans ne les produits - certains sont les entreprises que pour les parti- encore inexploités -, que dans les circuits de distribution, fl croit par culiers. Les conciergeries pour les particu- exemple au développement de jarliers pourraient fleurir « car ces dins dè ville en suspension. derniers vont, à l'avenir, gérer leur temps beaucoup plus finement ». • Le handcraft Il cite en exemple un projet de La tendance qui vient d'outre-Atsimplification des formalités post- lantique veut que les particuliers mortem. Si aujourd'hui, les con- restaurent, réparent de leurs prociergeries sont généralistes, à pres mains, se réapproprient leur l'avenir, elles pourraient être plus mobilier, développent leur intésegmentées. « En France, nous rieur. Un aspect économique, ludisommes en retard. » Le servicing que sur l e q u e l des c r é a t e u r s sera sans doute décliné pour le d'entreprises surfent aujourd'hui. portage des repas, la lutte contre la Faire soi-même des choses, c'est faire de la mécanique dans un maladie d'Alzheimer, garage avec un coach mécanicien, • Le fooding c'est préparer des mets succulents Tout ce qui tourne autour de l'ali- avec un cuisinier. Franck Bensaid mentation constitue, selon Michel

La créativité n'est pas réservée à une

loisir ou d'un sport, étude proactive

ces contacts clés.

» Être à l'écoute

la base dc l'expérimentation, ll est primordial de savoir identifier les personnes et institutions aptes à fournir une information qualifiée sur l'idée et le projet : clients et partenai-

veaux acteurs et de ses propres représentations. Ces dernières seront d'ailleurs modifiées par une évolution récente de ses connaissances et expériences de l'entrepreneuriat.

sur une probable réduction des interventions humaines in situ. Le matériel médical ne devrait pas être en reste puisque tout concorde pour que les personnes âgées soient hospitalisées à domicile. Michel Coster cite par exemple le matelas pour lutter contre les jambes lourdes.

• L'efficacité énergétique

CommenfTalre « germer » l'idée

personnes touchées par la d'un marché, etc. a : Le Progrès - Octoberélite 13,de2010 » L'interaction avec l'envi« grâce » de l'innovation. Nombre ronnement d'affaires naissent d'une » De l'idée à la réalité b : Le Progrès - Januaryd'idées 4, 2011 observation fine de son environne- II s'agit de confronter son idée et son L'entrepreneur fait évoluer son idée projet à la réalité afin d'évaluer sa fai- et son positionnement personnel en c : Le Progrès - June 14,ment. 2011 sabilité et de construire une offre sur fonction de l'influence de ces nouL'entrepreneur est un créatif à l'écoute des attentes et des besoins des consommateurs et des clients. Ses idées trouvent leur origine dans diverses sources : expérience passée,

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8

Pillar 8: ENTREPRENEURship IN different CONTEXTs

Entrepreneurship is deployed in a very wide variety of contexts. The researchers of EMLYON have examined a multitude of unique contexts: hybrid entrepreneurship, family entrepreneurship, the dynamics of succession, entrepreneurial resilience, etc.

Hybrid entrepreneurship

Research on entrepreneurship has examined the decision to start an entrepreneurial activity as a dichotomous choice, between going for it or not, between entrepreneurial income and income from a salaried position. This idea of an all-or-nothing phenomenon stands in stark contrast with evidence that most people see: a large proportion of entrepreneurs start up their businesses while simultaneously continuing to hold a salaried position. Curiously, hybrid entrepreneurs have not been studied very extensively, and Management Science, one of the most prestigious journals at the international level, commended

work that was both theoretical and empirical in nature on the motivations and consequences of hybrid entrepreneurship. Folta, Timothy, Delmar, Frédéric & Wennberg Karl. 2010. Hybrid entrepreneurship. Management Science, 56 (2): 253-269.

Successor entrepreneurship

On July 12, 2010, Salma FattoumChebbah defended her doctoral thesis in Management Science at Jean-Moulin University Lyon 3,

obtaining the distinction: Highly Honorable with Praise, for her doctoral dissertation titled: The Integration of the Heir in Unlisted French Family Businesses: The Role of the Predecessor. The thesis committee was composed of the following professors: Boualem Aliouat (Nice-Sofia Antipolis University) and Didier Chabaud (CergyPontoise University), reporting committee members, Philippe Very (EDHEC Nice), examiner, Alain Fayolle (EMLYON), thesis advisor, and Alain Asquin (Jean Moulin University Lyon 3), director of the thesis committee.

Ethnic, religious and/ or community-based entrepreneurship

Ethnic, religious and/or community-based entrepreneurship has not been studied extensively. A few pioneering research projects have been published, focusing primarily on Muslim entrepreneurship, and secondarily on entrepreneurship with Maghrebin origins. Fayolle, Alain & Nekka, Hadj. 2010. Muslim entrepreneurs in France. In Dana, Leo Paul: Entrepreneurship and Religion: p. 296-310, Edward Elgar.

Fayolle, Alain & Nekka, Hadj. 2009. L’enseignement de l’entrepreneuriat aux minorités ethniques. Le cas des entrepreneurs d’origine maghrébine. In Messeghem, Karim, Bories-Azeau, Isabelle & Noguera, Florence : GRH, PME, transmission de nouvelles perspectives : Mélanges en l’honneur du professeur Henri Mahé de Boislandelle: p. 293-316, EMS. Fayolle, Alain & Nekka, Hadj. 2010. Entrepreneurship education and ethnic minorities: the case of North African


http://emlyon.blog.capital.fr/index.php?action=article&id_article=430034

entrepreneurs in France. In Fayolle, Alain: Handbook of Research in Entrepreneurship Education. Volume 3: International Perspectives: p. 166-182. Edward Elgar.

ENTREPRENEURIAL RESILIENCE

Bernard, Marie-Josée. 2011. Le talent «résilience» : Quand une épreuve donne du sens à toute une vie. Revue internationale de psychosociologie, XVII (41):107-118.

30 9

Pillar 9: INTERNATIONAL entrepreneurship...

Although entrepreneurs play a major role in modern society by influencing its development, it is also recognised that society shapes entrepreneurs’ actions and places conditions on their emergence. Some researchers have studied the societies in which entrepreneurship has a high degree of legitimacy (Etzioni, 1987), while others have studied the influence that a favourable culture can have on the psychological characteristics and individual values of potential entrepreneurs (Davidsso & Wicklund, 1997). Finally, other researchers have studied the influence of different national cultures on entrepreneurship (Hayton, George & Zahra, 2002). But the empirical studies remain fragmented, and their methodological limitations are quite pronounced. Several EMLYON researchers have begun to examine the relationship between cultural perceptions and entrepreneurial intentions, relying on representative samples of students from different countries pursuing higher education. Dubard Barbosa, Saulo, Marinho de Oliveira, Walter, Fayolle, Alain & Vidal Barbosa, Francisco. 2011. Perceptions culturelles et intention d’entreprendre : Une comparaison entre des étudiants brésiliens et français. Revue Internationale PME, 23(2): 9-41.


31


In this study, the authors added to existing research that examined the influence of national culture on entrepreneurship. More precisely, they presented empirical research aiming to identify the impact of the different dimensions of culture on entrepreneurial intentions. Unlike prior studies, they used a measuring instrument created

specifically to comprehend the entrepreneurial culture of a region or country: the C-ENT (Culture of Entrepreneurship) questionnaire, developed by Stephan (2007). Thus, they propose a theoretical model that takes a close look at dimensions of culture that are much closer to entrepreneurial behavior than prior studies did. And they present a first empirical test of this model, focusing on two countries that are quite unique when it comes to their levels of entrepreneurial intentions, specifically, Brazil and France. The results are in keeping with the reports of the Global Entrepreneurship Monitor, in the sense that the Brazilian students of the sample mostly presented a level of entrepreneurial intentions higher than the average of the French students. That said, the results also indicate a relative absence of the direct effects of the culture on entrepreneurial intentions, which opens up several future avenues of research.

Other publications Fayolle, Alain & Todorov, Kiril. 2011. European Entrepreneurship in the Globalizing Economy. Edward Elgar. 256 pages.

Borch, Odd Jarl, Fayolle, Alain, Kyro, Paula & Ljunggren, Elisabeth. 2011. Entrepreneurship research in Europe: Evolving concepts and processes. Edward Elgar. 288 pages.

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Pillar 10: ...“FOR” THE WORLD

Obviously, “for” is not a neutral term…. Business is first and foremost a human activity. EMLYON’s vision of entrepreneurs is one of leaders who know how to distribute fairly the value they have created and take into account the impact of their decisions on stakeholders, the environment and society. In short, socially engaged and responsible leaders.

This analysis of the personal ethics of entrepreneurs in a range of ethos - or institutional systems - has been conducted for several years by a group of researchers who examine the issues of the sustainability of development, the sense of justice in the workplace, and deontological and ethical positions. The French chapter of EBEN (European Business Ethics Network), EBEN France, was established in 2006. Its main objective is to promote the idea that the ethical dimension should be taken into account in business activities, stimulating research and fostering the development of educational and training programmes on ethics in business management, in particular in business and engineering schools. Companies now include ethics in their business decision-making criteria, because, in order to be legitimate in civil society, companies increasingly depend upon moral values that are adopted and implemented. The rising ethical stakes in our contemporary world reflect the growing importance of the verified adverse effects of economic growth or recession, mainly at the social (unemployment, job insecurity etc.) and environmental (waste, climate change etc.) levels. EBEN France operates within the sphere of higher education, which prepares future

and current corporate executives to meet these challenges, but it also works directly with companies, which need tools for discussion and leadership in order to make progress in their ethics policies. Fred Seidel, a professor at EMLYON, is the President of the association, and Jean-Paul Flipo, an emeritus professor at EMLYON, is in charge of communications at EBEN France.

Publications Flipo, Jean-Paul & Seidel, Fred. 2010. 20 ans de recherche en éthique marketing : Une revue comparée de littérature francophone et internationale. Revue Française de Gestion, 36 (207):47-61. Nadisic, Thierry & Steiner, Dirk D. 2010. Le management juste des ressources humaines à l’international : universalité ou spécificités culturelles ? Revue de l’Organisation Responsable, 5 (2):59-75. Dontenwill, Emmanuelle. 2011. Le développement durable dans l’entreprise : Des conflits d’intérêts à dépasser. In Reynaud, Emmanuelle : Stratégies d’entreprise en dévelop-pement durable : 107-126. L’Harmattan.

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33 French Corporate Governance Institute (I.F.G.E.) Founded in September 2002 and run by Pierre-Yves Gomez, the I.F.G.E. has become an important Research Centre on issues surrounding governance (see www.ifge.eu). 2010-2011 was characterised by national and international recognition of the scientific and training activities, and of actions in civil society. The prizes and awards won by some of the researchers of the Institute reflect this recognition. Thanks to its simultaneous presence in three arenas: academic, educational and social, the I.F.G.E. illustrates the characteristics of an Institute at EMLYON.

Pierre-Yves Gomez elected President of the French Management Society

This “scholarly organisation” brings together leading French academic researchers and aims to promote analysis and discussion on management theories and practices. The election of Pierre-Yves Gomez demonstrates his peers’ interest in a researcher who is very involved in academic debates, in particular about corporate governance and the evolution of business in relation to society. He is also recognised for his contributions to the public debate and his editorials in the press.


Award-winning researchers

Asma Fattoum (Ph.D. student and researcher at the I.F.G.E.) won the prize for the best paper at the Doctoral Consortium “Strategy, Entrepreneurship, Innovation” (SEI), which was held at HEC Paris from October 7 to 9, 2011. This consortium was created recently by five European business schools (HEC Paris, London Business School,

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SEPT 11 Focus Métiers Mensuel OJD : 106144

Copenhagen Business School, Bocconi University and Imperial College). Asma Fattoum won first prize for the excellence of her research, out of some 20 Ph.D. students from the most prestigious American and European universities.

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à qui a proFité la Financiarisation ?

PIERRE-YVES GoMEz

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CARolINE WEBER

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À qui a profité la financiarisation ?

IIQUi Pierre-Yves Gomez, professeur a l'EM Lyon et directeur de l'IFGE

U

fl Ht la représentation des salariés ?

ne loi de 2009 impose aux entreprises emploient, désormais, autant les uns que la parité au sein des conseils que les autres. Lorsqu'on observe les d'administration soit réalisée d'ici à 2016. évolutions récentes au sein des conseils Le texte prévoit la nullité des mandats d'administration, on peut craindre cependant que cette réforme d'administrateurs si le conseil facilite plutôt la poursuite ne comporte pas au moins des pratiques actuelles en en 40 % de femmes. La popularenforçant la légitimité. tion des administrateurs de Les entreprises Le nombre d'administrasociété, composée aujourd'hui seront gouvernées à 88 % d'hommes, va donc se par des hommes trices augmente certes déjà, mais qui sont les nouvelles renouveler considérablement. et des femmes Devons-nous en attendre une dont la trajectoire recrues ? Un premier cercle révolution des mœurs dans les sociale et est composé d'épouses affaires ? C'est peu probable. culturelle sera d'hommes politiques, de Le vote et la réception de la la même que dirigeants ou de membres loi ont été trop consensuels celle des hommes de familles propriétaires. Un pour qu'un soupçon ne vienne second est formé de quelques d'aujourd'hui troubler la bonne conscience. superwomen énarques ou Bien sûr, personne ne s'oppose à une cadres supérieures surdiplômées avec, égale représentation des hommes et des le plus souvent, une forte expérience à femmes au sommet des entreprises qui l'étranger. Les conseils offrent désormais un débouché prestigieux et (au moins pour les grandes entreprises) rémunérateur au petit monde des femmes de pouvoir, très courtisé par les chasseurs de têtes et autres spécialistes du recrutement haut de gamme. Les mécanismes de reproduction sociale étant particulièrement puissants dans notre pays, il est à prévoir qu'en 2016, les entreprises seront gouvernées par des hommes et des femmes dont la trajectoire sociale et culturelle sera identique à celle des hommes d'aujourd'hui : l'accession de femmes aux conseils confirmera plutôt la survalorisation excessive de certaines catégories sociales. La révolution indispensable des mœurs économiques risque donc de se faire attendre. Cette réforme pourrait notamment faire oublier une autre exigence de justice, plus ancienne encore : la représentation équilibrée des parties prenantes de l'entreprise, et en particulier celle des salariés, dans les conseils d'administration. Cette question, posée Delphine Amault, membre du ÇA de LVMH. depuis des décennies, n'a - elle - jamais Les épouses et les membres de la famille des fait consensus et encore moins déboupropriétaires sont les premières nouvelles recrues féminines des conseils d'administration. ché sur une loi. Il

a

Asma Fattoum receiving her award at HEC.


auteur

Surface approx. (cm²) : 281 N° de page : 26 28 RUE DU SENTIER 75002 PARIS - 01 44 88 28 90

EMLYON

consoliDation Des Marchés

Zied Guedri (professor at EMLYON, researcher at the I.F.G.E.) and Aurélien Eminet (Professor at ESDES, associate researcher at the I.F.G.E.) won the award for best article 2010 in the academic journal Corporate Governance: An International Review. Their article is titled The Role of Nominating Committees and Director Reputation in Shaping the Labor Market for Directors. CGIR is an internationally renowned American journal specializing in corporate governance. Its editorial board received 400 articles in 2010, only 38 of which were chosen for publication. The winning article examined the role of nominating committees within boards of directors, and their impact on their composition and on the “market” for directors. It is one of the first research articles published on this theme, to date. The study focused on 200 listed companies in France during the period 2001/2004.

An innovative e-learning tool developed by the I.F.G.E.: “Corporatia” is aimed at government and corporate players and the participants of various study programmes offered by EMLYON.

557 Corporate Governance: An International Review, 2010, 18(6): 557–574

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The Role of Nominating Committees and Director Reputation in Shaping the Labor Market for Directors: An Empirical Assessment

la financiarisation devait permettre l’ouverture des marchés à un grand nombre d’entreprises. les objectifs sont-ils atteints ? Pierre-yves Gomez,professeur de stratégie, et caroline Weber, directrice de middlenext, dressent un bilan sévère de vingt ans de financiarisation.

La question de L’indéPendance et de L’efficacité des PoLitiques de financeMent réGionaLes et nationaLes se Pose désorMais de Manière cruciaLe.

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près plus de vingt 90 % des portefeuilles des fonds. la à une surcapitalisation considéraans de financiari- financiarisation a donc eu pour prin- ble et durable de grandes entreprisation, il est néces- cipal effet d’accroître les moyens des ses : la financiarisation a bouleversé saire d’évaluer ses grandes entreprises. le capitalisme en faisant naître des 80 BOULEVARD AUGUSTE-BLANQUI 75707 CEDEX 01 57 28était 20 00inévitable. en effet, effets PARIS réels sur les 13 ce- résultat géants globaux distançant la masse entreprises. au milieu des années les gestionnaires de fonds sont rede- des entreprises nationales. en sens 1980, les big-bangs des bourses vables de l’épargne qu’ils gèrent inverse, il en est résulté une atonie avaient pour intention de faciliter le pour le compte des ménages. cela croissante des compartiments du financement du plus grand nombre suppose, d’une part, que leurs por- marché qui accueillent les entrepride sociétés par le haut de bilan. il tefeuilles restent liquides et, d’autre ses moyennes et petites. moins du s’agissait de diminuer les coûts d’in- part, que le risque pris sur une entre- cinquième des entreprises françaises termédiation bancaire et de restructu- prise en portefeuille ne soit pas potentiellement cotables sont introrer le passif des entreprises en facili- excessif. ces deux contraintes ont duites en bourse. elles ne constituent tant les opérations directes en capital, joué pour orienter l’épargne vers le que 5 % de la capitalisation bouret donc les leviers d’endettement. capital des plus grandes entreprises, sière, bien qu’elles représentent 90 % Peut-on dire que les objectifs de la qui assuraient une forte liquidité de des 800 sociétés cotées. on peut financiarisation ont été atteints ? leurs titres et dont la taille limitait le aujourd’hui estimer que 20 % d’enrisque d’emprise de l’investisseur. tre elles n’ont même aucun avantage ainsi, plus la capitalisation boursière à être cotées, ce qui témoigne d’un Une concentration d’une entreprise s’accroissait, plus évident échec de la financiarisation dU financeMent elle devenait attractive pour les fonds, qu’elle était dans les sUr les entreprises L'annonce, le 24 août,telle dépasse C'estimaginée à cette aune qu'il du depart du PDG années faut1980. mesurer le réel succès dè Jobs ce qui avait pour effet… d’accroître géantes d'Apple, le Steve )obs, a Pourtant, l'émotion qui a phéon estime qu’en 2011, 95 % des sa capitalisation boursière. produit une spectaculaire emo accompagne son départ n'était s’est mesure queont casino opérations sur le marché concernent nomène oU lieU car elle expn lion, au amplifié point queà les traders pas si irrationnelle, fait eux-mêmes chuter son cours de Bourse: de de financeMent malt un autre aspect?de la réussite grossissaient les 100 premières entreprises fran- les fonds 7%, avant de se reprendre La ques d'Apple, que l'on pourrait qualiaugmentait le risque d’emçaises. au niveau européen, le mar- leur taille comme l’essentiel de l’épargne des» tion rationnelle qui prétendait fier d'« entrepnse maternaliste le capital de sociétés trop ménages ché actif comprend 2 500 entrepri- prise sur captée par les fonds est justifier l'intense théâtralisation Jadis, le paternalisme proposaitsur deun gouverner les entreprises annoncedonc était de savoir les orientait vers les si investi ses, dont 550 sont des très grandes petitesdeetcette petit nombre de titres, l'entreprise allait survivre au de manière à assurer une sécurité sociétés. a ainsi assisté la liquidité sociétés sur lesquelles s’investissent grandes marché estdes assurée départ de sononfondateur sociale du et personnelle salariés

Entreprise Pierre-Yves Gomez

On peut s'étonner qu'une telle considérés comme fragiles L'autoquestion se pose pour une entrerité du dirigeant, de type paternel, JuilleT aOûT sePTembre 2011 analyse Financière n° 40 pose aussi florissante qu'Apple, exigeait l'obéissance à l'ordre écoqui emploie plus de 45 ooo salanomique et aux règles commuriés et réalise 45 milliards d'euros nes, compensée par l'assistance et de chiffre d'affaires Dire cela, ce la protection dont bénéficiaient n'est pas ruer le genie créatif de Ste- les employes fidèles ve Jobs ou ses qualites entrepreCommunauté bienveillante neunales, maîs prendre acte que, par définition, une entrepnse crée Avec révolution de la famille, le des routines orgarusationnelles, paternalisme s'est mué en mater des capacités d'innovation et de nalisme La sympathie envers l'en pnse dè décisions qui démultitrepnse se construit toujours en plient la force physique et intellec réponse à son attention aux fragilités, ce que l'américain appelle le tuelle de ['entrepreneur initial Apple en est un exemple remar « care », théorisé en 1982 par Carol quable, avec ses milliers d'ingéGilligan et traduit en français en nieurs et ses innovations perma 2008 (Une voix différente Pour nentes et révolutionnaires Si une éthique du care, Flammarion) génie entrepreneunal il y a, celui Pour l'entreprise maternaliste, le dè Steve Jobs est d'avoir crée une « care » se traduit par une sollicituorganisation efficace pour dévede particulière pour le client L'atlopper et étendre ses propres idees tention ne consiste donc pas seulede produits et en inventer de noument à inventer des produits et veaux Un entrepreneur réussit services repondant a ses besoins, dès lors qu'il a transmis a son orga maîs a créer pour lui une commu msation son energie créatrice, de nauté bienveillante grâce à des sersorte que celle-ci la réalise et la vices agréables et protecteurs

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Keywords: Corporate Governance, Nominating Committee, Director Reputation, France, Labor Market for Directors

© 2010 Blackwell Publishing Ltd INTRODUCTION

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rich stream of research in organization theory and the sociology of corporate elites has challenged the perspective suggesting that directors who exercise their monitoring duty with due diligence are rewarded by the market for directors while those who do not accomplish this duty

*Address for correspondence: Catholic University of Lyon – ESDES, 23 Place Carnot, 69002 Lyon, France. Tel: +33 4 72 32 50 48; Fax: +33 4 72 32 51 58; E-mail a.eminet@ univ-catholyon.fr

appropriately are sanctioned by the market. Indeed, several empirical studies have shown that powerful individual CEOs influence the director selection process by pushing for the appointment of directors who are less likely to challenge their decisions and by denying nomination or reelection of directors who are likely to do so (Lorsch & MacIver, 1989; Shivdasani & Yermack, 1999; Zajac & Westphal, 1996). Such CEOs also facilitate the appointment of directors having similar sociological and demographic characteristics as themselves; since these directors are likely to exercise less stringent control (Westphal & Zajac, 1995). Moreover,

et de loisirs pour ses clients L'identité communautaire va jusqu'à proposer a ceux-ci de développer et de vendre à Apple les applications qu'ils utilisent Si Max Weber (1864-1920) voyait dans les sectes protestan tes les ferments actifs de l'émergence du capitalisme mdustnel (L'Ethiqueprotestante et /'esprit du capitalisme, 1904-1905), la dynamique du capitalisme postin dustnel pourrait étre le fait des communautés engendrées par les entreprises matemalistes Le dirigeant d'une telle entre pnse est l'icône maternelle de l'ensemble II n'est donc pas si étran ge que son départ engendre, dans le monde de ses clients enfants, un saisissement affectif apparemment disproportionné •

c

Pierre-Yves Gomez, professeur à I EM Lyon est directeur de l'Institut français de gouvernement des entreprises et president de la Societe française de management

d

ABSTRACT Manuscript Type: Empirical Research Question/Issue: Do the presence and independence of nominating committees within boards of directors affect the extent of rewards and sanctions provided by the labor market to directors with a reputation for being active in monitoring management? Research Findings/Insights: Results drawn from a longitudinal sample of directors sitting on the board of 200 public French firms suggest that the stronger a director’s reputation for being active in increasing control over management, the larger the number of his or her subsequent appointments to (1) boards with a nominating committee; (2) to boards with a nominating committee that excludes the CEO; and (3) to boards with a nominating committee dominated by non-executive directors. In contrast, we found that a director’s reputation of being active in increasing control over management does not impact the number of his or her subsequent appointments (1) to boards without a nominating committee; (2) to boards with a nominating committee that includes the CEO; and (3) to boards with a nominating committee dominated by executive directors. Theoretical/Academic Implications: This study shows that the outcome of the power struggle between the CEO and incumbent directors during the candidate selection process determines the profile of directors who will ultimately obtain the board appointment. On the one hand, independent nominating committees are likely to reduce the influence of CEOs over the process of a director’s appointment, and therefore are likely to increase the recruitment of directors with reputations for being active in exercising control over managers. On the other hand, nonexistence of nominating committees or presence of weak nominating committees under the influence of the CEO decouple directors’ reputations for being active in controlling management from the likelihood of obtaining new appointments. Practitioner/Policy Implications: This study offers insights to policy makers interested in increasing the efficiency of the labor market for directors. More specifically, it highlights the conditions under which directors with a reputation of being active in increasing control over management are likely to be rewarded by the labor market for directors. These conditions include (1) the creation of a nominating committee; (2) exclusion of the CEO from this committee; and (3) domination of this committee by outside directors.

b

par un jeu spéculatif intense sur ces titres. il est aisé, mais erroné, d’accuser la seule cupidité des acteurs, car c’est la logique de la financiarisation qui conduit à la spéculation. en effet, il faut que l’argent « tourne » dans un cercle limité et il tourne de plus en plus vite à mesure que l’épargne gérée par les fonds augmente. il en est résulté une multiplication des produits Telled’intermédiation est l'ambition definancière Facede Google etcroissante d'Apple Ses et book, une déconnexion des produits ont rendu et marchés financiers et confortable de l’économie fluide l'utilisation de l'ordinateur, réelle. du téléphone ou du livre Plus encore, Apple a cree ses magasins en 2007, on estimait que 60 % des spécifiques (les Apple Stores), ses fonds dans ledédiés, mondeses étaient de type journaux associations spéculatif. la bourse d'utilisateurs (les «est Macdevenue Users »),un son réseau de musique casino avant d’être un lieu(i-Tunes), de finanses grand messes (les « Mac cement. montré le rapport E Eventscomme »), des l’a clubs de rencontres

Steve Jobs, un patron « maternaliste »

Eléments de recherche : EM LYON ou Ecole de Management de Lyon ou EMLYON Business School ou EML Executive Development ou SUP DE CO LYON ou ESC LYON ou Ecole de Commerce de Lyon ou Ecole Supérieure de Commerce de Lyon (69) : toutes citations

Aurélien Eminet* and Zied Guedri

pierre-yVes goMeZ, proFesseur De strategie à l’école De ManageMent De lyon. économiste, docteur en gestion, il a été professeur invité puis chercheur associé à la london business School. il dirige l’institut français de gouvernement des entreprises/em lyon. il est l’auteur de nombreux ouvrages dont le plus récent est, avec Harry Korine, L’Entreprise dans la démocratie, de boeck, 2009 (publié en anglais, chez cambridge university Press, 2008). coordinateur de Confiance, entreprise et société (ed. eska, 1995, trad. anglaise macmillan, 1996), il a publié de nombreux articles académiques. il intervient régulièrement dans les médias et tient une chronique mensuelle dans Le Monde. il a rédigé le Référentiel pour une gouvernance 13 SEPT 11 raisonnable des entreprises et Hebdomadaire Paris participé à l’élaboration du code de gouvernance des entreprises moyennes cotées. Surface approx. (cm²) : 161 Pierre-yves Gomez est coauteur N° de page : 5 de l’article « Gouvernance et entreprises côtées » (revue Analyse Financière n°37, octobre 2010). Page 1/1

e Eléments de recherche : EM LYON ou Ecole de Management de Lyon ou EMLYON Business School ou EML Executive Development ou SUP DE CO LYON ou ESC LYON ou Ecole de Commerce de Lyon ou Ecole Supérieure de Commerce de Lyon (69) : toutes citations

a : Alternatives Economiques n°305, September 2011 b : Analyse Financière n°40, July-August-September 2011 - Société Française des Analystes Financiers – Revue Analyse Financière - 24 rue de Penthièvre - 75008 Paris - Tel: +33 1 56 43 43 10 - Web sites: www.sfaf.com - www.revueanalyse financiere.com c : Le Monde Economie, September 13, 2011 d : www.ifge-online.org e : Le Monde Economie, October 19, 2010

Half of all companies that experience difficulties or fail have serious dysfunctions in their governance. The world of business must take account of this fact. Pierre-Yves Gomez

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37 ORGANISATIONS, CAREERS AND NEW ELITES (OCE) Founded in 2005 and run by Françoise Dany, Professor of Human Resources Management, OCE brings together researchers from all disciplines, driven by two aims: to produce new knowledge in order to complement normative and irenic visions of management and organisations, and to develop cooperative efforts over the entire Faculty to enrich the knowledge and understanding of organisational dynamics via different perspectives.

2010-2011 saw the publication of important articles in the field of critical management, and the publication of the translation by Palgrave MacMillan of the bestseller co-authored by David Courpasson (EMLYON) and JeanClaude Thoenig, Emeritus Director of Research at the CNRS assigned to the Dauphine Management Research Laboratory at Paris-Dauphine University: When Managers Rebel.


David Courpasson, Associate Dean for Research at EMLYON Business School between September 2005 and August 2008, has, since then, been the Editor in Chief of Organisation Studies. His book (co-authored with Jean-Claude Thoenig): When Managers Rebel (2008), won three French awards in 2009: the “Stylo d’Or” (for best book of the year from ANDRH, the French national association of HR directors), the “Mutation et Travail” award, and the “Le Monde/Sciences Po” prize for best HR book in 2009. He is frequently invited to participate in roundtables and in works on political and critical theory.

Publications Courpasson, David & Thoenig, Jean-Claude. 2010. When managers rebel. Palgrave Macmillan. 181 pages. Dany, Françoise, Louvel, Severine & Valette, Annick. 2011. Academic careers: The limits of the « boundaryless approach » and the power of promotion scripts. Human Relations, 64 (7):971-996. Courpasson, David & Golsorkhi, Damon. 2011. Power and Resistance: Variations on « what’s going on politically in and around organisations? ». M@n@gement, 14 (1):1-46.

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39 CENTRe FOR FINANCIAL RISKS ANALYSIS (CEFRA) Founded in 2007 and run by Olivier Le Courtois, Professor of Finance, the ambition of the CEntre for Financial Risks Analysis (CEFRA) is to address and correct the weaknesses in the risk industry, thus promoting the development of convergence and new perspectives of research in finance, insurance and risk management.

The CEFRA develops four research themes: evaluation models for simple or derivative financial assets and life insurance contracts, and the general equilibrium of markets containing derivative products; the management of extreme financial risk; the failure of organisations; and the policies on bonuses and compensation and the surveillance and control of organisations. 2010-2011 saw the publication of a series of important works featured in high-quality journals in the field, and in early 2012, the publication of a genuine reference book:

Publications Quittard-Pinon, François & Randrianarivony, Rivo. 2010. Exchange options when one underlying price can jump. Finance, 31 (3):33-53. Quittard-Pinon, François & Randrianarivony, Rivo. 2011. Impacts of Jumps and Stochastic Interest Rates on the Fair Costs of Guaranteed Minimum Death Benefit Contracts. Geneva Risk and Insurance Review, 36 (1):51-73. Malevergne, Yannick & Rey, Beatrice. 2010. Preserving preference rankings under non-financial background risk. Journal of the Operational Research Society, 61 (8): 1302-1309. Bernard, Carole, Le Courtois, Olivier & Quittard-Pinon, François. 2010. Protection of a company issuing a certain class of participating policies in a complete market framework. North American Actuarial Journal, 14 (1): 131-149.


With the crisis of 2007, risk management has become a predominant issue in banks and academic finance.. olivier Le courtois

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41 DOCTORATe and Ph.D. EMLYON BUSINESS SCHOOL EMLYON Business School’s policy of doctoral training is based on two complementary programmes: a strong and continuous Bernard Forgues Professor of participation in French-speaking Organisation Theory Director of doctoral training in partnership Doctorate and Ph.D. programmes with French and foreign universities, and the Ph.D. in Management Programme, which is delivered entirely in English and meets the highest international standards.

The doctoral programme

EMLYON is active in doctoral education in partnership with French universities. Thus, the School’s twenty-some accredited research professors supervise about thirty Ph.D. students in Management Science, Economics and Sociology in partnership with various universities (Lyon 3, Dauphine, Grenoble, etc.).

The Ph.D. in Management programme

To respond to the growing demand for Ph.D. holders on an international level, EMLYON Business School launched its own Ph.D. programme in September 2006. Students interested in this programme seek to pursue careers as high-level research professors, often in foreign universities.


The structure of the programme reflects the objective of training students for research as well as teaching, by combining study and practice. The programme is delivered entirely in English, by professors with an international reputation. It lasts four years, the first two of which focus on the essential part of the courses and seminars. Students work closely with professors on research projects prior to focusing on their thesis. The fields of specialisation cover various areas of management: organisation theory, entrepreneurship, strategic management, international management, etc.

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43 In the first year, students learn to carry out a research project by following methodology courses and via apprenticeship with a member of the teaching staff (« supervised research practice »). They also study the fundamental disciplines on which management is based. During the second year, students follow seminars and courses in advanced methodology. Students are only authorised to continue beyond the second year if they have validated the whole course. From « Ph.D. students », they become « Ph.D. candidates » and enter the third year of the programme. During the two remaining years, students focus almost entirely on their thesis. They begin by defining a research subject with the help of professors and choose a thesis director. They test their dissertation proposal during a residential seminar held in Chamonix. The students on EMLYON’s Ph.D. programme and their professors are joined by colleagues from other universities from all around the world (on invitation) to discuss their articles and form lasting bonds, the whole event amidst a fabulous alpine environment. They then form a thesis committee made up of at least three members (including at least two from EMLYON Research and at least one from elsewhere). They defend their thesis proposal in front of their committee and the director of the programme, generally in March of

the third year. Once this proposition has been accepted, they work on their thesis full time. The viva is obtained at the end of the fourth year. Throughout the four year programme, research workshops and presentations by professors take place on campus. Ph.D. students actively participate, thus developing their knowledge in the manner of conducting and presenting research. Related to this, they have recently been able to benefit from the presence of exceptional visitors like Stewart Clegg, Robert David, Tim Folta, Michael Lubatkin, Steve Maguire, Scott Shane, Silviya Svejenova, Mike Wright and Shaker Zahra. Specialists also come to train the students on how to use research software (STATA, NVivo, Zotero). Finally, students must also participate in academic conferences such as EGOS or AoM, and submit articles to the best of the field’s academic journals. EMLYON’s Ph.D. programme is deliberately limited in size (to around 20 students) so that students benefit from two major advantages. First of all, this enables better and more frequent interaction: everything happens face to face. Students meet, interact and work closely with professors and with other Ph.D. students on a daily basis. For us it is an essential ingredient in academic development.

Residential seminar in CHAMONIX for third-year Ph.D. students EMLYON Scientific report 2010-2011

Like every year, the Ph.D. programme organised its residential seminar in Chamonix. We had the pleasure of welcoming participants from HEC Paris, Imperial College (UK), Uppsala University (Sweden), the University of Lugano (Switzerland) and LUISS (Italy). The seminar is organised by Frédéric Delmar (co-director of the Entrepreneurship Research Centre of EMLYON) and Bernard Forgues, director of the Ph.D. programme.

Moreover, the reduced size enables one to remain focused. The only domains of specialisation in the programme are management and entrepreneurship. This has the advantage of sharing the same centres of interest between students and professors. The programme is very international, with no country having more than 12% of nationals among the students, who come from 19 different countries (three Chinese, three French, two Germans, two Americans, two Irish, one Argentine, one Brazilian, one Canadian, one Greek, one Indian, one Italian, one Korean, one Lebanese, one Moroccan, one Syrian, one Thai, one Tunisian, one Ukrainian and one Zimbabwean). As a result, it goes without saying that the whole programme is delivered in English. Each year, the top five students admitted receive a scholarship covering registration fees for the programme, as well as a competitive salary. As the programme is very recent (it was only launched in September 2006), only three students have defended their dissertations so far. Olga Bruyaka is assistant professor at Virginia Tech University in the US, Grégoire Croidieu and Christelle Tornikoski are both assistant professors at Grenoble School of Management (GEM). Narjisse Lassas-Clerc is already working at HEG Genève. Several other students will defend their dissertations in 2012. Some have already been hired. It should be noted that EMLYON has a policy of never hiring its own students.

Latest Ph.D. thesis defended Christelle Tornikoski defended her doctoral dissertation titled “Expatriate Compensation: A Total Reward Perspective”, on June 29, 2011. Her thesis, composed of four articles, focuses on expatriate compensation, adopting the individual perspective of expatriates. The first article presents a theoretical model encompassing pay in the employment relationship and the international environment of expatriation. The second article presents an empirical test of the relationship between the psychological contract of expatriates, their perception of their compensation and their

emotional attachment to their company. This relationship is further explored in a third article, by adding as a moderator variable the perception that expatriates have of their employer’s obligations. Finally, the fourth article uses data from interviews to better understand what determines expatriates’ career choices. The thesis committee was composed of Françoise Dany (EMLYON, main advisor), Zied Guedri (EMLYON, internal examiner), Jean-Luc Cerdin (ESSEC, external examiner) and Denise Rousseau (Carnegie-Mellon University, external examiner). Christelle is now assistant professor at the School of Management of Grenoble (GEM).

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45 BOOKSTORE The professors of EMLYON Business School published 13 books in 2010-2011, in fields as varied as open innovation, the role of justice and feelings in managerial decision-making, entrepreneurship, the sociology of resistance and team management.

Spotlight on two publications Thierry Picq, you just published the third edition of your book, titled Managing a Project Team - Steering, Stakes and Performance. What were your objectives with this work?

With Managing a Project Team, I had a simple objective: sharing, with an intentionally very broad audience of readers, the keys to understanding and taking action useful to all players in situations of collaborative work within a team, regardless of the context. Although Managing a Project Team is based on many emblematic, wellknown case studies in order to offer general keys for understanding and taking action, it also relies on my own research. What are the key messages of this work?

Projects invade every context, and their success depends on being managed in three dimensions: knowing how to diversify action strategies; knowing how to build and lead a network of allies and a social dynamic surrounding the project; and finally, knowing how to keep different elements in balance. Your current projects focus on project teams in unusual (extreme) environments etc. Can you tell us about them briefly?


Certainly. It is a research programme that Tessa Melkonian and I have conducted in an unusual environment, the Commando Special Forces of the French military. We would like to understand the key factors of success of commando teams, which are made up of highly specialized individuals who must quickly and efficiently learn to act together and yet entirely autonomously in a high-risk context, in matters of life and death. Beyond the mechanisms that are specific to team dynamics, we uncovered the role of organisational systems (selection, career management, skill development, organisational learning etc.) in a context in which Special Forces must manage to conduct long-term operations that are unique and always dangerous.

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47 Thierry Nadisic, your recent book is about justice and injustice perceptions at work but there is already a multitude of books and articles on this subject. How does your work provide a new insight on the subject?

In this work, we show that justice and injustice perceptions, and their respectively positive and negative consequences, are highly affected by feelings (emotion and temper). So far, researchers suggested that justice and injustice perceptions basically depended on a cognitive work. By linking two research fields such as social justice and emotion, we open up to new perspectives both for research and the understanding of behavioral conditions at work, aiming to a better and more human management. Can you give us some practical examples?


Of course, because this work provides a large overview on the description and explanation of organising situations. Just some few examples. We state that a feeling of injustice affects our behavior at work because it leads to powerful emotions such as anger, dislike, fear or shame. This mix of emotions explains why an individual can react in apparently irrational ways when experiencing an injustice as it can lead to sabotage actions or psychological illness. We also show that people with a very strong affectivity react even stronger to injustice than people whose affectivity is less intense, but if, and only if the organisation in which they work lacks structure and rationality. In short, strong reactions to injustice belong to unstable and uncertain situations. We have also observed that injustice feelings are very contagious. During mergers and acquisitions, it often happens that new employees rapidly have the same feelings as the old ones, even though they did not experience the situations that lead to these perceptions of injustice.

Your analysis drew you to some less studied subjects such as vengeance and retaliation at work, or the influence of fear when making a decision.

Yes, definitely. The mix between justice/ injustice feelings and emotions leads to some less studied subjects, even though they’re very common. For example, we observed that vengeance - considered as a compensation to injustice - is a very common and undeniably moral reaction for employees, who often tend to punish the guilty ones more than to help innocents. Our genetic programming is actually similar to our cousins the capuchin monkeys, as they tend to evict negative elements and protect their own kind. Consequently, day to day retaliatory acts are incredibly numerous and various at work. We also insist on the unconscious explanatory feature of justice feelings: when it is linked to automatic affective and unconscious phenomena, they have the power to explain behaviors or conducts even before experiencing a particular situation. If an individual feels anger for a completely external reason before experiencing a particular situation, he will more likely think that he has been treated unfairly - even if he has not- than a person who did not feel anger before. Also, tests carried out on professional judges have shown that their judgment is stricter when they have been feeling anger before. One last word?

Reconsidering the role and the study of emotions in an organisational context could help a large number of companies to avoid or, at least, to anticipate, to limit and to control injustice perceptions and their negative consequences…

BOOKS PUBLISHED IN 2010-2011 Borch, Odd Jarl, Fayolle, Alain, Kyro, Paula & Ljunggren, Elisabeth. 2011. Entrepreneurship research in Europe: Evolving concepts and processes. Edward Elgar. 288 pages.

Liechtenstein, Heinrich von, Groh, Alexander Peter & Lieser, Karsten. 2011. The global venture capital and private equity country attractiveness index: 2011 Annual. IESE Insight. 249 pages.

Courpasson, David & Thoenig, Jean-Claude. 2010. When managers rebel. Palgrave Macmillan. 181 pages.

Millier, Paul. 2011. Stratégie et marketing de l’innovation technologique : Créer les marchés de demain. Dunod. 273 pages.

Cropanzano, Russell, Stein, Jordan H. & Nadisic, Thierry. 2010. Social justice and the experience of emotion. Routledge. 340 pages.

Picq, Thierry. 2011. Manager une équipe projet : Pilotage Enjeux Performance. Dunod. 221 pages.

Fayolle, Alain. 2010. Handbook of Research in Entrepreneurship Education. Volume 3: International Perspectives. Edward Elgar. 321 pages.

Picq, Thierry & Hommes, Performances. 2011. Développer la performance managériale : ce que font vraiment les entreprises. APEC. 6 pages.

Fayolle, Alain & Matlay, Harry. 2011. Handbook of Research on Social Entrepreneurship. Edward Elgar. 352 pages.

Rebeyrol, Vincent & Schoenberg, Eve. 2011. Managers, maîtrisez vos risques juridiques ! Et dépassez vos idées reçues sur le droit. Pearson Education. 228 pages.

Fayolle, Alain & Todorov, Kiril. 2011. European Entrepreneurship in the Globalizing Economy. Edward Elgar. 256 pages.

Silberzahn, Philippe & Van Dyck, Walter. 2011. The balancing act of innovation. Lannoo. 356 pages.

Giraud, Laurent & Fichet, Hugues. 2011. Information flow in project-based companies: How the information flow is processed in project-based companies compared to others and how it affects strategic drift. LAP, Lambert Academic Publishing. 66 pages.

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Eric Brac de la Pérrière, Managing Director of Eco-Emballages, at the signature of the Recycling Chair, on February 10, 2012

FINANCING RESEARCH The close relationship EMLYON has with its region is crucial to developing new forms of knowledge that can be transferred rapidly to the participants of EMLYON’s programmes and to companies. The Chair policy is attractive on several counts.

Four chairs were active in 2010-2011, and two new chairs were established after September 2011: the VOLVO IT Chair (rep. RENAULT TRUCKS) on the Capitalization of Knowledge - Interaction - Collaboration, on December 19, 2011; and the Joint EMLYON - Ecole Centrale de Lyon Chair with ECO-EMBALLAGES on Recycling, on February 10, 2012.

The City of Lyon – Greater Lyon Chair

Established in January 2006 following approval by the City Council of Lyon, this chair has been held since the beginning by Robert Revat, professor of Marketing and Studies. At the end of the first three years, the City of Lyon Chair was renewed in 2009 for another three-year period, and Greater Lyon joined the project.


The City of Lyon - Greater Lyon Chair has a double objective. Firstly, it seeks to promote the attractiveness and the benefits that careers in the local public sector have to offer, most notably via events in the field. At the same time, it attempts to improve the employability of EMLYON graduates by responding to the demand from its students for career possibilities in companies which work for local authorities. In return, the work done in the field enables the City of Lyon / Greater Lyon to benefit from various elements of expertise, most notably in the domains of management, buying and strategy, which EMLYON Business School is in a position to offer, and which could be of use to its services whilst fully respecting the City’s core values of a public service. In addition, the Chair enables the development and formalisation of new areas of knowledge - case studies, expert reports etc. - which help in the planning of new lessons and seminaries aimed at organisations whose professionalism has been remarkable over the last ten years.

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51 The CEGID Chair

This chair was established in September 2008 for a three-year period. Run by François Scheid, and then by Lee Schlenker, this chair has developed joint research projects on three topics: • Cooperation between developers and content suppliers in the context of the Software as a Service (SaaS) and its future evolution. • The transition from an applicative software package model to one of skill-oriented web services. • User groups, or how do we generate regular innovation flow in software innovation by relying on client users, lead users and community users in particular?

The CGI Research Chair on intermediation

This chair, held by Catherine Rey-Pardo, a B to B marketing professor, is the result of an in-depth examination, initiated in early 2009 by the French B to B Confederation (CGI), of the transformation of the traditional businesses of intermediaries. Discussions engaged in with Bernard Manhes, President of the CGI, and Hugues Pouzin, Director-General of the CGI, led to the establishment of a three-year Research Chair bringing together B to B professionals and researchers from CRET-LOG (research centre in transport and

EMLYON

logistics) and EMLYON Business School. The focus of the chair is the processes of innovation in intermediation. This term generally refers to the phenomena that occur between suppliers, intermediaries and professional customers, and it is preferable to the terms “wholesalers” or “B to B relations”. The first year (2010) was dedicated to the state of the art of intermediation and the establishment of theoretical models. In particular, the researchers of the Chair led both of the roundtable discussions of the second summer session of the CGI, held in Marseille from July 7 to 9, 2010 and presented the state of the art on two key topics: logistical innovations and competitive advantages on the one hand, and innovation in intermediation and impacts on the value chain on the other hand. These two roundtables were presented in addition to about ten workshops, and the latest publication of the CGI (B to B Perspectives) reviews the most important conclusions. The researchers of the roundtable also presented several preliminary theoretical models during the Strategic Orientation Committee Meeting of the Chair, held on December 16, 2010 in Lyon. Sophie Michel, Research Assistant at EMLYON and a Ph.D. student, presented a situated approach to trends affecting wholesalers from the 1960s to the present, and suggested empirical lines of enquiry. Laurent Giraud, also a Research Assistant at EMLYON and a Ph.D. student, tackled the little-examined issue of human resources in sales and marketing, with a view to modernizing the B to B sector. The second year (2011) focused on empirical studies.

The Caisse d’Epargne Rhône-Alpes Chair

The Toupargel Chair

The relationship with Caisse d’Epargne RhôneAlpes goes back a long way. A first Caisse d’Epargne Rhône-Alpes Chair, focusing on the Financial Practices of Growing Companies, was established on July 1, 2008, for a three-year period. The chair was held by Antonio Salvi, professor of Corporate Finance (see Annual Scientific Report 2008-2009, p. 40). The objective of this chair was to increase knowledge in four fields: the financing and evaluation of growing SMEs; the financing and governance of family-owned businesses; the creation and gauging of value in unlisted companies; and evaluations, transfers and LBOs. This first chair made it possible to develop many case studies and book chapters, and a reference book in the field of Corporate Finance.

On December 4, 2010, EMLYON and TOUPARGEL created the TOUPARGEL Chair for entrepreneurship in door-to-door delivery.

In 2011, the new general management of Caisse d’Epargne Rhône-Alpes established a new strategic plan and invited EMLYON to conduct substantive research on a little-known, little-studied theme, but one that nonetheless forms the identity of cooperative banks: the role, missions, and management of the membership of these banks. Caisse d’Epargne Rhône-Alpes, represented by Sophie Sabran, Director of General and Institutional Affairs, and EMLYON, represented by Marie-Claire Loison, Assistant Professor in Accounting - Control - Audit and an expert in Corporate Social Responsibility, and Bernard Laurent, Economics Professor, set the objectives of the Research Chair to develop knowledge and expertise in 3 areas of focus. These were the comparative study of the modes of governance and the membership management of the cooperative sector; more specifically, the study of the governance of Caisse d’Epargne Rhône-Alpes and its membership management policy (current and targeted); finally, the study of the CSR practices of Caisse d’Epargne RhôneAlpes - and of the cooperative sector in general. This new multi-year Chair on Membership Management thus follows on from the previous one.

This Chair pursues three general objectives, which are genuine subjects of reflection for EMLYON: • identifying, establishing, and disseminating the special characteristics of entrepreneurial practices in logisticsintensive service companies; • working on new forms of distribution in connection with the emergence of a digital economy that is profoundly transforming the traditional marketing framework; • and more generally, promoting and fostering entrepreneurs and companies that create wealth while contributing to the harmonious development of society. The Co-Chair Professors are Philippe Monin, Professor of Strategic Management and Associate Dean for Research, and Yacine Rekik, Associate Professor of Supply Chain Management. They respectively supervise Camille Pfeffer, researcher in Human Resources Management and Strategic Change Management, and Benham Merzapour, who has a Ph.D. in Industrial Engineering from INSA LYON and is pursuing a postdoctoral fellowship as part of the Chair, with whom Yacine Rekik is developing optimization models of door-to-door delivery, enabling low-cost deliveries that use ecological logistics.

We hope that you have enjoyed perusing our Scientific Report 2010-2011. Further information is available on www.em-lyon.com


S0econd Summer Session ot the CGI

scientific Report 2010-2011 EMLYON BUSINESS SCHOOL EUROPEAN CAMPUS 23 Avenue Guy de Collongue 69134 Ecully Cedex FRANCE Tel.: +33 4 78 33 78 00 - Fax: +33 4 78 33 61 69 [email protected] - www.em-lyon.com ASIAN CAMPUS East China Normal University Global Education Center 3663, Zhongshan Rd North Shanghai 200062 CHINA Tel.: +86 21 6260 8160 ext. 803 - Fax: +86 21 6260 8171 [email protected] - www.em-lyon.com.cn

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