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Charles A.,Audencia Nantes School of Management | Darne O.,University of Nantes | Fouilloux J.,University of Rennes 1
Energy Policy | Year: 2013

In this paper, we study the relationship between futures and spot prices in the European carbon markets from the cost-of-carry hypothesis. The aim is to investigate the extent of efficiency market. The three main European markets (BlueNext, EEX and ECX) are analyzed during Phase II, covering the period from March 13, 2009 to January, 17, 2012. Futures contracts are found to be cointegrated with spot prices and interest rates for several maturities in the three CO2 markets. Results are similar when structural breaks are taken into account. According to individual and joint tests, the cost-of-carry model is rejected for all maturities and CO2 markets, implying that neither contract is priced according to the cost-of-carry model. The absence of the cost-of-carry relationship can be interpreted as an indicator of market inefficiency and may bring arbitrage opportunities in the CO2 market. © 2013 Elsevier Ltd. Source

Giannakis M.,Audencia Nantes School of Management | Papadopoulos T.,University of Sussex
International Journal of Production Economics | Year: 2015

This paper develops an operational perspective of supply chain sustainability, by considering it as a risk management process. It explores the nature of sustainability-related supply chain risks, distinguishes them from typical supply chain risks and develops an analytical process for their management. An empirical study is conducted to generate insights about how sustainability-related risks should be managed in an integrated way. A mixed method approach is adopted for data collection and analysis. Through an extensive literature review and personal interviews, 30 risks across the three main pillars of sustainability (environmental, social and economic) are identified first. A large survey across different industrial sectors and two exploratory empirical case studies in two textile manufacturing companies are subsequently conducted to assess and analyse several dimensions of sustainability-related risk. The failure mode and effect analysis (FMEA) technique is utilised to assess the relative importance of the selected risks, to identify their potential causes and effects and test potential correlations between the identified risks. Based on the findings of the study, risk treatment strategies are proposed for all the identified sustainability-related supply chain risks. The findings show that endogenous environmental risks are perceived to be the most important across different industries and the interconnectedness between several sustainability-related risks is very high. This points to the need for integrated sustainability risk management approaches to facilitate the development of effective sustainable strategies. © 2015 Elsevier B.V. Source

Syriopoulos T.,University of Aegean | Syriopoulos T.,Audencia Nantes School of Management | Tsatsaronis M.,University of Aegean
Maritime Policy and Management | Year: 2011

The corporate governance model of the shipping firms is under extensive dynamic adjustment. Core reasons for that include the corporate transformation of the shipping firms from private and family run into publicly listed and multishareholder entities and a number of strict stock market listing requirements, related to corporate governance in particular. Despite these profound shifts, relevant empirical research in this field remains thin. This study undertakes an updated empirical investigation to assess the impact of key corporate governance mechanisms on the financial performance of the shipping firms, namely: (1) the presence of managerial executives (CEOs) related to the founding family; (2) the ownership concentration (shares held) by Board of Directors members; and (3) the participation of independent members in the Board of Directors. A carefully selected sample of Greek shipping companies listed on US equity markets is employed as a case study. We conclude that shipping firms follow their own corporate governance model that has idiosyncratic divergences from conventional governance approaches. A comparison between Greek and Scandinavian shipping firms indicates some differing financial performance response to common corporate governance practices. © 2011 Taylor & Francis. Source

Ngugi I.K.,Bournemouth University | Johnsen R.E.,Audencia Nantes School of Management | Erdelyi P.,Bournemouth University
Journal of Small Business and Enterprise Development | Year: 2010

Purpose: The purpose of this paper is to examine the relational capabilities developed by small and medium-sized suppliers in relationships with larger customers and to explore the influences of these relational capabilities on value co-creation and innovation. Design/methodology/approach: The paper presents a framework to evaluate the types of relational capabilities developed by small and medium-sized suppliers that enable them to manage in relationships with larger customers in the context of changing relationship requirements in the organic food sector. The methodology employed involves in-depth case studies of small and medium-sized UK organic food suppliers working in relationships with large retail supermarket customers. Findings: The findings suggest that the identified set of relational capabilities may be employed by small and medium-sized suppliers to enable them to inform and support innovation and the implementation of initiatives to create value in the eyes of their current and potential customers and concomitantly enhance their position as preferred suppliers. Research limitations/implications: The findings were based on a small number of case studies of small UK organic food suppliers. Therefore, there is scope for future studies to explore the issues addressed in the paper in wider relationship, network and country settings. Originality/value: The research is among the first to offer a conceptual framework and an empirical contribution linking relational capabilities, value co-creation and innovation in small and medium-sized suppliers. © Emerald Group Publishing Limited. Source

Menu S.,Audencia Nantes School of Management
Environment and Planning C: Government and Policy | Year: 2012

Since the late 1990s researchers have looked at cluster policies, highlighting multilevel governance processes and the resulting complexity for both public and private actors as well as measuring the impact of these policies on fi rms. From an institutional perspective I point out that this policy development calls for the study of the impact on leadership: have cluster policies played any role in leadership emergence in clusters? I take the launch of the Pôles de compétitivité in 2005 as an illustration. I fi rst review the literature and point out the gaps in dealing with (cluster) leadership and the policy context. Second, I present comparative and empirical results of two clusters located in Brittany, France. Third, by discussing these results, I show the implications both for the study of French dirigisme (an interventionist and directive policy style) and for current research on cluster policies by outlining the emergence, dynamics, and limits of the leadership process. Source

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