Research center - Finance reconsidered

The SEEFAR (Shift for Ecology, Economics, Finance and Accounting Research) center is a continuation of what was previously known as the Finance Reconsidered Center. SEEFAR aims at developing alternative tools and solutions to promote sustainable economic, financial and accounting models, as well as shifting the public discourse and educational contents at all levels of society on these issues. The center is now headed by Prof. Christophe Faugère who succeeds in that position to Prof. Bernard Paranque. We intend to pursue three main research axes:

• SUSTAINABLE FINANCIAL, ECONOMIC AND ACCOUNTING MODELS Next gen financial tools and business models: analysis and conception: ESG ratings, fintechs, crowdfunding, blockchain and holochain technologies, digital money, ICOs. Next gen economic models: commons, gift (digital) economies, human-centered economics, circular and blue economy, social and solidarity economy, ecological transition in agricultural economics. Asian, emerging economies and alternate financial systems like microfinance. Green accounting, green finance and integrated reporting.
• RISK, INSURANCE AND NEXT GEN CORPORATE GOVERNANCE Risk and insurance (behavioral risk, systemic risk in financial institutions) Organizational and industrial risks and quality assessments. New corporate governance models. Legal frameworks for risk appraisal in financial institutions and sector.
• ONTOLOGY AND EVOLUTIVE APPRAISAL  Ontology and critical appraisal of mainstream economic and financial models. Epistemological critical research applied to business and managerial decisions. Ethics and behavioral awareness  in Finance, Economics and Accounting

Key figures

Many of our members publish in top international academic journals and several of our colleagues currently hold editors, associate editors or membership to scientific committee positions in high visibility journals such as:
Bankers Markets & Investors (P. Bertrand, E), IRFA (T. Lagoarde-Segot, AE), RIBAF (P. Bertrand, Advisory E; B. Paranque, Advisory E; C. Revelli, AE; T. Lagoarde-Segot, Area Editor), Finance Bulletin (P. Bertrand, AE; C. Faugère, AE), Competitiveness Review: An International Business Journal (P. Bertrand, Advisory E); Functional Plant Ecology (M. Faget, Review Editor), M@n@gement (X. Hollandts, SC member).
We are proud to recognize our colleague Philippe Bertrand for his longtime role as president of the AFFI (French Association of Finance).

Recent publications

Harriet, L., Abdoune, R. & Bentebbaa, S. (2017). La perception de l'equity funding par les dirigeants de PME en France. Management & Avenir, 93, mai, 15-35.
Bentebbaa S., Pacitto J-C., Louitri A. & Abdoune R. (2018). Les entreprises familiales apprennent-elles différemment ? Effets des attributs ambivalents de l’entreprise familiale sur les apprentissages des individus et de l’organisation. Recherches en Sciences De Gestion, n°127, Décembre.
Dardour A., Abdoune R. & Bentebbaa S. (2018). Les déterminants de la réussite de la levée de fonds via les plateformes de financement participatif – Cas des start-up. Management & Avenir, 105, novembre, 81-98

Ben Larbi S., Lacroux A., Luu P. (2018). “La performance sociétale des entreprises dans un contexte international : Vers une convergence des modèles de capitalisme ?”, Management International, 2018, p.1-17.
Ben Larbi S., Lacroux A., Luu P. (2018). "Impact de la notation sociétale sur la dynamique des performances environnementale, sociale et de gouvernance dans un contexte international : une étude empirique fondée sur la base longitudinale Vigéo Eiris", Revue Recherche en Sciences de Gestion-Management Sciences-Ciencias de Gestión, n°127.
Meniaoui J., Ben Larbi, S.  (2018).  Analyse typologique des  investisseurs participant  au  financement  d’un  rachat  d’entreprise  pas  son  propriétaire  :  Une étude  exploratoire.  Revue Internationale PME (Forthcoming)

Bertrand, P., C.O. Amédée-Manesme, F. Barthélémy and J.L. Prigent. 2018, "Mixed-asset portfolio allocation under mean-reverting asset returns", Annals of Operations Research, 1-34.
Bertrand P. and J.L. Prigent. 2018, "Residential Real Estate in a Mixed-Asset Portfolio", Bankers, Markets & Investors, n°150, January-February 2018.
Bertrand P. and V. Lapointe. 2018, “Risk-based strategies: the social responsibility of investment universes does matter”, Annals of Operations Research, March, Vol. 262, Issue 2, 413–429.

Dardour, A., Boussaada, R. (2017). CEO Compensation and State Ownership in French Listed Companies. Management international, 21 (2), Winter, 135-151.
Dardour, A., Ben Farhat, N. & Boussaada, R. (2018). Composition du conseil d’administration et divulgation d’informations RSE. Finance Contrôle Stratégie, numéro spécial CIG 2017.
Haldar, A., Shah, R., Rao, S.V.D.N., Stokes, P., Demirbas, D., Dardour, A. (2018). Corporate performance: Does board independence matter? Indian evidence. International Journal of Organizationazl Analysis, 26 (1), March, 185-200.
Dardour, A., Boussaada, R, Yekini, S. Makhlouf, M. (2018), The determinants of CEO Turnover: Evidence from French listed companies, Recherches en Sciences de Gestion, Accepted, forthcoming.

Decamps, A., Barbat, G. (2017). Gouvernance durable du service public de l'eau et ancrage territorial: une approche par les profils de territoires. Revue d’Economie Régionale et Urbaine, 2, 297-334.
Decamps, A., Barbat, G., Carteron, J. C., Hands, V., & Parkes, C. (2017). Sulitest: A collaborative initiative to support and assess sustainability literacy in higher education. The International Journal of Management Education, 15 (2 part B), 138-152.

Ducassy, I., Guyot, A. (2017). Complex ownership structures, corporate governance and firm performance: The French context. Research in International Business and Finance, 39 (2017) 291–306.

Elage, A., Mard, Y. (2018). Code de gouvernance et gestion des résultats comptables : le cas des sociétés françaises cotées. Comptabilité-Contrôle-Audit, 34 (2), septembre, 115-149.

Faget, M., N. Terrien, J.L. Queno & C. Pourin. 2018. Saphora-Job, un outil de mesure de la qualité de vie et de la satisfaction au travail dans les établissements de santé. Risques & Qualité 15 (1), 80-88.
Faugere, C. & Gergaud, O. (2017). Business Ethics Searches: A Socio-Economic and Demographic Analysis of U.S. Google Trends in the Context of the 2008 Financial Crisis. Business Ethics: A European Review, 26 (3), July, 274-287.

Hichri S., Yami S., Givry P. et M’chirgui Z. (2017), Rôle des pépinières, caractéristiques du projet entrepreneurial et croissance des startups TIC : le cas d’un pays en développement. Revue de l’ Entrepreneuriat, No 2 Vol 16, pp 59-90.
Figge, F., Givry, P.; L. Canning, E. Franklin-Johnson and A. Thorpe (2017). "Eco-Efficiency of virgin resources: A measure at the interface between micro and macro levels." Ecological Economics 138 (2017) 12–21.
Barkemeyer, R., Givry, P., Figge, F. (2017). Trends and Patterns in Sustainability-related Media Coverage: Classifying Issue-level Attention. Environment and Planning C: Politics and Space, 36 (5), 937-962.
Figge, F., Thorpe, A., Givry, P., Canning, L., Franklin-Johnson, E. (2018). Longevity and Circularity as Indicators of Eco-Efficient Resource Use in the Circular Economy. Ecological Economics, 150, August, 297-306.

Valiorgue, B., Bargues, E., Hollandts, X. (2017). Mettre en œuvre une gouvernance démocratique suite à une reprise en SCOP : une lecture en termes de travail institutionnel", Revue Française de Gestion, 43 (263), mars, 31-50.
Toé, S.D., Hollandts, X., Valiorgue, B. (2017). La face cachée de l'actionnariat salarié : Étude empirique sur l'indice SBF 120 (2000-2014). Finance Contrôle Stratégie. 20 (1).
Loheac, Y., Hollandts, X., Et al. (2017). Mise en place d'une expérience avec le grand public : entre recherche, vulgarisation et pédagogie. Revue Économique, 68 (5), septembre, 24-37.
Aubert, N., Kern, A., Hollandts, X. (2017). Employee stock ownership and the cost of capital. Research in International Business and Finance, 41, October, 67-78.
Hollandts, X., Aubert, N., Ben Abdelhamid, A., Prieur, V. (2017). Beyond Dichotomy: The Curvilinear Impact of Employee Ownership on CEO entrenchment. Management International, 22 (2), 112-127.
Aubert, N., Hollandts, X., Hernandez, S. (2017). La participation des salariés : analyse historique et textuelle. Revue Française de Gouvernance d’Entreprise, 18, 7-51.
Hollandts X. (2018). Friend or foe? Employee ownership and CEO dismissal. Managerial and Decision Economics, 39 (4), 377-388.

Lagoarde-Segot, T. (2017). Financialization: towards a new research agenda. International Review of Financial Analysis. 51, May, 113–123. Currie, W. L., Lagoarde-Segot, T. 2017. EDITO Financialization and Information Technology: Themes, Issues and Critical Debates - Part I. Journal of Information Technology, 32 (3), 211-217, September.
Lagoarde-Segot, T., Paranque, B. EDITO Sustainability and the reconstruction of academic finance. Research in International Business and Finance 39 (2017) 657–662.
Lagoarde-Segot, T., Paranque, B. (2018). Finance and sustainability: from ideology to utopia. International Review of Financial Analysis, 55, January, 80-92.
Lagoarde-Segot, T. & Currie, W. (2018). Financialization and Information Technology: A Multi-Paradigmatic View of IT and Finance-Part II. Journal of Information Technology, 33, 1–8.

Le Poder L. (2018). Managing the emotional impact of disaster relief: The Gendarmerie Nationale and the crash of Germanwings Flight 952. Global Business and Organizational Excellence; 37: 48–57.

Barneto, P., Ouvrard, S., Valant Gandja, S. (2018). Démarches de pilotage de la performance organisationnelle dans les sociétés de services, pp. 325-336. In Yves Levant et Stéphane Trébucq (Coords.), Émergence de la théorie comptable et des sciences économiques du XVe au XXIe siècle - Mélanges en l’honneur du Professeur Jean-Guy Degos, Paris: L’Harmattan, 414 p.

Paranque, B. (2017). Le “commun” en tant qu’idéal-type d’émancipations, pp. 205-224. In Lévêque, L., Bonfils P., Kocoglu, Y. et al. (Eds.), Vulnérabilités, échanges et tensions dans l’espace méditerranéen : L’Amer Méditerranée, 334 p.
Paranque, B. (2017). The need for an alternative to shareholder value creation? The Ethomed student experience. Research in International Business and Finance, 39, 686–695.
Paranque, B. (2018). Finance as a “commons” understood as ideal-type for emancipation, Chap. 7, pp. 135-160. In Philippe Bance (dir.), Providing public goods and commons : Towards coproduction and new forme of governance for a revival of public action. CIRIEC Studies Series – No. 1, Liège (Belgique) : CIRIEC aisbl, 318.
Cova, B., Paranque, B. (2018). Exploitation and Emancipation. In Tadajewski M., Higgins M., Dholakia N., Denegri Knott J., Varman R. (Eds.) The Routledge Companion to Critical Marketing, London: Routledge, December, 608 p.
Paranque, B. & Revelli, C. (2018). Ethico-Economic Analysis of Impact Finance: The Case of Green Bonds. Research in International Business and Finance, online, forthcoming 2019.

Couston, A., Pignatel, I. (2017). L’adéquation de la formation doctorale en France aux besoins de l’entreprise : l’éclairage par les compétences, Revue Science de Gestion, 2017/5-6, 287-288.
Couston, A., Pignatel, I. (2018). PhDs and business: nonsense or a real opportunity. Global Business and Organizational Excellence, 37 (2), February, 49–58.

Paradas, A., Revelli, C., Debray, C., Courrent, JM., & Spence, M. (2017). Pratiques responsables des dirigeants de PME: Influence du profil du dirigeant. Revue de l’Entrepreneuriat, 3-4(16): 187-218.
Revelli, C. (2017). Logique d’encastrement de la finance dans l’Éthique: Cas de l’investissement socialement responsable (ISR). Entreprise et Société, 1(1): 167-196.
Revelli, C. (2017). Socially Responsible Investing: From Mainstream to Margin? Research in International Business and Finance, 39: 711-717. Viviani, J.L, Fall, M., & Revelli, C. (2018). The Effects of Socially Responsible Dimensions on Risk Dynamics and Risk Predictability: A Value-At-Risk Perspective. Management International, online, forthcoming 2019.
Chen, Y.T., Sun, E.W. (2017). Automated Business Analytics for Artificial Intelligence in Big Data @X 4.0 Era. Chap. 8, pp. 225-255. In Dehmer, M. and Emmert-Streib, F. (eds.), Frontiers in Data Science, UK: CRC Press (Chapman & Hall/CRC Big Data Series), October, ISBN 9781498799324.
Lin, E.M.H., Sun, E.W., Yu, M.T. (2018). Systemic risk, financial markets, and performance of financial institutions. Annals of Operations Research, 262 (2), March, 579-603.
Sun, E.W., Wang, Y.-J., Yu, M.-T. (2018). Integrated Portfolio Risk Measure: Estimation and Asymptotics of Multivariate Geometric Quantiles, Computational Economics, 52, 627-652.
Chen, Y.T., Sun, E.W., Yu, M.T. (2018). Risk Assessment with Wavelet Feature Engineering for High-Frequency Portfolio Trading. Computational Economics, 52, 653-684.

Tchakoute-Tchuigoua, H., Durrieu, F., Kouao, G.-S. (2017). Funding Strategy and Performance of Microfinance Institutions: An Exploratory Study. Strategic Change, 26, 133-143.
Tchakoute-Tchuigoua, H. (2018). Which types of microfinance institutions decentralize the loan approval process? The Quarterly Review of Economics and Finance, 67, February, 237-244.
Tchakoute Tchuigoua, H. (2018). Governance Effectiveness and Earnings Quality: Evidence from Microfinance Institutions. Comptabilité Contrôle Audit, 24 (2), septembre, 75-113.
Tchakoute Tchuigoua, H. & Soumaré, I. (2019). The effect of loan approval decentralization on microfinance institutions' outreach and loan portfolio quality. Journal of Business Research, 94.

Kyle B. and von Staden, P.  (2017) "Towards micro-foundations of institutional change: lessons from Douglass C. North’s sociocognitive turn", Journal of Management History, Vol. 23 Issue: 3, pp 223-240.
Hameed, T, von Staden, P. and Kwon, K. (2018). Sustainable Economic Growth and the Adaptability of a National System of Innovation: A Socio-Cognitive Explanation for South Korea's Mired Technology Transfer and Commercialization Process. Sustainability, 10 (5), 1397, 2-26.

Main Academic Conferences and Workshops

• 2015: 12th and 13th INFINITI conferences. Special sessions organized by members on the topic “Finance Reconsidered”.
• 2015: Research workshops with Dr C. Karyotis and S. Alijani (NEOMA) on the topic “Financialization, Agricultural Markets, and Common-Pool Resources: A Multilevel Analysis”, and with professors A. Rambaud and J. Richard (University of Paris-Dauphine) on the topic “Sustainable Finance: Towards a New Conception: The ‘Triple Depreciation Line’ instead of the ‘Triple Bottom Line’: Towards a Genuine Integrated Reporting”.
• 2015: Research seminar on “Post Crisis Finance Research Network” with professors J. Cloke (University of Loughborough), L. Reyes (CEPN, University of Paris 13), F. Jovanovic (University of Leicester), C. Schinckus (University of Leicester) and P. Gleadle (University of Westminster, R-U).
• 2016: Micro-finance workshop with professors J. Melmies (Université of Lille) and H. Tchakouté (Kedge BS).
• 2017: Student organization co-sponsored mini conference at Kedge Marseille in the Fall on “Debunking Economics and Reconsidering Finance”, with two keynote speakers Dr. Steve Keen of School of Social and Behavioural Sciences, Kingston University London, and Dr. Christian Walter  holder of the Ethics and Finance Chair at the Collège d'Etudes mondiales de la Fondation Maison des Sciences de l'Homme.
• 2018: Joint workshop with RIODD at the FNEGE’s Semaine du Management, Mai 25th, 2018 at Cité Internationale.

Academic Networks and Invited Professors

Our members continue to be associated with other prestigious research labs and networks. The SEEFAR center is also proud to have recently joined the SDSN (Sustainable Development Solution Network). We also work closely with the Chair (Finance Autrement) headed by our faculty member Christophe Revelli. Here is the list:

• CHRONOS (Chantier de Réflexion et d’Observation sur les Normes Systémiques) led by professors Lagoarde-Segot and Walter.
• FEMISE (Forum Euro-méditerranéen des Instituts de Sciences Economiques)
• Finance & Common Goods network, led by Professor R. Pérez, President of the Chair Scientific Committee.
• Finance & Sustainability (FAS) programme (with IFA, CGSIG, FIR-SIF, ISMEA, RIODD…).
• GREQAM, UMR CNRS 7316, Aix Marseille University.
• IRGO, Institut de Recherche en Gestion des Organisations, Université of Bordeaux.
• LABEX Entreprendre University of Montpellier 1.
• LEAD, Laboratoire International Associé (LIA) du CNRS.
• LEST, UMR CNRS 7317, Aix Marseille University.
• Management Bancaire et Financier, research center (EA 4190), Université of Bordeaux.
• Montpellier Recherche en Management (MRM), équipe d'accueil EA 4557.
• PoCFin (Post-Crisis Finance Network) launched by professors Thomas Lagoarde-Segot and Christian Walter.
• SDSN (Sustainable Development Solutions Network) launched by Jeffrey Sachs in France, November 2018.

Members of the Finance Reconsidered Center of Research invited worldwide renowned scholars who gave research talks at Kedge BS and enabled opportunities for further collaborations. These include, among others:

• 2015: C. Karyotis and S. Alijani (NEOMA).
• 2015: A. Rambaud and J. Richard (University of Paris-Dauphine)
• 2015: Jon Cloke (Loughborough University).
• 2015: L. Reyes (CEPN, University Paris 13).
• 2015: C. Schinckus (University of Leicester).
• 2015: P. Gleadle (University of Westminster, UK).
• 2016: J. Melmies (University of Lille).
• 2018 : S. Keen (Kingston University)

The SEEFAR center will continue these activities.