Contenu du sommaire : « Lorsque le sage montre la lune, l'imbécile regarde le doigt…ou le classement de Shanghai » (proverbe chinois)

» When the wise man points to the moon, the imbecile looks at the finger... or the Shanghai classification » (Chinese adage) Far from the scandals tearing through the heart of French politics, reported by press from all four corners of the world, a question is being asked, that of “amorality”, as underlined by the philosopher André Comte-Sponville. The amorality of the capitalist system is not unknown to our interrogations. However, in the constructive mind of Michel Camdessus, former Managing Director of the IMF, this summer edition intends to lay down some answers from experts with two features on governance as a factor for growth and organisational methods and models. These pragmatic proposals may not, however, be set forth without having a link to a certain conception of performance evaluation. This is offered by Philippe Naszályi, in this editorial, by re-examining the justification of certain classifications in the domain of educational institutions, such as Universities and Grandes Écoles. He denounces the smug cowardice of many official French Trissotins who accept, without realising its futility, the Shanghai classification. From these erroneous evaluations, it is possible to justify the race for mass expansion, of which the failures can be seen in the business world, or a ferocious German-style marketing which forgets some key academic values. Ranking classifications themselves is first and foremost a way of placing them in their “useful” position as underlined by Professor Patrick Hetzel. It can additionally be about seeking the best criteria as undertaken by the Spanish. It is, finally, crucial to avoid the immediate pitfall of “false” or plagiarised criteria as demonstrated by the work of the Americans Walter Enders and Gary Hoover for American economic journals. In Europe the combat led by Michelle Bergadaà, of which we shall publish the “vade mecum of the plagiarist” reiterates that the imitation which is the subject of a wonderful exhibition at the Cité des Sciences in Paris is harmful to Research and business alike. Performance evaluation should make a break from analysing the accounts of businesses constructed under the effect of scientific values, and should reintroduce the qualitative dimension which favours the services offered by people, which is the purpose of any organisation.

The board of directors' role and earning management The purpose of this study is to investigate the relation between the role of the board as a control device and earning management in the case of French listed firms which engaged in International Accounting Standards. Two major aspects were examined : the independence of the board and the existence of an audit committee. We use the method of structural equations on a sample of 167 firms and find that audit committee and independent directors are likely to lessen earning management practices. This result stresses on the role of the board to shrink conflicts of interests between managers and shareholders by efficiently controlling managers. This control is rather important in reducing discretionary accruals.

Corporate governance, financial distress and firms performance This article examines the relationship between Lebanese corporate governance in and performance in financially distressed companies. Working under the auspices of agency theory assumption that decline is a situation where deteriorating performance exemplifies the deviation in managerial efforts to satisfy the shareholders interests. Firms enter financial distress as the result of economic distress, declines in their performance and poor management. The first research question focuses on the influence of declining performance on changes in the corporate governance mechanism. Relationships between corporate governance characteristics and financial distress status are examined within a sample of Lebanese firms that lead to a conclusion stating that the board of director's characteristics explain financial distress, beyond an exclusive reliance on financial indicators.

Effects of ownership structure on performance of Tunisian firms This study examines the effects of ownership structure on performance of Tunisian firms observed from 2001 to 2004. In this study, the ownership structure is considered in terms of : controlling ownership, types of controlling ownership and managerial ownership. This study uses the return on equity (ROE) and the return on assets (ROA) as measures of performance. The findings confirm that there is no existence of a relationship between controlling ownership and performance. The results show that family ownership has a positive relationship to the performance. A non significant relationship is found for foreign and institutional investors. The analyses suggest also the supposed non-linear relationship between managerial ownership and performance does not exist in the case of study's firms.

Value, performance and productive efficiency of the agricultural firm This article draws up a multidimensional estimation method of farms based on the measurement of their productive, managerial and financial performances. An empirical application on 178 farms in the Nord Pas-de-Calais region specialized in field crops and observed over the period 1994- 2001 establishes a statistical validation of this approach. This paper also highlights a significant link between DEA and creating value ratios for the buyers, a lack of relation between DEA and financial indicators for the sellers.

Institutional investors' activism : general aspects and influential factors Most of existent researches consider institutional investors as an homogenous group with convergent actions and goals. This point of view is not supported by our investigation. We propose a new typology of the institutional investors based on their different behaviours. In this paper, we specially identify two principal behaviours : passive versus active investors. We also expose the main factors that would influence them.

Efficiency of microfinance institutions grouped into a network : the case of « Mutual benefit communities of growth » in Cameroon To furfil their social goal while preserving their financial equilibrium. That is the challenge to which microfinance Institutions are daily confronted. Contrary to traditional financial institutions, they cannot just comply with their financial objectives. However, insuring a long term viability is not easy when social goals enter into account. Suitable tools for measurement of efficiency are fundamental in this context. Our paper deals with the use of Data Envelopment Analysis methodology as a tool to assess the relative efficiency of microfinance institutions. Its application to the data of the « Mutual benefit communities of growth » network in Cameroon shows that the majority of its members use their inputs to produce outputs rationally.

The growth strategy of SCOP : contingence of values and convergence of choices The article is intended to explain the behaviour of strategic growth businesses statute SCOP. It is based on a field investigation on a sample of SCOP, small and large. It shows the existence of growth indifferent between the two categories and a strong strategic convergence. The explanation is based on the uniqueness of SCOP network that generates a specific form of collective strategy.

Asymmetrical alliance : a sustainable strategy ? Strategic alliances are based on the exchange, the sharing, the combination of resources and additional skills. In order to give value for these individual complementarities at a collective level, numerous authors consider that the alliance has to take place related to the « win-win » model, searching for a strict equilibrium between pay-off and contribution of the partners. In this article, we explain on the contrary that strategic alliances are not symmetric, because most of partners have not the same power of negotiation within the collective framework of governance. Now, according to this idea, we consider that a certain level of asymmetry must be maintained between partners, to guarantee a sustainable strategic alliance. Indeed, the reduction of asymmetry would decrease the degree of mutual dependence, and therefore the common interest to pursue partnership.

Conception of a Performance Management Tool. In the upstream activity of a Hydrocarbon company The purpose of this study is to match two management's objectives : the global and local performance measurement on one side and the company's strategic controlling, within a Performance Management Framework. This work is divided in two parts. The first, dedicated to the performance management tools, presents and compares two Performance Measurement Approaches. We then focus in a detailed manner on the one chosen : Balanced ScoreCard (BSC) of R.S. Kaplan and D.P. Norton. The second part is dedicated to the elaboration of a BSC aimed at the performance management of the main activity of a Hydrocarbon company. The proposed strategy map takes into account characteristics and matters specific to the company and guarantees the coherence between performance measurement and the firm's objectives within a strategic alignment framework.

Governing system and performances of Cameroonian enterprises or FIRMS : harmonious mariage The different governing systems of organizations in general and big firms in particular create polemics and controversies not only on the existence, nor on a good governing system but equally and specially on its impact and on the performance of the enterprises. This research aimed at studying the above and is based on an investigation carried out on a sample of 41 firms having at least 50 employees. The main results bring about the fact that the governing system influences significantly the firm's performance.

When corporate law proposes new borders for companies : the keys for another future ? While the North American corporate law adopted for a long time a restrictive reading of the company by making of the shareholder its essential link, profound transformations affect the legal landscape. In spite of a different intensity, the Canadian company and the American company open, under the influence by the case law and by the doctrine (which are joining the history), more and more to their environment and make a growing place to the sustainable development, the corporate social responsibility and the stakeholder theory. This study demonstrates ad fine the essential role of the idea of community. However positive are the consequences attached to this observation in terms of construction of viable future in the long term, this one is source of questionings and imposes to rethink the drawing of the borders of the company and the meaning of the concept of performance.

The Agrilink case. Negotiation, conciliation and recent repurchase of a company The Company Agrilink, recently repurchased by one of its managerial staff, faces technical and financial difficulties and runs the risk of disappearing. The new leader succeeds in saving the company through a strategy of negotiation based on the use of judiciary conciliation.

Use of an ERP (Enterprise Resource Planning) and management process : the case of a food company The present article aims to develop a model that can demonstrate the relations and the reciprocal influences between the ERP, the actors and the management processes and particularly the decision process. Our survey permitted us to realize that the use of ERP is evolutionary and is constructed not only by editors, but also by users. The present study revealed the partial contribution of MFG/PRO to the decision process. Results also show that alignment can be reached through adaptations of MFG/PRO and management processes.

DIC Model : tool support for the memories projects development We know that knowledge is the key element, which conditions the competitiveness of a project organization. In the same way, this knowledge is dependent on the data and information. In this context, the aim of this study is to present, initially, our model of trilogy formalization « Data - Information - Knowledge « which is called DIK. In the second time and while being based on the missions of the various actors associated with model DIC, we will present the development of the memories projects procedure.

Behavior retailer : building of a model hinging around a new concept labeled “the market brand expediency” The investigations produced in this research show up the retailer's relation with the producer and with the consumer. In fact, retailers pay more and more attention to the choice of products and brands to represent in their stores, due to the concentration of market-pull and the requirement of market-push. The retailer's behavior becomes more complex : he tries to establish coherence between on the one hand, his relation with his suppliers and the profitability of his store and on the other hand, to satisfy his customers by proposing them desired products and market. Therefore, professional people and contractors look for new frames suscept to lead their decision and to highlight their strategies. The article provides guidance for managers regarding the causes of retailer's behaviors by proposing a model hinging on a new concept : “the market brand expediency".

Effect of the Experience of on-line Inscription of the Students on their future Intentions of Purchase on Internet Until now were offered only researches studying the impact of the perceptible quality of electronic service on the intention of purchase on the same site. A question is obvious : which is the effect of the perceptible quality of an online service on the intention of purchase « from the web », in other words the intention of purchase on other sites ? Is it possible that an experience of online purchase, procreates the intention of purchase from the Web in general ? A relation not yet approached in the field of trades electronic that will make object of our research work.