Contenu du sommaire : Sécurité

The determinants of voluntary disclosure in XBRL financial statements In the US, the SEC (Securities Exchange Commission) has mandated public companies to file their financial statements in a standard digital format called XBRL. The objective is to improve the availability and quality of the financial information. A set of tags, called taxonomy, is provided by the FASB to create US GAAP compliant filings. But companies can extend this taxonomy with custom tags. The proportion of extensions varies significantly from one filing to another. The aim of this study is to understand the determinants of the use of these extensions. Using a sample of 2924 firms, our findings highlight the importance of size and ownership dispersion.

Securitization in the U.
S. and in Canada Since the subprime crisis, securitization by financial institutions has been threatened, both in the U.S. and in Canada. In the U.S., private financial institutions have almost completely stopped their securitization activities. In Canada, the asset-backet commercial paper market is moribund and the new accounting rules (IFRS) hamper the future of residential mortgage securitization. Nevertheless, in spite of obvious weaknesses, securitization contributes to decrease the procyclicality of credit. Public measures must thus be taken to revive these markets.

Tax aggressiveness and Allowance for corporate equity: a comparative analysis between family and non-family firms Corporate tax represents a considerable cost to all kinds of businesses. Therefore, it is generally accepted that shareholders prefer to avoid paying tax and tend to use tax aggressive strategies. Nevertheless, this assumption does not distinguish between family business and non-family business. The main purpose of this article is thus to investigate the effect of the family nature of a firm on the level of tax aggressiveness. Two regressions, with panel and cross-section data collected between 2002 and 2010, have been calculated using two indicators of tax aggressiveness, namely tax expense/earnings before taxes and average tax expense/earnings before taxes. The results, obtained from a sample of 215 unquoted Belgian firms, suggest a positive relationship between family involvement in business and tax aggressiveness].

Focus on the presence of institutional investors in Belgium: the case of little and medium capitalizations This article aims at analyzing the presence of institutional investors in the shareholding structure of Belgian little and medium companies listed on BEL Small and BEL Mid. Main results are divided according to the nationality and the level of investments of institutional investors and to the shareholding structure and the region from sampled companies as well. Results show that institutional investors are unavoidable, even though their presence is variable in accordance with the indices.

Microcredit and small-scale territorial development – Analysis from empirical case studies in Larache and Tangier (Morocco) Authors of this article intend to study the relationships between microcredit and territorial development. Indeed, both are about triggering socioeconomic development based on the work and inner resources of the beneficiary population. A number of studies show that microcredit may be useful, but it is not at all a panacea to fight against poverty or in terms of socioeconomic development. How useful can it be when implemented in highly disadvantaged territories? Three projects carried in Morocco during the 2006-2011-period and partially based on this kind of financing, offer the opportunity to study the suitability of this tool, and at the same time the influence of the small size of the area. In these experiences, microcredit appeared not to be the ideal way to help very poor populations, with irregular incomes. Besides, the small size of the target territory is a further complication for the success of a microcredit program.

Employer's pools: why this forms of atypical employment is so marginal? The 11 January 2013, National Interprofessional Agreement (ANI) highlighted the importance of the issues surrounding atypical employment induced by the simultaneous search for flexibility and security, ie “flexicurity”, according to the neologism invented ten years ago. Within the range of atypical employment, employer's pools are not well known. Two questions guide our analysis. This atypical form of employment intends to provide flexibility for firms, while avoiding precariousness for the individuals. Are these two objectives achieved? The second question is why this form of atypical job, that is supposed not to be precarious, remains so marginal, unlike the temporary work.

The psychological background of the attitude towards the promotion of luxury brands This research aims to study the psychological antecedents of consumer attitudes towards the promotion of accessible luxury brands. To meet this goal we have opted for a careful review of the literature and a quantitative study conducted with a convenience sample. Analysis of the results was based on the structural equation method. The results showed that the formation of attitude towards the promotion depends on a number of psychological factors such as motivation, sensitivity to the promotion and belief.

The impact of store image and store brand-tier on retailer brand equity. The case of food products in France during the period of economic crisis In this article, we examine the relationship between store image on store brand equity in a period of crisis. We control the difference among three private label tiers. The results show that store brand consumers mainly prefer low-tier store brands. We also find that the choice is determined by in-store service and promotion than assortment. In addition, results reveal that they tend to prefer products which have high penetration and frequency.

Impact of the ambivalence of the nostalgic style on advertising effectiveness Despite favorable consumer response to nostalgic ads, proven by the literature, the ambivalent aspects of nostalgia may limit the effectiveness of that advertising style. In this context, we show through two phases of an empirical research (exploratory and confirmatory) that it is only pleasure of nostalgia which influences positively the variables of advertising effectiveness, whereas regret of nostalgia hampers favorable consumer responses. Thus, theoretical and managerial measures should be taken to reduce the conditions of the negative influence of regret nostalgia.