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Purpose: The literature mostly investigates the business cycle transmission of the United Kingdom (UK) and France as a part of a wider group (e.g. European Exchange Rate Mechanism or G7), despite their historical links and regional significance. Thus, herein paper aims to analyse the inter-dependence of these economies and how a shock from one of them affects the other for the data since 1978 to 2019. Design/methodology/approach: In this paper, first, preliminary statistics were calculated in order to describe the historical relationship between these countries. The econometric part estimates the vector auto-regression model (VAR) to assess the inter-dependence of the economies. VAR model allows further to inspect the impulse response functions that shows the shock dynamics from one country to another. In order to verify if a shock from one of the economies is important to another, the study uses granger causality test. Findings: The study establishes a strong link between these countries. A business cycle is transmitted significantly between the economies of France and UK, with a single standard deviation shock from France resulting in a long term effect of 0.4% change in gross domestic product (GDP) of UK and 1% vice versa. Additionally changes in GDP of both of the countries significantly Granger-cause change to GDP of the corresponding economy. Originality/value: This is the first empirical study investigating the business cycle transmission between France and UK and providing a quantitative assessment of their inter-dependence. [ABSTRACT FROM AUTHOR]

Purpose -- The purpose of this paper is to study the effectiveness of the risk management system in the European context, especially with regard to the risk management committee, the uncertainty of the environment and company performance. In summary, it evaluates European companies listed on the stock exchange in France, Germany and the United Kingdom to determine how risk management systems influence financial companies' performance. Design/methodology/approach -- To study the effectiveness of risk management systems and their influence on performance, the large companies selected in our sample are fairly representative of the European market, according to the Dutch indices of each country (SBF 120 in France, HDAX 110 in Germany and FTSE 100 in United Kingdom).The empirical evidence is based on an international quantitative analysis, using a data set involving 320 companies listed on the stock exchange over a ten-year period from 2005 to 2014. Findings -- The results indicate that the establishment of a risk management and control system by a company positively influences its management, and its performance level and value creation also improve. The results of this study demonstrate a significant strengthening of the role of the risk management committee in the three countries. The surveillance function is reinforced, and in particular, the internal control system is accentuated. Research limitations/implications -- This study has some limitations that can form leads for future research. One of these limitations is the sample size. The authors have represented the European context by three countries that certainly constitute great European powers, but have regulations different from other countries. The company size is also a possible research element. Indeed, risk management system varies between large, small and medium-sized enterprises, so it is important to study each type of company well. Originality/value -- This study identifies the risk management committee as a mechanism of control that is highly important in the company, and it proposes an international framework that comparatively and empirically evaluates how the risk management system used in large European companies can improve their financial performance. [ABSTRACT FROM AUTHOR]

Purpose: The aim of this research is to investigate the positive effects of corporate social responsibility (CSR) on loyalty to retailers through trust dimensions (competence, benevolence and integrity) taking into account socio-cultural factors (social norms and collectivism) across nations. Design/methodology/approach: The authors carried out three quantitative studies (N = 948) in three countries (France, Germany and the United Kingdom [UK]). They then used structural equation modelling to test the model and hypotheses. Findings: The results show contingent positive effects of CSR perception on customer loyalty. They underscore indirect effects of CSR on loyalty through the mediation of specific dimensions of trust (competence, benevolence and integrity). The authors also identify significant moderations such that the effects of social norms on CSR and loyalty are stronger in France/Germany than in the UK. The effects of collectivism on CSR and loyalty are stronger in France than in Germany and the UK. Practical implications: Retailers can rely on CSR and trust to increase loyalty directly. When communicating CSR activities, retailers have to account for cultural differences in their main markets and adopt adjusted strategies to convince consumers about their CSR efforts. Retailers should understand the social norms of their customers in order to determine the effectiveness of disclosing CSR initiatives. Originality/value: Using a cross-cultural perspective, this article extends and enriches knowledge on the relationship between CSR, social norms and loyalty in retailing in different cultural settings. It also underscores the role of trust in building loyalty across nations. [ABSTRACT FROM AUTHOR]

Purpose: Prior studies suggest that corporate cash holding will reflect firms' corporate governance (CG) environment. Consistent with this prediction, this study aims to examine the impact of board characteristics on firms' cash holding in the UK, France and Germany. Design/methodology/approach: Using 2,805 firm-year observations between 2009 and 2019, the authors examine the relationship between board characteristics and corporate cash holding. The authors used two measures of cash holdings as our dependent variables. As independent variables, the authors used CG characteristics relevant to effective board monitoring such as board meetings, outside directors, board size and board gender diversity. Findings: The authors find that board characteristics influence firms' cash holdings of firms in the UK, France and Germany. However, this study documents evidence of varying impacts of board monitoring on the cash holding of the UK when compared to German and French firms, the countries that are classifiable as bank-based economies. The result of this study is robust to alternative cash-holding measures and endogeneity. Practical implications: This study provides evidence supporting the board's impact in mitigating agency conflict in shareholder- and stakeholder-oriented CG environments. Originality/value: This study contributes to previous works on firms' financial orientation by showing that the impact of board characteristics on corporate cash holdings varies between bank- and market-based economies. [ABSTRACT FROM AUTHOR]

Purpose: The aim was to identify the competencies professionals need to promote co-creation engagement within communities. Design/methodology/approach: Co-creation could contribute to building community capacity to promote health. Professional development is key to support co-creative practices. Participants were professionals in a position to promote co-creation processes in health-promoting welfare settings across Denmark, Portugal, France and United Kingdom. An overarching unstructured topic guide was used within interviews, focus groups, questionnaires and creative activities. Findings: The need to develop competencies to promote co-creation was high across all countries. Creating a common understanding of co-creation and the processes involved to increase inclusivity, engagement and shared understanding was also necessary. Competencies included: How to run co-creation from the beginning of the process right through to evaluation, using feedback and communication throughout using an open action-oriented approach; initiating a perspective change and committing to the transformation of co-creation into a real-life process. Practical implications: Overall, learning about underlying principles, process initiation, implementation and facilitation of co-creation were areas identified to be included within a co-creation training programme. This can be applied through the framework of enabling change, advocating for co-creative processes, mediating through partnership, communication, leadership, assessment, planning, implementation, evaluation and research, ethical values and knowledge of co-creative processes. Originality/value: This study provides novel findings on the competencies needed for health promoting professionals to embed co-creative processes within their practice, and the key concerns that professionals with a position to mediate co-creation have in transferring the abstract term of co-creation into a real-world practice. [ABSTRACT FROM AUTHOR]