Search

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 — It is known that the self-employed are generally more satisfied than salaried workers. The aim of this paper is to test whether this phenomenon is particularly found for the first-generation self-employed. Design/methodology/approach — French and British panel data are analysed, which include information on various measures of job satisfaction, and the respondent's parents' occupation. Job satisfaction regressions were run in which the first-and second-generation self-employed were distinguished between. Findings — The study finds that first-generation self-employed (those whose parents were not. self-employed) are more satisfied overall than are the second-generation self-employed. The findings are consistent between the British and French data. Research limitations/implications — While the results are the same in the two countries considered, further validation work should extend the analysis across countries. While the authors are fairly sure that the second-generation self-employed do worse, they cannot precisely distinguish between comparison to one's parents, constrained occupational choice, and selection effects due to lower barriers to self-employment entry. Originality/value — The authors believe that this is one of the first papers to distinguish between types of self-employed in terms of their higher satisfaction. The finding that parents' labour force status continues to have a significant impact on their children's job satisfaction argues for a more systematic consideration of intergenerational factors in the analysis of labour markets. [ABSTRACT FROM AUTHOR]