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International audience; Financial theory and resource-based theory are often used to explain syndication practice among venture capital (VC) firms (Lockett & Wright, 2001; Manigart et al., 2006). While extending this diverse set of theoretical frameworks, we investigate the propensity of VC firms to syndicate to provide new insights on the syndicate size, duration and the number of financing rounds of VC firms. While the existing research has focused on the entire VC entity within syndication or on the sole leader of the syndicate, our study considers both parties within the syndicate, the leader and the other syndicate members. Using a longitudinal and unique data set of 196 venture backed companies over a 19-year period, financed through syndicated investments in France, this research highlights a number of key findings. At first, our empirical study supports earlier work on syndication in Europe. The propensity to syndicate is driven by finance considerations, alongside to financial corporate governance arguments. Particularly, the higher representation of VC firms at the board is significantly and positively correlated with the propensity of investors to syndicate their deals and to the number of financing rounds. We also show that VC firms are motivated by resource based arguments, especially the lead investors whose propensity to syndicate depends on their complementary of skills with minority VC firms. At second, our study provides further evidence that the syndicate size and duration mainly relate also to resource-based considerations. VC firms co-invest on a longer period of time when the lead and non-lead investors are highly experienced. More complementary of skills among investors is associated with a greater number of members in the syndicate and a higher number of financing rounds. Lastly, we find support that the industry sector of the investee firm, especially when defined as a sector of high level of specific knowledge also relates to the number of financing rounds.

National audience; The rising relevance of companies’ systemic risks means that the audit of the internal control system is becoming increasingly important. Digital solutions are available for the proper advancement of the internal control system audit. In particular, process mining can help to take account of the ever more complex corporate and business processes. Corresponding procedures should therefore be part of the auditor’s repertoire. This article deals with how process mining can increase audit reliability and thus support the audit opinion, which alleged goal conflict currently still limits its use, and how it can be resolved.

International audience; Unaltered operation of the financial markets and the protection of investors and savers require the implementation of financial regulation to prevent and punish illicit practices such as failure to comply with rules and market abuse. The increasing complexity of financial activities may make it more difficult to characterize unlawful practices and thus deter them by financial or pecuniary sanctions in litigation proceedings. This article explores the interests and limitations of three of the ways in which the financial regulator can respond to these challenges: the use of settlements, the implementation of procedural regulation strategies, and the use of algorithmic regulation devices; Un fonctionnement non altéré des marchés financiers et la protection des investisseurs et des épargnants supposent la mise en œuvre d’une régulation financière à même de prévenir et de sanctionner des pratiques illicites consistant en des manquements ou en des abus de marché. La complexification croissante des activités financières peut être de nature à rendre plus difficile la caractérisation des pratiques illicites et donc leur dissuasion par des sanctions pécuniaires ou financières dans le cadre de procédures contentieuses. Cet article explore les intérêts et les limites de trois des voies qui sont ouvertes au régulateur financier pour répondre à ces difficultés : le recours à des procédures transactionnelles, la mise en œuvre de stratégies de régulation procédurale et enfin le recours à des dispositifs de régulation algorithmique.

This work has received funding from the European Union’s Horizon 2020 research and innovation programme under the Marie Skłodowska-Curie grant agreement No 645763. We study the causes and the consequences of two regulatory changes affecting the competition between the transparent Parquet and the OTC-like Coulisse markets in Paris at the turn of the 20th century. First, we provide evidence supporting the interest group theory to explain regulatory changes. By using these changes as natural experiments, we show then that competition widens bid-ask spreads while monopoly makes them narrower. These results are in line with recent literature questioning the effects of “dark” competition: a transparent monopoly could be more effective than competition if the latter involves opaque markets.

Résumé Les catégories participent à la construction des marchés en définissant les producteurs, les consommateurs et les produits substituables. Jusqu’à présent, la littérature sur le sujet s’est concentrée sur les effets des catégories au détriment de leur émergence. Cette recherche comble cette limite en étudiant le rôle du salon Ethical Fashion Show dans la formation de la catégorie mode éthique. Sur la base d’une analyse qualitative d’entretiens, de données secondaires, d’observations et d’objets, elle analyse les pratiques visant à formaliser le projet critique de la mode éthique, à définir ses principes et à diffuser la catégorie. L’article offre quatre contributions. Il révèle le rôle de la critique dans l’émergence des catégories. Il montre que leur contenu est façonné par des pratiques de purification et d’hybridation. Il éclaire le rôle des porte-paroles dans la diffusion des catégories. Enfin, en s’inspirant de la théorie de l’acteur-réseau, il théorise la catégorisation comme un processus de traduction.

International audience; A new era of learning is arising, due to the development of the digital world and the maturity of web technologies. Massive open online courses (MOOCs) have emerged in this context and are challenging classical learning in spite of boundaries of time and space. They aim to provide good-quality education to masses that cannot be part of traditional university and school learning processes. This emancipation is coupled with a large amount of data collection via learning platforms. These data constitute a great opportunity to study interactions and to profit from this, in order to optimise learning and knowledge transfer. The challenge in creating value is how to represent, analyse and reuse data in order to characterise learners and so lead to better knowledge transfer. We focus, in this article, on the context of MOOC platforms based on Open edX (The leading online courses platform, initially developed by MIT and Harvard). The purpose of this paper is to propose a decision model that takes advantage of the different data-sets available on the learning platform in order to classify learners based on their behaviour and expertise. To this end, we propose a multi-agent approach that represents human actors using intelligent agents. A coordinator agent implements the multi-criteria decision model in order to optimise the learning process. This agent employs clustering algorithms and has an overview of the learning platform that enables it to assist learners and to learn from experiences and about other agents’ behaviour.

International audience; The present paper examines how a new, creative genre emerges out of a commodity-based industry. Building on the genre-emergence literature, the paper analyzes the Australian wine industry since the 1950s. Based on content analysis of a wide variety of sources, the study identifies four mechanisms that account for creative-genre emergence: shifting and layering of metrics, analogies with established creative industries and practices, resonance with society-level logics, and personification. The results contribute to the genre-emergence and creative-industries literatures.

International audience; This study aims to investigate a declaration of the principles of the Société de Philosophie des Sciences de Gestion/Society for the Philosophy of Organisation sciences (SPSG). Organisation sciences still need to be questioned and rendered more complex, even mistreated, and the concepts they apply have yet to be clarified, mastered and organised to go beyond management ideologies that obscure the project to develop a genuine science, with pseudo-rationalisation replacing real thought.