• Corporate Governance and Performance of French Listed Companies

      Bollaert, H.; Daher, H.; Deroo, A.; Dupire, Marion (Bankers, Markets and Investors, 2011)
    • Corporate Governance and Performance of French Listed Companies

      Deroo, A.; Dupire, Marion (Analyse Financière, 2009)
    • CSR strategies in response to competitive pressures

      Dupire, Marion; M'Zali, Bouchra (Journal of Business Ethics, 2018)
      Is corporate social responsibility (CSR) a tool for strategic positioning? While CSR is sometimes used as part of a differentiation strategy, this article analyzes which specific CSR strategies arise in response to competitive pressures. The results suggest that competitive pressures lead firms to increase their positive social actions without necessarily decreasing their social weaknesses. This positive impact varies with specific dimensions of CSR and industry specificities: (1) Competition improves social performance toward core stakeholders to a greater extent than social performance toward peripheral stakeholders. (2) This effect is more pronounced in B2C industries than in other industries. (3) Competition leads firms in “dirty” industries to ignore environmental initiatives.
    • The importance of board risk oversight in times of crisis

      Dupire, Marion; Haddad, Christian; Slagmulder, Regine (Journal of Financial Services Research, 2021)
      This study investigates the relationship between board risk oversight practices at financial institutions in the EU and systemic risk during the sovereign debt crisis. More specifically, we examine whether European banks and insurance companies that had strong board-level risk oversight in place before the onset of the sovereign debt crisis fared better during the crisis. We construct a risk oversight index based on publicly available, hand-collected data, which captures the strength of the institutions’ board-level risk governance practices. We find that financial institutions with stronger board risk oversight prior to the crisis were less vulnerable to the sovereign debt crisis, after controlling for other factors. The results are consistent and economically relevant for SRISK, probability of default, and Delta-CoVaR, three measures of systemic risk that are commonly used in the context of financial institutions.
    • Increased entry threat and merger activity

      Aktas, Nihat; Dupire, Marion (Revue Finance, 2015)
      This paper examines whether and how increased entry threat drives industry merger activity. We use the reduction in import tariffs as a natural experiment of exogenous increase in competitive intensity and study its effect on merger and acquisition (M&A) decisions. Our results indicate that competition drives M&As towards more efficient resource allocation. We first document that increased entry threat intensifies takeover activity, consistent with the argument that M&As are an efficient reaction to economic shocks. We also find that, after import tariff reductions, the selection of targets outside the industry becomes more efficient and industry rivals react more positively to those deals, suggesting that efficient non-horizontal deals signal the existence of investment opportunities outside the industry for the industry peers.
    • Risk governance of financial institutions: The effect of ownership structure and board independence

      Dupire, Marion; Slagmulder, Regine (Finance Research Letters, 2019)
      This paper investigates how the risk governance practices of European financial institutions quantitatively cluster on the corporate governance characteristics of the corporation, particularly ownership structure and board independence. Using hand-collected data on a sample of 54 banks and 33 insurance companies, we find that financial institutions with powerful owners (i.e., those with >20% ownership) have a lower chief risk officer (CRO) presence and lower risk committee presence. In addition, state-controlled institutions and institutions with more independent boards have more independent risk committees.