References of "Derouiche, Imen 50022273"
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See detailAccruals Quality, Financial Constraints And Corporate Cash Holdings
Mansali, Hatem; Derouiche, Imen UL; Jemai, Karima

in Managerial Finance (2019)

This paper examines the impact of accruals quality on the corporate cash holdings of a large sample of 6,501 observations of French firms listed in Euronext Paris over the period 2000 – 2015. The results ... [more ▼]

This paper examines the impact of accruals quality on the corporate cash holdings of a large sample of 6,501 observations of French firms listed in Euronext Paris over the period 2000 – 2015. The results show that cash holdings decrease with accruals quality, suggesting that firms tend to increase their cash reserves in the presence of information asymmetry driven, in particular, by low accounting quality. The results also show that this negative effect is more pronounced in financially constrained firms than in financially unconstrained ones. This indicates that low reporting quality drives higher cash holdings when firms are, in addition, financially constrained, which emphasizes the importance of information asymmetry for corporate cash holdings. Overall, the conclusion is consistent with the precautionary motive for cash holdings. Support is also found for the notion that corporate transparency is a key factor in explaining a firm’s cash management policy and, in general, corporate policies. [less ▲]

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See detailVoluntary disclosure, ownership structure, and corporate debt maturity: A study of French listed firms
Derouiche, Imen UL; Muessig, Anke UL; Allaya, Manel

in International Review of Financial Analysis (2019)

This study examines the effect of voluntary disclosure on corporate debt maturity and explores the role that ownership structure plays in this effect. Using a sample of 440 French listed firms over the ... [more ▼]

This study examines the effect of voluntary disclosure on corporate debt maturity and explores the role that ownership structure plays in this effect. Using a sample of 440 French listed firms over the period 2007-2013, the empirical results indicate that firms with higher voluntary disclosure have more long-term debt, suggesting that companies benefit from extensive disclosure by having greater access to long maturity debt. This is consistent with the evidence that voluntary disclosure provides an efficient monitoring mechanism in firms where long-term debt may insulate firms from lenders’ scrutiny for a long time. Results also show that the positive association between voluntary disclosure and long-term debt is relevant only when control rights of the controlling shareholders are significantly in excess of cash flow rights. This supports the findings of recent work that better disclosure policies are viewed more positively by the market in environments where the risk of wealth expropriation by dominant shareholders is higher. [less ▲]

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See detailL'effet de la divulgation volontaire sur le choix de la source de la dette: Étude portant sur les firmes françaises cotées
Derouiche, Imen UL; Hassen, Majdi

in Gestion 2000 (2019)

L’objectif de la présente recherche est d’examiner l’effet de la divulgation volontaire sur le choix de la source de la dette. Les banques jouent un rôle important dans la surveillance des firmes du fait ... [more ▼]

L’objectif de la présente recherche est d’examiner l’effet de la divulgation volontaire sur le choix de la source de la dette. Les banques jouent un rôle important dans la surveillance des firmes du fait qu’elles ont souvent accès aux informations privées dans le cadre de leur activité d’octroi de crédits. Il est, par suite, attendu que le recours au financement par dette bancaire soit plus élevé dans les firmes ayant un plus faible niveau de divulgation volontaire. Se focalisant sur un échantillon de 1560 observations de firmes françaises cotées durant la période 2007-2013, les résultats indiquent un effet négatif des indices de divulgation volontaire, notamment l’indice global et l’indice de divulgation de gouvernance, sur le recours des firmes au financement par dette bancaire. Il semble, de ce fait, que les firmes les moins transparentes préfèrent la dette bancaire qui leur permet d’atténuer les risques d’aléa moral auxquelles elles s’exposent. Dans un tel contexte, la dette bancaire constitue un mécanisme efficace de réduction d’asymétrie d’information et de renforcement de la surveillance des firmes et peut se substituer, ainsi, à la divulgation volontaire. De ce fait, la qualité de l’environnement informationnel semble jouer un rôle important dans le choix de la source de la dette. [less ▲]

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See detailRisk disclosure and analyst following: a study of French listed firms
Derouiche, Imen UL; Muessig, Anke UL; Weber, Véronique UL

Scientific Conference (2018, September)

In this study, we analyse the association between risk disclosure and analyst following for a sample of non-financial French listed firms from 2007 to 2015. We identify the number of sentences, the risk ... [more ▼]

In this study, we analyse the association between risk disclosure and analyst following for a sample of non-financial French listed firms from 2007 to 2015. We identify the number of sentences, the risk words, the risk related sentences, and the risk factors as risk disclosure quantity. Company-specific risk factors, industry-specific risk factors, numeric intensity, the degree of similarity, and the degree of boilerplate measure risk disclosure quality. On the aggregated level, the quantity of risk information provided is not significantly associated with analyst following. For the quality, results show that the quality of risk disclosure is an important determinant of analysts’ decision to follow a firm. The higher the quality, expressed as less similar language and more revised information, the more likely it is that analysts follow the firm. From a theoretical perspective, this suggests that analysts are information intermediaries and not information providers. On the non-aggregated level, for the individual quantity measures, the results are ambiguous. For the individual quality measures, results on the aggregated level are confirmed. [less ▲]

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See detailAccruals Quality, Financial Constraints and Corporate Cash Holdings
Derouiche, Imen UL; Mansali, Hatem; Jemai, Karima

Scientific Conference (2018, July)

This paper examines the impact of accruals quality on corporate cash holdings of a large sample of 6,501 observations of French firms listed in Euronext Paris over the period 2000-2015. The results show ... [more ▼]

This paper examines the impact of accruals quality on corporate cash holdings of a large sample of 6,501 observations of French firms listed in Euronext Paris over the period 2000-2015. The results show that cash holdings decrease with accruals quality, suggesting that firms tend to increase their cash reserves in the presence of information asymmetry driven, in particular, by low quality of accounting quality. Results also report that this negative effect is more pronounced in financially constrained firms than in financially unconstrained ones. This indicates that low reporting quality drives higher cash holdings when firms are, in addition, financially constrained, which emphasizes the importance of information asymmetry for corporate cash holdings. Overall, our conclusion is consistent with the precautionary motive for cash holdings. We also find support for the notion that corporate transparency is a key factor in explaining a firm’s cash management policy, and in general, corporate policies. [less ▲]

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See detailOwnership structure and investment-cash flow sensitivity
Derouiche, Imen UL; Hassan, Majdi; Amdouni, Sarra

in Journal of Management & Governance (2018), 22(1), 31-54

This study investigates the effect of ownership structure on the use of cash flow in financing corporate investments—the investment-cash flow sensitivity—in a concentrated ownership context. Using a ... [more ▼]

This study investigates the effect of ownership structure on the use of cash flow in financing corporate investments—the investment-cash flow sensitivity—in a concentrated ownership context. Using a sample of 6797 French listed firms from 2000 to 2013, results show that investment-cash flow sensitivity decreases with the cash-flow rights of the controlling shareholder and increases with the separation of its cash-flow and control rights (excess control rights). Firms are, thus, less likely to use cash flow in investments when the interests of controlling shareholders are aligned with those of minority shareholders. However, they appear to use considerable internal funds for their investments when they have severe agency problems, driven by excess control rights of the controlling shareholders. Overall, our findings help advance the understanding of the role of agency relationship in shaping corporate financial policy. [less ▲]

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See detailRisk disclosure and firm operational efficiency
Derouiche, Imen UL; Muessig, Anke UL; Manita, Riadh

Scientific Conference (2018)

This paper examines the effect of risk disclosure on firm operational efficiency using a unique database of non-financial, and non-utility French firms belonging to the SBF 120 index over the period ... [more ▼]

This paper examines the effect of risk disclosure on firm operational efficiency using a unique database of non-financial, and non-utility French firms belonging to the SBF 120 index over the period 2007–2015. In a first step, we use a Data Envelopment Analysis (DEA) output-oriented Variable Returns to Scale model to determine firm operational efficiency scores based on one output (i.e., sales revenue) and three inputs (i.e., net property, plant, and equipment, cost of goods sold, and selling, general, and administrative costs). These scores are used in a second step to estimate the effect of risk disclosure on operational efficiency after controlling for a set of other factors. The empirical results show a statistically significant positive relationship between risk disclosure and operational efficiency, suggesting that firms tend to be relatively more efficient when they disclose more about the risks they are exposed to. Overall, we provide evidence that firms having higher risk disclosure are seen by stakeholders to be more credible and trustworthy, leading them to conduct better transactions and, consequently, to improve their operational efficiency. This is consistent with the notion that stackholders positively perceive transparent firms, in particular those revealing bad news. [less ▲]

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See detailBoard gender diversity and corporate social performance: Is there really a link?
Derouiche, Imen UL; Boubaker, Sabri; Dang, Rey et al

Scientific Conference (2017, July 05)

Our study aims to see whether and how board gender diversity (BGD) may influence the corporate social performance (CSP). Theoretically, we rely on the stakeholders’ theory. From an empirical standpoint ... [more ▼]

Our study aims to see whether and how board gender diversity (BGD) may influence the corporate social performance (CSP). Theoretically, we rely on the stakeholders’ theory. From an empirical standpoint, we employ a dynamic panel system GMM (generalized moments method) estimator to estimate a dynamic model of CSP. Our study is carried out on a sample of 101 listed firms on Euronext Paris that made up the SBF Index 250 over the 2006-2010 (be-fore the enactment of the Copé-Zimmermann on gender quota on boards). We find that board gender diversity significantly impacts CSP. Furthermore, a critical mass of female directors is significantly and positively correlated with CSP. The effect is economically significant. Finally, we take into account French specificities by examining the influence of family firms. We found that family firms contribute to the role of female directors regarding CSR activities, especially there is a critical mass of female directors in these firms. [less ▲]

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See detailCorporate Ownership Structure and the Cash Flow Sensitivity of Cash
Derouiche, Imen UL; Saffar, Walid; Boubaker, Sabri

Scientific Conference (2017, April 01)

This article examines the effects of excess control rights of the controlling shareholder and the presence of multiple large shareholders on financial constraints, proxied by cash flow sensitivity of cash ... [more ▼]

This article examines the effects of excess control rights of the controlling shareholder and the presence of multiple large shareholders on financial constraints, proxied by cash flow sensitivity of cash. Using a unique data set of 745 French listed firms during 1998—2013, the results show that firms have high cash flow sensitivity of cash when the controlling shareholder’s control rights exceed its cash-flow ownership. This sensitivity decreases, however, with the contestability of the controlling owner’s power. Taken together, these findings provide empirical support to the argument that firms experiencing excess control rights face considerable financial constraints that are lowered in the presence of high control contestability. [less ▲]

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See detailThe control-ownership wedge and the survival of French IPOs
Derouiche, Imen UL; Narjess, Toumi; Syrine, Sassi

in Journal of Applied Accounting Research (2017)

Purpose – This paper investigates the effect of the control–ownership wedge of controlling shareholders (excess control) on the survival of French initial public offerings (IPOs). Design/methodology ... [more ▼]

Purpose – This paper investigates the effect of the control–ownership wedge of controlling shareholders (excess control) on the survival of French initial public offerings (IPOs). Design/methodology/approach − This paper studies a large sample of 434 French IPOs. The empirical analysis uses the Cox proportional hazard and accelerated failure time models. Data are manually gathered from IPO prospectuses. Findings – The findings support a positive relation between the control–ownership wedge and IPO survival time, indicating that survival is more likely in firms with high excess control levels. This result is consistent with the view that controlling shareholders with a large control–ownership wedge have incentives to preserve their private benefits of control by increasing firm survival chances. The findings also show that older IPOs are more likely to survive, while riskier and underpriced IPOs are more likely to delist. Practical implications – The results provide a better understanding of the role of excess control in IPO survival. They also enrich the debate on the efficiency of the one-share-one-vote rule. Originality/value – The research provides new insights into the role of agency conflicts in IPO survivability. In particular, it explores the effect of dominant shareholders with a control–ownership wedge on survival time. [less ▲]

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See detailFirm geographic location and voluntary disclosure
Derouiche, Imen UL

in Journal of Multinational Financial Management (2016)

This study aims to shed light on the effect of a firm’s geographic location on its voluntary disclosure policy. It hypothesizes that a firm’s geographic distance from metropolitan areas increases the cost ... [more ▼]

This study aims to shed light on the effect of a firm’s geographic location on its voluntary disclosure policy. It hypothesizes that a firm’s geographic distance from metropolitan areas increases the cost of oversight of managerial actions, which creates incentives for remotely located firms to make more voluntary disclosures in their annual reports that improve information available to investors and hence mitigate agency conflicts. Based on a sample of 260 French listed firms spanning the period 2007 to 2010, we find support for our hypothesis that as a firm’s distance from the Paris region increases, its level of voluntary disclosure in annual reports increases as well. This is consistent with the notion that remote firms are likely to pre-commit to higher voluntary disclosure so as to reduce oversight costs arising from geographic remoteness and mitigate agency conflicts. Our results are robust to alternative measures of voluntary disclosure, to several geographic location proxies, and to alternative estimation techniques. Collectively, they confirm the positive effect of distance on the extent of voluntary disclosure. [less ▲]

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See detailGeographic Location, Excess Control Rights, and Cash Holdings
Derouiche, Imen UL; Boubaker, Sabri; Meziane, Lasfer

in International Review of Financial Analysis (2015), 42

We assess the extent to which remotely-located firms are likely to discretionarily accumulate cash rather than distribute it to shareholders. We consider that these firms are less subject to shareholder ... [more ▼]

We assess the extent to which remotely-located firms are likely to discretionarily accumulate cash rather than distribute it to shareholders. We consider that these firms are less subject to shareholder scrutiny and, thus, will have high agency conflicts as the distance will facilitate the extraction of private benefits. Consistent with our predictions, we find a positive relation between the distance to the main metropolitan area and cash holdings, and this impact is more pronounced when the controlling shareholder has high levels of excess control rights (i.e., separation of cash-flow rights and control rights). Our results hold even after accounting for all control variables, including financial constraints, and suggest that geographic remoteness can be conducive to severe agency problems, particularly when there is a large separation of cash-flow rights and control rights. [less ▲]

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See detailDoes the board of directors affect cash holdings? A study of French listed firms
Derouiche, Imen UL; Boubaker, Sabri; Nguyen, Duc Khuong

in Journal of Management & Governance (2015), 19(2), 341-370

Prior studies show that agency conflicts are important in explaining corporate financial policies and that the board of directors is central to corporate governance. In this study, we examine the role of ... [more ▼]

Prior studies show that agency conflicts are important in explaining corporate financial policies and that the board of directors is central to corporate governance. In this study, we examine the role of this governing body in the accumulation of cash reserves. Using a sample of 597 French listed firms during 2001–2007, we find that firms with boards deemed to be effective in mitigating agency problems—that is, those appointing independent directors and splitting chief executive officer and chair positions—accumulate less cash reserves than those with less effective boards. Moreover, two-tier boards are more efficient in mitigating the agency costs of free cash flow, leading to less corporate cash hoarding. These findings support the idea that agency conflicts influence cash management policy and that effective boards of directors play an important disciplinary role in a concentrated ownership setting. [less ▲]

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See detailFamily control and the value of cash holdings
Derouiche, Imen UL

in Journal of Applied Business Research (2015), 31

The present study investigates the effects of family control on the value of corporate cash holdings. Using a large sample of French listed firms, the results show that the value of excess cash reserves ... [more ▼]

The present study investigates the effects of family control on the value of corporate cash holdings. Using a large sample of French listed firms, the results show that the value of excess cash reserves is lower in family firms than in other firms, reflecting investors’ concern about the potential misuse of cash by controlling families. We also find that the value of excess cash is lower when controlling families are involved in management and when they maintain a grip on control, indicating that investors do not expect the efficient use of cash in these firms. Our findings are consistent with the argument that the extent to which excess cash contributes to firm value is lower when dominant shareholders are likely to expropriate firm resources. Overall, family control seems to be a key determinant of cash valuation when ownership is concentrated. [less ▲]

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See detailControl-ownership wedge, board of directors, and the value of excess cash
Derouiche, Imen UL; Belkhir, Mohamed; Boubaker, Sabri

in Economic Modelling (2014), 39

This study investigates the effects of the separation of control and ownership on the value of cash holdings in publicly listed French firms. It also sheds light on the role of board independence in such ... [more ▼]

This study investigates the effects of the separation of control and ownership on the value of cash holdings in publicly listed French firms. It also sheds light on the role of board independence in such a relation. Theory suggests that investors are more likely to discount the value of excess cash held by firms with low corporate governance. Using the valuation regression of Fama and French (1998), empirical results show that the value of excess cash holdings decreases dramatically with the separation of control and cash-flow rights of the controlling shareholder. This value discount is, however, less pronounced in firms with more independent boards (i.e., boards with more independent directors and separate chief executive officer and chair positions). Our empirical findings support the argument that excess cash contributes less to firm value when minority shareholders are more likely to be expropriated by controlling shareholders. Independent boards seem to be effective in mitigating investors’ concerns about the use of excess cash. Overall, the results provide compelling evidence that cash valuation is largely influenced by corporate governance quality in a concentrated ownership setting. [less ▲]

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See detailQuel rôle pour le conseil d’administration dans la détention de liquidités ? Cas des entreprises françaises cotées
Derouiche, Imen UL

Book published by Lavoisier (2013)

La présente recherche s’inscrit dans la littérature liant la qualité du système de gouvernance et les politiques financières dans un contexte de propriété concentrée. Elle a pour objectif d’examiner ... [more ▼]

La présente recherche s’inscrit dans la littérature liant la qualité du système de gouvernance et les politiques financières dans un contexte de propriété concentrée. Elle a pour objectif d’examiner l’efficacité du conseil d’administration eu égard à l’effet de ses caractéristiques sur la détention de liquidités par les entreprises. [less ▲]

Detailed reference viewed: 73 (2 UL)