Article pp.163-166 du Vol.40 n°242 (2014)

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7 Contributors to this issue

11 How to reorganize capitalism? The tracks of a specifc compensation to the controlling shareholder and an enlarged corporate responsibility Hubert de La Bruslerie

The role of shareholders in modern capitalism should remember its historical roots. Legal analysis of the economic system is privileged in the paper.

Corporation is the legal tool of modern capitalism; it introduces a liability limited to the stock held by shareholders. Paradoxically it may have developed some form of irresponsibility at the firm level. The current situation shows that controlling shareholders or controlling blocks are frequent either in large or in family firms. This situation should not be regarded as a failure but as a characteristic of modern capitalism. It gives an opportunity to reorganize the system of corporate responsibility and to introduce the idea of Social Corporate Responsibility (SCR) in its scope. As a consequence, it is proposed that these new responsibilities and risks should be paid for and that a specific right to profit should be given to those shareholders who will assume them.

37 Non-financial information. Clarifying of the concept

Philippe Protin, Nathalie Gonthier-Besacier, Charlotte Disle, Frédéric Bertrand, Stéphane Périer

Non-financial information is considered as additional to financial statements because it allows a better understanding of the value drivers. However, definition and scope of this information have not been clearly defined. Based on the content analysis of publications in relation to the subject during the 1980- 2012 period, this study aims to highlight the characteristics of non-financial information in order to define it.

49 Proximity relations and innovation behaviors of clustering firms.

The case of the optics cluster in the greater Paris region André Torre

Analysis of proximity relations has often focused on the areas of industrial relations and innovation, introducing successive refinements centred on the seminal concepts of geographical and organised proximity. The aim of this article is to analyse and to assess for the diversity of proximity relations maintained by various types of innovative firms within a cluster, and to illustrate it with a case study analysis. We start with a presentation of the main

S U M M A R Y

issue 242 June-July 2014

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164 Revue française de gestion – N° 242/2014

characteristics of proximity relations: organised proximity and (permanent or temporary) geographical proximity, and define on that basis an analytical grid of the various relations maintained by the firms located in a cluster, be there local or distant ones. Then, we applied this analysis to an applied example, the one of the optics cluster in the greater Paris region. In order to identify groups of firms we apply the Porterian analysis method to strategic groups. The results reveal the existence of four different groups of innovative firms that maintain specific spatial relations and mobilize local relations and long-distance exchanges in different ways, via mobility or ICT. We show that the mobilization patterns of the different proximity types vary depending on the size of the firms, their place within the value chain, their degree of specialization and the maturity of the technology used.

File: Firms’ valuation: Evolution of contexts Guest Editors: Pierre Astolfi, Édouard Chastenet,

Alain Marion, Arnaud Thauvron

83 Using multiples: contribution to firms’ valuation

Pierre Astolfi, Édouard Chastenet, Alain Marion, Arnaud Thauvron

The multiples-based business valuation method is probably one of the most commonly used approaches by practitioners. However, considering its limitations, the method raises certain questions when it comes to be implemented. In this context, we propose, based on the use of the valuation Scaled Absolute Error, a procedure allowing to improve the relevance of the method. Especially, the results of our study lead to favor the use of multiples based on prospective earnings (namely Ebitda and Ebit). On the other hand, we show that the process of selecting the most comparable companies can be improved by using performance ratios, such as the expected growth rate of earnings.

103 The difficulty of measuring the cost of capital Franck Bancel, Quentin Lathuille, Alban Lhuissier

The Weighted Average Cost of Capital (WACC) is one of the key concepts of corporate finance. Firstly, we identify the “acceptable” parameters to determine the WACC, taking into account the theoretical framework and the various measures used by practitioners. Secondly, based on numerical simulations, we show that the margin of error ensuing from the way WACC is estimated by finance professionals is important. In conclusion, we propose several alternatives for improving practices in determining the WACC.

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Summary 165

119 Value and valuation of family firms Gérard Hirigoyen

This article aims to show that the traditional view of value and valuation problem does not fundamentally correspond to the case of family businesses.

Indeed, in this form of company, the goal of the family shareholder is not limited to the maximization of financial wealth; and its value creation horizon is not reduced to the short term but to the long term. He favors strategies that help to ensure the stability and sustainability of its business. After researching the reasons underlying the specificity of family businesses, the author highlights the diverse expectations of family ownership. Thereby, he opposes financial value against emotional value. The latter provides an assessment of regret felt by some family shareholders in divestment transactions. By neglecting the emotional component, traditional valuation methods probably do not interpret well the value of the company for the family shareholders.

135 Modern cooperative valuation Patrick Sentis

The aim of this article is to develop a preliminary approach to build a valuation model of modern cooperative. The main concern comes from the ambivalence of this kind of organization. Because, the cooperative is based on shareholders’

approach and deviates from the traditional maximization profit goal, it would be beyond the scope of financial academics. However, in this article, we argue that cooperative valuation still remains possible. The cooperative valuation contributes to restore the relevance of both sides of cooperator, as investor and provider of the critical resource.

149 Equity crowdfunding : does it impact start-up valuation ? Véronique Bessière, Éric Stéphany

Crowdfunding plays an increasing role for seed financing. Compared to traditional ways of fundraising, it introduces two new stakeholders: the platform and the crowd. Both are involved in the selection and the valuation of entrepreneurial projects. This article examines their role and the ensuing valuation process. We discuss the legitimacy of the crowd to assess a financial valuation. Our analysis underlines two kinds of phenomenon. First, the valuation process becomes less and less financial and more affect-driven. We observe an evolution towards a “definancialization” of valuation. Second, the governance of startups is also evolving compared to the one exerted in traditional context in particular by business angels.

163 Summary

167 Instruction for authors

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