Habib Affes

The Impact of Intellectual Capital Disclosure on Cost of Equity Capital: A Case of French Firms

The purpose of this paper is to examine empirically the impact of intellectual capital disclosure (IC) on cost of Equity capital. The empirical research is based on companies listed in the French SBF 120 stock market index. The findings confirm our hypotheses that stipulate the existence of a significant and negative association between intellectual capital disclosure with its two components (human capital, structural) and the cost of equity. However, the negative impact of the relational capital disclosure is not validated. The results in this paper are of considerable importance to both policy makers and firms. In fact, the understanding of the impact of Intellectual capital disclosure on cost of equity capital helps policy makers in the evaluation of the costs and benefits of disclosure. Moreover, with regard to managers of firms, the results show the benefit of enhanced IC disclosure regarding the reduction in their cost of capital. This study is one of the very first to provide empirical evidence of the association between Cost of equity capital and the level of disclosure in the three individual intellectual capital categories (human; structural and relational capital).

Impact of environmental uncertainty on the relationship between budgetary participation and managerial performance and job satisfaction: some Tunisian evidence

This study empirically examined the effect of budget participation on managerial performance and job satisfaction using a contingency theory approach. Perceived environmental uncertainty presents the contingent variable investigated. Fifty three managers drawn from 30 Tunisian industrial companies participated in this study. Data were collected from managers using a questionnaire survey. The results have indicated that environmental uncertainty moderates the effect of budgetary participation on both perceived managerial performance and job satisfaction. Our results suggest that organisations should encourage the participation of managers in the budget setting process mainly in the current environment in Tunisia which is broadly characterised by a high level of uncertainty.

Study of the Contribution of Management Control System in Strengthening the Internal and External Control Function: Case of Tunisian SMEs

Considered a long time strategic value because of its importance, management control has become the cornerstone of the fact that it is source of potential improvement progress to all types of businesses. It is a function that motivates those responsible and encourages them to carry out activities that contribute to the achievement of the organizations objectives. Often, managers need, in addition to a management control system, an increasingly effective internal and external control system that allows them to better manage their companies and provides them with reasonable assurance about the achievement objectives.

Impact of means and resources pooling on supply-chain management: Case of large distribution

The aim of this study is to find the impact of means and resources pooling on the logistics networks. In fact, the pooling of resources and means, allows sharing resources and means in the logic of quality improvement and cost reduction, it will ensure a better functioning of the various operations management. In this context, we evaluate the difference between the actual situation and future situation of a firm by adopting the phenomenon of mass and that of the pooling. These results will be evaluated on the various costs associated with the company. However, our goal is to identify the different gains induced by the change of the organization of the logistics network of the firm. By this, we will try to optimize the various costs and more specifically transportation costs.