Timothée Waxin is Assistant professor in Corporate finance at EMLV Business School. His research focuses on corporate governance, family firms, CEOs and financing of the economy. Previously, Timothée Waxin was an economist at the French banking federation and the French Financial markets authority, and a research and teaching assistant at EDHEC Business School and the Université Paris-Dauphine. He received his PhD in Finance from the Université Paris-Dauphine, France.
François Belot; Timothée Waxin
Mandatory employee board representation: Good news for family firms? Article de journal
Dans: International Review Of Law And Economics, vol. 71, p. 106084, 2022.
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title = {Mandatory employee board representation: Good news for family firms?},
author = {François Belot and Timothée Waxin},
url = {https://www.sciencedirect.com/science/article/pii/S0144818822000400},
year = {2022},
date = {2022-09-01},
journal = {International Review Of Law And Economics},
volume = {71},
pages = {106084},
abstract = {We assess the corporate performance and corporate governance consequences of mandatory employee board representation through a natural experiment: the passage of the 2015 Rebsamen law in France, which requires 1 or 2 board seats to be allocated to employee representatives. We hypothesize that such formal institutional arrangements to give workers a voice in corporate governance are irrelevant for family firms, which have been shown to commit to implicit contracts with their employees. We find evidence that affected family firms' share prices reacted negatively to the passage of the law. Moreover, standard OLS regressions of operating performance suggest that family control neutralizes the positive effect associated with employee directors. A more sophisticated difference-in-differences approach shows that affected family firms experienced a significant subsequent decrease in their return on assets. Our investigations of board composition also suggest that family firms rely on avoidance strategies to offset the influence of employee representatives. Overall, this paper casts doubt on the efficiency of minority worker representation in the boardrooms of family-owned companies and thus cautions against a ?one-size-fits-all? approach to corporate governance practices.},
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Timothée Waxin; François Belot
Family control, stock price levels and stock split activity Article de journal
Dans: Finance, vol. 42, no. 1, p. 155-219, 2021.
@article{waxin_1267,
title = {Family control, stock price levels and stock split activity},
author = {Timothée Waxin and François Belot},
url = {https://www.cairn.info/revue-finance-2021-1-page-155.htm},
year = {2021},
date = {2021-05-01},
journal = {Finance},
volume = {42},
number = {1},
pages = {155-219},
abstract = {We investigate the impact of family control on both the share price level and the decision to split the firm's stock. Low stock prices are associated with higher volatility and have been shown to attract more speculative trading, which may force managers to excessively focus on short-term earnings. Moreover, a reduction in the stock price level can hurt the firm's reputational capital. We hypothesize that family owners, who are typically long-term investors and are especially concerned about corporate reputation, prefer to set higher stock prices to mitigate short-termism, focus on long-term planning, and reinforce the firm's image. Using a comprehensive sample of firms in the Société des Bourses Françaises (SBF) 120 Index from 1998 to 2016, we find a positive correlation between share prices and family control. Our investigations also indicate that family firms are less likely to conduct price reductions through stock splits. These findings suggest that a high stock price is a distinctive feature of family firms and that family owners have a specific norm in mind with respect to prices.},
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François Belot; Timothée Waxin
Labor Conflicts in French Workplaces: Does (the Type of) Family Control Matter? Article de journal
Dans: Journal Of Business Ethics, vol. 146, no. 3, p. 591-617, 2017.
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title = {Labor Conflicts in French Workplaces: Does (the Type of) Family Control Matter?},
author = {François Belot and Timothée Waxin},
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year = {2017},
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Edith Ginglinger; William Megginson; Timothée Waxin
Employee ownership, board representation, and corporate financial policies Article de journal
Dans: Journal Of Corporate Finance, vol. 17, no. 4, p. 868-887, 2011.
@article{ginglinger_1937,
title = {Employee ownership, board representation, and corporate financial policies},
author = {Edith Ginglinger and William Megginson and Timothée Waxin},
url = {https://www.sciencedirect.com/science/article/pii/S0929119911000204},
year = {2011},
date = {2011-09-01},
journal = {Journal Of Corporate Finance},
volume = {17},
number = {4},
pages = {868-887},
abstract = {French law mandates that employees of publicly listed companies can elect two types of directors to represent employees. Privatized companies must reserve board seats for directors elected by employees by right of employment, while employee-shareholders can elect a director whenever they hold at least 3% of outstanding shares. Using a comprehensive sample of firms in the Société des Bourses Françaises (SBF) 120 Index from 1998 to 2008, we examine the impact of employee-directors on corporate valuation, payout policy, and internal board organization and performance. We find that directors elected by employee shareholders increase firm valuation and profitability, but do not significantly impact corporate payout policy. Directors elected by employees by right significantly reduce payout ratios, but do not impact firm value or profitability. Employee representation on corporate boards thus appears to be at least value-neutral, and perhaps value-enhancing in the case of directors elected by employee shareholders.},
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Valérie Ohannessian; Timothée Waxin
Repères d'économie bancaire : les nouveaux défis du financement de l'économie Ouvrage
RB, 2017, ISBN: 978-2-86325-846-0.
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title = {Repères d'économie bancaire : les nouveaux défis du financement de l'économie},
author = {Valérie Ohannessian and Timothée Waxin},
url = {https://www.eyrolles.com/Entreprise/Livre/reperes-d-economie-bancaire-9782863258460/},
issn = {978-2-86325-846-0},
year = {2017},
date = {2017-03-01},
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François Belot; Timothée Waxin
CEO-CFO Educational Ties and Mergers and Acquisitions Conférence
36e Conférence internationale de l'Association française de finance, Québec City, Canada, 2019.
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year = {2019},
date = {2019-06-01},
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François Belot; Timothée Waxin
Family Control, Stock Price Levels, and Stock Split Activity Conférence
25th Annual Conference of the Multinational Finance Society (MFS), Budapest, Hungary, 2018.
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François Belot; Timothée Waxin
Family Control and Nominal Share Prices Conférence
21th Annual FMA European Conference, Lisbon, Portugal, 2017.
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François Belot; Timothée Waxin
Family Control and Nominal Share Prices Conférence
SME 2016 International Conference, Nanterre, France, 2016.
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François Belot; Timothée Waxin
Family control, stock prices, and stock splits Divers
Magazine des Professions Financières et de l'Économie », 2021.
@misc{belot_1488,
title = {Family control, stock prices, and stock splits},
author = {François Belot and Timothée Waxin},
url = {https://www.professionsfinancieres.com/Page/magazine-21-quels-financements-pour-une-sante-innovante},
year = {2021},
date = {2021-02-01},
volume = {21},
howpublished = {Magazine des Professions Financières et de l'Économie »},
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