A Cramér-type large deviation theorem for sums of functions of higher order non-overlapping spacings

Let U ₁, U ₂, . . . , U _n–1 be an ordered sample from a Uniform [0,1] distribution. The non-overlapping uniform spacings of order s are defined as \({G_{i}^{(s)} =U_{is} -U_{(i-1)s}, i=1,2,\ldots,N^\prime, G_{N^\prime+1}^{(s)} =1-U_{N^\prime s}}\) with notation U ₀ = 0, U _n = 1, where \({N^\prime=\left\lfloor n/s\right\rfloor}\) is the integer part of n/s. Let \({ N=\left\lceil n/s\right\rceil}\) be the smallest integer greater than or equal to n/s, f _m (u), m = 1, 2, . . . , N, be a sequence of real-valued Borel-measurable functions. In this article a Cramér type large deviation theorem for the statistic \({f_{1,n} (nG_{1}^{(s)})+\cdots+f_{N,n} (nG_{N}^{(s)} )}\) is proved.     

Gender-diverse boards and audit fees: What difference does gender quota legislation make?

We investigate the effect of board (audit committee) gender diversity on audit fees in the French context. We also examine whether the relationship between the proportion of female directors and audit fees is moderated by the enactment of the gender quota law in 2011. We use the system GMM estimation approach on a matched sample of French firms listed in the SBF 120 index between 2002 and 2017. Consistent with the supply-side perspective, we contend that female independent directors and female audit committee members, by improving board monitoring effectiveness, affect the auditor's assessment of audit risk, resulting in lower audit fees. Our findings also document that, by breaking the glass ceiling, the effectiveness of the gender quota law lies not in increasing the proportion of female insider directors, but in boosting the appointment of female independent directors and female audit committee members. Using the difference-in-difference approach, our results reveal that female independent directors and female audit committee members are more willing to assert their monitoring skills after the quota law, leading to lower audit fees. Moving beyond tokenism, we show that, after the quota law, the negative impact on non-audit fees is strengthened only for female independent directors.     

Measuring of International Financial Integration with a Multicriteria Decision Aid Approach

ABSTRACT

Despite the diversity of advanced approaches, the concept of ‘financial integration’ couldn’t be explicitly analyzed. Indeed, empirical studies have shown that the measures of international financial integration are one-dimensional analysis. Due to the ambiguity of the concept and its multiple determinants, it must be analyzed in multidimensional levels. The interest of this research is a proposal of a decision aid by a multicriteria approach (ELECTRE TRI) for determining the ranking of 47 countries according to the links between their degree of international and financial dependencies and the behavior of financial actors (trying to make governance decisions or diversification strategies of international portfolio).

Abbreviations: MCDA – Multi-Criteria Decision Approach     

Developing integrated management systems using an AHP‐Fuzzy VIKOR approach

Integrated management systems (IMSs) involve a strategy to manage multiple systems while meeting the needs and expectations of stakeholders. There are various management standards used for the development of IMS. This study aims to undertake research focused on how to develop an IMS. In this context, management standards, including the International Organization for Standardization (ISO) and Global Reporting Initiatives (GRI), consider alternatives and integration potential at multiple levels (i.e., strategic, tactical, and operational). We assess criteria including continuous improvement, systematic management, integration, organizational learning, standardization, and ability to cut through bureaucracy before a deeper dive into 28 subcriteria. We then use an analytical hierarchy process (AHP) approach to prioritize the main criteria and subcriteria. Next, we include the use of fuzzy VlseKriterijuska Optimizacija I Komoromisno Resenje (F‐VIKOR) methods to prioritize alternatives. The contributions of this study reveal that systematic management and standardization are the most influencing criteria among six guiding principles. The ISO standard and GRI are the most suitable standards for the development of dynamic IMS. This study is the first of its kind to prioritize guiding principles of IMS. The outcomes of this study will assist business managers, organizations, and policymakers in their decision making regarding management standards for IMS development as well as improve sustainable business practices. Researchers will find new IMS insights and constructs for further empirical investigation.