In chapter one, by exploiting the staggered interstate banking deregulation as exogenous shocks to bank geographic expansion, we examine the causal effect of geographic diversification on systemic risk using the gravity-deregulation approach developed in Goetz, Laeven, and Levine (2013, 2016). We find that bank geographic diversification leads to higher systemic risk measured by the change in conditional value at risk (ΔCoVaR) and financial integration (Logistic(R2)). Furthermore, we document asset similarity and bank inter-connectedness as two channels to explain the documented results. The impact of geographic diversification on systemic risk is more pronounced in BHCs located in states comoving less with the U.S. aggregate economy. In chapter two, by integrating the staggered interstate bank deregulation into a gravity model, we construct a time-varying bank-specific instrument for geographic diversification, and investigate how geographic expansion affects borrowing firms’ innovation. Our approach disentangles the effects of bank deregulation on geographic expansion from competition and isolates its direct impact on innovation via the lending channel. Bank geographic diversification boosts borrowing firms’ innovation input and output, enables firms to expand innovation scope beyond core business, and enhances the economic value of innovation. We find that relaxing debt covenants and alleviating borrowers’ financial constraints are two channels through which bank geographic diversification spurs innovation. In chapter three, we construct a novel bank-specific and time-varying measure of deregulation-induced bank competition following Jiang, Levine, and Lin (2016) and Goetz (2017), and investigate the causal effect of bank competition on borrowing firm’s accounting conservatism. We find that bank competition leads to an increase in firm accounting conservatism. Moreover, we find that bank competition intensifies lenders’ monitoring in that banks impose more strict and intensive covenants on bank loans, and bank monitoring reduces the probability of default of borrowing firms, and thereby result in more conservative reporting of borrowing firms. Our findings are robust to alternative accounting conservatism measure C-Score and potential multicollinearity issue.

In spite of the prevalence and strategic importance of diversification for US hospitality firms, research on the effects of diversification has been insufficient in the hospitality literature. Especially, examination of the moderating effect of product or brand diversification on the relationship between geographic diversification and performance of US hospitality firms has been lacking in the hospitality field thus far. This study aims to investigate the effect of each diversification strategy on firm performance for US casino, restaurant, and lodging industries. Further, to investigate effects of diversification comprehensively by incorporating interactions between different diversification strategies, this study attempts to examine the moderating effect of product diversification on the relationship between geographic diversification and performance of US casino firms, and the moderating effect of brand diversification on the relationship between geographic diversification and performance of US restaurant and lodging firms. To accomplish study purposes, this study employs fixed effects and fixed effects instrumental variable regressions analyses, which strictly address the endogeneity problem, thereby enhancing causality between diversification and firm performance. The sample of this study consists of 336 observations of 43 casino firms, 176 observations of 36 lodging firms, and 952 observations of 132 restaurant firms over the period 1993-2010. The study's results indicate a positive and significant effect of geographic diversification on firm performance in the US casino and lodging industry, but an insignificant effect of geographic diversification in the US restaurant industry. For the effect of product and brand diversification, the study's analyses show no significant effect of product diversification on firm performance in the US casino industry, a negative and significant effect of brand diversification in the US restaurant industry, and an insignificant effect of brand diversification in the US lodging industry. Regarding moderating effects, while this study finds an insignificant moderating effect of product diversification on the relationship between geographic diversification and firm performance in the US casino industry, the analyses show a negative and significant moderating effect of brand diversification in the US restaurant industry and a positive and significant moderating effect of brand diversification in the US lodging industry. Findings of this study recommend more prudent decision-making for diversification strategies for US casino firms, brand concentration strategies for US restaurant firms, and acceleration of both geographic and brand diversification for US lodging industry. This study fills a research gap in the hospitality literature by exhaustively examining the effect of diversification strategies on firm performance in the hospitality field by providing evidence for the moderating effects of product and brand diversification on the geographic diversification-firm performance relationship in three US hospitality industries. Further, this study enriches the whole body of diversification theory and literature by providing context-specific empirical findings for diversification's effects and investing the moderating role of brand diversification in the diversification strategy context. / Tourism and Sport

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Cette thèse a pour objet d'examiner cinq aspects de la relation entre le commerce Sud-Sud et la « nouvelle » géographie du commerce international en portant une attention toute particulière aux liens qui existent entre les BRICs (Brésil, Russie, Inde, Chine) et l'Afrique sub-Saharienne (ASS) puis entre la Chine et l'ASS. La première partie s'attache à démontrer certaines caractéristiques relatives à la mutation des relations commerciales Sud-Sud. Dans le premier chapitre, l'hétérogénéité au sein même des BRICs est confirmée à partir d'un certain nombre de facteurs explicatifs des flux commerciaux bilatéraux avec l'ASS. Dans le second chapitre, les flux commerciaux Sud-Sud semble jouer un rôle déterminant dans la diversification géographique du commerce intra-Africain en termes de nouveaux partenaires commerciaux. Dans le troisième chapitre, l'idée d'une réorientation du commerce des ex-colonies depuis l'indépendance vers la Chine au détriment des anciennes puissances coloniales a été validée empiriquement. Quant à la deuxième partie, elle s'intéresse aux liens entre la politique économique extérieure et le commerce Sud-Sud. Les résultats du quatrième chapitre soulignent l'impact significatif de la « politique de la Chine unique » sur les flux commerciaux chinois et taiwanais par le biais de la diplomatie économique. Les estimations du cinquième chapitre confirment l'hétérogénéité des effets moyens et dans le temps des accords régionaux africains sur les échanges commerciaux selon la nature des partenaires, la forme des accords commerciaux ainsi que leur chevauchement. / This thesis emphasises five aspects of relations between South-South trade and « new » geography of international trade. We particularly pay attention to the links between BRICs (Brazil, Russia, India, China) and sub-Saharan Africa (SSA) but also between China and SSA. The first part attempts to demonstrate some characteristics concerning the mutation of South-South trade relations. In the Chapter 1, the heterogeneity of BRICs is confirmed from some factors of bilateral trade flows with SSA. In the Chapter 2, the South-South trade flows play a significant role in the geographic diversification of intra-African trade in terms of new trading partners. In the Chapter 3, the assumption of a trade reorientation of ex-colonies since independence with China at the expense of former colonial powers has been empirically validated. The second part studies the linkages between the foreign economic policy and South-South trade. The findings of the Chapter 4 highlight the significant impact of the « One China policy » on Chinese and Taiwanese trade flows through the economic diplomacy. The estimates of the Chapter 5 confirm the heterogeneous average effects but also over time of the African trade agreements on trade according to the nature of trading partners, the kinds of trade agreements and their overlapping.

Les stratégies d’internationalisation des banques européennes sont-elles efficaces ? Cette thèse analyse le lien entre l’internationalisation des banques et leur performance. L’objectif étant de vérifier s’il existe des modalités d’implantation qui expliquent les écarts de bénéfices entre les établissements bancaires européens. Nous nous focalisons sur trois types de stratégies d’implantation : l’installation de filiales, les alliances ou partenariats avec des entreprises étrangères et les fusions et acquisitions transfrontalières. Parmi les filiales étrangères nous distinguons les filiales qui portent l’enseigne du groupe de celles qui portent un autre nom. Cette distinction nous permet d’analyser l’impact sur la performance du choix de garder ou non l’enseigne du groupe lors du déploiement international. Nos résultats montrent qu’il existe bien des modalités expliquant des différences de rentabilité entre les établissements. En effet, il semble qu’une implantation via des filiales portant le nom du groupe bancaire ait un impact négatif sur la performance. Par ailleurs, nous avons aussi relevé que la réalisation de partenariats transfrontaliers dans plus de dix secteurs différents n’est pas bénéfique pour la banque. / Are European banks’ cross-border strategies effective? This thesis analyzes the relationship between European banks’internationalization strategies and their performance. We investigate whether there are internationalization strategies that explain differences between European banks’ profits. We focus on three types of implementation strategies: at first, the installation of subsidiaries, then, alliances or partnerships with foreign companies and last but not least, cross-border mergers and acquisitions. Among foreign subsidiaries we distinguish those which carry the the group’s brand from those which carry a different name. This distinction allows us to analyze the results a bank can expect by keeping its company name while expanding overseas. Our results show that there are strategies that explain differences in profitability between institutions. Indeed, it appears that internationalization through subsidiaries with a brand perspective has a negative impact on performance. In addition, we also note that the implementation of cross-border partnerships in more than ten different sectors is not beneficial for the bank.