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This article explores the North American influence on Canadian climate change policy through a study of three indicators: actions or statements showing Canadian governments' willingness to cooperate on climate policy across borders; actions or statements by Canadian non-state actors recommending that Canada should harmonize its policies with the United States (US); and the extent of policy convergence between Canada and the US. The authors find that climate change policy in Canada at the federal, provincial, and national (joint federal-provincial) levels has been significantly influenced by its North American context, albeit differently at national and sub-national levels and conditioned by domestic political, economic and institutional factors.

During the last years, academic research in finance has studied small and medium-sized enterprises with mixed success. In this article devoted to entrepreneurial finance, we return to the origins of the currents of scientific thought, at the root of financial knowledge, in order to detect eventual inadequacies to the object of our study, and consequently, in order to reorient efforts in theoretical as well as empirical research.Using large firms as reference, modern financial theory, in pure or amended form, often turns out to be incapable to take into account the managerial specificities of small and medium-sized enterprises. We illustrate in this article the limited analytical range of application of the paradigms or methodologies which are traditionally used. According to us, the theory of the firm, because of its particular role in relation to economic science, represents the corner-stone of any significant advance in the application of models to small and medium-sized enterprises. In particular, the notions of competence and experience of the entrepreneur active on markets characterized by a constant disequilibrium ought to replace the less realistic hypotheses of rational behavior based on the maximization of profits at equilibrium. Finally, in an ultimate enlargement of our field of investigation, we analyze the credibility of an exclusively financial study of small and medium-sized enterprises and the possible contribution of some scientific disciplines rarely used in management science.Our study is intended above all to reveal, but also to integrate, the natural hierarchy of the concepts which are at the basis of the development of entrepreneurial finance.

Keywords: Recherche universitaire en finance, Finance entrepreneuriale, Théorie financière moderne, Théorie de la firme, Modélisation de la PME, Compétence et expérience de l'entrepreneur, Disciplines scientifiques peu conventionnelles en sciences de gestion

The paper describes how the German Mittelstand, or small-and medium-sized entreprises, are financed in Germany. The first section of the paper documents the role of the German Mittelstand, both in a static and a dynamic framework, and contrasts it to that in other leading developed industrialized countries. In general, the Mittelstand has played a more important role in Germany than have small-and medium-sized enterprises in other developed industrialized nations such as the United States and the United Kingdom. The traditional success of the German Mittelstand is attributable to a system of finance which is richly layered by complementary institutions designed to meet the financial needs of both large and smaller enterprises. At the same time there is evidence that even under the German system of finance a negative relationship exists between liquidity constraints and firm size. And, it appears that the German system of finance is particularly vulnerable in its ability to channel funds into new firms in new industries.

Keywords: Finance, Allemagne, PME, Contrainte de liquidité

Management behaviors and managerial abilities of the owner-manager are identified as growth and success factors of SME, as demonstrated by the literature on organizational development models. The importance of studying managerial behaviors is stressed by the high failure rate experienced by that kind of organizations. Our review of the literature on the subject shows that, generally, research on the managerial activities of small business owner- managers is incomplete and does not take into account stages of development. The results of our research on 48 SME indicate that managerial activities vary significantly with development stages, namely the delegation of authority, the time spent on these activities and on external contacts and as to the perception of organizational problems encountered.

This study presents a tontine which was set up by Cameroonian expatriates in the Central African Republic. It first reviews its standard operating rules as well as exceptional management procedures. It then gives a detained analysis of bidding techniques for large and small lots. Several hypotheses of financial rationality are tested in particular those which take time into account.Its participants fall into two categories : borrowers, who can be considered as investors outside of the tontine, and lenders. The former find a ready source of capital at competitive rates and the latter a good return on their money. All derive pleasure from the congenial atmosphere of the tontine.

AbstractThe aim of this research was to analyse the impetus of entrepreneurial motivation, to identify the reasons for action taken by entrepreneurs and to assess any contextual factors. More specifically, the study answered the following question : do links exist between entrepreneurial motivation, the reasons for action taken by entrepreneurs and their perceptions in relation to their project goals ?Based on questionnaires completed by newly established business leaders, we evaluated the impetus of entrepreneurial motivation (including their needs and strengths), identified the reasons for action taken by entrepreneurs and assessed the contextual factors. This study builds on a theoretical framework derived from research into motivation and entrepreneurship. We particularly drew our inspiration from recent models that attempt to understand entrepreneurial motivation which we supplemented with a typology of reasons for action taken by entrepreneurs. A series of causal relationships were identified and tested. The analysis allowed us to draw conclusions with regard to entrepreneurial motivation.Research into motivation highlighted the reasons for action taken in relation to innovative projects. Initially, we identified development and commitment objectives among these reasons. In one case, the entrepreneur hoped his company would bring him tangible financial and material results. In another, the entrepreneur was aware that his project would require him to invest in routine management activities and difficult business practices. Research into the reasons for improvement action taken highlighted the requirements for risk management and control. The exploitation of an enabling environment satisfied the entrepreneur's requirement for control and was associated with a risk adverse entrepreneur. Projects described as adventurous, with the starting objective of tangible rewards, were likely to meet recognition requirements.

Keywords: Entrepreneuriat, Motivation, Logiques d'action, Innovation, Valorisation, Reconnaissance, Projets

Contemporary research suggests that personal values play a major role in the decision-making process of responsible entrepreneurship, i.e., one that is consistent with the requirements of sustainable development. But what are these values? Moreover, what role do they play in the decisions of entrepreneurs? Based on Nathalie Heinich's axiological sociology, this study conceives values as principles that allow us to make judgments and, ultimately, make choices. In this multiple case study, six entrepreneurs engaged in the creation of a responsible business were interviewed and asked to talk about the evolution of their business and the big decisions that have marked its development. In this article, the transcripts are analyzed in depth to 1) highlight the axiological logic of each case, i.e., the main values underlying the decisions made and 2) identify the recurring values among the different cases to outline an “axiological gramma” that is specific to responsible entrepreneurship. This study proposes a methodological operationalization of Heinich's sociological conception of value in the entrepreneurial domain.

Keywords: Entrepreneuriat, Développement durable, Prise de décision, Valeurs, Axiologie, Entrepreneurship, Sustainable development, Decision making, Values, Axiology, Emprendimiento, Desarrollo sostenible, Toma de decisiones, Valores, Axiología

AbstractBusiness reorganizations have become a common phenomenon. Under reorganization, creditors' rights are restricted and management stays in place. Unsecured debt is the main source of outside financing for many SMEs. With a reorganization, the amount of unsecured debt is revised down by as much as 90% or even more. The Bankruptcy and Insolvency Law is one of the two main laws in Canada regarding business reorganizations. It put in place a selection process of businesses to be re-organized. The paper reports an evaluation of this process, which is under the responsibility of trustees. While research on the subject has focused on process outcome in terms of survival rates of selected firms, this research evaluates the informational efficiency of the process. Inspired from financial theory, the research makes a detailed analysis of the use of the reorganization procedure by 3 916 businesses and relates this analysis to the financial data available at selection time.

Keywords: Réorganisation, Insolvabilité, Syndic, Efficacité informationnelle, Reorganization, Insolvency, Trustee, Informational efficiency, Reorganización, Insolvencia, Fiduciario, Eficiencia informacional