Today, enterprise systems (ERP) are considered as ones of most impacting IT on business and decision processes because of their cross-functional perspective and readiness to change. As a consequence, a lack of "organisational fit" is observed as the main failure cause of ERP implementation. A lot of acts of resistance are observed as being task oriented and related to the non-appropriateness of IT that users have to cope with. Existing literature provides practical knowledge about conflict types and conflict management styles related to process and task misalignment between ERP and corporation needs. However, few researches were made about cultural misfits. Indeed, when an organisation is composed of several sub-cultures, the use of ERP can be problematic because mandating one epistemological position through the software design is based on "best practices". Subsidiaries of multinational corporations have their own subculture varying in their national cultural content. Value conflicts may arise from inconsistency between cultural principles of users or groups of users and the perceived underlying strategic objectives assigned to IT implementation. Expending the classical Schein triadic model with the concept of "cultural friction", this paper provides a critical analysis of cultural dimension misalignment between ERP standard processes and Thai managerial culture. Key theoretic discussed dimensions are Ego orientation ("Kreng Jai") and, Social orientation ("Bunkhun"). The article concludes that failing projects are more about the way ERP ought to be implemented than about the system itself.

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The present research sets out to reach a better understanding of the determinants of business angels' active involvement in making business angel groups accomplish diverse functions and building cognitive resources and shared competencies. We develop a framework where angels' decision making style and professional experience are key in explaining their degree and type of involvement with diverse business angel group activities. To test the related propositions, we conduct a questionnaire survey with the members of one of the largest French business angel groups. Our results show that business angels with a control-oriented decision-making style, as well as angels with previous professional experiences as a CEO and in marketing and sales, tend to be more actively involved in key angel group activities, both with regard to investment related activities and angel group management activities. While discussing the results, we propose a tentative model of angel group cognition and outcomes for future extensions of the present research.

Le financement par crowdfundingQuelles spécificités pour l'évaluation des entreprises ? Le crowdfunding est un mode de financement qui se développe fortement depuis quelques années. Par rapport aux financements conventionnels il fait intervenir, dans la sélection et l'évaluation des projets, deux nouveaux acteurs : la plateforme de crowdfunding et la foule. Les auteurs étudient leur rôle et le processus d'évaluation qui en découle et discutent de la légitimité de la foule pour mener une évaluation financière. Leur analyse met en évidence une définanciarisation de l'évaluation et une évolution de la gouvernance notamment par rapport à celle exercée par les business angels. Cet article des Editions Lavoisier est disponible en acces libre et gratuit sur archives-rfg.revuesonline.com 1. Les Échos 17 février 2014.

Purpose -This article aims to examine the link between uncertainty and analysts' reaction to earnings announcements for a sample of European firms during the period 1997-2007. In the same way as Daniel et al., the authors posit that overconfidence leads to an overreaction to private information followed by an underreaction when the information becomes public. Design/methodology/approach -In this study, the authors test analysts' overconfidence through the overreaction preceding a public announcement followed by an underreaction after the announcement. If overconfidence occurs, over-and underreactions should be, respectively, observed before and after the public announcement. If uncertainty boosts overconfidence, the authors predict that these two combined misreactions should be stronger when uncertainty is higher. Uncertainty is defined according to technology intensity, and separate two types of firms: high-tech or low-tech. The authors use a sample of European firms during the period 1997-2007. Findings -The results support the overconfidence hypothesis. The authors jointly observe the two phenomena of under-and overreaction. Overreaction occurs when the information has not yet been made public and disappears just after public release. The results also show that both effects are more important for the high-tech subsample. For robustness, the authors sort the sample using analyst forecast dispersion as a proxy for uncertainty and obtain similar results. The authors also document that the high-tech stocks crash in 2000-2001 moderated the overconfidence of analysts, which then strongly declined during the post-crash period. Originality/value -This study offers interesting insights in two ways. First, in the area of financial markets, it provides a test of a major over-and underreaction model and implements it to analysts' reactions through their revisions (versus investors' reactions through stock returns). Second, in a broader way, it deals with the link between uncertainty and biases. The results are consistent with the experimental evidence and extend it to a cross-sectional analysis that reinforces it as pointed out by Kumar.