<?xml version="1.0" encoding="utf-8"?>
<TEI xmlns="http://www.tei-c.org/ns/1.0" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:hal="http://hal.archives-ouvertes.fr/" xmlns:gml="http://www.opengis.net/gml/3.3/" xmlns:gmlce="http://www.opengis.net/gml/3.3/ce" version="1.1" xsi:schemaLocation="http://www.tei-c.org/ns/1.0 http://api.archives-ouvertes.fr/documents/aofr-sword.xsd">
  <teiHeader>
    <fileDesc>
      <titleStmt>
        <title>HAL TEI export of hal-01583860</title>
      </titleStmt>
      <publicationStmt>
        <distributor>CCSD</distributor>
        <availability status="restricted">
          <licence target="https://creativecommons.org/publicdomain/zero/1.0/">CC0 1.0 - Universal</licence>
        </availability>
        <date when="2026-05-24T22:44:16+02:00"/>
      </publicationStmt>
      <sourceDesc>
        <p part="N">HAL API Platform</p>
      </sourceDesc>
    </fileDesc>
  </teiHeader>
  <text>
    <body>
      <listBibl>
        <biblFull>
          <titleStmt>
            <title xml:lang="en">Restructuring the Board: How Stock Exchanges Can Succeed as For-Profit Firms</title>
            <author role="aut">
              <persName>
                <forename type="first">Faten</forename>
                <surname>Ben Slimane</surname>
              </persName>
              <email type="md5">ab257205b8baa580b2c975aa7414d803</email>
              <email type="domain">univ-eiffel.fr</email>
              <idno type="idhal" notation="string">faten-ben-slimane</idno>
              <idno type="idhal" notation="numeric">15033</idno>
              <idno type="halauthorid" notation="string">24841-15033</idno>
              <idno type="IDREF">https://www.idref.fr/145236331</idno>
              <idno type="ORCID">https://orcid.org/0000-0002-1164-0711</idno>
              <affiliation ref="#struct-303005"/>
              <affiliation ref="#struct-57129"/>
            </author>
            <author role="aut">
              <persName>
                <forename type="first">Laura</forename>
                <surname>Padilla Angulo</surname>
              </persName>
              <email type="md5">9dab7b995987e21953954a95e0418b30</email>
              <email type="domain">uloyola.es</email>
              <idno type="idhal" notation="numeric">1015979</idno>
              <idno type="halauthorid" notation="string">1089550-1015979</idno>
              <affiliation ref="#struct-506221"/>
            </author>
            <editor role="depositor">
              <persName>
                <forename>FATEN</forename>
                <surname>BEN SLIMANE</surname>
              </persName>
              <email type="md5">ab257205b8baa580b2c975aa7414d803</email>
              <email type="domain">univ-eiffel.fr</email>
            </editor>
          </titleStmt>
          <editionStmt>
            <edition n="v1" type="current">
              <date type="whenSubmitted">2017-09-08 08:55:47</date>
              <date type="whenWritten">2017-01</date>
              <date type="whenModified">2024-12-27 19:47:47</date>
              <date type="whenReleased">2017-09-08 08:55:47</date>
              <date type="whenProduced">2017-06</date>
            </edition>
            <respStmt>
              <resp>contributor</resp>
              <name key="309463">
                <persName>
                  <forename>FATEN</forename>
                  <surname>BEN SLIMANE</surname>
                </persName>
                <email type="md5">ab257205b8baa580b2c975aa7414d803</email>
                <email type="domain">univ-eiffel.fr</email>
              </name>
            </respStmt>
          </editionStmt>
          <publicationStmt>
            <distributor>CCSD</distributor>
            <idno type="halId">hal-01583860</idno>
            <idno type="halUri">https://hal.science/hal-01583860</idno>
            <idno type="halBibtex">benslimane:hal-01583860</idno>
            <idno type="halRefHtml">&lt;i&gt;AFFI Conference&lt;/i&gt;, Jun 2017, Valence, France</idno>
            <idno type="halRef">AFFI Conference, Jun 2017, Valence, France</idno>
            <availability status="restricted"/>
          </publicationStmt>
          <seriesStmt>
            <idno type="stamp" n="SHS">Sciences de l'Homme et de la Société</idno>
            <idno type="stamp" n="AO-ECONOMIE">Archives ouvertes de l'Economie</idno>
            <idno type="stamp" n="IRG" corresp="UPEC">Institut de Recherche en Gestion</idno>
            <idno type="stamp" n="UPEC" corresp="CV_UPEC">Université Paris-Est Créteil Val-de-Marne</idno>
            <idno type="stamp" n="UNIV-EIFFEL">Université Gustave Eiffel</idno>
            <idno type="stamp" n="UPEM-UNIVEIFFEL">Université Paris-Est Marne-la-Vallée</idno>
          </seriesStmt>
          <notesStmt>
            <note type="audience" n="2">International</note>
            <note type="invited" n="0">No</note>
            <note type="popular" n="0">No</note>
            <note type="peer" n="1">Yes</note>
            <note type="proceedings" n="0">No</note>
          </notesStmt>
          <sourceDesc>
            <biblStruct>
              <analytic>
                <title xml:lang="en">Restructuring the Board: How Stock Exchanges Can Succeed as For-Profit Firms</title>
                <author role="aut">
                  <persName>
                    <forename type="first">Faten</forename>
                    <surname>Ben Slimane</surname>
                  </persName>
                  <email type="md5">ab257205b8baa580b2c975aa7414d803</email>
                  <email type="domain">univ-eiffel.fr</email>
                  <idno type="idhal" notation="string">faten-ben-slimane</idno>
                  <idno type="idhal" notation="numeric">15033</idno>
                  <idno type="halauthorid" notation="string">24841-15033</idno>
                  <idno type="IDREF">https://www.idref.fr/145236331</idno>
                  <idno type="ORCID">https://orcid.org/0000-0002-1164-0711</idno>
                  <affiliation ref="#struct-303005"/>
                  <affiliation ref="#struct-57129"/>
                </author>
                <author role="aut">
                  <persName>
                    <forename type="first">Laura</forename>
                    <surname>Padilla Angulo</surname>
                  </persName>
                  <email type="md5">9dab7b995987e21953954a95e0418b30</email>
                  <email type="domain">uloyola.es</email>
                  <idno type="idhal" notation="numeric">1015979</idno>
                  <idno type="halauthorid" notation="string">1089550-1015979</idno>
                  <affiliation ref="#struct-506221"/>
                </author>
              </analytic>
              <monogr>
                <meeting>
                  <title>AFFI Conference</title>
                  <date type="start">2017-06</date>
                  <settlement>Valence</settlement>
                  <country key="FR">France</country>
                </meeting>
                <imprint/>
              </monogr>
              <ref type="publisher">http://www.affi.asso.fr/242-mai-2017.htm</ref>
            </biblStruct>
          </sourceDesc>
          <profileDesc>
            <langUsage>
              <language ident="en">English</language>
            </langUsage>
            <textClass>
              <keywords scheme="author">
                <term xml:lang="en"> top management teams</term>
                <term xml:lang="en"> board of directors</term>
                <term xml:lang="en"> strategy</term>
                <term xml:lang="en"> reputation</term>
                <term xml:lang="en"> stock exchanges</term>
                <term xml:lang="en">For-profit firm</term>
              </keywords>
              <classCode scheme="classification">IRG_AXE1</classCode>
              <classCode scheme="jel" n="G.G1.G15">G - Financial Economics/G.G1 - General Financial Markets/G.G1.G15 - International Financial Markets</classCode>
              <classCode scheme="jel" n="G.G3.G34">G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G34 - Mergers • Acquisitions • Restructuring • Corporate Governance</classCode>
              <classCode scheme="jel" n="L.L1.L14">L - Industrial Organization/L.L1 - Market Structure, Firm Strategy, and Market Performance/L.L1.L14 - Transactional Relationships • Contracts and Reputation • Networks</classCode>
              <classCode scheme="halDomain" n="shs.eco">Humanities and Social Sciences/Economics and Finance</classCode>
              <classCode scheme="halTypology" n="COMM">Conference papers</classCode>
              <classCode scheme="halOldTypology" n="COMM">Conference papers</classCode>
              <classCode scheme="halTreeTypology" n="COMM">Conference papers</classCode>
            </textClass>
            <abstract xml:lang="en">
              <p>We conduct a field experiment using stock exchanges, many of which were forced to demutualize and convert to for-profit structures due to increased competition and technological advances, to study corporate governance restructuring measures to adapt to new market conditions. The financial performance of the stock exchanges we studied significantly improved after their conversion to for-profit organizations and provide an example of successful corporate governance restructuring. We find that the stock exchanges restructured board composition and refocused them to create better value. The exchanges also reorganized their management teams and increased their performance-related compensation. Results suggest that the conversion of a company to a for-profit structure brings efficiencies when accompanied by changes in the governing bodies and the incentive structures. We also find that converting to for-profit firms had a positive impact on the reputation of the exchanges. The positive impact was even greater when accompanied by changes in board composition. Our results are relevant not only to the financial industry but to firms in other sectors considering going public. </p>
            </abstract>
          </profileDesc>
        </biblFull>
      </listBibl>
    </body>
    <back>
      <listOrg type="structures">
        <org type="regroupinstitution" xml:id="struct-303005" status="VALID">
          <idno type="ROR">https://ror.org/0268ecp52</idno>
          <orgName>Université Paris-Est</orgName>
          <orgName type="acronym">UPE</orgName>
          <desc>
            <address>
              <addrLine>6-8 avenue Blaise-PascalCité Descartes - Champs-sur-Marne77455 Marne-la-Vallée</addrLine>
              <country key="FR"/>
            </address>
            <ref type="url">http://www.univ-paris-est.fr</ref>
          </desc>
        </org>
        <org type="laboratory" xml:id="struct-57129" status="OLD">
          <idno type="IdRef">086144383</idno>
          <idno type="RNSR">199713903E</idno>
          <orgName>Institut de Recherche en Gestion</orgName>
          <orgName type="acronym">IRG</orgName>
          <date type="end">2019-12-31</date>
          <desc>
            <address>
              <addrLine>Université Paris-Est Créteil Val de Marne (UPEC) -Faculté de sciences économiques et de gestionPlace de la Porte des Champs , 4 Route de Choisy 94010 Créteil Cedex</addrLine>
              <country key="FR"/>
            </address>
            <ref type="url">http://www.irg.univ-paris-est.fr</ref>
          </desc>
          <listRelation>
            <relation active="#struct-301243" type="direct"/>
            <relation name="EA2354" active="#struct-420786" type="direct"/>
          </listRelation>
        </org>
        <org type="institution" xml:id="struct-506221" status="VALID">
          <orgName>Universidad Loyola Andalucía = Loyola University Andalucía</orgName>
          <date type="start">1963-01-01</date>
          <desc>
            <address>
              <addrLine>Cordoba, Sevilla, Ganada</addrLine>
              <country key="ES"/>
            </address>
            <ref type="url">https://www.uloyola.es</ref>
          </desc>
        </org>
        <org type="institution" xml:id="struct-301243" status="OLD">
          <idno type="IdRef">030820499</idno>
          <idno type="ISNI">0000000115124813</idno>
          <idno type="ROR">https://ror.org/02aqt9c37</idno>
          <orgName>Université Paris-Est Marne-la-Vallée</orgName>
          <orgName type="acronym">UPEM</orgName>
          <date type="start">1991-07-22</date>
          <date type="end">2019-12-31</date>
          <desc>
            <address>
              <addrLine>5 boulevard Descartes - Champs-sur-Marne - 77454 Marne-la-Vallée Cedex 2</addrLine>
              <country key="FR"/>
            </address>
            <ref type="url">http://www.u-pem.fr/</ref>
          </desc>
        </org>
        <org type="institution" xml:id="struct-420786" status="VALID">
          <idno type="IdRef">028021037</idno>
          <idno type="ISNI">0000000121497878</idno>
          <idno type="ROR">https://ror.org/05ggc9x40</idno>
          <orgName>Université Paris-Est Créteil Val-de-Marne - Paris 12</orgName>
          <orgName type="acronym">UPEC UP12</orgName>
          <date type="start">1970-01-01</date>
          <desc>
            <address>
              <addrLine>61 avenue du Général de Gaulle - 94010 Créteil cedex</addrLine>
              <country key="FR"/>
            </address>
            <ref type="url">http://www.u-pec.fr/</ref>
          </desc>
        </org>
      </listOrg>
    </back>
  </text>
</TEI>