Recursos de colección

Document Server@UHasselt (58.393 recursos)

Repository of the University of Hasselt containing publications in the fields of statistics, computer science, information strategies and material from the Institute for behavioural sciences.

Research Groups - Financial Management

Mostrando recursos 1 - 19 de 19

  1. Analyzing firm-varying investment-cash flow sensitivities and cash-cash flow sensitivities: A Bayesian approach

    D'Espallier, Bert; HUYBRECHTS, Jolien; Lopez Iturriaga, Felix Javier
    We employ a Bayesian estimator to construct firm-varying investment-cash flow sensitivities (ICFS) for a sample of 90 Spanish listed firms over a 10-year period (1999-2008). We then analyze which variables are associated with the firm-level ICFS estimates. The results indicate that firms with high ICFS are capital-intensive firms with high growth rates that have exhausted much of their debt capacity. Furthermore, high-ICFS firms have lower liquidity, lower profitability and lower stock market valuation than their counterparts. These results provide evidence that high-ICFS firms have higher external financing needs while faced with fewer available external financing sources. Our analysis suggests that,...

  2. Het Belang Van Immateriële Activa In Het Midden- En Kleinbedrijf

    VERGAUWEN, Philip; Kickken, P.; VANDEMAELE, Sigrid

  3. International Accounting Standards. Bespreking En Toepassing Van De IAS/IFRS Normen

    Jorissen, A.; LYBAERT, Nadine; Rombaut, C.; Vander Bauwhede, H.; Vanstraelen, A.
    Beursgenoteerde groepen in de Europese Unie zijn sinds 1 januari 2005 verplicht hun groepsjaarrekening of geconsolideerde jaarrekening op te stellen volgens de internationale rapporteringsnormen (IAS/IFRS). In heel wat EU-landen werd deze verplichting uitgebreid naar niet-genoteerde groepen en financiele instellingen. Ook heel wat middelgrote ondernemingen kiezen nu al de internationale rapporteringsnormen voor hun groepsverslaggeving. Dit boek wil de lezer vertrouwd maken met deze nieuwe regels voor verslaggeving en hem of haar inzicht verschaffen in de toepassing ervan. Alle actieve internationale rapporteringsnormen worden in dit boek uiteengezet.

  4. Lobbying Towards A Global Standard Setter – Do National Characteristics Matter? An Analysis Of The Comment Letters Written To The IASB

    Jorissen, A.; LYBAERT, Nadine; Vande Poel, K.
    The chapter analyzed the lobbying behaviour of the different constituent parties towards the IASB. The hypotheses of Sutton (1984) that preparers lobby more often than users and large firms lobby more often than small firms are confirmed in this multinational setting. With the data resulting from a content analysis of comment letters sent in response to the exposure draft preceding the final standard IFRS 2 on share-based transactions, we were able to confirm the economic perspective theory of Watts and Zimmerman (1986). Companies that experience a negative cash flow effect from the proposed standard do indeed engage more in lobbying....

  5. In Search For A Link Between Innovation, Intellectual Capital And Company Performance

    LYBAERT, Nadine; TIRI, Marc; VANDEMAELE, Sigrid
    The aim of the current paper is to explore the relationship between innovation/intellectual capital and the economic performance of firms in Flanders. For this purpose, use is made of a longitudinal firm-level dataset, built up by matching data from two different statistical sources: the Flemish CIS-3 (concerning innovation activities during 1998–2000) and a set of economic performance indicators drawn from the Belgian Belfirst (relating to the period 1998–2004). Our findings suggest that it is very difficult to make general conclusions on the relation between innovation and growth. In our sample, results depend on the definition of firm growth as a...

  6. VIRTUAL ORGANIZATIONS AS TEMPORARY ORGANIZATIONAL NETWORKS: BOUNDARY BLURRING, DILEMMAS, CAREER CHARACTERISTICS AND LEADERSHIP

    LAMBRECHTS, Frank; Sips, Koen; Taillieu, Tharsi; GRIETEN, Styn
    The present study investigated the virtual organization model from a relational constructionist perspective. Since the beginning of the nineties, virtual organizations are applauded as the most economically efficient organizational structure to confront the challenges of increasing global competition and environmental complexity. However, when looking at this new organizational activity from a relational constructionist perspective, several critical questions and dilemmas emerge that go unnoticed in the literature. At the same time, in real life 'Open Innovation' cases, the possibilities and boundaries of virtual organizing are also becoming clearer. Compared to classical organizing, virtual organizing makes different demands on managing interdependencies, collaboration,...

  7. Agency problems and dividend policy in private family firms

    LYBAERT, Nadine; VANDEMAELE, Sigrid; VOORDECKERS, Wim
    In this paper, we build on the theoretical literature to develop a framework that yields predictions on the payout policy of private family firms. We argue that two forces primarily drive dividend policy in private family firms: (1) non-value-maximizing behavior as described by Chen et al. (2005) and (2) a private family firm variant of the managerial entrenchment hypothesis. Our empirical analysis supports the predictions. Based on a subsample of 1180 Belgian private family firms for which ownership data are available, we find a significant positive relation between the payout and controlling shareholder ownership above 50%. This finding illustrates that...

  8. Business collateral and personal commitments in SME lending

    VOORDECKERS, Wim; STEIJVERS, Tensie
    Using a database of SME credit approvals from a large Belgian bank, this paper extends the empirical evidence on the determinants of collateral by examining the determinants of business collateral simultaneously with the determinants of personal collateral/commitments. Our results suggest that firm and relationship characteristics seem to be more important determinants of collateral/commitment protection than loan and lender characteristics. Family firms are more likely to offer a higher degree of collateral/commitment protection while introducing competition between banks decreases this likelihood. The collateral requirement decreases in the length of the bank-borrower relationship. Furthermore, trade credit seems to have a signalling effect....

  9. Board Composition in Small and Medium-Sized Family Firms

    VOORDECKERS, Wim; VAN GILS, Anita; VAN DEN HEUVEL, Jeroen
    This study focuses on the determinants of board composition in Belgian small and medium-sized family firms. It extends the empirical literature on board composition in private small and medium-sized family enterprises by integrating several dimensions of the "family component" in the research model. Furthermore, using a multinomial logit model, we examine in which circumstances family firms opt for (1) a family board, (2) an inside board, or (3) an outside board. Results suggest that family-related contingency variables are far more important than CEO-related or control variables, giving support to the argument that board composition in family firms is a reflection...

  10. Board Roles in Small and Medium-Sized Family Businesses: performance and importance

    VAN DEN HEUVEL, Jeroen; VAN GILS, Anita; VOORDECKERS, Wim
    The board of directors is regarded as one of the most imperative governance mechanisms in small and medium-sized family firms. Empirical studies examining both the roles these boards fulfil in a family business context, as well as evaluating the CEO's perceived importance of these roles, are scarce. Founded by a range of conceptual and multi-theoretical board role definitions, this paper contributes to the literature by empirically determining board roles. Furthermore, the importance of these board roles and differences between the board's performance and perceived importance are assessed. The results show it is indispensable to differentiate between two aggregated roles that...

  11. Winststuring Door Belgische Ondernemingen Via Het Voorzieningenbeleid

    LYBAERT, Nadine; JANS, Mieke
    In dit artikel wordt ingegaan op de vraag in welke mate er door de Belgische bedrijven die rapporteren volgens het volledige schema, aan winststuring werd gedaan via het voorzieningenbeleid tijdens de periode van 1997 tot 2002. De resultaten geven geen enkel bewijs dat de bedrijven wel degelijk door het aanleggen of terugnemen van voorzieningen komen tot een zekere "resultaatafvlakking". Evenmin wijzen de resultaten erop dat de ondernemingen gebruik zouden maken van "druipnat boekhouden", en dus niet meer voorzieningen toekennen wanneer er een daling is van het winstcijfer.

  12. Business collateral and personal commitments in SME lending

    VOORDECKERS, Wim; STEIJVERS, Tensie
    Using a database of SME credit approvals from a large Belgian bank, this paper extends the empirical evidence on the determinants of collateral by examining the determinants of business collateral simultaneously with the determinants of personal collateral/commitments. Our results suggest that firm and relationship characteristics seem to be more important determinants of collateral/commitment protection than loan and lender characteristics. Family firms are more likely to offer a higher degree of collateral/commitment protection while introducing competition between banks decreases this likelihood. The collateral requirement decreases in the length of the bank-borrower relationship. Furthermore, trade credit seems to have a signalling effect....

  13. Board Composition in Small and Medium-Sized Family Firms

    VOORDECKERS, Wim; Van Gils, A.; VAN DEN HEUVEL, Jeroen
    This study focuses on the determinants of board composition in Belgian small and medium-sized family firms. It extends the empirical literature on board composition in private small and medium-sized family enterprises by integrating several dimensions of the "family component" in the research model. Furthermore, using a multinomial logit model, we examine in which circumstances family firms opt for (1) a family board, (2) an inside board, or (3) an outside board. Results suggest that family-related contingency variables are far more important than CEO-related or control variables, giving support to the argument that board composition in family firms is a reflection...

  14. Board Roles in Small and Medium-Sized Family Businesses: performance and importance

    VAN DEN HEUVEL, Jeroen; Van Gils, A.; VOORDECKERS, Wim
    The board of directors is regarded as one of the most imperative governance mechanisms in small and medium-sized family firms. Empirical studies examining both the roles these boards fulfil in a family business context, as well as evaluating the CEO's perceived importance of these roles, are scarce. Founded by a range of conceptual and multi-theoretical board role definitions, this paper contributes to the literature by empirically determining board roles. Furthermore, the importance of these board roles and differences between the board's performance and perceived importance are assessed. The results show it is indispensable to differentiate between two aggregated roles that...

  15. Ownership, Governance And Financial Performance In Small And Medium-Sized Family Firms

    STEIJVERS, Tensie; VOORDECKERS, Wim; VANDEMAELE, Sigrid
    Using a cross sectional sample of 2,865 family firms from the 1998 NSSBF database, we examine the relationship between family ownership and financial performance for small and medium-sized family firms with a chained-interaction model in which we combine ownership dispersion proxies with several potential moderating governance and management variables. Our results suggest that ownership dispersion has a positive influence on performance when the family firm is in the “cousin consortium” generational stage giving support to predictions put forth by agency cost models in private family firms (Schulze et al., 2003). Our results also suggest that the zero agency-cost base case...

  16. Agency problems and dividend policy in private family firms

    LYBAERT, Nadine; VANDEMAELE, Sigrid; VOORDECKERS, Wim
    In this paper, we build on the theoretical literature to develop a framework that yields predictions on the payout policy of private family firms. We argue that two forces primarily drive dividend policy in private family firms: (1) non-value-maximizing behavior as described by Chen et al. (2005) and (2) a private family firm variant of the managerial entrenchment hypothesis. Our empirical analysis supports the predictions. Based on a subsample of 1180 Belgian private family firms for which ownership data are available, we find a significant positive relation between the payout and controlling shareholder ownership above 50%. This finding illustrates that...

  17. Het Belang Van Immateriële Activa In Het Midden- En Kleinbedrijf

    Vergauwen, P.; Kickken, P.; VANDEMAELE, Sigrid

  18. Winststuring Door Belgische Ondernemingen Via Het Voorzieningenbeleid

    LYBAERT, Nadine; JANS, Mieke
    In dit artikel wordt ingegaan op de vraag in welke mate er door de Belgische bedrijven die rapporteren volgens het volledige schema, aan winststuring werd gedaan via het voorzieningenbeleid tijdens de periode van 1997 tot 2002. De resultaten geven geen enkel bewijs dat de bedrijven wel degelijk door het aanleggen of terugnemen van voorzieningen komen tot een zekere "resultaatafvlakking". Evenmin wijzen de resultaten erop dat de ondernemingen gebruik zouden maken van "druipnat boekhouden", en dus niet meer voorzieningen toekennen wanneer er een daling is van het winstcijfer.

  19. In Search For A Link Between Innovation, Intellectual Capital And Company Performance

    LYBAERT, Nadine; TIRI, Marc; VANDEMAELE, Sigrid
    The aim of the current paper is to explore the relationship between innovation/intellectual capital and the economic performance of firms in Flanders. For this purpose, use is made of a longitudinal firm-level dataset, built up by matching data from two different statistical sources: the Flemish CIS-3 (concerning innovation activities during 1998–2000) and a set of economic performance indicators drawn from the Belgian Belfirst (relating to the period 1998–2004). Our findings suggest that it is very difficult to make general conclusions on the relation between innovation and growth. In our sample, results depend on the definition of firm growth as a...

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