Document Server@UHasselt
(3.246 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.
Mostrando recursos 1 - 12 de 12
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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.
3.
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...
4.
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...
5.
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...
6.
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...
7.
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....
8.
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...
9.
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...
10.
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...
11.
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....
12.
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 19982000) and a set of economic performance indicators drawn from the Belgian Belfirst (relating to the period 19982004). 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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