Document Server@UHasselt
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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.
2.
The incidence of personal collateral in small business lending - STEIJVERS, Tensie; VOORDECKERS, Wim
Previous empirical research has devoted little effort on the role and determinants of business collateral and personal commitments in the credit acquisition process, even though this is a common feature of many small business credit contracts. This paper provides new empirical evidence on the determinants of business collateral and personal commitments. Starting from theoretically important factors concerning the use of collateral, a multinomial logit model is used to determine simultaneously the determinants of both kinds of commitments. The results, based on a database of small business credit approvals from a Belgian retail bank, suggest that loan, lender and firm characteristics...
4.
Board Processes in Family Firms: The Effect of Family Ties on the Balancing of Trust and Control - BAMMENS, Yannick; VOORDECKERS, Wim; VAN GILS, Anita
In this article we present a theoretical framework for understanding the influence of the family system on the functioning of boards of directors. Our starting point is that effective board processes require non-executive directors to properly balance trust and control in their relationship with the CEO. We clarify how the presence of family ties between both parties facilitates the building of ability and intentional trust, but increases the danger of inadequate control. Moreover, we argue that the influence of family ties is dependent upon the level of family cohesion and the generational dynamics. Our theoretical analysis reveals how the study...
5.
Collateral and credit rationing: a review of recent studies as a guide for future research - STEIJVERS, Tensie; VOORDECKERS, Wim
The relationship between firms and banks often suffers from informational opacity which may result in credit rationing. In theory, providing collateral to the bank can have a mitigating effect on these informational asymmetries and thus solve the credit rationing problem. The aim of this article is twofold. First, we provide a review of recently growing empirical research on collateral as a remedy for credit rationing. Secondly, we would like to pin-point gaps and limitations in current empirical research. Most studies contend with an incomplete research design by excluding other information opaqueness reducing tools such as the strength of the relationship...
7.
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 moderating governance and management variables. Our results suggest that ownership dispersion has a positive influence on performance when the family firm is in the â??cousin consortiumâ?? 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 as...
8.
Credit Rationing in the Corporate Bank Loan Market: Short Term vs. Long Term Bank Debt Rationing - STEIJVERS, Tensie; VOORDECKERS, Wim
We investigate the empirical significance of credit rationing for SMEs over the period 1994-2001 using a panel data set consisting of 1,000 Belgian SMEs. We estimate a demand-supply disequilibrium model and are the first to differentiate between short and long term bank debt rationing. Our results indicate that 30.6% of the SMEs are credit rationed for long term debt. In general, these firms could be characterized as fast-growing firms, experiencing a growth delay in the aftermath of credit rationing. Only 7.8% of the SMEs would experience short term bank debt rationing, being less creditworthy firms, creating little value and cash...
9.
Existence of credit rationing for SMEâ??s in the Belgian corporate bank loan market - STEIJVERS, Tensie
Credit rationing is by many Keynesian economists nowadays seen as one of the most important examples of market failure in a modern capitalistic economy. Credit rationing occurs if in equilibrium the demand for loans exceeds the supply at the ruling price (interest rate). Since (Belgian) SMEs heavily rely on bank finance, this restricted access to bank finance could have a negative effect on the investment in new profitable projects and growth of the economy.
Due to the lack of empirical research in this domain, we study the empirical significance of credit rationing for SMEs in a Belgian (bank based) context for...
10.
The relation between disclosure quality, income smoothing and earnings' timeliness - JANS, Mieke; ORENS, Raf; LYBAERT, Nadine
High quality information is vital for a good communication between the corporation and the investing community. Companies can communicate their information by means of disclosure and recognition. Disclosure is the process of providing information in the financial statements
through footnotes, management and discussion analysis, supplementary schedules, or other means. Recognition is the process of incorporating an item in the balance sheet or income statement (IAS Board
Framework). Although investors as well as financial analysts could
make better investment decisions when having more insights into this
interaction, little research has been done about the interaction between
disclosure quality and recognition practices. Therefore, this paper concentrates on...
11.
Voluntary non-financial disclosure practices by Belgian listed firms and their relevance from an analysts' point of view - ORENS, Raf; LYBAERT, Nadine; JANS, Mieke
In a former study of Orens and Lybaert (2004), a cross-sectional approach was taken concerning the analysts' use of voluntary non-financial information. This paper elaborates on that study, in this sense that the subject is approached using time series data. More specifically, this paper discusses three research questions: (1) Is an evolution observable regarding the disclosure of voluntary non-financial information in annual reports over a period of time? (2) Is an evolution observable regarding the use of voluntary non-financial information by financial analysts? (3) Are corporate managers and financial analysts still attaching a different importance to non-financial information? Our research...
12.
Provisions: a tool for earnings management? - LYBAERT, Nadine; JANS, Mieke; ORENS, Raf
Manipulating the annual account numbers can benefit every company, and lots of techniques are available to reach this aim. In Belgium, empirical data concerning the phenomenon of earnings management is rather rare, and perhaps the last â??non-believersâ?? have been convinced of its existence by the scandals around Lernout & Hauspie. Anyhow, one recent study (Vander Bauwhede et al., 2003) found that 39 listed Belgian companies do engage in income smoothing and manage earnings opportunistically to meet the benchmark target of prior-year earnings. In this paper, we examine whether the Belgian companies manage their earnings by focusing on their policy of...
13.
Controlling for cross-sectional and spatial heterogeneity in the hedonic property value model using entropy econometrics - TIRI, Marc; PEETERS, Ludo
Hedonic pricing models that apply data from many different metropolitan areas are subject to considerable cross-sectional and spatial heterogeneity. When disregarded, this heterogeneity can have important consequences for estimation and inference. In the present paper we develop a flexible entropy-based estimator that allows controlling for several sources of (unobserved)
heterogeneity in the hedonic price function. In the empirical application, we examine the performance of the new estimator applying data from the seminal Harrison and Rubinfeld paper on hedonic pricing. Our empirical results show how failure to control for cross-sectional and spatial heterogeneity may result in biased coefficients and a loss of...
14.
Relational practices, representation and self-regulation: Collaboration in the HR-Forum of the Suppliers teams at Volvo Ghent - TAILLIEU, Tharsi; SIPS, Koen; LAMBRECHTS, Frank; CLAEYS, Filip
This paper provides a process-oriented description of some selected aspects of the
functioning of the Human Resources Management Forum of the Suppliers Teams of Volvo Cars at Ghent. (STVC-HRM). The Forum is an outgrowth of the Supplier Teams network of the Volvo Cars site in Ghent. It functions as an information, advice, and coordination collaborative task force with regard to issues as recruitment, selection, evaluation promotion and dismissal, work and vacation planning, wage comparisons, training and quality management, dealing with industrial relations, grievances and strikes, and other interdependencies between the network partners. In the paper we discuss the founding events of...
15.
Inter-State Migration in Mexico, 1995-2000: A Flexible Poisson Gravity-Modeling Approach - PEETERS, Ludo
In this paper, I present an empirical study of aggregate inter-state migration in Mexico in the period 1995-2000. The study contributes to the empirical literature on migration in a number of ways. Firstly, I show that the gravity model in levels (Poisson model) provides a more realistic description of the migration process than a model in logs (log-linear model). Secondly, I develop a more flexible model by relaxing the standard assumption of spatial invariance (constancy) of the distance-decay parameter. This added flexibility should allow one to account for the effects of idiosyncratic ties between origin and destination states (imperfect information)....
16.
Nurturing Innovation in Family Firms: The Influence of Managerial and Family Characteristics - VAN GILS, Anita; VOORDECKERS, Wim; HAGEDOORN, John
This study examines the influence of managerial and family characteristics on three types of innovation in family firms, namely product, process and organizational innovation. The hypotheses are based on the main premises of trait-based theory, upper-echelon, resource-based and agency perspectives. While the empirical results illustrate that managerial and family characteristics are not the main antecedents of product innovation, they do explain a significant proportion of the variation in organizational and process innovation. Family CEOs negatively influence organizational innovation, while firm size, TMT heterogeneity and a CEOs internal locus of control positively influence changes in organizational practices. Process innovation is more...
17.
Entrepreneurship education: do student-companies offer superior value? - HOUBEN, Ghislain; MERCKEN, Roger
An entrepreneurship course for academic students is expected to be a vital stimulus to promote entrepreneurship and the setup of creative new businesses. But do the students learn the right things? A comparison is made between the more classic business plan course and the setup of an actual student company.
18.
Herwaarderen van materiële vaste activa door Belgische ondernemingen - MERCKEN, Roger
Herwaarderen van materiële vaste activa is voor Belgische ondernemingen eerder uitzonderlijk. Slechts 5,8% van de grote ondernemingen en 1,77% van de KMOs hebben hun MVA geherwaardeerd. In waarde vertegenwoordigt dit minder dan 1% van het balanstotaal (0,91% voor de grote ondernemingen, 0,98% voor de KMOs). Daarbij passen een aantal nuanceringen. Een eerste nuancering van het beeld is dat, als wij enkel rekening houden met vennootschappen die MVA op hun balans hebben, het aandeel van de meerwaarden in de waarde van de MVA voor grote ondernemingen 9,07% bedraagt en voor KMOs 2,94%. Grote ondernemingen herwaarderen hun MVA dus niet alleen frequenter,...
19.
Structures and Behaviour: a Cross-Country Comparison of Boards of Directors in SMEs. - VOORDECKERS, Wim; VAN GILS, Anita; GABRIELSSON, Jonas; HUSE, Morten; POLITIS, Diamanto
Prior cross-country governance studies mainly built on agency theorys governance model. Recently, the use of this theoretical perspective has been criticized from both institutional theory as well as the behavioural perspective. Institutional theory would predict that a significant part of the variation in board behaviour could be attributed to the institutional context of a country. In contrast, the behavioural perspective follows the reasoning that board behaviour is expected to be determined by firm-specific challenges and needs rather than the broader institutional context and hence, predicts that the institutional context of a country does not explain variation in actual board behaviour....
20.
The agency costs of debt in private family firms - STEIJVERS, Tensie; VOORDECKERS, Wim
This paper uses a cross sectional sample of 485 lines of credit from the NSSBF database to investigate the significance of the agency costs of debt at private family firms. Contrary to previous studies, we consider the price of the loan as multidimensional: it mainly consists of the interest rate, business collateral and personal collateral requirements. In order to take into account the jointness in debt terms, we simultaneously estimate the entire model consisting of an interest rate equation, business collateral equation and personal collateral equation using an instrumental variable technique, 2SLS. The results reveal that private family firms are...
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