Laveren, Eddy; Helleboogh, David; Lybaert, Nadine
It is well documented that the availability of financial resources is one of the challenges of new venture creation. In order to overcome these challenges, it is necessary and desirable that founders are aware of methods that minimize the need for financing by securing resources at little or no cost, and by creatively acquiring resources without using bank financing or equity. This collective set of methods is called financial bootstrapping. Despite the fact that the use of some bootstrap methods in actual practice is widespread, there is a lack of research focusing on developing an understanding of financial bootstrapping use...
Lybaert, Nadine; Vandormael, Evelien
Impression management is het manipuleren van informatie om een bepaald beeld te schetsen, met als voornaamste doel het creeren van een gunstiger indruk over de bedrijfsprestaties dan verantwoord is. Met betrekking tot het gebruik van grafieken in jaarverslagen zijn er vier vormen van impression management: selectiviteit, meetafwijking, orientatieafwijking en presentatieverbetering. Het is belangrijk dat we te weten komen in welke mate deze praktijken ook voorkomen bij de grafieken van onze Belgische jaarverslagen. Op die manier kunnen we de gebruikers van Belgische jaarverslagen bewustmaken van het feit dat er niet zomaar blindelings op de vrijgegeven informatie kan worden vertrouwd. Via deze...
Lybaert, Nadine; Janssens, Rik
Wanneer ondernemingen naar de beurs trekken, worden ze plots interessant voor analisten en investeerders. Daarom worden die bedrijven verplicht om een prospectus op te stellen, die hen vergezelt en begeleidt door de Initial Public Offering (IPO). De informatie in het prospectus moet ervoor zorgen dat analisten en investeerders een correcter beeld krijgen van de onderneming, wat de kans op een goede investeringsbeslissing verhoogt. In België is de relatie tussen de opname van vrijwillige winstvoorspellingen in een IPO-prospectus en earnings management naar ons weten nog niet eerder onderzocht. In dit onderzoek stellen we ons tot doel om het al dan niet...
The estimation of gravity models of internal (aggregate) place-to-place migration is plagued with endogeneity (omitted-variable) biases if the unobserved effects of spatial structure are not accounted for. To address this econometric problem, this paper presents a more general specification of the gravity model, which allows for (bilateral) parameter heterogeneity across individual migration pathsalong with (unilateral) origin- and destination-specific effects. The resultant three-way fixed-effects (3FE) model is applied for an analysis of interstate migration in Mexico based on cross-sectional data. To overcome parameter-dimensionality problems (due to limited or incomplete information), the 3FE model is estimated using the Generalized Maximum Entropy (GME)...
Spithoven, Andr??; Vanhaverbeke, Wim; Roijakkers, Nadine
Few studies on open innovation (OI)
address OI practices in small and medium-sized
enterprises (SMEs) and how their use of OI and the
resulting benefits differ from those of large enterprises.
The lack of resources in SMEs to engage in
looking outward is said to be a barrier to OI, but at the
same time this shortage is cited as a motive for
looking beyond organisational boundaries for technological
knowledge. We investigate how OI dimensions
impact the innovative performance of SMEs in
comparison to large companies. The key finding is
that the effects of OI practices in SMEs often differ
from those in large firms. SMEs are more effective in
using different OI...
Wang, Yuandi; Roijakkers, Nadine; Vanhaverbeke, Wim
This paper explores how interfirm variations in their in-licensed technology portfolios influence subsequent innovation performance. Existing studies mainly assume licensed technologies are homogeneously accessible to firms, and a prevailing explanation as to why firms vary in their innovation performance lies in differences of absorptive capacity. In this study, we intend to relax this assumption and use data about 186 Chinese indigenous firms to investigate how differences in in-licensing portfolios lead to different effects on innovation performance. We find that firms benefit from prior in-licensing technologies and the result is related to four dimensions of their licensing portfolios. We find that...
van Burg, Elco; Podoynitsyna, Ksenia; BECK, Lien; LOMMELEN, Tinne
Previous studies show that resource constraints have mixed effects on innovation and opportunity identification by entrepreneurs. Sometimes, resource constraints lead to identifying more opportunities, whereas in other cases, entrepreneurs see fewer opportunities. This study explores a new approach to reconcile this inconsistency. Using a sample of 219 small- and medium-sized enterprises (SMEs), we explore relationships between supply and demand constraints, on the one hand, and identifying supply and demand opportunities, on the other hand. The results show that supply constraints have a positive effect on identifying supply opportunities. Thus, this study shows that resource contraints direct the entrepreneur's attention toward...
Recent literature on firm-level heterogeneity and trade has emphasized a self-selection mechanism: only the most productive firms can recover the transaction (sunk) costs for serving foreign markets and become exporters. The role of trade integration is that a productivity gap between exporters and non-exporters becomes lower when the market becomes more integrated due to a fall in trade costs. The focus of this chapter is the role of EU harmonization of food regulations in explaining the intra-EU export-productivity premium. The food industry is an interesting case to examine because many directives and regulations of the Single Market Program concern this...
Niskanen, Mervi; Karjalainen, Jukka; Steijvers, Tensie
This study investigates the role that board structure has on the demand for audit quality inconnection with family ownership in a sample of private firms. In addition to this, we also shed light on whether ownership structure and board structure are substitute mechanisms in resolving agency costs in private family firms. Our main results show that the presence of outsiders on the board increases the demand for audit quality in the overall sample as well as in the presence of family ownership. Our results also confirm previous results and indicate that family firms are less likely to engage a Big...
Jans, Mieke J.
In the first book on process mining, Wil van de Aalst densely defines the goal of process mining “to use event data to extract process-related information”, like automatically discovering a process model by observing events that are recorded by some information system. This definition is broad, since it addresses the mining of all processes that are supported by an information system, revealing the wide range of possible applications of process mining. With the growing of the digital universe, the recording of events reaches new heights all the time. Given this omnipresence of recorded events and hence the large amount of...
Jans, Mieke; Alles, Michael G.; Vasarhelyi, Miklos
In this paper we explore the value that the techniques of process mining can provide to internal auditors by conducting a case study of the procurement process at a major European financial services provider. Jans et al. (2010) argued that process mining has the potential to increase the effectiveness and scope of internal auditing by enabling auditors to extract knowledge from event logs recorded by a business’s information system. They argued that what makes an event log potentially such a unique and potentially invaluable resource for auditing is not only that it provides the auditor with more data to analyze,...
Mercken, Roger; Vaes, Sarah
Dekker, Julie; Lybaert, Nadine; Steijvers, Tensie; Depaire, Benoit
In family business literature, business professionalization is often simplified into a binary characteristic, that is, the presence of a nonfamily manager. We contend that other professionalization features, which may act simultaneously, can influence firm performance. This study addresses professionalization as a multidimensional construct, as intended by general management literature, and assesses the impact on business performance based on these underlying dimensions. Using a representative sample of 523 private Belgian family businesses, we identify five different dimensions of the professionalization construct by means of an exploratory factor analysis. Further regression results revealed significant positive effects of increasing nonfamily involvement, implementing human...
DEPAIRE, Benoit; SWINNEN, Jo; JANS, Mieke; VANHOOF, Koen
Process deviation analysis is becoming increasingly important for companies. This paper presents a framework which structures
the field of process deviation analysis and identies new research opportunities. Application of the framework starts from managerial questions which relate to specific deviation categories and methodological steps.
Finally a general outline to detect high-level process deviations is formulated.
Hendrikx, Karolien; Voordeckers, Wim; Lambrechts, Frank
The current rapid changing economy calls for firms that are able to successfully change the way work is organized. Successful organizational innovation requires that family firms are able to see and respond to new directions for the firm while at the same time acknowledging what has made the firm successful so far (Poza, 2007). As such, successful organizational innovation requires combining the search for change and stability. To date, the question how family firms can achieve this, remains largely unanswered (e.g. Hatum and Pettigrew, 2004). We argue that stability and change are not necessarily incompatible in family firms, but rather...
Lambrechts, Frank; Taillieu, Tharsi; Grieten, Styn; Poisquet, Johan
Purpose – The purpose of this paper is to build a conceptual framework for understanding how in-depth joint supply chain learning can be successfully developed. This kind of learning is becoming increasingly important in highly turbulent and uncertain economic environments of new and growing interdependencies and complexities.
Design/methodology/approach – Using a “synthesizing” or “bricolage” approach, key insights, now dispersed over a variety of literatures and disciplines, are integrated to develop the framework.
Findings – The leading facilitative actor’s orientations, competencies and behavior play a significant role in enhancing the relationships between the supply chain actors shaping in-depth joint learning. Starting with...
Michiels, Anneleen; Voordeckers, Wim; Lybaert, Nadine; Steijvers, Tensie
Although classical agency theorists claim that pay-for-performance is not relevant in the context of private family firms, the authors provide empirical evidence of the opposite, using a sample of 529 privately held U.S. family firms. The results suggest that objective performance-based measures play a significant role in CEO compensation. Additionally, the authors find that in private family firms CEO compensation is more responsive to firm performance in firms with low ownership dispersion and in the controlling-owner stage. Furthermore, the positive pay-for-performance relation is slightly stronger for nonfamily CEOs than for family CEOs.
Lambrechts, Frank; Bouwen, René; Grieten, Styn; Taillieu, Tharsi
Supply chain learning (SCL) as reciprocal learning between interdependent partners becomes increasingly important for joint system optimization and development in highly complex business situations. There is a growing consensus that the overall effectiveness and development of a supply chain is a function of the willingness and capacity of its individual partners to build and sustain reciprocal learning relationships through which new knowledge and value is co-created . Increasingly, inter-organizational entities or collaborative task-systems are being set up in supply chains in order to collaborate on complex and open-ended problems/opportunities The purpose of this paper is to present a framework for...
Saarikoski, Annika; Koiranen, Matti; Lambrechts, Frank; Huybrechts, Jolien
The main purpose of this paper is to investigate and propose a concept of Entrepreneurial Resourcefulness in the context of family business. The critical concern derives from the fact that succesful economic performance is getting increasingly complicated, and requires constant learning from experience. Family firms offer versatile research ground for this phenomenon due to their dynamic characteristics, one being the strive for longevity. Emotionality adds the pervasive complexity in family business, therefore situational resourcesfulness is frequently needed. Evolutionary approach and systemic view are employed to investigate the interconnected processes and conditions between the individual and the family business systems. Invoking...
Lambrechts, Frank; Koiranen, Matti
The evolution of family business research and education has been largely practice-driven (Sharma, Hoy, Astrachan, & Koiranen, 2007). This may have caused some shortcomings in theoretical robustness and conceptual accuracy, but in turn, the close connection between research, education and practice has helped in achieving pragmatic validity and relevance for students and practitioners. Recently, however, authors have started to call for theorizing that is academically more rigorous and more “disciplined” in a deductive sense. According to Moores (2009), the family business field is entering the normal science paradigm. Are we, as family business scholars on a similar path as the...