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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.

Accountancy, Finance & Governance - Accountancy & Finance

Mostrando recursos 1 - 20 de 134

  1. The use of financial bootstrapping in small and medium-sized ventures and the impact on venture growth

    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...

  2. Het gebruik van grafieken als instrument voor presentatieverbetering in de jaarverslagen van Belgische ondernemingen

    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...

  3. Winstmanipulatie na het geven van vrijwillige winstvoorspellingen in een IPO: een al dan niet terechte vrees?

    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...

  4. Audit quality: the role of board structure in private firms

    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...

  5. Process mining in auditing: from current limitations to future challenges

    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...

  6. Process mining of event logs in internal auditing: a case study

    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,...

  7. Niet-financiële informatie in de jaarverslagen van Belgische beursgenoteerde ondernemingen.

    Mercken, Roger; Vaes, Sarah

  8. The Effect of Family Business Professionalization as a Multidimensional Construct on Firm Performance

    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...

  9. A Process Deviation Analysis Framework

    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.

  10. Family firms and the paradox of stability and change

    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...

  11. CEO compensation in private family firms: pay-for-performance and the moderating role of ownership and management

    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.

  12. The evolution of entrepreneurial resourcefulness in the context of family business

    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...

  13. The ownership-performance relationship: agency issues in private family firms

    Voordeckers, Wim; Steijvers, Tensie; Peeters, Ludo
    Using a cross sectional sample of 2863 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 authorship dispersion proxies with moderating management and family variables. Our results suggest that ownership dispersion has a positive influence on performance when the family firm is in a later 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 described by...

  14. Founder versus descendant CEO: their effect on firm-level entrepreneurial orientation

    Schepers, Jelle; Voordeckers, Wim; Steijvers, Tensie; Laveren, Eddy

  15. The effect of a division of strategic responsibility on the composition of a TMT and board of directors in private family firms

    Vandekerkhof, Pieter; Steijvers, Tensie; Hendriks, Walter; Voordeckers, Wim

  16. Untangling the multidimensional construct of professionalization in private family owned SMEs: working towards a family business typology

    Dekker, Julie
    Het idee van het 'professionaliseren' van familiebedrijven wint steeds meer aan belang, en dit zowel in de academische wereld als in de bedrijfswereld. Dit uit zich ondermeer in allerhande seminaries, handboeken en op maat gemaakte stappenplannen. Een simplificatie die daarbij vaak ten onrechte wordt gemaakt, is dat het begrip 'professionaliseren' herleid wordt tot het overstappen van familiaal management naar niet-familiaal management, of het zogenaamde 'professioneel' management. Deze simplificatie leidt ertoe dat men door het aanwerven van een niet-familiale manager van de ene op de andere dag als familiebedrijf 'professioneel' zou kunnen worden, wat uiteraard niet strookt met de realiteit. Dit...

  17. Dividends and family governance practices in private family firms

    Michiels, Anneleen; Voordeckers, Wim; Lybaert, Nadine; Steijvers, Tensie
    Intra-familial principal-principal conflicts are a relevant agency problem in privatelyheld family firms. These conflicts of interest commonly occur between active and passive family shareholders, and require remedies different from those that deal with principal-agent conflicts. This article empirically examines whether or not firms use dividends as instruments to cope with conflicts of interest between active and passive family shareholders and how family governance practices moderate this relationship. The results show that the existence of an intra-familial conflict of interest results in a higher propensity to pay dividends and that the use of family governance practices strengthens this relationship. Additionally, the...

  18. The effect of family business professionalization as a multidimensional construct on firm performance

    Dekker, Julie; Lybaert, Nadine; Steijvers, Tensie; Depaire, Benoit
    In family business literature, business professionalization is often simplified into a binary characteristic, that s the presence of a nonfamily manager. We contend that other professionalization features, which may act simultaneously, can influence firm performance. This study adresses 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 the professionalization dimensions on firm...

  19. Dividends and family governance practices in private family firms

    Michiels, Anneleen; Voordeckers, Wim; Lybaert, Nadine; Steijvers, Tensie
    Intra-familial principal-principal conflicts are a relevant agency problem in privatelyheld family firms. These conflicts of interest commonly occur between active and passive family shareholders, and require remedies different from those that deal with principal-agent conflicts. This article empirically examines whether or not firms use dividends as instruments to cope with conflicts of interest between active and passive family shareholders and how family governance practices moderate this relationship. The results show that the existence of an intra-familial conflict of interest results in a higher propensity to pay dividends and that the use of family governance practices strengthens this relationship. Additionally, the...

  20. Dividends and family governance practices in private family firms

    Michiels, Anneleen; Voordeckers, Wim; Lybaert, Nadine; Steijvers, Tensie
    Intra-familial principal-principal conflicts are a relevant agency problem in privately-held family firms. These conflicts of interest commonly occur between active and passive family shareholders, and require remedies different from those that deal with principal-agent conflicts. This article empirically examines whether or not firms use dividends as instruments to cope with conflicts of interest between active and passive family shareholders and how family governance practices moderate this relationship. The results show that the existence of an intra-familial conflict of interest results in a higher propensity to pay dividends and that the use of family governance practices strengthens this relationship. Additionally, the...

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