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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.

Accountancy, Finance & Governance - Governance

Mostrando recursos 1 - 20 de 111

  1. Directive Deficiencies: How Resource Constraints Direct Opportunity Identification in SMEs

    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...

  2. 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...

  3. 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...

  4. In-depth joint supply chain learning: towards a framework

    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...

  5. 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.

  6. A framework of supply chain learning as advanced form of inter-organizational collaboration

    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...

  7. 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...

  8. Nurturing Pluralism and Rigor while developing Bridging Practices: How can today’s family business scholar respond to the challenges of being relevant?

    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...

  9. 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...

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

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

  11. 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

  12. 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...

  13. 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...

  14. 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...

  15. The distinctiveness of family firm intangibles: An empirical study

    Huybrechts, Jolien; Voordeckers, Wim; Lambrechts, Frank; Steijvers, Tensie; Lybaert, Nadine
    This paper estimates the effects of four intangible resources —family organizational culture, family firm reputation, human capital and networks— and their combinations on firm performance in a private-family firm setting. Contrary to previous research, we find that none of the studied resources have a significant effect on firm performance when looked at individually. However, our results suggest that the combined influence of these resources is important, supporting the idea that resources do not create value in isolation. Moreover, looking at these combined effects allows us to offer more nuanced insights into the role of intangible resources, calling for further theoretical...

  16. Board Team Leadership Revisited: A Conceptual Model of Shared Leadership in the Boardroom

    Vandewaerde, Maarten; Voordeckers, Wim; Lambrechts, Frank; Bammens, Yannick
    In the slipstream of several large-scale corporate scandals, the board of directors has gained a pivotal position in the corporate governance debate. However, due to an overreliance on particular methodological (i.e. input-output studies) and theoretical (i.e. agency theory) research fortresses in past board research, academic knowledge concerning how this important governance mechanism actually operates and functions remains relatively limited. This theoretical paper aims to contribute to the promising stream of research which focuses on behavioural perspectives and processes within the corporate board, by delving into one of the research areas perhaps plagued most by these predominant approaches: board leadership. In...

  17. Less Becomes More: The Relationship Between Constraints and Opportunity Identification in SMEs

    Podoynitsyna, Ksenia; van Burg, Elco; Beck, Lien; Lommelen, Tinne
    This paper analyzes to what extent opportunity identification in small and medium sized firms (SMEs) is influenced by financial and other resource constraints that these firms experience. We approach the debate on the positive or negative role of constraints by distinguishing between different types of financial (liquid) and non-financial (sticky) constraints on the one hand, and different sources of opportunities on the other hand. Our results indicate that these refinements represent complementary perspectives since different constraints could have both positive and negative effect on the same type of opportunity. Similarly, constraints of the same type could have drastically different effects...

  18. Family firms and the paradox of stability and change

    Hendrikx, Karolien; Voordeckers, Wim; Lambrechts, Frank
    How and why do some family firms succeed in combining stability and change, whereas others do not? This paper presents a conceptual model offering an answer to this question. In order to remain competitive in today’s economy, organizations need to be flexible, they need to be able to change the way work is organized and thus initiate and implement organizational innovations. However, despite their importance, many organizational innovation efforts don’t live up to their expectations (Bouwen and Fry, 1988; Schein, 1996a; Lambrechts, et al., 2009). We argue that the success of an organizational innovation process depends largely on whether a...

  19. The board demography – firm performance relationship revisited: opening the ‘black box’ using Bayesian analysis

    Huybrechts, Jolien; Voordeckers, Wim; D'Espallier, Bert; Lybaert, Nadine; Vandemaele, Sigrid; Van Gils, Anita
    Boards of directors have enjoyed an increased attention in recent management research. Because of scant and conflicting empirical evidence on the relationships between board demographic variables and firm performance, recent research has shown special interest for the antecedents of board performance in an effort to open the black box of the board of directors. We build on this research by testing a model that incorporates not only these board-level outcomes but also includes the preceding board demographics and subsequent firm performance. Moreover, building on behavioral theory, we argue that in order to study board behavior, focusing merely on actual board...

  20. Balancing Stability and Change in Family Firms: A Levers of Control Perspective on Organizational Innovation

    Hendrikx, Karolien; Voordeckers, Wim; Lambrechts, Frank
    This paper introduces a conceptual model discussing a levers of control perspective on organizational innovation in family firms. In order to remain competitive, firms need to be able to successfully change the way work is organized, as it may lead to a heightened capacity to innovate in the future or organizational learning (Bouwen & Fry, 1991). Successful organizational innovation requires that organizations 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 balancing change and stability....

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