Recursos de colección

Document Server@UHasselt (59.068 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

Mostrando recursos 1 - 20 de 118

  1. De recente financi??le crisis en de dividendpolitiek van Belgische beursgenoteerde bedrijven

    Vandemaele, Sigrid; Kenis, Georges
    Deze paper bestudeert (de wijziging in) de dividendpolitiek van Belgische beursgenoteerde bedrijven tijdens de recente financi??le crisis. De resultaten wijzen erop dat beursgenoteerde bedrijven minder afkerig staan ten opzichte van dividendverlagingen tijdens de crisis dan in de jaren voor de crisis. De externe aanbodschok op de kredietmarkt leidt ertoe dat beursgenoteerde bedrijven naar het middel van dividendverlaging grijpen teneinde te verhinderen dat (interne) middelen wegvloeien uit de onderneming. Toch geven de resultaten aan dat niet alle bedrijven (in dezelfde mate) een dividendverlaging als een mogelijk optie beschouwen tijdens de financi??le crisis. De resultaten wijzen erop dat de kans op dividendverlaging tijdens de financi??le...

  2. Why do firms save cash from cash flows? Evidence from firm-level estimation of cash-cash flow sensitivities

    D'ESPALLIER, Bert; HUYBRECHTS, Jolien; Schoubben, Frederiek
    We construct firm-level estimates for the cash flow sensitivity of cash (CCFS) by modelling heterogeneous slopes in reduced-form cash equations. This approach allows identifying firms with a high, low or even negative savings propensity. We find that high CCFS firms have higher income variation, suggesting cash buffering is triggered by income shocks. High CCFS firms do not suffer from financing constraints measured by a wide selection of indicators. Our results suggest that the CCFS is not an adequate indicator to capture financing constraints. Rather, a higher CCFS indicates smoothing of income fluctuations by installing a cash buffer that successfully prevents...

  3. Learning in the family business: Unique for the next generation?

    MURPHY, Linda; LAMBRECHTS, Frank

  4. Temporal orientation and product innovation in multi-generation privately held family firms

    HUYBRECHTS, Jolien; LAMBRECHTS, Frank; VOORDECKERS, Wim; STEIER, LIoyd

  5. De niet-familiale CEO in het familiebedrijf. Hoe komen tot een succesvolle en duurzame relatie

    Hendriks, Walter; Lambrechts, Frank; Vandenrijt, Liesbeth; Kelleci, Ruveyda; Voordeckers, Wim; Huybrechts, Jolien; Dekker, Julie
    België staat voor een enorme uitdaging: 20.000 Belgische bedrijven zullen de eerstkomende jaren op zoek moeten naar een CEO opvolger. Het vinden van de juiste opvolger is voor deze bedrijven cruciaal voor het voortbestaan van de onderneming. Dit boek gaat specifiek in op het CEO opvolgingsproces in familiebedrijven. Traditiegetrouw kiezen familiebedrijven voor een opvolger uit de eigen familie. Slechts 11 procent van de familiebedrijven kiest op dit moment voor een CEO opvolger van buiten de familie. Het doel van dit boek is tweeledig. Het eerste doel is het wetenschappelijk onderbouwen van de verschillende facetten van het opvolgingsproces. Eén van de facetten...

  6. The demand for auditor services in wholly family-owned private firms: the moderating role of generation

    CORTEN, Maarten; STEIJVERS, Tensie; LYBAERT, Nadine
    Former audit demand studies generally consider wholly family-owned private firms as a homogeneous group of firms that incur minimal agency costs. Family firm literature, however, argues that these firms might incur significant agency costs as well and we therefore examine audit demand in this particular type of firm. As we examine private family firms from the USA, which have no audit requirement, we broaden the concept of audit demand to the demand for auditor services, which encompasses audits, reviews and compilations. Consistent with former audit demand studies, we hypothesise a negative association between management ownership and the demand for auditor...

  7. Tax aggressiveness in private family firms: An agency perspective

    STEIJVERS, Tensie; Niskanen, Mervi
    This article investigates, from an agency perspective, whether private family firms, compared to private nonfamily firms, are more tax aggressive. Moreover, for private family firms, the effect of the extent of separation between ownership and management on tax aggressiveness is studied. Additionally, we verify whether effective board monitoring moderates this relationship. Using Finnish survey data, results show that private family firms are less tax aggressive than nonfamily firms. For the subsample of private family firms, firms with a lower CEO ownership share are more tax aggressive whereas the presence of an outside director in their board mitigates this direct effect.

  8. The demand for auditor services in private family firms: the moderating role of generation

    CORTEN, Maarten; STEIJVERS, Tensie; LYBAERT, Nadine
    Former audit demand studies generally consider wholly family-owned private firms as a homogeneous group of firms that incur minimal agency costs. Family firm literature, however, argues that these firms might incur significant agency costs as well and we therefore examine audit demand in this particular type of firm. As we examine private family firms from the USA, which have no audit requirement, we broaden the concept of audit demand to the demand for auditor services, which encompasses audits, reviews and compilations. Consistent with former audit demand studies, we hypothesise a negative association between management ownership and the demand for auditor...

  9. The CEO autonomy-stewardship behavior relationship in family firms: The mediating role of psychological ownership

    HENSSEN, Bart; VOORDECKERS, Wim; LAMBRECHTS, Frank; KOIRANEN, Matti
    This study investigates the relationship between a family business CEO's autonomy and stewardship behavior. Building on psychological ownership theory, we argue that psychological ownership mediates the autonomy–stewardship relationship. In contrast to prior studies, we differentiate between individual-oriented and collective-oriented psychological ownership as two distinct dimensions of individual psychological ownership. Our results reveal that CEO autonomy is an important determinant of stewardship behavior and that this relationship is only mediated by individual-oriented psychological ownership. Moreover, both individual-oriented and collective-oriented psychological ownership are found to be antecedents of CEO stewardship behavior.

  10. Measuring and explaining the productivity and profitability premium of family firms versus non-family firms: an empirical analysis of SMEs in the Western Euroregion

    CREEMERS, Sarah; VANCAUTEREN, Mark; VOORDECKERS, Wim

  11. Using innovation in explaining the performance premium of family firms: an empirical analysis of SMEs

    CREEMERS, Sarah; VANCAUTEREN, Mark; VOORDECKERS, Wim

  12. Financial and nonfinancial performance outcomes of the choice of management control systems in family firms

    Helsen, Zoe; Lybaert, Nadine; Orens, Raf; Steijvers, Tensie; Dekker, Julie

  13. Board structures and board behaviour: a cross-country comparison of privately held SMEs in Belgium, the Netherlands and Norway

    VOORDECKERS, Wim; VAN GILS, Anita; Gabrielsson, Jonas; Politis, Diamanto; Huse, Morten
    In this study, we examine and compare formal board structures and actual board behaviour in privately held SMEs. We integrate and build on ideas from institutional theory and the behavioural theory of the firm to propose that privately held firms have specific governance needs that 'decouple' formal board structures from actual board behaviour. Following this logic, we expect board structures to vary across countries while board behaviour does not. We test this in a cross-country sample of SMEs in Belgium, the Netherlands and Norway. The empirical results support the proposition that board structures are largely decoupled from actual board behaviour...

  14. How about this other succession option? Gaining a deeper understanding of the conditions under which a nonfamily CEO can thrive

    KELLECI, Ruveyda; LAMBRECHTS, Frank; VOORDECKERS, Wim; Huybrechts, Jolien
    Using an inductive grounded theory approach, this study examines the process of trust formation between an owner and a nonfamily CEO throughout their relationship. Building on the relational constructionist perspective and the trust literature, we develop a conceptual model that identifies the different phases in the relationship between the owner and the nonfamily CEO and describe the formation and evolution of trust throughout these different phases. Based on data from seven private family firms, we show that trust between the owner and nonfamily CEO is initially calculus-based (cognition-based), and gradually evolves to relational trust (affective-based).

  15. The choice of MCS in family firms: the moderating role of trust and the importance of family goals

    HELSEN, Zoe; LYBAERT, Nadine; ORENS, Raf; Steijvers, Tensie; Dekker, Julie

  16. Entrepreneurial Intention and Action in Family Firms: A Socioemotional Wealth Perspective

    Schepers, Jelle; Voordeckers, Wim; Steijvers, Tensie; Laveren, Eddy
    This study attempts to distinguish and link entrepreneurial intentions (EI) and entrepreneurial actions (EA) in a family business context. Entrepreneurial intentions capture the firm???s willingness to create new value within an existing organization, whereas entrepreneurial actions refer to the actual behavior of the company. Building on literature from applied psychology we suggest that, although entrepreneurial intentions are often a good predictor for entrepreneurial activity, intentions do not always lead to the expected action. Especially in a family business context, the dark side of socioemotional wealth (SEW) will prevent the firm to put their intentions into practice, leading to an intention-behavior...

  17. Audit demand in private family firms: The role of family cohesion and CEO power

    CORTEN, Maarten; STEIJVERS, Tensie; LYBAERT, Nadine; MERCKEN, Roger

  18. Audit demand in private family firms: The role of family cohesion and CEO power

    CORTEN, Maarten; STEIJVERS, Tensie; LYBAERT, Nadine; MERCKEN, Roger

  19. Corporate participation in the due process of international accounting standard setting: An analysis of the antecedents

    Jorissen, Ann; Lybaert, Nadine; Orens, Raf; Vander Tas, Leo

  20. Corporate political activity towards the IASB: An analysis of the antecedents

    Jorissen, Ann; Lybaert, Nadine; Orens, Raf; Vander Tas, Leo

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