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Document Server@UHasselt (58.026 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.

Research Center for Entrepreneurship and Innovation

Mostrando recursos 1 - 20 de 191

  1. 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...

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

    MURPHY, Linda; LAMBRECHTS, Frank

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

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

  4. 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...

  5. 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...

  6. Innovation, competition and firm performance: An econometric analysis on the Dutch pharmaceutical sector

    Sanyal, Shreosi
    This study mainly deals with the contemporaneous relation between innovation, competition and firm performance, conditioned by various firm-level determinants, for the Dutch pharmaceutical industry. Our analysis encompasses R&D investment and patents as the essential indicators of innovation; and investigates on their plausible linkage with competition, firm size, firm age, capital intensity and other variables, that eventually affect the productivity and growth in this knowledgeintensive industry. In addition to a comprehensive theoretical exploration, a number of empirical investigations are performed on a firm-level panel database for the Netherlands’ pharmaceuticals. In this PhD dissertation, chapter 1 deals with the theoretical overview and...

  7. Surfing the New Wave of Open Innovation Research

    Vanhaverbeke, Wim; West, Joel; Chesbrough, Henry

  8. Exploring Open Innovation at the Level of R&D Projects

    Vanhaverbeke, Wim; Du, Jingshu; Leten, Bart; Aalders, Ferrie

  9. A Classification of Open Innovation and Open Business Models

    Vanhaverbeke, Wim; Chesbrough, Henry

  10. New Frontiers in Open Innovation


    Companies have to innovate to stay competitive, and they have to collaborate with other organizations to innovate effectively. Although the benefits of "open innovation" have been described in detail before, mechanisms underlying how companies can be successful "open innovators" have not be understood well. A growing community of innovation management researchers started to develop different frameworks to understand open innovation in a more systematic way. This book provides a thorough examination of research conducted to date on open innovation, as well as a comprehensive overview of what will be the most important, most promising and most relevant research topics in...

  11. Sanus-Ace: Negotiating a Memorandum of Understanding in external corporate venturing. Teaching Note

    Vanhaverbeke, Wim

  12. Sanus-Ace: Negotiating a Memorandum of Understanding in external corporate venturing.

    VANHAVERBEKE, Wim
    This negotiation case describes a situation in which an investment manager of a large chemical company (ACE) has to decide about a corporate venturing investment in a small high-tech start-up (Sanus). To win board approval for this investment, an ACE business unit (in this case, ACE Food Specialties) must write a letter of commitment. The investment manager of ACE Venturing cannot invest in the start-up without a MoU between the start-up and the business unit of ACE. This case provides the required information for a negotiation between the investment manager, the business unit manager, and the start-up???s CEO. During the...

  13. When Research Meets Development: Antecedents and Implications of Transfer Speed

    DU, Jingshu; Leten, Bart; VANHAVERBEKE, Wim; Lopez-Vega, Henry
    This paper focuses on the organization of new product development in large, R&D-intensive firms. In these firms, research and development activities are often separated. Research is conducted in dedicated research projects at specialized research labs. Once research results are achieved by research projects, they are transferred to business units for further development and commercialization. We investigate the speed whereby research projects transfer their first research results to business units (hereafter: transfer speed). In particular, we analyze the antecedents and performance implications of transfer speed. Based on data of 503 research projects from a European R&D intensive manufacturing firm, our results...

  14. Ruimtelijke specialisatie en clustering van industriegroepen en de productiviteitsgroei in sectoren in Limburg in kaart gebracht

    PEETERS, Ludo; VANCAUTEREN, Mark

  15. Identifying local determinants of destination choices of international immigrants to the Madrid metropolitan area

    Peeters, Ludo; Chasco, Coro
    We examine the local determinants of destination choices of foreign immigrants to the Madrid metro area using data for 2005 and 2009 from the Spanish annual municipal-level registers of inhabitants. Taking advantage of the equivalence relation between conditional logit and Poisson, we estimate a location-choice model using the Poisson fixed-effects estimator. Origin-destination fixed effects are incorporated to account for the persistent spatial structure of the immigrants’ settlement patterns and to control for potential violations of the independence of irrelevant alternatives (IIA) assumption. The Poisson regression model is estimated for seven different groups of immigrants according to world regions or countries...

  16. 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.

  17. 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...

  18. Towards a General Framework for Business Tests

    SWENNEN, Marijke; DEPAIRE, Benoit; JANS, Mieke; VANHOOF, Koen
    Testing and controlling business processes, activities, data and results is becoming increasingly important for companies. Based on the literature, business tests can be divided into three domains, i.e. performance, risk and compliance and separate domain-specific frameworks have been developed. These different domains and frameworks hint at some aspects that need to be taken into account when managing business tests in a company. In this paper we identify the most important concepts concerning business tests and their management and we provide a first conceptual business test model. We do this based on an archival research study in which we analyse business...

  19. Farm household risk balancing: empirical evidence from Switzerland

    de Mey, Yann; Wauters, E.; Smid, D.; Lips, M.; Vancauteren, M.; Van Passel, S.
    This paper presents empirical evidence on household risk balancing behavior, i.e. farm households making strategic off-farm decisions in response to changes in expected business risk. Using Swiss FADN data, we estimate a fixed effects seemingly unrelated regression model to analyse how farm households jointly alter their levels of debt, off-farm income and consumption. The evidence suggests that farm households not only make strategic changes in debt levels (original risk balancing), but also strategic off-farm decisions (household risk balancing). Our results demonstrate that part of the behavioral risk response of farm households is ignored when focusing solely on farm-level analyses.

  20. 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.

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