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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.

Governance

Mostrando recursos 1 - 20 de 55

  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 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.

  6. 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

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

    CREEMERS, Sarah; VANCAUTEREN, Mark; VOORDECKERS, Wim

  8. 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...

  9. 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).

  10. 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...

  11. Nonfamily CEOs in family firms: examining the role of trust

    KELLECI, Ruveyda; LAMBRECHTS, Frank; Voordeckers, Wim; HUYBRECHTS, Jolien
    This study examines the role of trust in the relationship between an owner and a nonfamily CEO using a multiple case study design. Our sample consists of seven Belgian privately-held family firms who have hired a nonfamily CEO. Based on our findings, we suggest that the formation of trust is the key to success of the nonfamily CEO. We present a conceptual model that depicts the formation of trust throughout the relationship between the owner and the nonfamily CEO

  12. Top Management Team Members' Decision Influence and Cooperative Behaviour: An Empirical Study in the Information Technology Industry

    Buyl, Tine; Boone, Christophe; HENDRIKS, Walter
    Organizational leadership is generally distributed between the chief executive officer (CEO) and the top management team (TMT) members. Building on this observation, we present an empirical investigation of the cues for CEOs to delegate decision-making influence to particular TMT members. In the literature, explanations both based on expertise and driven by similarity are described. In this study, we reconcile both explanations by examining the moderating role of the TMT's level of ???cooperative behaviour??? (collaboration and information exchange). We analyse when and in what circumstances TMT members??? expertise and similarity to the CEO regarding his/her functional background and/or locus-of-control predict their...

  13. Multi-stakeholder collaboration of the British Petroleum Neighbours Platform: Relational practices and self-regulation

    Taillieu, Tharsi; LAMBRECHTS, Frank; Sips, Koen

  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
    Family firms serve as the backbone of many economies throughout the world. Few family firms, however, manage to survive into the next generations. When it comes to succession, the owner has to choose between appointing a family member, selling the firm, or hiring a non-family member to fulfill the function of the CEO.Despite the widespread attention given to succession issues, the effects of hiring a nonfamily CEO has received scant attention. Moreover, research also indicates significant differences in post-succession performance between family and nonfamily CEOs. Given the large economic importance and mixed research conclusions, there is an absolute necessity for...

  15. The effect of organizational characteristics on the appointment of nonfamily managers in private family firms: the moderating role of socioemotional wealth

    VANDEKERKHOF, Pieter; STEIJVERS, Tensie; HENDRIKS, Walter; VOORDECKERS, Wim
    This article examines the effect of organizational characteristics (firm innovativeness, firm internationalization, firm size) on the appointment of nonfamily managers in private family firms while taking into account the moderating role of socioemotional wealth (SEW). While these organizational characteristics increase the need for expertise, family firms cope with a limited pool of family managers. Therefore, new creative knowledge from nonfamily managers is needed. However, results from a sample of 145 Belgian family firms indicate that the positive effect of organizational characteristics on the integration of nonfamily managers decreases when family-related objectives reflected by SEW become more important for the firm.

  16. The entrepreneurial orientation???performance relationship in private family firms: the moderating role of socioemotional wealth

    SCHEPERS, Jelle; VOORDECKERS, Wim; STEIJVERS, Tensie; LAVEREN, Eddy
    Drawing on socioemotional wealth (SEW) literature, this paper revisits the established entrepreneurial orientation (EO)???performance relationship in a family business context. The main idea in entrepreneurship literature is that EO leads to increased firm performance. We question this logic in a family business context because family related non-financial goals, like SEW, may prevent the firm to reap the fruits of their entrepreneurial efforts. Specifically, we argue that SEW engenders inefficiencies that place constraints on the realization of the benefits of entrepreneurship. Therefore, we propose that a high level of SEW preservation hinders the transmission of the family firm???s EO into positive...

  17. The effect of diversity in the family firm TMT on decision-making quality

    VANDEKERKHOF, Pieter; STEIJVERS, Tensie; HENDRIKS, Walter; VOORDECKERS, Wim

  18. Radicale innovatie door familiebedrijven. Openheid voor vernieuwing door behoud van waarden

    HUYBRECHTS, Jolien; HENDRIKS, Walter; HENDRIKX, Karolien; LAMBRECHTS, Frank; VOORDECKERS, Wim

  19. Opvolging van de CEO en eigendomsoverdracht in het familiebedrijf: economische consequenties

    VOORDECKERS, Wim; TORFS, Nan; MICHIELS, Anneleen

  20. The conditional nature of board characteristics in constraining earnings management in private family firms

    STOCKMANS, Annelies; LYBAERT, Nadine; VOORDECKERS, Wim
    The goal of this article is to examine the influence of the board of directors in constraining earnings management in private family firms. We build further on the premise that corporate governance is conditional in nature. Specifically, we propose that the effect of the proportion of outside directors and CEO duality on earnings management is stronger when the family firm faces significant agency problems. Our results find support for the fact that, conditional on the presence of agency conflicts between controlling and noncontrolling shareholders, a higher proportion of outside directors and CEO nonduality may have a constraining effect on earnings management. This is in support of...

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