Vlerick Repository

• Outcomes of team creativity: A person-environment fit perspective

  Bam, Louzanne; De Stobbeleir, Katleen; Vlok, PJ (Emerald, 2019)

  Limited research where team creativity (TC) is positioned as an independent variable constitutes a weak point in the body of knowledge. This paper aims to offer three contributions to address this research gap: empirical research that has been conducted on the outcomes of TC is summarized; a person–environment fit perspective is applied to develop a conceptual model for TC; and directions for future empirical research are proposed. A literature review is conducted to identify empirical research on the outcomes of TC. This is summarized into an extension of an existing framework that organizes empirical research on the antecedents of TC. Furthermore, the fit model for TC is developed, based on a person–environment fit perspective. Research on the outcomes of TC has focused on three themes: performance; affective state; and processes. Gaps in this body of knowledge include limited knowledge on performance outcomes and a lack of research on potential negative outcomes. Recommendations for future research include: potential moderators of the relationship between TC and two outcome, innovation and team performance, are proposed; strain and unethical decision-making are proposed as potential negative outcomes of TC; and it is proposed that incorporating a temporal dimension would improve the understanding of the cyclical manner in which certain variables and TC may interact over time. he organizing framework extension summarizes existing knowledge on the outcomes of TC, and together with the fit model for TC, this offers a basis for identifying research gaps and directions for future research. Specific directions for future empirical research are proposed.
• Academic fashion and crowdfunding: How to explain the craze for crowdfunding as a research topic

  Le Pendeven, Benjamin; Bardon, Thibaut; Manigart, Sophie (2019)

  Since Dushnitsky and Klueter’s paper on “an e-Bay for ideas” (2011), academic research on crowdfunding as a research topic in entrepreneurial finance has witnessed an exponential growth. Currently, about 28% of all papers in entrepreneurial finance are about crowdfunding (Wattelgroth et al. 2018). The academic interest in crowdfunding as a research topic largely exceeds the economic significance of crowdfunding as a mode of financing since only a tiny fraction of new business ventures’ funding has been raised though crowdfunding worldwide. For example, equity crowdfunding represented only 1.6% of the venture capital industry (Massolution, 2016; EY 2016). Hence the question we want to investigate in our current project is “How can we explain the ‘craze’ for crowdfunding as an academic research topic in entrepreneurial finance?”
• Are you part of the crowd? The role of socio-demographic and contextual characteristics for crowdfunding awareness

  Vaznyte, Egle; Andries, Petra; Manigart, Sophie (2019)

  Crowdfunding has become an alternative source of financing for entrepreneurial new ventures and social projects. While several studies have analysed the success factors of crowdfunding campaigns, and identifying and “tapping the right crowd” has been shown crucial in this respect, we still lack a basic understanding of the individuals who are in the crowd. This study aims to increase our understanding of the supply side of crowdfunding by focussing on individuals’ crowdfunding awareness. Integrating information processing theory with insights from financial literacy and institutional theory, and using a sample of 1,042 individuals in Flanders (Belgium), we find that individuals’ awareness of specific crowdfunding initiatives is very low. A favourable normative environment and a conducive environment increases an individual’s awareness of crowdfunding in general, and women tend to derive their crowdfunding awareness to a larger extent from these environmental characteristics than men.
• Investment timing and the return on VC backed IPOs

  Manigart, Sophie; Mulier, Klaas; Verplancke, Frederik (2019)

  In this study we explain the returns obtained on venture capital (VC) investments in US companies that go public. Using a unique dataset of 1,921 investor-IPO returns, representing 564 IPOs, we show that later investments result in a higher return. This holds after controlling for observed and unobserved IPO company and VC investor characteristics. This is counterintuitive, as later investments should be less risky compared to early investments. We show that the positive relationship between investment timing and return can be explained by the VC’s reputation and the risk and uncertainty related to the IPO. The higher returns for late investments are obtained by high reputation VCs and on investments in more risky and uncertain IPOs. We exclude other possible explanations, such as IPO ratchets for late investors, exit pressure because of the relatively short VC fund lifespan cycle or by unexpected funding needs before IPO that expropriate early investors.
• Examining the service engagement process in value co-creation in healthcare service delivery: A multi-level perspective

  Osei-Frimpong, K.; Wilson, A.; Lemke, Fred; Mclean, G. (2018)

  This study furthers our understanding of value co-creation, which has received little attention in the doctor-patient encounter relationship. We employed a quantitative survey method to shed light on factors driving this fundamental service aspect, followed up with a multilevel data analysis. These factors (assurance, social skills, doctor-patient orientation) from the doctor significantly strengthen the effects of the patient-level factors (trust, perceptual beliefs, interactions) on the service engagement and outcomes of the focal doctorpatient dyad. We establish the cross-level interactive effects at the group level of the focal dyad on service engagement. The findings suggest service engagement at the group level had no significant effect on patients’ perceived value. We provide new empirical insights to understand and operationalize these fundamental influencing factors of the value co-creation concept in a healthcare setting, and contribute to the value co-creation literature.

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