Recent Submissions

  • Patient preferences to assess value in gene therapies: Protocol development for the paving study in Hemophilia

    van Overbeeke, Eline; Hauber, Brett; Michelsen, Sissel; Goldman, Michel; Simoens, Steven; Huys, Isabelle (Frontiers in Medicine, 2021)
    Introduction: Gene therapies are innovative therapies that are increasingly being developed. However, health technology assessment (HTA) and payer decision making on these therapies is impeded by uncertainties, especially regarding long-term outcomes. Through measuring patient preferences regarding gene therapies, the importance of unique elements that go beyond health gain can be quantified and inform value assessments. We designed a study, namely the Patient preferences to Assess Value IN Gene therapies (PAVING) study, that can inform HTA and payers by investigating trade-offs that adult Belgian hemophilia A and B patients are willing to make when asked to choose between a standard of care and gene therapy. Methods and Analysis: An eight-step approach was taken to establish the protocol for this study: (1) stated preference method selection, (2) initial attributes identification, (3) stakeholder (HTA and payer) needs identification, (4) patient relevant attributes and information needs identification, (5) level identification and choice task construction, (6) educational tool design, (7) survey integration, and (8) piloting and pretesting. In the end, a threshold technique survey was designed using the attributes "Annual bleeding rate," "Chance to stop prophylaxis," "Time that side effects have been studied," and "Quality of Life." Ethics and Dissemination: The Medical Ethics Committee of UZ KU Leuven/Research approved the study. Results from the study will be presented to stakeholders and patients at conferences and in peer-reviewed journals. We hope that results from the PAVING study can inform decision makers on the acceptability of uncertainties and the value of gene therapies to patients.
  • Business meetings in a post-pandemic world: When and how to meet virtually?

    Standaert, Willem; Muylle, Steve; Basu Cox, Amit (Business Horizons, 2021)
    The COVID-19 pandemic that erupted in 2020 forced businesses across the world to adopt virtual meetings. With many people working from home, software platforms like Zoom and Teams became ubiquitous. However, their widespread use also revealed many weaknesses and limitations. While technologies for virtual meetings have existed for decades, these technologies have advanced significantly in recent years, and today range from audio-conference facilities to telepresence rooms with high-resolution video and sophisticated virtual presence features. The available alternatives differ significantly in costs, complexity and capabilities, and choosing the most effective technology for each meeting setting is not always easy. This is important, since after the pandemic, virtual meetings will move from being a necessity to being a widely accepted alternative to traditional face-to-face meetings. Consequently, the questions of when and how to meet virtually will become even more significant. In this paper, we describe a decision-making framework for choosing when and how to meet virtually, based on the importance of communication capabilities for categories of meeting objectives and taking into account meeting size and duration. The framework is based on extensive empirical research conducted in partnership with a number of major US and European companies.
  • Spillover effects of distribution grid tariffs in the internal electricity market: An argument for harmonization?

    Govaerts, Niels; Bruninx, Kenneth; Le Cadre, Hélène; Meeus, Leonardo; Delarue, Erik (Energy Economics, 2019)
    In many countries, distribution grid tariffs are being reformed to adapt to the new realities of an electricity system with distributed energy resources. In Europe, legislative proposals have been made to harmonize these reforms across country borders. Many stakeholders have argued that distribution tariffs are a local affair, while the European institutions argued that there can be spillovers to other countries, which could justify a more harmonized approach. In this paper, we quantify these spillovers in a simplified numerical example to give insight and an order of magnitude. We look at different scenarios, and find that the spillovers can be both negative and positive. To be able to quantify these effects, we developed a long-run market equilibrium model that captures the wholesale market effects of distribution grid tariffs. The problem is formulated as a non-cooperative game involving consumers, generating companies and distribution system operators in a stylized electricity market.
  • A new algorithm for resource-constrained project scheduling with breadth and depth of skills

    Snauwaert, Jakob; Vanhouke, Mario (European Journal of Operational Research, 2021)
    This paper addresses a multi-skilled extension of the resource-constrained project scheduling problem (RCPSP). Although a handful of papers dealt with the multi-skilled RCPSP (MSRCPSP), little to no attention is given to the ideal levels of skills for multi-skilled resources. In this paper, skills are measured along two dimensions known as breadth and depth. In a project environment, the breadth of a resource is perceived as the amount of skills an employee masters. The depth of a skill is the efficiency level at which work can be performed by a resource that masters that skill. The MSRCPSP with breadth and depth consists of scheduling activities with skill requirements and assigning multi-skilled resources to those activities. To be able to efficiently solve the MSRCPSP, a genetic algorithm is developed. Using the created activity schedules and resources assignments, the best workforce characteristics are analysed. Key aspects in this analysis are the breadth and depth. The problem-specific procedure combines a new representation, a new crossover and tailor-made local searches. Computational experiments measure the impact of different multi-skilled resources and their efficiency levels on the makespan of the project.
  • Explaining academic interest in crowdfunding as a research topic

    Le Pendeven, Benjamin; Bardon, Thibaut; Manigart, Sophie (British Journal of Management, 2021)
    Crowdfunding research has grown exponentially since the first academic papers in the field were published in 2013. This interpretivist study attempts to explain why academics worldwide have chosen to study crowdfunding. As no explicit theories currently exist to guide our research, we have relied on schooling and management fashion theories. Based on interviews with 30 crowdfunding scholars, we develop a model which interprets the underlying reasons why academics have chosen this research topic. Our results show that, beyond scientific reasons, career and socio-psychological reasons also explain why academics have chosen to research crowdfunding. By documenting both the scientific and non-scientific reasons why researchers study a certain topic, our findings contribute to the knowledge about the rationales behind scientific development in the fields of management, entrepreneurial finance and entrepreneurship.
  • Flexible models for complex data with applications

    Ley, Christophe; Babic, Sladana; Craens, Domien (Annual Review of Statistics and Its Application, 2021)
    Probability distributions are the building blocks of statistical modeling and inference. It is therefore of the utmost importance to know which distribution to use in what circumstances, as wrong choices will inevitably entail a biased analysis. In this article, we focus on circumstances involving complex data and describe the most popular flexible models for these settings. We focus on the following complex data: multivariate skew and heavy-tailed data, circular data, toroidal data, and cylindrical data. We illustrate the strength of flexible models on the basis of concrete examples and discuss major applications and challenges.
  • De CFO: Waakhond of jachthond?

    Baeten, Xavier; De Ruyck, Bettina (Goed Bestuur & Toezicht, 2020)
    De beloning van de CFO krijgt veel minder aandacht dan die van de CEO. Xavier Baeten en Bettina de Ruyck verrichtten een onderzoek onder ruim honderd Nederlandse en Belgische beursgenoteerde ondernemingen. Dit artikel is een wake-up call voor commissarissen om bewust(er) beloningsafspraken te maken met zowel de CEO als de CFO.
  • Remuneratie in turbulente tijden

    Baeten, Xavier (Management Scope, 2020)
    De crisis vraagt om contemplatie. Professor Xavier Baeten van Vlerick Business School komt met een pleidooi over de noodzaak om remuneratiebeleid te herijken.
  • Is de CFO de Lucky Luke van de besluitvorming?

    Heyvaert, Carl-Erik; Decorte, Thomas; Stouthuysen, Kristof (FD Magazine, 2020)
    Data is vluchtig en bedrijven moeten sneller actie ondernemen om optimaal in te spelen op ontwikkelingen terwijl ze zich voordoen. De cfo kan de organisatie helpen sneller te handelen dan zijn schaduw.
  • Influence of acquirer boards on M&A value creation. Evidence from continental Europe

    Defrancq, Corneel; Huyghebaert, Nancy; Luypaert, Mathieu (Journal of International Financial Management & Accounting, 2021)
    We examine how the size and the composition of acquirer boards are associated with shareholder abnormal returns for 2,230 M&As made by listed firms in Continental Europe. Although board size proves insignificant, our findings do offer some evidence as to a beneficial effect of board diversity on M&A value creation. Gender diversity appears marginally positively associated with acquirer shareholder abnormal returns. The fraction of foreign directors is in general not significantly positive, unless the rule of law in the acquirer country is weak. Nonetheless, nationality diversity in the board turns out harmful in purely domestic takeovers. The influence of age diversity is marginally positive, yet only in domestic and horizontal takeovers. Next, the fraction of independent directors has a robust positive effect on the acquirer CAR, while directors with multiple board appointments prove valuable especially through preventing firms from pursuing poor takeovers. Finally, CEO duality is detrimental only in industry‐diversifying deals initiated by acquirers that are not controlled by an individual or a family shareholder. Any negative CEO‐duality effect is mitigated when the acquirer‐country rule of law is strong.
  • The issues that shape strategy

    Meeus, Leonardo (The European Business Review, 2021)
    Companies do not only compete in markets; they also compete on social and political issues. Depending on the business opportunities or threats they identify related to an issue, companies will behave as veterans that defend the status quo in an industry, as reformers that will work with the authorities to change the rules of the game, or as heroes that help solve an issue. In this article, we identify the typical elements of success for each of these three generic nonmarket strategies. We do this based on a framework that focuses on the framing of issues, the alliances that can be mobilized around an issue, and the arenas that can be used to make a move.
  • Reliability options: Can they deliver on their promises?

    Bhagwata, Pradyumna C.; Meeus, Leonardo (The Electricity Journal, 2019)
    Capacity mechanisms have been controversial in theory as well as practice. Lessons from experience with different capacity mechanisms led to the development of the reliability options. This mechanism promises two advantages over other types of capacity mechanisms. Firstly, it ensures the availability of capacity contracted via the capacity mechanism during scarcity. Secondly, the reliability option mechanism limits any energy market distortion due to its implementation and provides the consumer a hedge from high prices. We assess the ability of reliability options in delivering the two promises by analysing the reliability option designs in Italy and Ireland. We find that they deliver on the first promise but only partly on the second.
  • The prospective value creation potential of blockchain in business models: A Delphi study

    Schlecht, Laura; Schneider, Sabrina; Buchwald, Arne (Technological Forecasting & Social Change, 2021)
    Blockchain technology is gaining awareness and drawing attention in corporate practice and academia. Both fields expect a fundamental impact of blockchain on business and society. However, since blockchain research within the business model context is still in a nascent stage, more in-depth insights is required of blockchain’s impact on firms’ value creation and value capture. This study builds on a Delphi approach and aims to identify the future value creation potential of blockchain for organizations by 2030. Based on expert interviews, workshop insights, and prior literature, we developed a meaningful set of 36 projections of blockchain implications for business models. Our findings, based on the elements of the PEST framework, predict massive efficiency gains through technological progress and promise complementary offerings through various novel combination possibilities, novel forms of collaboration and business model opportunities, and a dissipation of the significance of blockchain types. The combined use of blockchain solutions with other technologies is likely to serve as the basis for ecosystem developments. Our projected finding is that the internet of value will replace the internet of information by 2030. Thereby, our research contributes to technological forecasting and strategic planning by providing managers clear indications of blockchain developments and action recommendations.
  • Venture capital winners: A configurational approach to high venture capital-backed firm growth

    Manigart, Sophie; Standaert, Thomas; Knockaert, Mirjam (British Journal of Management, 2021)
    The positive effect of venture capital (VC) on firm growth has been widely documented. However, there exists a large variation in growth, with only a small number of VC-backed firms reaching a substantial size. Prior studies have linked the variation in growth of VC-backed firms to differences in resource endowments of the entrepreneurial top management team, the firm or the venture capitalist, without considering their potentially complex interaction. In addition, the literature has taken strong growth aspirations in VC-backed firms as a given, without examining their potential variation, and its potential implications. Therefore, this study aims at examining which configurations of resource portfolios and growth aspirations lead to high VC-backed firm growth. In order to do so, it takes an inductive, theory-building approach, and builds upon fuzzy-set qualitative comparative analysis (fsQCA). Our results show that strong growth aspirations in the entrepreneurial top management team are a necessary condition for high VC-backed firm growth. Furthermore, we identify four configurations which, in combination with these aspirations, lead to high VC-backed firm growth.
  • When supplier development initiatives fail: Identifying the causes of opportunism and unexpected outcomes

    Tran, P.; Gorton, M.; Lemke, Fred (Journal of Business Research, 2020)
    This study investigates a ‘dark-side’ of supplier-buyer relationships, specifically the links between supplier development initiatives, relational norms and supplier opportunism, utilizing thematic analysis and qualitative comparative analysis. While buyers often employ supplier development initiatives to improve procurement, they can be ineffective and stimulate opportunistic behaviour by suppliers. Drawing on the case of agri-food supply chains in Vietnam, the paper analyses the relationships between specific supplier development initiatives and forms of opportunism, considering the role of relational norms. While often regarded as reducing the likelihood of opportunism, this study identifies that relational norms may include norms of opportunism in supply chain relationships, which sanction a degree of opportunistic behaviour. The study contributes to supply chain management theory and practice by investigating how buyers can address opportunism, so that supplier development initiatives curb supplier opportunism rather than trigger it.
  • Home location prediction with telecom data: Benchmarking heuristics with a predictive modelling approach

    Oosterlinck, Dieter; Baecke, Philippe; Benoît, Dries (Expert Systems with Applications, 2020)
    Correctly identifying the home location is crucial for human mobility analysis with telecom data, more specifically call detail record (CDR) data. To that end, multiple heuristics have been developed in literature. Nevertheless, due to the lack of ground truth home location data, no study has thoroughly validated these widely used methods so far. We present a detailed performance analysis of existing home detection heuristics, using a unique dataset that enables this important validation on the lowest level, being the level of the cell tower. Our research indicates that simple heuristics surprisingly outperform their more complex counterparts. The benchmark study revealed that the best heuristic is able to identify the home location with an average error of approximately 4.5 kilometres and selects the correct home tower in 60.69% of the cases. Based on the insights provided by our study, we propose a new heuristic that increases the accuracy to 61% and lowers the average distance error to 4.365 kilometres. Secondly, if the home location is known for possibly only a fraction of the instances, we propose a labelled predictive modelling approach. Adding social network based variables in this predictive model further enhances the predictive performance. Our best model reduces the average distance error to 2.848 kilometres and selects the correct home location in 72.08% of the cases. Furthermore, this result provides an indication of the upper bound for home detection with CDR data. Finally, models that only make use of social network based data are developed as well. Results show that even without using data of the focal individual, these models are able to select the correct home tower in 37.65% of the cases and achieve an average distance error of 8.1 kilometres.
  • Dual sourcing and smoothing under non-stationary demand time series: Re-shoring with speedfactories

    Boute, Robert; Disney, Stephen M.; Gijsbrechts, Joren; Van Mieghem, Jan A. (Management Science, 2020)
    We investigate near-shoring a small part of the global production to local SpeedFactories that serve only the variable demand. The short lead time of the responsive SpeedFactory reduces the risk of making large volumes in advance, yet it does not involve a complete re-shoring of demand. Using a break-even analysis we investigate the lead time, demand, and cost characteristics that make dual sourcing with a SpeedFactory desirable compared to complete offshoring. Our analysis employs a linear generalization of the celebrated order-up-to inventory policy to settings where capacity costs exist. The policy allows for order smoothing to reduce capacity costs and performs well relative to the (unknown) optimal policy. We highlight the signficant impact of auto-correlated and non-stationary demand series, which are prevalent in practice yet challenging to analyze, on the economic bene t of re-shoring. Methodologically, we adopt a linear policy and normally distributed demand and use transforms to present exact analyses.
  • Absorptive capacity, socially enabling mechanisms, and the role of learning from trial and error experiments: A tribute to Dan Levinthal’s contribution to international business research

    Lewin, Arie Y.; Massini, Silvia; Peeters, Carine (Journal of International Business Studies, 2020)
    The concept of absorptive capacity (AC) of firms (Cohen and Levinthal 1989 and 1990) is a foundational feature of organizational learning and adaptation that has had enormous influence in international business (IB), and innovation studies and management research in general. In this tribute to Dan Levinthal, we discuss the close connection between AC and learning – two areas central to Dan Levinthal’s research – in relation to different contexts where AC comes into play in extant IB research. We discuss four specific aspects of the nexus of AC and learning in the context of IB: (1) bridging between intra- and inter-firm learning; (2) a routine-based framing of AC that emphasizes processes and capabilities underlying seeking, assimilating, and innovation in a global setting; (3) the role of socially enabling mechanisms, and (4) the logic of learning through trial and error experiments within firms and countries.
  • Hoogopgeleide nieuwkomers op de arbeidsmarkt: Bevindingen uit het newcomer induction management acceleration programme

    Quataert, Sarah; Buyens, Dirk (Over.Werk, 2020)
    Vlaanderen wordt steeds meer etnisch en cultureel divers, maar toch zien we die diversiteit niet altijd weerspiegeld in onze bedrijvenmarkt. Nog steeds heerst een tewerkstellingskloof tussen nieuwkomers en autochtonen, en die is groter voor hoog- dan voor laagopgeleiden. Met het Newcomer Induction Management Acceleration Programme (NiMAP project), probeerden we deze tegenstrijdigheid op een integratieve manier onder de loep te nemen. Het project werd gesteund door het Europees Sociaal Fonds (ESF) en de Vlaamse Overheid.
  • The sandwich game: Founder-CEOs and forecasting as impression management

    Collewaert, Veroniek; Vanacker, Tom; Anseel, Frederik; Bourgois, Dries (Journal of Business Venturing, 2021)
    Drawing on impression management and social exchange theory, we examine the use of positively biased forecasts by (non-)founder-CEOs as an impression management tactic vis-à-vis their existing investors. Contrary to their non-founder counterparts, founder-CEOs identify more with the venture they founded and, therefore, experience greater instrumental and affective concerns about the long-term relationship with their investors. Consequently, we hypothesize that founder-CEOs will strategically provide less positively biased forecasts to their investors than non-founder-CEOs. Using two independent samples with revenue forecasts reported to different venture capital investors and a causal chain scenario study consisting of two experiments, we find consistent support for our hypothesis. Overall, this study provides new insights into the use of forecasts as a post-investment impression management tactic by distinct types of CEOs in entrepreneurial ventures.

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