• Validity and reliability of scores on the reduced Emotional Intensity Scale

      Geuens, Maggie; De Pelsmacker, Patrick (Educational and Psychological Measurement, 2002)
    • Valuation of Angel-backed companies: The role of investor human capital

      Collewaert, Veroniek; Manigart, Sophie (Journal of Small Business Management, 2016)
      This paper examines how angel investors' human capital affects the valuation of their portfolio companies, based on the pre-money valuation of 123 investment rounds in 58 Belgian companies. We argue that angel investors with higher levels of human capital will perceive a higher value-creating potential in entrepreneurial opportunities through their ability to see more value-creating options, a higher value-adding potential post-investment and an enhanced legitimacy provided to the venture. Economic theories suggest they appropriate these rents through lower valuations, while stewardship theory suggests they share value creation with entrepreneurs. Consistent with stewardship theory, we show angel investors negotiate higher valuations when they have higher levels of human capital, more specifically if they studied longer, have a business degree, more entrepreneurial experience or previous professional law experience. As such, our results contrast with the behaviour of venture capital investors who negotiate lower valuations when they have more experience.
    • Value creation and the alliance experiences of Dutch companies

      Sleuwaegen, Leo; Schep, K.; den Hartog, Gijs; Commandeur, Harry (Long Range Planning, 2003)
    • Value Creation in Mergers and Acquisitions: A Study of European Transactions during the Fifth Wave

      Huyghebaert, Nancy; Luypaert, Mathieu (Bank- en Financiewezen, 2009)
    • Van bancassurance en assurfinance naar all finance

      Van den Berghe, Lutgart; Verweire, Kurt (Bank- en Financiewezen, 1998)
    • Van verzorgingsstaat naar verzekeringsstaat

      Van den Berghe, Lutgart (Inversie, 1996)
    • Variability in hospital costs of adult spinal deformity care

      Jacobs, Karel; Dewilde, Thibault; Vandoren, Cindy; Cardoen, Brecht; Vansteenkiste, Nancy; Scheys, Lennart; Roodhooft, Filip; Moke, Lieven; Kesteloot, Katrien (Spine, 2020)
      Objective: To calculate the total clinical hospital cost of the Adult Spinal Deformity (ASD) care trajectory, to explain cost variability by patient and surgery characteristics, and to identify areas of process improvement opportunities. Summary of background data: ASD is associated with a high financial and clinical burden on society. ASD care thus requires improved insights in costs and its drivers as a critical step toward the improvement of value, i.e., the ratio between delivered health outcome and associated costs. Methods: Patient characteristics and surgical variables were collected following ethical approval in a cohort of 139 ASD patients, treated between December, 2014 and January, 2018. Clinical hospital costs were calculated, including all care activities, from initial consultation to 1 year after initial surgery (excl. overhead) in a university hospital setting. Multiple linear regression analysis was performed to analyze the impact of patient and surgical characteristics on clinical costs. Results: 75.5% of the total clinical hospital cost (€27,865) was incurred during initial surgery with costs related to the operating theatre (80.3%), nursing units (11.9%), and intensive care (2.9%) being the largest contributors. 57.5% of the variation in total cost could be explained in order of importance by surgical invasiveness, age, coronary disease, single or multiple-staged surgery, and mobility status. Revision surgery, unplanned surgery due to complications, was found to increase average costs by 87.6% compared with elective surgeries (€ 44,907 (± € 23,429) vs. € 23,944 (± € 7302)). Conclusion: This study identified opportunities for process improvement by calculating the total clinical hospital costs. In addition, it identified patient and treatment characteristics that predict 57.5% of cost variation, which could be taken into account when developing a payment system. Future research should include outcome data to assess variation in value.
    • Variability in hospital treatment costs: A time-driven activity-based costing approach for early-stage invasive breast cancer patients

      Roman, Erin; Cardoen, Brecht; Decloedt, Jan; Roodhooft, Filip (BMJ Open, 2020)
      Objectives: Using a standardised diagnostic and generic treatment path for breast cancer, and the molecular subtype perspective, we aim to measure the impact of several patient and disease characteristics on the overall treatment cost for patients. Additionally, we aim to generate insights into the drivers of cost variability within one medical domain. Design: setting and participants. We conducted a retrospective study at a breast clinic in Belgium. We used 14 anonymous patient files for conducting our analysis. Results: Significant cost variations within each molecular subtype and across molecular subtypes were found. For the luminal A classification, the cost differential amounts to roughly 166%, with the greatest treatment cost amounting to US$29 780 relative to US$11 208 for a patient requiring fewer medical activities. The major driver for these cost variations relates to disease characteristics. For the luminal B classification, a cost difference of roughly 242% exists due to both disease-related and patient-related factors. The average treatment cost for triple negative patients amounted to US$26 923, this is considered to be a more aggressive type of cancer. The overall cost for HER2-enriched is driven by the inclusion of Herceptin, thus this subtype is impacted by disease characteristics. Cost variability across molecular classifications is impacted by the severity of the disease, thus disease-related factors are the major drivers of cost. Conclusions: Given the cost challenge in healthcare, the need for greater cost transparency has become imperative. Through our analysis, we generate initial insights into the drivers of cost variability for breast cancer. We found evidence that disease characteristics such as severity and more aggressive cancer forms such as HER2-enriched and triple negative have a significant impact on treatment cost across the different subtypes. Similarly, patient factors such as age and presence of gene mutation contribute to differences in treatment cost variability within molecular subtypes.
    • Vast, voltijds en levenslang. Het onwrikbare eenbaanskarakter van de loopbaan

      Buyens, Dirk; De Vos, Ans; Heylen, Leen; Mortelmans, Dimitri; Soens, Nele (Tijdschrift voor HRM, 2006)
    • Vendor Selection and Evaluation: An Activity Based Costing Approach

      Roodhooft, Filip; Konings, Jozef (European Journal of Operational Research, 1997)
    • Venture capital

      Manigart, Sophie; Baeyens, Katleen (Praktijkgids Waardebepaling en Strategische Reorganisaties, 2002)
    • Venture capital firms and equity investment appraisal in the US, UK, France, Belgium and Holland

      Wright, Mike; Manigart, Sophie; Desbrières, Philippe; Sapienza, Harry J. (Management Buy-Outs, 1997)
    • Venture capital in the U.S.A., Europe and Japan

      Ooghe, Hubert; Bekaert, A.; Van Den Bossche, P. (Management International Review, 1989)
    • Venture capital internationalization: Synthesis and future research directions

      Devigne, David; Manigart, Sophie; Vanacker, Tom; Mulier, Klaas (Journal of Economic Surveys, 2018)
      Research on venture capital (VC) internationalization has expanded rapidly over the last decade. This paper reviews the extant literature on VC internationalization and highlights gaps in our knowledge. We identify three major research streams within this literature, which revolve around the following questions: (1) which VC firms invest across borders and what countries do they target; (2) how do VC firms address liabilities of foreign investing; and (3) what are the real effects of international VC investments? We provide an overview of the contributions in these research streams, discuss the role of public policy, and suggest avenues for future research. Specifically, we call for a deeper understanding of: (1) the functioning and impact of VC firms’ modes of internationalization; (2) micro-level processes such as the functioning and decision making of international investment committees, or the development of international human and social capital; (3) the role of country institutions in VC internationalization and its real effects; and (4) the interplay of international VC with alternative financing sources.
    • Venture capital investors, capital markets, valuation and information: US, Europe and Asia

      Wright, Mike; Lockett, Andy; Pruthi, S.; Manigart, Sophie; Sapienza, Harry J.; Desbrières, Philippe; Hommel, Ulrich (Journal of International Entrepreneurship, 2004)
    • 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.
    • Venture capital, credit, and fintech start-up formation: A cross-country study

      Kolokas, Dimitrios; Vanacker, Tom; Veredas, David; Zahra, Shaker (Entrepreneurship Theory and Practice, 2020)
      Growing FinTech entrepreneurship is a recent global phenomenon. Drawing on the national innovation systems framework, we examine how countries’ venture capital (VC) and credit markets differently affect FinTech entrepreneurship across countries. We argue that with their established and globally diffused norms and practices, VC investors—but not banks—require a critical mass of FinTech entrepreneurship in a country to more positively influence FinTech entrepreneurship. Moreover, we argue that VC and credit markets are substitutes, especially in countries with more FinTech entrepreneurship. Using quantile regressions on data from 53 countries, we find support for our hypotheses.
    • Venture capital: méér dan enkel financiering? Een vergelijkend onderzoek in vier landen

      Manigart, Sophie; Sapienza, Harry J.; Vermeir, Wim (Management en Organisatie, 1995)
    • Venture capitalist governance and value-added in four countries

      Manigart, Sophie; Sapienza, Harry J.; Vermeir, Wim (Journal of Business Venturing, 1996)
      The rapid internationalization of markets for venture capital is expanding the funding alternatives available to entrepreneurs. At issue for both entrepreneurs and venture capital firms is how and when venture capitalists (VC) can provide meaningful oversight and add value to their portfolio companies beyond the provision of capital. An important way VCs add value beyond the money they provide is through their close relationships with the managers of their portfolio companies. Utilizing surveys of VCs in the US, the UK, the Netherlands, and France, the determinants of interaction between VCs and CEOs, the roles VCs assume, and VCs' perceptions of how much value they add through these roles are examined. The strategic, interpersonal, and networking roles through which VCs are involved in their portfolio companies are examined, and the success of such efforts are analyzed. VCs saw strategic involvement as their most important role.