• Acquisitions: a curse or blessing for direct competitors? The impact of target ownership structure  

      Mataigne, Virginie; Luypaert, Mathieu; Manigart, Sophie (Journal of Corporate Finance, 2021)
      This study examines the impact of horizontal acquisition announcements on the value of direct competitors of the combined entity. We argue that the ownership structure of the target drives competitor wealth effects. First, the stronger disciplining force of the market for corporate control for public firms compared to private firms will lead to higher competitive pressure post-acquisition when a public firm is acquired, leading to more negative valuation effects of direct competitors. Second, acquisitions of subsidiary targets, compared to stand-alone targets, are expected to lead to stronger asset utilization improvements in the target, leading to more negative competitor returns. A unique hand-collected sample of 1,038 direct competitors of 228 horizontal acquisitions in Europe empirically supports these hypotheses. Alternative explanations, such as information asymmetry or empire-building, are rejected.
    • Activity-based budgeting - Part I

      Cooper, Robin; Slagmulder, Regine (Strategic Finance, 2000)
    • Activity-based budgeting - Part II

      Cooper, Robin; Slagmulder, Regine (Strategic Finance, 2000)
    • Activity-based cost management system architecture - Part III

      Cooper, Robin; Slagmulder, Regine (Strategic Finance, 2000)
    • Activity-based costing voor continue verbetering

      Waeytens, Dominique; Bruggeman, Werner; Theeuwes, J. (Fma-kroniek, 1993)
    • Aggregation of linear models for panel data

      Veredas, David; Petkovic, Alex (Journal of the Japanese Statistical Society, 2010)
    • An Evaluation of Vendor Selection Models from a Total Cost of Ownership Perspective

      Roodhooft, Filip; Degraeve, Zeger; Labro, Eva (European Journal of Operational Research, 2000)
    • Analyse van de sociale balans in België: resultaten 1996-1999

      Ooghe, Hubert; Balcaen, Sofie (Accountancy en Bedrijfskunde Kwartaalschrift, 2001)
    • Antecedents of Time to Completion in Mergers and Acquisitions

      Luypaert, Mathieu; De Maeseneire, Wouter (Applied Economics Letters, 2015)
      Literature on mergers and acquisitions (M&As) performance and wealth effects is abundant. Yet, we know very little about the pre-completion stage, in particular about aspects such as the likelihood of deal closing and time to completion. Understanding the drivers of completion time is however important as prolonged deal duration is costly and postpones realizing synergy gains. In this article, we study the antecedents of deal duration for a sample of 1150 M&As between listed US companies during 1994-2011. Not surprisingly, deal complexity critically affects time to completion. Stock offers, deal hostility, mergers and larger deals are characterized by a lengthier acquisition duration. Strong and clear shareholder support accelerates deal completion, as does the likelihood of overpayment. Finally, experienced bidders succeed in more rapidly completing transactions, implying learning effects.
    • Antecendents of Growth through Mergers and Acquisitions. Empirical Results from Belgium

      Huyghebaert, Nancy; Luypaert, Mathieu (Journal of Business Research, 2010)
    • Are acquisitions worthwile? An empirical study of the post-acquisition performance of privately held Belgian companies

      Ooghe, Hubert; Van Laere, Elisabeth; De Langhe, Tine (Small Business Economics, 2006)
    • Are failure prediction models widely usable? An empirical study using a Belgian dataset

      Ooghe, Hubert; Balcaen, Sofie (Multinational Finance Journal, 2007)
    • Are you part of the crowd? The role of sex and environmental characteristics for crowdfunding awareness

      Vaznyte, Egle; Andries, Petra; Manigart, Sophie (Journal of Small Business Management, 2020)
      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. These results have important practical and theoretical implications.
    • Assessing the impact of private equity on industrial relations in Europe

      Bacon, Nick; Wright, Mike; Scholes, L.; Meuleman, Miguel (Human Relations, 2010)
      Private equity firms are accused by trade unions of changing industrial relations in buyouts by demonstrating an unwillingness to recognize and work with trade unions, and by downgrading information and consultation. To explore these important policy issues, this article reports the first representative pan-European survey of managers’ perceptions of the impact of private equity on industrial relations. Managers report that private equity investment does not result in changes to union recognition, membership density or changes in management attitudes to trade union membership. Furthermore, managers in firms recognizing unions after private equity buyouts do not report reductions in the terms and conditions subject to joint regulation. Under private equity ownership more firms report consultative committees, managers regard these as more influential on their decisions, and indicate increased consultation over firm performance and future plans. Comparing industrial relations changes in different social models in Europe, the results suggest private equity firms adapt to national systems and traditional national industrial relations differences persist after buyout.
    • Attitudes of family firms towards external investors: The importance of organizational identification

      Neckebrouck, Jeroen; Manigart, Sophie; Meuleman, Miguel (Venture capital, 2017)
      More and more family firms open their capital for outside investors, yet existing studies mainly conclude that family firms are more reluctant than nonfamily firms to hand over control to outside investors. In this study, we build on an organizational identification perspective to explore why family firms differ in their attitudes toward outside investors. We hypothesize that family members who identify strongly with their firms are less willing to cede control to outside investors and, if they do cede control, have a stronger preference for investors who may readily identify with family firms, such as family offices or high net worth individuals, rather than investors who may not fit well with a familial identity, such as private equity sponsors or financial investors. We also hypothesize that social identification mediates the relationship between important family firm governance characteristics and preferences for outside investor. Exploratory evidence from a sample of Belgian family firms is supportive of most of our predictions.
    • Audit quality, public ownership and firms' discretionary accruals management

      Vander Bauwhede, Heidi; Willekens, Marleen; Gaeremynck, Ann (International Journal of Accounting, 2003)
    • Auditcomités in België

      Vander Bauwhede, Heidi; Willekens, Marleen (Accountancy en Bedrijfskunde, 2003)
    • Balanced Scorecard: Auch die Strategie bewerten

      Theunissen, Ludo (Der Credit Manager, 2003)
    • Bank business models, regulation, and the role of financial market participants in the global financial crisis

      Clare, Andrew; Meryem, Duygun; Gulamhussen, Azzim; Pozzolo, Alberto Franco (Journal of Banking and Finance, 2016)
      The recent financial crisis shone a spotlight on several key issues: bank regulation, bank models, and the relationship between traditional banking, the interbank markets and the markets for complex financial derivatives. Indeed, the role that derivatives such as Credit Default Swaps and Collateralised Debt Obligations played in the credit bubble and the subsequent credit crunch may appear to have made this financial crisis unique. However, the fundamental cause of this crisis, which led directly to the worst global recession since the 1930s, is all too familiar: ultimately, too much money was lent to too many people who could not afford to pay it back. It was a classic bank crisis of over lending, but this time on a global scale.