• Welcoming new entrants into European electricity markets

      Schittekatte, Tim; Reif, Valerie; Meeus, Leonardo (Energies, 2021)
      In this review paper, we select four important waves of new entrants that knocked on the door of European electricity markets to illustrate how market rules need to be continuously adapted to allow new entrants to come in and push innovation forward. The new entrants that we selected are utilities venturing into neighbouring markets after establishing a strong position in their home market, utility-scale renewables project developers, asset-light software companies aggregating smaller consumers and producers, and different types of communities. We show that well-intentioned rules designed for certain types of market participants can (unintentionally) become obstacles for new entrants. We conclude that the evolution of market rules illustrates the importance of dynamic regulation. At the start of the liberalisation process the view was that we would deregulate or re-regulate the sector after which the role of regulators could be reduced. However, their role has only increased. New players tend to improve the sustainability of the electricity sector in environmental, social, or economic terms but might also present new risks that require intervention by regulators.
    • The welfare and price effects of sector coupling with power-to-gas

      Roach, Martin; Meeus, Leonardo (Energy Economics, 2020)
      Electricity markets with high installed capacities of Variable Renewable Energy Sources (VRES) experience periods of supply and demand mismatch, resulting in near-zero and even negative prices, or energy spilling due to surplus. The participation of emerging Power-to-X solutions in a sector coupling paradigm, such as Power-to-Gas (PTG), has been envisioned to provide a source of demand flexibility to the power sector and decarbonize the gas sector. We advance a long-run equilibrium model to study the PTG investment decision from the point of view of a perfectly competitive electricity and gas system where each sector's market is cleared separately but coupled by PTG. Under scenarios combining PTG technology costs and electricity RES targets, we study whether or not there is a convergence in the optimal deployment of PTG capacity and what is the welfare distribution across both sectors. We observe that PTG can play an important price-setting role in the electricity market, but PTG revenues from arbitrage opportunities erodes as more PTG capacity is installed. We find that the electricity and gas sector have aligned incentives to cooperate around PTG, and instead find an issue of misaligned incentives related to the PTG actor. Although not the focus of our analysis, in some scenarios we find that the welfare optimal PTG capacity results in a loss for the PTG actor, which reveals some intuition that subsidizing PTG can make sense to reduce the cost of RES subsidies. Sensitivity analyses are conducted to contextualize these findings for system specificities.
    • Well-functioning balancing markets: a prerequisite for wind power integration

      Vandezande, Leen; Meeus, Leonardo; Belmans, Ronnie; Saguan, Marcelo; Glachant, Jean-Michel (Energy Policy, 2010)
      This article focuses on the design of balancing markets in Europe taking into account an increasing wind power penetration. In several European countries, wind generation is so far not burdened with full balancing responsibility. However, the more wind power penetration, the less bearable for the system not to allocate balancing costs to the responsible parties. Given the variability and limited predictability of wind generation, full balancing exposure is however only feasible conditionally to well-functioning balancing markets. On that account, recommendations ensuring an optimal balancing market design are formulated and their impact on wind generation is assessed. Taking market-based or cost-reflective imbalance prices as the main objective, it is advised that: (1) the imbalance settlement should not contain penalties or power exchange prices, (2) capacity payments should be allocated to imbalanced BRPs via an additive component in the imbalance price and (3) a cap should be imposed on the amount of reserves. Efficient implementation of the proposed market design may require balancing markets being integrated across borders.
    • Wendbaarheid, een moeilijk te vatten prioriteit

      Buyens, Dirk (HR Magazine, 2019)
      'Agility' (wendbaarheid) wint sterk aan belangstelling in hr-middens. Het staat in de top-10 van de hr-prioriteiten van onze grootste profitbedrijven. Tegelijk hebben diezelfde hr-afdelingen het fenomeen niet zo goed onder controle.
    • Werkt het bancassurance-model in Europa vandaag nog?

      Verweire, Kurt; Van den Berghe, Lutgart; Gailly, Jeroen (Financieel Forum/Bank- en Financiewezen, 2004)
    • What are brands good for?

      Dawar, Niraj (MIT Sloan Management Review, 2004)
    • What digital leadership does

      Viaene, Stijn (European Business Review, 2017)
      Leadership has been an indispensable factor in any business development. As businesses undergo digital transformation, Stijn Viaene offers exciting insight on digital leadership, the different leadership personas required for its execution, and the crucial role digital leadership plays for a successful digital transformation.
    • What drives consumer participation to loyalty programs? A conjoint analytical approach

      De Wulf, Kristof; Odekerken-Schröder, Gaby; De Cannière, Marie; Van Oppen, C. (Journal of Relationship Marketing, 2003)
    • What drives cross-border M&As in commercial banking?

      Gulamhussen, Azzim; Hennart, Jean-François; Pinheiro, Jean-François; Manuel, Carlos; Pinheiro, Carlos (Journal of Banking and Finance, 2016)
      Using a gravity model, we analyze the determinants of the probability that commercial banks in 89 acquiring countries and 118 target countries will undertake M&As over a 30-year period (1981-2010) and of the value of these M&As. We find that the value of cross-border M&As increases with the size of the acquiring country, and that both the probability and value of M&As vary positively with the depth of the financial market in acquirer countries and the presence of corporate and non-corporate customers from acquiring countries in target countries, and negatively with the geographic, psychic, and time zone distances between acquirer and target countries. Our study highlights the role of non-corporate customers and of psychic distance in the cross-border expansion of commercial banks through M&As.
    • What Drives Leverage in Leveraged Buyouts? An Analysis of European LBOs' Capital Structure

      De Maeseneire, Wouter; Brinkhuis, Samantha (Accounting and Finance, 2012)
    • What factors cause foreign banks to stay in London?

      Clare, Andrew; Gulamhussen, Azzim; Pinheiro, Carlos (Journal of International Money and Finance, 2013)
    • What's in a Credo? A Critique of the Academy of Management's Code of Ethical Conduct and Code of Ethics

      Skubik, Daniel; Stening, Bruce (Journal of Business Ethics, 2009)
      The Academy of Management formally adopted a Code of Ethical Conduct in 1990. During the subsequent 15 years, almost nothing had been published about it and its value as a formal document meant to guide professional practice. Rather surprisingly then, in December 2005 an entirely new Code of Ethics was introduced by the Academy’s Board, to take effect in February 2006. Why was a new code promulgated? More broadly, what do the contents of these codes, the processes of their promulgation, and their expressed purposes, suggest about the value of such codes for similarly situated professional associations, in general? This article seeks to identify key strengths and weaknesses of the original code, begin an assessment of the potential value of the new code, and so stimulate debate. Further, not only is this a call to the members of the Academy to engage in some thoughtful debate and possible amendment of its new code, but also a caution to all such associations to take seriously the hurdles that must be jumped before any code can be developed and promulgated to worthwhile effect.
    • When affective well-being is empowered: the joint role of leader-member exchange and the employment relationship

      Audenaert, Mieke; Vanderstraeten, Alex; Buyens, Dirk (International Journal of Human Resource Management, 2017)
      HRM and the leader are often assumed to play a joint role in affecting employee reactions. In a multilevel, time-lagged study, we examined the joint role of the employment relationship and leader-member exchange (LMX). We tested whether this joint role is essential to when LMX leads to affective well-being via psychological empowerment. We build on HRM literature to expect that the relationship of LMX with psychological empowerment is stronger when the employment relationship is consistent with LMX quality. Results indicated that psychological empowerment mediates the relationship between LMX and affective well-being. This mediation is stronger for employees in a mutual investment employment relationship. The findings point at the importance of consistency of resources from the employment relationship and LMX. Nevertheless, the findings also suggest that resources from LMX compensate for employment relationships with low resources. Our findings contribute to scholars' understanding of the joint role of HRM systems and leader behaviors.
    • When an Irresistible force meets an immovable object: The interplay of agency and structure in the UK financial crisis

      Ashby, Simon; Peters, Linda; Devlin, James (Journal of Business Research, 2014)
      The study sheds light on why certain financial institutions exposed themselves, and the financial system as a whole, to excessive risk. The study examines the human side of the crisis and its relationship to certain organizational and sector-wide practices dominant at the time. The study draws on pre-existing insights from the field of crisis management, and use structuration theory to explore the inter-relationships between the micro- and macro-factors that contributed to the crisis. Structuration theory allows exploration of how the irresistible force of human agency and the immovable object of situational imperatives together provide an understanding of how and why the crisis occurred. The study argues that the crisis was largely due to failures in the implementation of certain risk management processes. The research findings challenge the notion that greater regulatory prescription and capital requirements are required, or that simple solutions such as caps on bonus payments will prove effective. Rather, implementing enhancements in the risk management and governance practices of financial institutions and their regulators is necessary, together with facilitating mechanisms that support cultural change.
    • When does Medici hurt DaVinci? Mitigating the signaling effect of extraneous stakeholder relationships in the field of cultural production

      Shymko, Yuliya; Roulet, Thomas (Academy of Management Journal, 2017)
      Does corporate philanthropy have an indiscriminately positive effect on recipients? Our baseline argument asserts that relationships with stakeholders outside the field, such as corporate donors, can be perceived as a deviation from the dominant logic at the industry level, and thus as a negative signal by peers. How can recipients mitigate this adverse effect on social evaluations? To answer this question, we study how corporate benefaction affects the process of peer recognition in the context of Russian theaters from 2004 to 2011. First, we engage in a qualitative exploration of our setting to contextualize our hypotheses and understand how relationships with corporate donors, depending on their characteristics, affect peer recognition. We then quantitatively test our hypotheses and confirm that the salience of the relationship with extraneous stakeholders—operationalized as the number of corporate donors—has a negative effect on peer recognition. However, we find that this effect can be mitigated if theaters choose to limit the breadth, depth, and negative valence of the relationship. We contribute to both the institutional logics and stakeholder literatures by bringing in a signaling perspective: we show that peer recognition, upon which themaintenance of a dominant logic lies, is directly impacted by the nature of relationships with extraneous stakeholders.
    • When holding in prevents from reaching out: Emotion suppression and social support-seeking in multicultural groups

      Boros, Smaranda; Van Gorp, Lore; Boiger, Michael (Frontiers in Psychology, 2019)
      Members of multicultural groups benefit from developing diverse social support networks. Engaging openly with people who have a different worldview (i.e., given by a different cultural background) broadens one’s cognitive horizons, facilitates one’s adaptation to new contexts, decreases stereotyping and discrimination and generally improves individual and group performance. However, if this social connection is hindered (either by limiting the number of people one reaches out to or in terms of preferring to connect to similar others), then the diversity advantage is lost – both for the individuals and for the groups. Through two case studies of professional groups with varying cultural diversity (moderate and superdiverse), we investigate the evolution of their members’ social support networks (i.e., to what extent and to whom they reach out for support) depending on (1) individuals’ habitual emotion suppression and (2) cultural orientation on the individualism-collectivism dimension. Results show that individualistic cultures suffer a double-whammy: when suppressing, their members seek less support (i.e., don’t reach out so much to ask for support) and tend to seek culturally similar others for it when they do. Suppressing collectivists are less affected in absolute levels of connectedness, but still prefer culturally similar others as sources of support. Our study offers an emotion-based view of why people stick together with similar others in diverse groups and how learning to better cope with emotions can make us more open-minded towards diversity in professional settings.