• Going concern opinions and IPO pricing accuracy

      Matanova, Natalia; Steigner, Tanja; Yi, Bingsheng; Zheng, Qiancheng (Review of Quantitative Finance and Accounting, 2019)
      In a marked shift, it has become relatively more common for ordinary initial public offerings (IPOs) to contain going concern opinions (GCOs) in their offering documents. Examining the implications of such GCOs for IPO investors in a sample of ordinary IPOs from 2001 to 2012, we find that GCOs increase price accuracy by reducing price revisions and underpricing. Further, we show that GCO IPOs with reputable underwriters experience higher price revisions. Our underpricing analysis supports the lawsuit avoidance theory. We also provide novel evidence that the market can distinguish between temporarily constrained GCO IPOs and those with persistent problems that receive a second GCO post-IPO. Overall, this paper contributes to the existing literature by shedding light on whether GCOs contained in IPO prospectuses provide material information and result in better pricing mechanisms.
    • Going to the core of hard resource-constrained project scheduling instances

      Coelho, José; Vanhoucke, Mario (Computers and Operations Research, 2020)
      The resource-constrained project scheduling problem (RCPSP) is one of the most studied problems in the project scheduling literature, and aims at constructing a project schedule with a minimum makespan that satisfies both the precedence relations of the network and the limited availability of the renewable resources. The problem has attracted attention due to its NP hardness status, and different algorithms have been proposed that solve a wide variety of RCPSP instances to optimality or near-optimality. In this paper, we analyse the hardness of this problem from an experimental point-of-view by testing different algorithms on a huge set of existing instances and detect which ones are difficult to solve. To that purpose, we propose a three-phased approach that makes use of five elementary blocks, well-performing algorithms and a huge amount of computational power to transform easy RCPSP instances into very hard ones. The purpose of this study is to create insight and understanding into what makes an RCPSP instance hard, and propose a new dataset that consists of a small set of instances that are impossible to solve with the algorithms currently existing in the literature. These instances should be as small as possible in terms of number of activities and resources, and should be as diverse as possible in terms of network structure and resource strictness. Such a dataset should enable researchers to focus their attention on the development of radically new algorithms to solve the RCPSP rather than gradually improving current algorithms that can solve the existing RCPSP instances only slightly better.
    • Governance implications of attracting external equity investors in private family firms

      Neckebrouck, Jeroen; Meuleman, Miguel; Manigart, Sophie (Academy of Management Perspectives, 2021)
      While research commonly assumes business-owning families are concerned about the preservation of control, more and more families seek cooperation with external investors to accomplish firm- and/or family level-goals. In this paper, we provide a conceptual configuration of the different governance scenarios that may arise when family owners attract outside capital. Combining two important family objectives - the objective to provide liquidity either to the family or to the firm, and the objective to cede or to retain long-term family control - we identify four scenarios with different governance implications and preferred types of external investors. Our analysis contributes to an increased understanding of the evolving structures of ownership in private family firms, the effectiveness and efficiency of governance arrangements in family firm-external investor cooperations and the increasingly heterogeneous private equity funding landscape.
    • Governing Web 2.0

      De Hertogh, Steven; Viaene, Stijn; Dedene, Guido (+) (Communications of the ACM, 2011)
    • Government as fund-of-fund and VC fund sponsors: Effect on employment in portfolio companies

      Manigart, Sophie; Standaert, Thomas (Small Business Economics, 2018)
      Governments around the world have set up fund-of-fund programs to increase the supply of venture capital financing to young growth-oriented firms. In these programs, a government fund-of-fund acts as limited partner in a venture capital fund. The venture capital investment process is hereby delegated to external investors, which were selected by the government fund-of-fund. We investigate employment growth in 108 portfolio companies that benefited from the ARKimedes fund-of-fund in Flanders. Accounting for the heterogeneity in the types of venture capital investors managing hybrid funds, and the associated goal diversity and resource endowments, we find that portfolio companies backed by hybrid independent venture capital funds show greater employment growth than those backed by hybrid captive or hybrid government venture capital funds. This finding is relevant because it indicates that the financial objectives of hybrid independent venture capital funds are highly compatible with the government's objective of employment growth, as providing companies with superior monitoring and value adding services with the objective of realizing a successful exit creates employment in the process.
    • Government R&D subsidies as a signal for private investors

      Kleer, Robin (Research Policy, 2010)
      Government subsidies for R&D are intended to promote projects with high returns to society but too little private returns to be beneficial for private investors. This may be caused by spillovers or a low appropriability rate. Apart from the direct funding of these projects, government grants may serve as a signal for good investments for private investors. We use a simple signaling model with different types of R&D projects to capture this phenomenon. The agency has a preference for basic research projects as they promise high expected social returns, while banks prefer applied research projects with high private returns. In a setup where the subsidy can only be used to distinguish between basic and applied research projects, government agency’s signal is not very helpful for banks. However, if the subsidy is accompanied by a quality signal, it can lead to increased or better selected private investments.
    • Growth intentions among research scientists: a cognitve style perspective

      Knockaert, Mirjam; der Foo, Maw; Erikson, Truls; Cools, Eva (Technovation, 2015)
      Although academic entrepreneurship has taken place in some U.S. universities for many decades, it is only over the past few decades that there has been an increased interest by universities worldwide to engage in their third mission related to entrepreneurship and economic development. Recently, researchers studying academic entrepreneurship have increasingly focused on understanding research scientists? entrepreneurial intentions. It has however also been acknowledged that, next to understanding entrepreneurial intentions, it is important to generate insights into growth intentions. This is because growth is unlikely to be achieved if no growth intention exists. Taking a cognition and self-efficacy perspective, our study explores how cognitive styles are associated with growth intentions within a group of research scientists having entrepreneurial intentions. Our study indicates that a planning cognitive style promotes while a knowing cognitive style curbs growth intentions. Further, working experience mitigates the negative impact of a knowing style on growth intentions. Our research has practical implications and implications for technology management, academic entrepreneurship and entrepreneurial intentions literatures.
    • Growth of Firms in Developing countries, Evidence from Cote D'Ivoire

      Sleuwaegen, Leo; Goedhuys, Micheline (Journal of Development Economics, 2002)
      This paper presents evidence in support of a particular growth process of firms that is consistent with the missing middle in the size distribution of manufacturing firms in African countries. Firm growth is explained by size and age effects as a result of efficiency exploiting through scale enlargements and learning, but is strongly moderated by reputation effects and formal legitimation which facilitate access to output markets and resources. Complementing the model with data on growth obstacles as perceived by the owners of firms, medium-sized firms are found to be strongly hurt by insufficient access to infrastructure and financial services.
    • Growth patterns of the European venture capital industry

      Ooghe, Hubert; Manigart, Sophie; Fassin, Yves (Journal of Business Venturing, 1991)
      The importance of the venture capital industry in the major European countries is examined, and funding and investment patterns are investigated. The data are mainly, but not solely, taken from the yearly statistics of the European Venture Capital Association and cover the period 1984-1989. It is shown that nearly half (44%) of the European investments are made in the expansion stage, management buyouts account for another 36%. Only 14% is invested in seed or start-up companies, much less than the 30% in the US. Half of the venture capital investments in the UK are buyouts. The highest start-up investment activity takes place in Austria and Spain. Cluster analyses indicate that characteristics of mature industries are: 1. a bigger size, relative to the gross national product of the country, 2. the presence of pension funds and insurance companies as investors in the industry, 3. the syndication of the deals, and 4. the absence of the government as an investor.
    • Growth persistence and profile robustness of high-growth firms

      Dillen, Yannick; Laveren, Eddy; Martens, Rudy; De Vocht, Sven; Van Imschoot, Eric (International Journal of Entrepreneurial Venturing, 2014)
    • Guest editorial

      Will, Georg Mathias; Wetzel, Ralf (Journal of Accounting & Organizational Change, 2018)
      Next concepts for successful organizational change. According to a Capgemini Consulting (2010) study, 25 per cent of all the change management initiatives fail, productivity decreases about 25 per cent in times of change and employee turnover increases by approximately 10 per cent. Other studies show similar findings (Shin et al., 2012; Zhang and Rajagopalan, 2010). These numbers indicate that, typically, change management not only has a major impact on company’s performance – but in many cases, it makes the situation even worse. This is an unacceptable outcome because, obviously, companies apply change management to achieve a turnaround in performance and productivity
    • Haal het beste uit je werknemers

      De Hauw, Sara (HR Magazine, 2009)
    • Handelstransacties in vreemde valuta

      Roodhooft, Filip (Economische Didactiek, 1993)
    • Hanging out at the memeplex

      Verhaeghe, Annelies; Van den Bergh, Joeri; Schillewaert, Niels (Research World, 2009)
    • Healthy or unhealthy slogans: that's the question

      Adams, Leen; Geuens, Maggie (Journal of Health Communication, 2007)
    • Hebben succesvolle CEO's gewoon geluk gehad?

      Melsens, Dieter (HR Magazine, 2015)
    • Help, ik kan niet kiezen

      Nissen, Aleydis (Marketing Tribune, 2015)
    • Het anticipatorisch psychologisch contract van laatstejaarsstudenten op de Vlaamse arbeidsmarkt

      De Vos, Ans; Meganck, Annelies (Tijdschrift voor Economie en Management, 2006)