Now showing items 21-40 of 2312

    • Behavioural finance and cryptocurrencies

      Ballis, Antonis; Verousis, Thanos (Review of Behavioral Finance, 2022)
      The present study sets out to examine the empirical literature on the behavioural aspects of cryptocurrencies, showing the findings of related studies and discussing the various results. A systematic literature review of cryptocurrencies in behavioural finance seems to be timely and particularly important in terms of providing a guide for future research. Key topics include an extent review on the issue of herding behaviour amongst cryptocurrencies, momentum effects and overreaction, contagion effect, sentiment and uncertainty, along with studies related to investment decision-making, optimism bias, disposition, lottery and size effects.
    • Information and the arrival rate of option trading volume

      Zhang, Mengyu; Verousis, Thanos; Kalaitzoglou, Iordanis (The Journal of Futures Markets, 2022)
      In this paper we investigate the interaction between liquidity and information in the options market and its impact on the pricing of the underlying asset. We model option trade duration and volume jointly, for the first time, as a natural measure of options' trading intensity and we associate it with differential degrees of information present in option trades. We report a highly significant association between option trading intensity with contemporaneous and future underlying volatility and returns, which is robust to the presence of other information measures, market factors, and structural forms.
    • LGBTQ and finance

      Brahma, Sanjukta; Gavriilidis, Konstantinos; Kallinterakis, Vasileios; Verousis, Thanos (International Review of Financial Analysis, 2023)
      Recent changes in workplace and corporate board diversity policies and a series of court rulings have signalled a fundamental change in the treatment of lesbian, gay, bisexual, transgender and queer (henceforth LGBTQ) people in the corporate world. In this paper, we survey the burgeoning literature on the role of sexual orientation in finance. Studies show that there is a positive relationship between the adoption of LGBTQ-friendly policies and firm performance. We identify the factors that influence a firm's decision to adopt LGBTQ-friendly policies. We also provide evidence that sexual preferences play an important role in leadership styles in the household. Overall, our review suggests that LGBTQ research allows novel insights regarding how LGBTQ policies create value for the firm, insights that help us identify several directions for future research.
    • Financial stress and commodity price volatility

      Chen, Louisa; Verousis, Thanos; Wang, Kai; Zhou, Zhiping (Energy Economics, 2023)
      We use a Markov-switching vector autoregressive model to examine the impact of financial stress on the volatility of commodity prices, including energy volatility. An increase in financial stress leads to a persistent increase in the volatility of the commodity index and of individual commodity prices. We confirm the existence of three volatility regimes, with the volatility of the commodity index and of individual commodity prices in the high volatility regime being more than 25 times larger than that in other regimes. A financial stress shock that arrives during a highly volatile period has more destabilizing and persistent effects than when the shock arrives during a low volatility period. The impact on energy volatility in the high volatility regime is over 60% larger than that on the volatility of the commodity index. The high volatility regime is short-lived and reflects major economic events as well as the outbreak of the COVID-19 pandemic.
    • Vice-chancellor narcissism and university performance

      Khoo, Shee-Yee; Perotti, Pietro; Verousis, Thanos; Watermeyer, Richard (Research Policy, 2024)
      Universities hold a prominent role in knowledge creation through research and education. In this study, we examine the effects of VC narcissism on university performance. We measure VC narcissism based on the size of the signature, in line with a methodological approach which has been widely used in the recent literature and repeatedly validated in laboratory experiments. We exploit a quasi-natural experiment of VC changes and employ a Difference-in-Difference research design, which alleviates concerns related to endogeneity and identification bias. We show that the appointment of a highly narcissistic VC leads to an overall deterioration in research and teaching performance and concomitantly league table performance. We further identify excessive financial risk taking and empire-building as possible mechanisms explaining the main results and provide evidence on the moderating role of university governance. Our findings are consistent with the view that narcissism is one of the most prominent traits of destructive leadership; they also have practical implications for leadership recruitment and the monitoring of leadership practices in the higher education sector. The results of this study extend prior research in several ways. Extant literature on executive leadership and narcissism yields inconclusive findings; this literature has mainly focused on for-profit organisations and has not considered universities. In addition, prior research in higher education on the determinants of university performance has not yet examined the role of leadership personality traits.
    • Reconciling risk as threat and opportunity: the social construction of risk in boardrooms

      Ring, Patrick; Bryce, Cormac; Ashby, Simon (Risk Analysis, 2023)
      Board directing is a continuous process of risk analysis and control in response to the duality of risk as threat and opportunity. Judgments are made and remade to simultaneously reduce the potential for damaging threats (e.g., fraud, reputation damage), while exploiting opportunities (e.g., new product development, mergers and acquisitions). Adopting an institutional logics approach, we explore this process of risk analysis and control through the varied subject identities (e.g., directorial roles), risk management practices (the procedures and tools used to identify, assess, and control risk), and risk objects (the product of risk identification, assessment, and control, e.g., a risk matrix or register) of boards. We argue that the contingent interaction between these identities, practices, and objects inform the “risk logic” of a board, which may draw attention to the notion of risk as threat, risk as opportunity, or both threat and opportunity. Using the testimony of 30 executive and nonexecutive directors that represent 62 companies from a range of public, private, and third-sector organizations, we contribute to the literature on the microfoundations of risk analysis in organizations by shining a light on how board directors understand, assess, control, and ultimately govern risk in organizations.
    • From “fit and forget” to “flex or regret” in distribution grids: Dealing with congestion in European distribution grids

      Beckstedde, Ellen; Meeus, Leonardo (IEEE Power and Energy Magazine, 2023)
      The support of decentralized energy resources under the Fit for 55 package and the REPowerEU plan places distribution grid users and distribution system operators (DSOs) at the center of the future European energy system. Also, the interaction between both types of agents is gaining importance for two reasons. First, DSOs face challenges connecting these new grid users to their network, leading to an increased need for grid investments and congestion management measures. Second, engaging these new grid users can bring opportunities for DSOs to manage their network and its possible congestion more efficiently.
    • The longitudinal effect of digitally administered feedback on the eco-driving behavior of company car drivers

      Goedertier, Frank; Weijters, Bert; Vanpaemel, Pieter (Sustainability, 2023)
      In the global fight against climate change, stimulating eco-driving could contribute to the reduction of CO2 emissions. Company car drivers are a main target in this challenge as they represent a significant market share and are typically not motivated financially to drive more fuel efficiently (and thus more eco-friendly). As this target group has received little previous research attention, we examine whether digitally administered feedback and coaching systems can trigger such company car owners to drive eco-friendly. We do so by using respondents (employees of a financial services company (N = 327)) that voluntarily have a digital device (‘dongle’) installed in their company car, which monitors and records driving behavior-related variables. In a longitudinal real-life field study, we communicate eco-driving recommendations (e.g., avoid harsh braking, accelerate gently, etc.) to the respondent drivers via a digital (computer) interface. Over a 21-week time frame (one block of seven weeks before the intervention, seven weeks of intervention, and seven weeks after the intervention), we test whether eco-driving recommendations in combination with personalized, graphical ‘eco-score index evolution’ feedback increase eco-driving behavior. We also experimentally evaluate the impact of adding social comparison elements to the feedback (e.g., providing feedback on a person’s eco-driving performance compared to that of the same car brand users). Structural Equation Modeling (in MPlus 8.4) is used to analyze data. Our results show that digitally administered personal performance feedback increases eco-driving behavior both during and after the feedback intervention. However, we do not observe increased effects when social comparison information is added to the feedback. As this latter element is surprising, we conclude with a reflection on possible explanations and suggest areas for future research. We contribute to the sustainable eco-driving literature by researching an understudied group: company car drivers. More specifically, we contribute by demonstrating the effectiveness of digitally administered personal performance feedback on eco-driving for this group and by observing and reflecting on the (in)effectiveness of feedback containing social comparison information.
    • Mitigating the effects of global disruptions on supply chains : Gaining insights from the dairy industry during Covid-19

      Lemke, Fred; Elgersma, Erik; Wagner, Beverly; McDougall, Natalie (Production Planning and Control, 2023)
      This paper explores the dairy industry during peak Covid-19 disruption. Institutional theory is applied as a lens to investigate resilience factors and capacities at macro (industry), meso (supply chain) and micro (firm) levels. The methodology comprised four stages: in-depth interviews, retrospective literature review, intercoder reliability assessment, and a Delphi panel. Findings demonstrate execution of embedded resilience capacities but also the need for the dairy industry as an institution to dynamically adapt for advanced resilience. At the macro level, technology is highlighted as a critical resilience capacity. At the meso level, findings revealed that both lean and agile were key resilience capacities, exhibited by high levels of coordination, co-dependence, and communication. At the micro level, capacities such as ability to manage risk, skilled workforce, levels of automation, and financial stability were evident. Definition of these capacities and explanation of their adoption through an institutional theoretical lens delivers important contributions for advanced resilience.
    • Success factors in new ventures: A meta-analysis

      Song, Michael; Podoynitsyna, Ksenia; Van Der Bij, Hans; Halman, Johannes (Journal of Product Innovation Management, 2008)
      Technology entrepreneurship is key to economic development. New technology ventures (NTVs) can have positive effects on employment and could rejuvenate industries with disruptive technologies. However, NTVs have a limited survival rate. In our most recent empirical study of 11,259 NTVs established between 1991 and 2000 in the United States, we found that after four years only 36 percent, or 4,062, of companies with more than five full-time employees, had survived. After five years, the survival rate fell to 21.9 percent, leaving only 2,471 firms still in operation with more than five full-time employees. Thus, it is important to examine how new technology ventures can better survive. In the academic literature, a number of studies focus on success factors for NTVs. Unfortunately, empirical results are often controversial and fragmented. To get a more integrated picture of what factors lead to the success or failure of new technology ventures, we conducted a meta-analysis to examine the success factors in NTVs. We culled the academic literature to collect data from existing empirical studies. Using Pearson correlations as effect size statistics, we conducted a meta-analysis to analyze the findings of 31 studies and identified the 24 most widely researched success factors for NTVs. After correcting for artifacts and sample size effects, we found that among the 24 possible success factors identified in the literature, 8 are homogeneous significant success factors for NTVs (i.e., they are homogeneous positive significant metafactors that are correlated to venture performance): (1) supply chain integration; (2) market scope; (3) firm age; (4) size of founding team; (5) financial resources; (6) founders' marketing experience; (7) founders' industry experience; and (8) existence of patent protection. Of the original 24 success factors, 5 were not significant: (1) founders' research and development (R&D) experience; (2) founders' experience with start-ups; (3) environmental dynamism; (4) environmental heterogeneity; and (5) competition intensity. The remaining 11 success factors are heterogeneous. For those heterogeneous success factors, we conducted a moderator analysis. Of this set, three appeared to be success factors, and two were failure factors for subgroups within the NTVs' population. To facilitate the development of a body of knowledge in technology entrepreneurship, this study also identifies high-quality measurement scales for future research. The article concludes with future research directions.
    • The social side of sustainability: Well-being as a driver and an outcome of social relationships and interactions on social networking sites

      Munzel, Andreas; Meyer-Waarden, Lars; Galan, Jean-Philippe (Technological Forecasting and Social Change, 2018)
      Although social sustainability involves processes that promote well-being, it is often neglected in the sustainability debate. Social networking sites (SNSs) such as Facebook are now pervasive venues for constant interpersonal communication and interaction, as well as general social connectedness. The debate between cyberoptimists and cyberpessimists about the implications of SNS use for well-being persists. The present study adopts a social sustainability perspective and seeks to further elucidate two competing hypotheses; thus, subjective well-being is included as a driver and an outcome of SNS use and social network characteristics. We conducted a survey of 678 Facebook users across various age categories and then applied a two-step approach to analyze the data. The results reveal that although the structural parameters seem to widely support the social enhancement hypothesis, a more differentiated analysis shows that highly extraverted individuals spend more time on Facebook when they are unhappy. Furthermore, the more time that such extraverts spend on Facebook, the more they believe that it improves their overall well-being. This finding is further supported by our identification of a four-class structure in which a clear distinction of users emerges based on age, gender, and extraversion.
    • Enhancing enterprise family social capital through family governance: An identity perspective

      de Groot, Maarten; Mihalache, Oli; Elfring, Tom (Family Business Review, 2022)
      Despite significant discussion surrounding the benefits of family social capital in family business research, precisely how it is built and maintained by enterprise families remains unclear. To explore how and when family governance practices can avoid the decay of enterprise family social capital, we examine the mediating role of family identity and the significance of both generational and business ownership. Testing of our moderated mediation framework using data from 175 enterprise families globally suggests that family governance can stimulate family social capital by strengthening family identity. We also find a negative moderating role for business ownership in this indirect relationship.
    • Corporate governance, Shari'ah governance and financial flexibility: Evidence from the MENA region

      Aljughaiman, Abdullah; Salama, Aly; Verousis, Thanos (International Journal of Finance and Economics, 2023)
      This article investigates the relationship between corporate governance structures and financial flexibility for conventional and Islamic banks in the Middle East and North Africa (MENA) region. We construct a novel financial flexibility index (FFI) for the banking sector and examine the impact of the Shari'ah supervisory board (SSB), board size, and risk governance on financial flexibility. We find that board size and risk governance significantly affect banks' financial flexibility for Islamic and conventional banks. However, Shari'ah governance rules determine how that relationship is manifested in Islamic banks. We show that SSB size and busy SSBs enhance Islamic banks' financial flexibility. Our results show that Western corporate governance structures may lead to suboptimal financial flexibility. Banking policies should re-evaluate the impact of one-size-fits-all approaches to corporate governance while promoting ‘soft policies’ to banking regulation that are value-enhancing for the banking sector.
    • In turbulent times, China and the EU need to collaborate

      Abraham, Filip (The European, 2020)
      There is no doubt that we live in times where free trade is under pressure, with a rise in protectionism observed across the globe. A growing number of countries impose tariffs and other trade restrictions in order to shield their own markets from foreign competition.
    • Impact pathways: A home for insights from relevant and impactful operations and supply chain management research

      Caniato, Federico; Graham, Gary; Roehrich, Jens K.; Vereecke, Ann (International Journal of Operations & Production Management, 2023)
      Purpose International Journal of Operations and Production Management (IJOPM)'s Impact Pathway (IP) section has been launched in 2020 to host short contributions grounded in current managerial practices and/or policy development, challenging established operations and supply chain management (OSCM) knowledge and highlighting innovative and relevant research directions. This commentary reflects on the achievements of the section, delineates the key features of IP papers and stimulates further development. Design/methodology/approach This commentary provides a brief overview of the IJOPM's IP section, taking stock of the contributions that have been published so far, analysing their topics, methodologies, insights and impact. Findings The 19 contributions published over the last three years have dealt with a variety of emerging topics, ranging from the COVID-19 response to additive manufacturing, leveraging on key evidence from managerial practice that challenges consolidated knowledge and theory, providing clear research directions as well as managerial and/or policy guidelines. Originality/value The commentary reflects on the importance of phenomenon-driven research that seeks to bridge the gap between theory and practice, thus increasing the impact and reach of OSCM research. This is a call for contributions from scholars, business leaders and policymakers to develop further impact-oriented research.
    • The myth of mediator neutrality

      Jordaan, Barney (Nederlands-Vlaams tijdschrift voor Mediation en conflictmanagement, 2023)
      Because I’ve been fortunate to observe the ADR scene for much of its recent development, I’m often asked my views of where we stand now. My somewhat flip answer is, ‘On Monday, Wednesday and Friday, I think we’ve made amazing progress. On Tuesday, Thursday and Saturday, ADR seems more like a grain of sand on the adversary system beach.’ So I think we have a way to go – Prof. Frank Sander.
    • Flexibel werken in ziekenhuizen: Over werklast, draagkracht en verandercultuur

      Cardoen, Brecht; Schoonaert, Lies; Gemmel, Paul (Zorgwijzer, 2018)
      Met schaarse middelen toch optimaal beantwoorden aan de toenemende zorgvraag, zonder dat het zorgpersoneel eronderdoor gaat: hoe doe je dat? Flexibiliteit kan alvast helpen, stellen prof. Brecht Cardoen, prof. Paul Gemmel en onderzoekster Lies Schoonaert, mede-auteurs van het MINOZ-rapport Flexibel werken in ziekenhuizen.
    • Op weg naar een duurzame gezondheidszorg in België

      Cardoen, Brecht; Van Haute, Ester; Leblanc, Julie (ZorgMagazine, 2023)
      Het centrale thema van de 9de Vlerick Healthcare Conference, die plaats vond op 27 oktober 2022, was duurzaamheid in de gezondheidszorg. De nieuwste inzichten uit de academische en professionele wereld werden gedeeld in een bruisende, interactieve setting met plenaire lezingen en thematische sessies. Professor Brecht Cardoen (Vlerick Healthcare Management Centre), researcher Esther Van Haute en Julie Leblanc (Vlerick Alumni Healthcare Club) blikken terug.
    • Should Google and Facebook be venturing into banking?

      Cumps, Bjorn (International Finance, 2020)
      The global banking industry is a trillion-dollar industry and technology giants Google and Facebook are making a slow but sure banking and money transfer play. Over the last decade, fintech innovation has disrupted banking and financial services globally to a certain extent. And the rate at which things are changing in the banking industry is only expected to accelerate in the future. Technology is bound to take over traditional banking practices and usher in significant changes in the industry.
    • Dual sourcing under non-stationary demand and partial observability

      Yee, Hannah; van Staden, Heletjé E.; Boute, Robert (European Journal of Operational Research, 2024)
      We study dual sourcing under stochastic and non-stationary demand. The non-stationarity is modeled through Markov-modulated changes in the underlying demand distribution. The actual demand distribution is not observed directly, yet demand observations reveal partial information about it. We propose a policy where a pre-committed base order from the slow source is complemented with flexible short-term orders from both the fast and slow source. The pre-committed order is cheaper, while flexible orders can be adjusted to the actual inventory needs and the non-stationary demand. By formulating the problem as a partially observable Markov decision process, we show that the optimal flexible orders follow an adaptive dual base-stock policy when the lead time difference between both sources is one period. A numerical validation study reveals how flexible slow source orders reduce the share of expensive orders from the fast source compared to a conventional tailored base-surge policy. In addition, our policy’s ability to adapt decisions to partial information allows for a more effective use of flexible orders. Our findings show the value of incorporating partial information to deal with the non-stationary demand and adding the flexible slow-sourcing option to create a more resilient replenishment policy.