• Value-based management control processes to create value through integration: a literature review

      Ameels, Anne; Bruggeman, Werner; Scheipers, Geert (2002)
      In the last decades, management accounting faced increasing challenges to adopt new approaches, designed to fit the changes in the economic environment and to correct perceived inefficiencies in existing controlling structures. This paper focuses on one of those recent developments, viz. value-based management (VBM). Since VBM is claimed to be changing financial management at the highest level in some of the world's largest companies, this literature review compares the value-based management approaches of six consultants, viz. Stern Stewart & Co, Marakon Associates, McKinsey & Co, PriceWaterhouseCoopers, L.E.K. Consulting and HOLT Value Associates and tries to assess the potential of their management frameworks. Value-based management can be defined as an integrated management control system that measures, encourages and supports the creation of net worth. Although VBM is more than metrics, we first focused on a non-exhaustive number of value-based metrics, divided in two segments, the listed perspective-segment and the non-listed perspective. Since metrics are a means and not the goal of a VBM-program, we compared not only the metrics used by the six consultants, but also analysed their value-based management constructs as a whole. This analysis was based on the fundamental components of a holistic VBM-program, as defined by several researches on value-based management. This comparison revealed some clear similarities between the approaches, but also demonstrates distinctions and different accents. There is for instance a clear unanimity about the focus on maximizing shareholder value, about the conviction that the interests of all stakeholder groups are best served when putting the shareholder first and about the impact of value-based management on collaboration. Notwithstanding the similarities, they all six suggest using different types of measures, combine different systems and processes, have other views on strategy development and advocate their own training & education program.
    • Values, value conflict and stress the prediction of stress by values and value conflict

      Bouckenooghe, Dave; Buelens, Marc; Fontaine, J.; Vanderheyden, Karlien (2004)
      The aim of this paper was to investigate the relationship between stress, values, and value conflict. Data collected from 400 people working in a wide variety of companies in Flanders indicated that the values openness to change, conservation, self-transcendence, self-enhancement, and value conflict were important predictors of stress. Participants open to change reported less stress, while respondents scoring high on conservation, self-enhancement, and self-transcendence perceived more stress. People reporting high value conflict also experienced more stress. Separate analyses for the male and female subsamples demonstrated that sex differences regarding the relationship between the four value types and stress cast new light on the findings for the total sample. The article concludes with a discussion of the results and future research directions.
    • Venture Capital, Private Equity and Earnings Quality

      Manigart, Sophie; Beuselinck, Christof; Deloof, Marc (2004)
    • Venture Capital, Private Equity and Earnings Quality

      Beuselinck, Christof; Deloof, Marc; Manigart, Sophie (2004)
      This paper examines the quality of financial statements reported by private equity (PE) backed companies in the years around the initial PE investment. We study both pre- and post-investment earnings characteristics of a unique hand-collected sample of 556 Belgian unlisted companies, receiving PE financing between 1985 & 1999, and a matched non-PE backed sample. We find strong evidence of upward earnings management in the PE backed sample prior to the investment year, consistent with the hypothesis that entrepreneurs which apply for PE manage earnings upward to catch PE investors' interest. Further, PE backed companies show a significantly higher extent of earnings conservatism compared to matched companies from the investment year on, indicating a governance impact of PE investors on the financial reporting discipline. Finally, we find a marginally higher degree of earnings conservatism for companies receiving PE from non-government related investors compared to companies backed by government-related PE investors. We interpret this stricter financial reporting discipline as being the reflection of a more slack governance by government-related PE investors compared to non-government-related investors. Our results have implications for PE investors as well as for all other stakeholders of PE backed firms.
    • Venture capitalists in Asia: a comparison with the U.S. and Europe.

      Bruton, Gary; Manigart, Sophie; Fried, Vance H.; Sapienza, Harry J. (2002)
      This research utilizes an institutional perspective to examine the behavior of venture capital professionals in three distinct regions of the world (Asia, U.S., Europe). Based upon a mail survey, we find reasonably consistent views around the world on the relative importance of various venture capitalist roles. However, we find that how those roles are implemented is shaped by cognitive institutional influences in the given region. We find that a model developed in the U.S. to predict the amount of venture capitalist/CEO interaction is not valid in Asia. Further, Asian boards have much greater insider representation than do U.S. or European boards. We attribute these difference to the greater emphasis in Asia on the importance of collective action.
    • Venture capitalists' selection process: the case of biotechnology proposals

      Baeyens, Katleen; Vanacker, Tom; Manigart, Sophie (2005)
      The paper analyses venture capitalists' selection process in biotechnology ventures. Biotech ventures operate in an extremely risky environment making this an interesting research setting. The majority of venture capitalists exclude certain biotech sectors ex-ante because of regulatory uncertainty, the long development process to a market ready product and the difficulty to understand the technology. The more thorough due diligence process focusses on financial, market and technology criteria. Management team capabilities are more important for later stage investors, whereas early stage investors expect to have an impact on the future recruiting of professional managers. Despite the higher risk of biotech investments, we find no evidence that VCs require higher hurdle rates or more complete contracts for these investments, compared to investments in other technology-based companies. The most important reason for not reaching an investment agreement is disagreement over valuation, due to large differences in risk perception between entrepeneurs and venture capitalists and the lack of a standard valuation tool for biotech projects. Keywords: venture capital, selection process, biotechnology
    • Verzekering en sparen

      Van den Berghe, Lutgart (1993)
    • Wat is FD Transformers?

      Muylle, Steve; Standaert, Willem; Van den Bergh, Joachim; Viaene, Stijn (2016)
      In juni 2018 publiceren Het Financieele Dagblad en Vlerick Business School de tweede editie van FD Transformers. Een onderzoek naar digitale transformatie bij de 200 grootste Nederlandse bedrijven.
    • What drives consumer participation to loyalty programs? A conjoint analytical approach

      De Wulf, Kristof; Odekerken-Schröder, Gaby; De Cannière, Marie; Van Oppen, C. (2002)
      Little is known about the way in which different loyalty program attributes underlie consumers' intentions to participate in such a program. Based upon equity theory, the current study distinguished between consumer inputs (personal data release, participation cost, purchase frequency, participation exclusivity, and participation efforts) and outputs (program) benefits, number of program providers, and program duration) as underlying attributes potentially affecting participation in a loyalty program. Using conjoint analysis, we explored how different levels within each of these eight attributes affect consumers' intentions to participate. The study holds major implications for the design of successful customer loyalty programs. Keywords: Relationship Marketing, Customer Loyalty Program, Equity Theory, Conjoint Analysis.
    • What drives informal investment activity? A cross-country comparison

      De Clercq, Dirk; Meuleman, Miguel; Wright, Mike (2009)
    • What every entrepreneur should know about growing his business: Six insights from our experts

      Manigart, Sophie; Haspeslagh, Philippe; Buyens, Dirk; Collewaert, Veroniek; Baeten, Xavier; Hamish, Scott (2017)
      Vlerick business experts work across all sectors and with businesses at many different stages of growth. They are renowned in the fields of finance, strategy, entrepreneurship, people and reward management, and many more. In this paper our 6 Vlerick experts each give one key insight for growing your business.
    • When customer journey thinking meets cost-risk analysis. Discover the consumer-based, crossover marketing strategy you can successfully apply to any business

      Goedertier, Frank (2017)
      Key insights: The essence of marketing should always be your customer. Ask yourself which costs and risks customers run into when they are (thinking of) buying a product. By adding a layer of cost-risk analysis to the traditional framework of the customer journey, you immediately gain leverage