• Financial and investment interdependencies in unquoted Belgian companies: the role of venture capital

      Manigart, Sophie; Baeyens, Katleen; Verschueren, I. (2002)
      Fortis, the leading Benelux financial group, had been a success story of successive mergers of bank and insurance companies, with leadership in corporate social responsibility (CSR). One year after the acquisition of the major Dutch financial conglomerate ABN AMRO, the global financial crisis caused the collapse of the Fortis group. The purpose of this article is to use the case study of Fortis’s recent fall as a basis for reflective considerations on the financial crisis, from stakeholder and ethical perspectives. A selected number of key events of the history of the dramatic crisis at Fortis will be analysed from different ethical frameworks. Special consideration will be given to fairness of communication, shareholder activism and conflicts of interests of CEO’s mergers opportunities. A confrontation between the CSR policy and the reality raises the fundamental questions why the powerful CSR guidelines and ethical principles did not help in the assessment of the risks.
    • Financial reporting quality in private equity backed companies: the impact of ownership concentration

      Beuselinck, Christof; Manigart, Sophie (2005)
      We argue and empirically show on a sample of 270 unquoted, private equity backed companies that the shareholder structure of private companies influences the quality of their accounting information. We show that companies in which private equity (PE) investors have a higher equity stake produce accounting information that is of lower quality than companies in which PE investors have a lower equity stake, controlling for company size and age. We argue that this is evidence that a large equity stake is a substitute for high earnings quality.
    • Firm resources: a double-edged sword? Resources as enablers and inhibitors of competitive responsiveness

      Debruyne, Marion; Frambach, Ruud; Moenaert, Rudy (2006)
      We show that resources possess a dual, and opposing, role in influencing competitive responsiveness. On the hand, resources enhance decision-makers' belief that they are able to respond effectively to competitive attacks, but the presence of resources also makes them less motivated to respond. We demonstrate the key role competitor orientation plays in this process and formulate managerial implications from that. Keywords: new product introductions, competitive reaction, managerial assessment
    • First-round valuation of angel-backed companies: the role of investor human capital

      Collewaert, Veroniek; Manigart, Sophie (2009)
      In this first paper of the special issue, we identify some trends in open innovation research by analysing how the literature on this topics has evolved since the introduction of the concept in 2003. Research on open innovation has been mushrooming ever since and the scope has been broadened in different directions. Researchers also started to analyse open innovation at different level of analysis from the individual actors in organisations to ecosystems and national innovation systems. Despite the vast growth in research on open innovation, we identified several directions for further research: open innovation research should be linked to other management areas such as marketing, HRM, change management, etc. In addition, our understanding of open innovation could be improved if the recently developed insights could be related to the existing management theories.
    • Follow-on financing of venture capital backed companies: the choice between debt, equity, existing and new investors

      Baeyens, Katleen; Manigart, Sophie (2006)
      We study the financing strategies of 191 start-ups after they have received venture capital (VC) and thereby contribute to the staging literature. The VC backed start-ups have raised financing on 345 occasions over a five-year period after the initial VC investment. Surprisingly, bank debt is the most important source of funding for these young and growth-oriented companies, supporting the view that VC investors have a certifying role in their portfolio companies. Bank debt is available to firms with a lower demand for money, lower levels of risk and of information asymmetries, implying that staging of equity funding is less important for these firms. A firm only raises equity when it's debt capacity is exhausted, hinting that equity investors are investors of last resort. New equity is provided by the existing shareholders in 70% of the equity issues, supporting earlier findings that staged financing is important in venture capital financing. New shareholders invest when large amounts of funding are required and when risk and information asymmetries are high. We interpret these findings as support for the extended pecking order theory. In line with syndication arguments, new investors thus provide risk sharing opportunities and skills to screen and monitor and thereby reduce information asymmetries. New equity investors face adverse selection problems, however, in that only the most risky investments are syndicated. Keywords: financing strategy, venture capital, bank debt, external shareholders JEL classification: G32
    • Forecast bias of entrepreneurs in venture capital-backed companies

      Collewaert, Veroniek; Vanacker, Tom; Cassar, G. (2011)
    • Foreign ownership and productivity dynamics

      De Backer, Koen; Sleuwaegen, Leo (2002)
      In analyzing the distinctive contribution of foreign subsidiaries and domestic firms to productivity growth in aggregate Belgian manufacturing, this paper shows that foreign ownership is an important source of firm heterogeneity affecting productivity dynamics. Foreign firms have contributed disproportionately large to aggregate productivity growth, but more importantly reallocation processes differ significantly between the groups of foreign subsidiaries and domestic firms.
    • Four myths of digtital disruption

      Debruyne, Marion (2017)
      Key insights: Disruption does not hit you overnight, it’s been there for a while. Your customers don’t want you to change. Talk to customers you don’t have yet. It’s not going to be helpful for your business to focus on one single player in your search for a disruptor. Be prepared to try and fail – several times if necessary.
    • From Creativity to Success: Barriers and Critical Success Factors in the creative process

      De Stobbeleir, Katleen; De Clippeleer, Inge; Dewettinck, Koen (2010)
    • From distress to exit: determinants of the time to exit

      Balcaen, Sofie; Manigart, Sophie; Ooghe, Hubert (2009)
    • From enterprise architect to opportunity architect: the Changing role of enterprise architecture in a digital transformation context

      Bontinck, Greet; Cumps, Bjorn; Viaene, Stijn; Bille, Wesley; Vanden Brande, Joachim (2016)
      While digital transformation is of vital importance for companies and is clearly a boardroom concern, enterprise architects are having a hard time using their skills to digitally transform their company into a nimble, quick and agile one. The white paper “From Enterprise Architect to Opportunity Architect” outlines a number of findings from 13 case studies of companies in Belgium: there are opportunities for enterprise architects who can get to grips with and understand the customer journey.
    • Future challenges for human resource development professionals in European learning-oriented organisations

      Buyens, Dirk; Wouters, Karen; Dewettinck, Koen (2003)
      Within the scope of the TSER-project (1998-2000) which aimed to examine new HRD initiatives in learning-oriented organisations throughout Europe, this paper presents the general findings and some country specific differences for Belgium. The study aimed to answer the following questions: How do HRD departments in learning-oriented organisations envision their new role in stimulating and supporting employees to learn continuously? What strategies do HRD departments adopt to realise their envisioned role? What inhibiting factors do they encounter when trying to realise their new role? A survey held among a group of 165 companies, 39 of which are located in Belgium, made clear that the Belgian HRD professionals do not position themselves on the first place as strategic partners in realising the business. Also the results concerning the strategies do not disclose a picture of highly innovative HRD practices. However, the professionals indicate that strategies to support the business and to stimulate learning and knowledge sharing will become increasingly important strategies for the future. The factors that appear to hinder the change process most strongly, are a lack of time on behalf of the employees and managers, a lack of clarity on HRD's role, insufficient learning culture and low flexibility of the organisational structure.
    • Future house of rewards - Reward systems in an era of longevity

      Baeten, Xavier; Loyens, Said; De Greve, Bert (2018)
      This white paper by Prof Xavier Baeten, Said Loyens (Vlerick’s Centre for Excellence in Strategic Rewards) and Bert De Greve (Hudson) proposes concrete and evidence-based ideas on how Belgian firms should manage wage setting in the future.