• 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 (Vlerick Business School, 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 (Vlerick Business School, 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.
    • The future of DSOs. Our take on energy communities and regulatory sandboxes

      Meeus, Leonardo (2019)
      The energy transition is changing the energy ecosystem. Until recently, energy production was mostly centralised, with relatively few large power plants connected to the transmission system operated by transmission system operators (TSOs). Regulatory changes to accommodate the integration of renewable energy initially focused on the transmission aspect, which resulted in a significant transformation of the TSOs, while leaving the distribution system operator (DSO) landscape virtually unaffected. In recent years, however, due in part to advances in renewable energy technology, power generation and distribution have become more decentralised. DSOs now find themselves at the centre of change, operating the grid which all these new players – producers and prosumers – want to connect to and use. The challenge is for DSOs to enable and facilitate change, rather than becoming a bottleneck. In 2018 the DSO Chair organised two workshops to discuss topical issues facing the future of DSOs: (1) energy communities and (2) regulatory sandboxes. Despite being selected independently of each other, these two topics turned out to be interrelated.
    • Future-proof tariff design: Recovering sunk grid costs in a world where consumers are pushing back

      Schittekatte, Tim; Momber, Ilan; Meeus, Leonardo (2017)
      Traditional analysis of distribution grid user’s reaction to tariffs assumes a low price sensitivity and a lack of alternative technologies to grid connection. This is radically changing with two technology breakthroughs: (1) Photovoltaics (PV) enable domestic and commercial consumers to self-produce energy; (2) Batteries allow self-producers to set both their grid energy and capacity parameters. Contributing to the state of the art, the grid cost recovery problem is modelled as a non-cooperative game between consumers. In this game, the availability and costs of new technologies (such as PV and batteries) strategically interact with tariff structures. Four states of the world for user’s access to new technologies are distinguished and three tariff structures are evaluated. The assessed distribution network tariff structures are: energy volumetric charges with net-metering, energy volumetric charges for both injection and withdrawal, and capacity-based charges. Results show that the new distribution world -open by new technology choices for grid users- is highly interactive and threatens grid regulation not understanding it.
    • Gender differences in Commitment to change: impacted by gender or by being part of a minority group?

      Deprez, Jana; Van den Broeck, Herman; Cools, Eva; Bouckenooghe, Dave (2012)
    • Global sourcing by mne's: impact on domestic firms

      Coucke, Kristien (2005)
      The unequal situation of large global firms with extensive networks and smaller domestic firms has created a dual structure in many industries. In this paper we examine the competitive position of domestic single-plant firms under growing rivalry of global companies that source abroad and flexibly coordinate production activities within a multinational network. Growing rivalry is modelled as a decrease in sourcing costs for multinational firms. We separate a direct and an indirect effect - i.e. competitive strategic effect- of a lower sourcing cost on the production decision of multinational and domestic firms. We show how cost characteristics of domestic firms determine the impact of these effects. We theoretically find that, ceteris paribus, output flexible firms will be most vulnerable and exit first from the market. Product differentiation is found to reduce the strategic effect of global sourcing by MNE's on the competitive position of domestic firms.
    • Globalisation and firm exit: Differences between small and large firms

      Colantone, Italo; Coucke, Kristien; Sleuwaegen, Leo (2008)
    • Globalisation and the definition of the relevant geographic market in antitrust practice

      Sleuwaegen, Leo; De Voldere, Isabelle (Vlerick Business School, 2001)
      This paper starts from the antitrust practices in the European Community and the US with respect to the delineation of the relevant geographic market in dealing with concentrations and shows that regulations and guidelines at this moment focus almost exclusively on demand substitution. However, the process of globalisation involves essentially global supply conditions and competition. A methodology is presented for delineating the relevant geographic market, that better takes this globalisation trend into account and brings both demand and supply substitution better in balance. The practical use of the methodology is illustrated for the Volvo-Scania merger case that was blocked by the European Commission in 1999.
    • Grounding principles for governing web 2.0 investments

      De Hertogh, Steven; Viaene, Stijn (2009)