Vlerick Repository

Recent Submissions

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    Trust and the value of CSR during the global financial crisis
    (Wiley, 2021) Berkman, Henk; Li, Michelle; Lu, Helen
    Lins, Servaes and Tamayo (2017) (LST) show that during the Global Financial Crisis (GFC) US firms with high corporate social responsibility (CSR) ratings increased in value relative to firms with low CSR ratings. Our study raises questions about the internal and external validity of the inferences in LST. For a similar sample of US stocks, we find no evidence that high CSR firms outperformed low CSR firms during the GFC when we use a calendar-time portfolio analysis that controls for industry, or uses value-weighted portfolios. For a sample of Japanese stocks, we also fail to confirm the results reported in LST.
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    From analytics to empathy and creativity: Charting the AI revolution in marketing practice and education
    (Sage Publications, 2024) Pavone, Giulia; Meyer-Waarden, Lars; Munzel, Andreas
    The rapid advancement of artificial intelligence (AI) increasingly demands an understanding of its impact on marketing practice and education. Our hybrid literature review synthesizes 312 peer-reviewed articles on AI in marketing and consumer behavior, using scientometrics and the TCCM (Theory, Context, Characteristics, Methodology) framework. We identify five research areas: human–AI interaction in services, natural language processing (NLP) and computer vision for consumer insights, AI for e-commerce and decision support, marketing automation and creativity, and AI ethics. AI’s evolution is marked by a transition from analytical to empathetic and intuitive technologies like affective computing and generative AI. We highlight the changing dynamics between humans and AI, AI integration in marketing practices and education, and the transformed AI-enhanced marketing workplace. We underscore the significance of ethical considerations, the well-being of users, and the integration of generative AI tools. This review provides a comprehensive guide for forthcoming research, practical applications, and educational advancements in AI-enhanced marketing.
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    Market value of R&D, patents, and CEO characteristics
    (Springer, 2025) Wang, Lipeng; Verousis, Thanos; Zhang, Mengyu
    The contribution of knowledge capital to firm value has increased significantly, from 25% in the 1970s to 45% in the 2010s (Belo et al. in Decomposing firm value J Financ Econ 143:619–639, 2022). However, what influences firms’ ability to maximize the effect of knowledge capital on firm value? Drawing on insights from upper echelons, agency, and behavioral agency theories, we show that CEO characteristics are crucial in enabling firms to take advantage of knowledge stock. We empirically demonstrate that short-term CEO compensation structures are detrimental to a firm’s ability to take advantage of its knowledge stock. We further show that CEO power enhances knowledge stock and R&D intensity. Our study provides direct empirical evidence of the importance of CEO compensation structure and corporate governance in understanding firm value in a knowledge economy.
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    The use of IoT sensor data to dynamically assess maintenance risk in service contracts
    (Elsevier, 2025) Loeys, Stijn; Boute, Robert; Antonio, Katrien
    We explore the value of using operational sensor data to improve the risk assessment of service contracts that cover all maintenance-related costs during a fixed period. An initial estimate of the contract risk is determined by predicting the maintenance costs via a gradient-boosting machine based on the machine’s and contract’s characteristics observable at the onset of the contract period. We then periodically update this risk assessment based on operational sensor data observed throughout the contract period. These sensor data reveal operational machine usage that drives the maintenance risk. We validate our approach on a portfolio of about 4,000 full-service contracts of industrial equipment and show how dynamic sensor data improves risk differentiation.