Now showing items 21-40 of 6999

    • Sustainability and executive remuneration. How to make sustainable reward policies more than a box-ticking exercise

      Baeten, Xavier (2022)
      Evidence points that sustainability-driven executive renumeration policies, leading to improved ESG (environmental, social, governance) scores. In turn, increased ESG scores tend to positively impact profitability.
    • Web 3.0 and the metaverse. Making business sense of transformative digital technologies

      Butler, Martin; Cumps, Bjorn; Viaene, Stijn (2023)
      Artificial intelligence, the Internet of Things, blockchain, virtual reality, augmented reality and other forms of spatial computing … We are entering a new digital era – one that is more immersive, more contextual, and more integrated with the real world than ever before: welcome to the world of Web 3.0 and the metaverse. Here are two exciting phenomena that could transform how we interact with digital technology and the internet, with digital content, and with the world around us. To fully appreciate the opportunities and challenges that lie ahead, you need to look beyond the technological aspects and focus instead on the applications and the value they can bring. This is why we have developed the Vlerick 4E framework. It provides a lens through which to view what is happening in the world of Web 3.0 and the metaverse, adding an extra layer of knowledge and insight that will inspire you and help you better navigate this emerging world, enabling you to unlock business value from its transformative technologies. What are the opportunities for your business? This paper will put you on the right track to finding out. You will learn the key concepts that are essential to grasp the potential of Web 3.0 and the metaverse. Explore our framework for identifying and evaluating the business opportunities they offer. And discover real-world examples of how this framework can be applied in different domains and industries. Get ready to be inspired!
    • Unlock the power of DEI - A strategic approach to driving sustainable change

      Boros, Smaranda; Gorbatai, Andreea (2023)
      The world we live in is systemically unfair and unequal. Equal access to opportunity often doesn’t exist – and many people still struggle to be heard. Inequalities exist throughout society – and are often replicated in organisations. Companies have the power and the mandate to address inequalities that their employees, and other stakeholders, experience. And through such interventions, they can contribute to positive change in the broader society. To be successful and beneficial for our organisations, Diversity, Equity, and Inclusion (DEI) initiatives should be tightly connected to the story we tell about our organisation’s purpose in the world. This story should communicate, clearly and consistently, not only the types of diversity we need and aim for, but also the importance of equity (access to the same opportunities and resources) and of inclusion (focus on everyone’s perspective being heard and valued) for our organisation’s success. Read here to learn more about why DEI matters.
    • Setting the foundation of remuneration. An in-depth exploration and taxanomy of (Executive) Remuneration principles

      Baeten, Xavier; Van Hove, Marthe (2024)
      (Executive) remuneration principles are systems of beliefs and reasoning employed by the board of directors and remuneration committees to support the design of executive remuneration systems1. These principles – often expressed through phrases like ‘pay-for-performance’ and ‘competitive pay’ – are affirmative statements that influence remuneration decisions, and they act as a cornerstone guiding the design of executive remuneration.
    • Private equity fund terms in Belgium

      Manigart, Sophie (2024)
      The goal of this white paper is to bring more information transparency to the opaque market of Private Equity fundraising, and, more specifically, to the commonly used terms and conditions in Limited Partner Agreements (LPAs). Our hope is that this will facilitate fundraising by General Partners (GPs) and raise investment willingness by Limited Partners (LPs) in the future, thanks to greater insight into common market practices in this opaque industry.
    • Unlocking the power of corporate purpose

      Dewettinck, Koen; Machtelinckx, Jana (2024)
      The greater the gender balance on the board, the greater a business's sense of purpose Some 90% of Belgian CEOs and board members believe that having a clear purpose contributes positively to the long-term performance of their business, with 78% having translated this into concrete, strategic objectives. However, only 63% of employees are believed to be aware of the impact of purpose on day-to-day activities – and just 58% report that performance indicators have been properly defined to measure progress on purpose. The greater the gender balance on a business's board, the greater the sense of purpose embodied throughout its strategy, decision-making and communications. These were the main conclusions drawn from a survey on purpose among 116 CEOs and board members. Conducted by Professor Koen Dewettinck and researcher Jana Machtelinckx of Vlerick Business School, the study assessed how much value Belgian businesses place on purpose and whether they ultimately put such social objectives into practice.
    • An in-depth study of executive remuneration based on Stoxx Europe 600's FY 2022 Annual reports - European Executive Reward

      Baeten, Xavier; Van Hove, Marthe; De Ruyck, Bettina (2024)
      How much are senior executives being paid across Europe today? What are their remuneration packages made up of? And is executive remuneration becoming too complicated? This white paper answers these questions and more. It’s the result of an ongoing study by Vlerick’s Executive Remuneration Research Centre. Since 2014, the centre has been compiling a comprehensive database of CEO remuneration. The work is painstaking, and involves extracting information from remuneration reports published by Stoxx Europe 600 companies. And the results are illuminating.
    • How to make a success of ESG in your organisation. Top priorities for driving sustainable business

      Baeten, Xavier (2024)
      The days of sustainability being at the periphery of business operations are well and truly over. The most successful businesses today will plan to achieve both profitable and sustainable outcomes. From now on, business will need to prioritise both profit and purpose. In this white paper Professor Xavier Baeten shares the top priorities for driving sustainable business.
    • 6 questions about the role and positioning of the HR business partner in the organisation

      Machtelinckx, Jana; Van Gansbeke, Silke; Buyens, Dirk; Dewettinck, Koen (2024)
      In the ever-evolving Human Resources landscape, the role of HR Business Partners (HRBPs) has become increasingly pivotal in shaping and driving organisational success. Collaborating closely with business leaders and line managers, HRBPs are instrumental in crafting and executing effective people agendas that align seamlessly with the overall business strategy (CIPD, n.d.). In this white paper, we dive more deeply into the role and positioning of the HRBP in the organisation by asking 6 questions, organised into 2 chapters.
    • Strategy under uncertainty. Turning uncertainty threats into opportunities

      Peeters, Carine; Hamilton, Brett; Weiss, Martin (2024)
    • Relative valuation with machine learning

      Geertsema, Paul; Lu, Helen (Journal of Accounting Research, 2023)
      We use machine learning for relative valuation and peer firm selection. In out-of-sample tests, our machine learning models substantially outperform traditional models in valuation accuracy. This outperformance persists over time and holds across different types of firms. The valuations produced by machine learning models behave like fundamental values. Overvalued stocks decrease in price and undervalued stocks increase in price in the following month. Determinants of valuation multiples identified by machine learning models are consistent with theoretical predictions derived from a discounted cash flow approach. Profitability ratios, growth measures, and efficiency ratios are the most important value drivers throughout our sample period. We derive a novel method to express valuation multiples predicted by our machine learning models as weighted averages of peer firm multiples. These weights are a measure of peer–firm comparability and can be used for selecting peer-groups.
    • Automated design of priority rules for resource-constrained project scheduling problem using surrogate-assisted genetic programming

      Luo, Jingyu; Vanhoucke, Mario; Coelho, José (Swarm and Evolutionary Computation, 2023)
      In the past few years, the genetic programming approach (GP) has been successfully used by researchers to design priority rules for the resource-constrained project scheduling problem (RCPSP) thanks to its high generalization ability and superior performance. However, one of the main drawbacks of the GP is that the fitness evaluation in the training process often requires a very high computational effort. In order to reduce the runtime of the training process, this research proposed four different surrogate models for the RCPSP. The experiment results have verified the effectiveness and the performance of the proposed surrogate models. It is shown that they achieve similar performance as the original model with the same number of evaluations and better performance with the same runtime. We have also tested the performance of one of our surrogate models with seven different population sizes to show that the selected surrogate model achieves similar performance for each population size as the original model, even when the searching space is sufficiently explored. Furthermore, we have investigated the accuracy of our proposed surrogate models and the size of the rules they designed. The result reveals that all the proposed surrogate models have high accuracy, and sometimes the rules found by them have a smaller size compared with the original model.
    • Empirical risk assessment of maintenance costs under full-service contracts

      Deprez, Laurens; Antonio, Katrien; Boute, Robert (European Journal of Operational Research, 2023)
      We provide a data-driven framework to conduct a risk assessment, including data pre-processing, exploration, and statistical modeling, on a portfolio of full-service maintenance contracts. These contracts cover all maintenance-related costs for a fixed, upfront fee during a predetermined horizon. Charging each contract a price proportional to its risk prevents adverse selection by incentivizing low risk (i.e., maintenance-light) profiles to not renege on their agreements. We borrow techniques from non-life insurance pricing and tailor them to the setting of maintenance contracts to assess the risk and estimate the expected maintenance costs under a full-service contract. We apply the framework on a portfolio of about full-service contracts of industrial equipment and show how a data-driven analysis based on contract and machine characteristics, or risk factors, supports a differentiated, risk-based break-even tariff plan. We employ generalized additive models (GAMs) to predict the risk factors’ impact on the frequency (number of) and severity (cost) of maintenance interventions. GAMs are interpretable yet flexible statistical models that capture the effect of both continuous and categorical risk factors. Our predictive models quantify the impact of the contract and machine type, service history, and machine running hours on the contract cost. We additionally utilize the predictive cost distributions of our models to augment the break-even price with the appropriate risk margins to further protect against the inherently stochastic nature of the maintenance costs. The framework shows how maintenance intervention data can set up a differentiated tariff plan.
    • Cross-border mid-market M&A compass 2023

      Fehre, Kerstin; Hu, Wanlin (2024)
      On behalf of Moore Global Corporate Finance, Vlerick Business School has analysed more than 32,000 completed-confirmed deals in the year 2023 and compared that with data for the years 2019-2022. Almost 20,000 cross-border mid-market mergers and acquisitions have been sealed in the past five years as ambitious firms look beyond their own borders for growth opportunities. The results are revealed in the latest edition of The Moore Global Cross-border Mid-market M&A Compass, which analyses activity in this important part of the M&A market both in 2023 and stretching back to 2019. The Compass report is launched today by Moore Global Corporate Finance in partnership with Vlerick Business School and tracked more than 40,000 transactions announced in 2023. The main findings of the research were: Cross-border transactions systematically account for one-in-four of all M&A deals Average deal size in the cross-border mid-market has grown from €42.4 million in 2019 to €47.4 million in 2023 – a rise of 12% 62% of all cross-border M&A last year took place in the mid-market Four-out-of-ten cross-border deals in the mid-market involve acquirers from North America More than half of cross-border mid-market transactions were focused on the IT and healthcare sectors.
    • A genetic algorithm for the resource-constrained project scheduling problem with alternative subgraphs using a boolean satisfiability solver

      Servranckx, Tom; Coelho, José; Vanhoucke, Mario (European Journal of Operational Research, 2024)
      This study evaluates a new solution approach for the Resource-Constrained Project Scheduling with Alternative Subgraphs (RCPSP-AS) in case that complex relations (i.e. nested and linked alternatives) are considered. In the RCPSP-AS, the project activity structure is extended with alternative activity sequences. This implies that only a subset of all activities should be scheduled, which corresponds with a set of activities in the project network that model an alternative execution mode for a work package. Since only the selected activities should be scheduled, the RCPSP-AS comes down to a traditional RCPSP problem when the selection subproblem is solved. It is known that the RCPSP and, hence, its extension to the RCPSP-AS is NP-hard. Since similar scheduling and selection subproblems have already been successfully solved by satisfiability (SAT) solvers in the existing literature, we aim to test the performance of a GA-SAT approach that is derived from the literature and adjusted to be able to deal with the problem-specific constraints of the RCPSP-AS. Computational results on small- and large-scale instances (both artificial and empirical) show that the algorithm can compete with existing metaheuristic algorithms from the literature. Also, the performance is compared with an exact mathematical solver and learning behaviour is observed and analysed. This research again validates the broad applicability of SAT solvers as well as the need to search for better and more suited algorithms for the RCPSP-AS and its extensions.
    • Analysis of the impact of corrective actions for stochastic project networks

      Vaseghi, Forough; Martens, Annelies; Vanhoucke, Mario (European Journal of Operational Research, 2024)
      In project management, a project plan is constructed that assigns a planned start time to each project activity. Based on this plan, the total planned project duration and cost can be determined. However, during project execution, deviations from the plan are inevitable due to uncertainty and variability. When these deviations endanger the timely completion of projects, the project manager should take corrective actions to get the project back on track. In this study, corrective actions are modelled as modifications of the original activity duration distributions (i.e., reduced mean and/or standard deviation) to account for the uncertain nature of their impact. Further, an analytical procedure is developed to rank activities according to their expected impact on the project duration distribution when they are controlled by a corrective action. This activity ranking is used to determine the number of actions that should be taken and to select the set of activities that will be controlled. A computational experiment on a large set of project networks with varying network complexity and network structures has been conducted. These experiments have shown that taking actions on a relatively small subset of activities, rather than on the entire set of project activities, proves more efficient, when the subset of activities is carefully selected. More precisely, the efficiency of the corrective actions process depends on both the number of actions and the activity selection criterion (activity ranking).
    • Transformative privacy calculus: Conceptualizing the personalization-privacy paradox on social media

      Cloarec, Julien; Meyer-Waarden, Lars; Munzel, Andreas (Psychlogy & Marketing, 2024)
      The rapid evolution of digital marketing underscores a critical tension between personalization and privacy, exacerbated by advances in data technologies and artificial intelligence. This study delves into the personalization-privacy paradox, emphasizing the dichotomy of consumer behavior—desiring customized interactions while guarding personal data. We explore how happiness with the internet (HWI) influences users' willingness to disclose personal information on social media, employing social exchange theory as our conceptual framework. Our research develops and tests a conceptual model that investigates the psychological mechanisms driving information-sharing behaviors on social media, including the moderating roles of trust beliefs and information collection concerns. By examining the mediating effect of posting frequency on the relationship between HWI and information disclosure for personalization, our findings contribute to understanding the complex interplay between happiness, trust and privacy concerns, coined as transformative privacy calculus. Our study enriches social exchange and privacy calculus theories, providing valuable implications for marketers aiming to navigate the balance between personalization and privacy, suggesting strategies to enhance user engagement without compromising privacy standards.
    • Creators, multipliers, and lurkers: who contributes and who benefits at online review sites

      Munzel, Andreas; Kunz, Werner H. (Journal of Service Management, 2014)
      Purpose - As the internet has become an increasingly relevant communication and exchange platform, social interactions exist in multiple forms. The research aims to integrate a multitude of those interactions to understand who contributes and why different types of contributors generate and leverage social capital on online review sites. Design/methodology/approach - Based on the literature about social capital, social exchange theory, and transformative consumer research, the authors carried out a study of 693 contributors on a hotel review site. Content analysis and a latent profile analysis were used to research the contribution types and the underlying motives for generating and leveraging social capital. Findings - Through the integration of various customer-to-customer interactions, the results reveal a three-class structure of contributors on review sites. These three groups of individuals show distinct patterns in their preferred interaction activities and the underlying motives. Research limitations/implications - The authors develop the existing literature on transmission of electronic word-of-mouth messages and typologies of contributors. Future research should seek to expand the findings to additional industry and platform contexts and to support the findings through the inclusion of behavioral data. Originality/value - The research contributes to researchers and marketers in the field by empirically investigating who and why individuals engage in online social interactions. The authors expand upon the existing literature by highlighting the importance of social debt in anonymous online environments and by assessing a three-class structure of online contributors.
    • Attention aux faux avis! Investigations expérimentales sur les indicateurs contextuels facilitant la détection des avis trompeurs par les internautes

      Munzel, Andreas (Recherche et Applications en Marketing, 2015)
      Les individus se fient aux avis publiés sur Internet dans leur décision d’achat. Toutefois, la crédibilité des avis d’internautes est remise en cause suite à la croissance des pratiques frauduleuses des entreprises publiant de faux avis. Différents mécanismes qui aident les internautes à détecter les faux avis sont examinés dans trois études expérimentales. Les résultats confirment l’importance d’une activation d’un mode de protection ainsi que les effets de deux des mécanismes potentiels étudiés sur la crédibilité. Cette recherche contribue au champ des interactions en ligne par la mise en avant de l’importance des facteurs contextuels – plutôt que textuels – comme les certifications et la cohérence des avis émis dans le processus de détection des faux-avis par les internautes. Prix académique de la recherche en management, cat. Marketing, 2016.