Projects

Abstract

As economic activity has become more global and interconnected, it has experienced a higher exposure to different types of risk (e.g., sanitary crises, wars, inflation). These disruptive events present significant challenges for companies, which has led to a growing interest in the study of business resilience. In most empirical studies, organizational resilience is operationalized through performance indicators, which results in a narrow and result-oriented understanding of the concept. Therefore, this project presents an inclusive conceptualization of organizational resilience under two perspectives: exante and ex-post; Resilience as an ex-ante process is a precursor to resilience outcomes (Sutcliffe & Vogus, 2003) that encompasses a set of resources, routines, and behaviors that are transformed and deployed to develop capabilities to reduce and overcome the impact of crises. Ex-post resilience refers to the capacity to survive a crisis (Marshall & Schrank, 2014). Performance levels may range from low to similar or even superior to pre-disruption performance (Weick & Sutcliffe, 2015). The resilience outcomes of a business are influenced by its characteristics and behavior before and during a crisis (Hillmann & Guenther, 2020). The project's objective is to present the ex-ante resilience conceptualized as a set of strategies and capabilities and examine how the family nature of the firm affects the degree of their development compared to non-family firms (papers 1 and 2). In addition, the third paper is dedicated to linking the ex-ante and ex-post resilience investigating whether there is a positive association between them, and also testing how this relationship changes among family and non-family firms. A cross-sectional survey was employed to collect data via online questionnaires, in alignment with the research objectives focused on higher-level managers. The context of the study of the first paper was the global pandemic caused by the novel coronavirus (COVID-19). The first survey was completed in 2020. The second and third studies are based on the second survey, which was completed in January 2024. The context of these studies is the recent disruptive events that have affected companies over the past five years, including the global pandemic caused by COVID-19, the war in Ukraine, and rising prices. This project contributes to the existing body of literature in several ways. Firstly, it adds to the growing corpus of literature on organizational resilience by providing a classification of the different conceptualizations of resilience. This will help to advance the limited understanding of the concept. In addition, the classification includes, on the one hand, the strategies and capabilities that must be developed and activated to face disruptive events. Conversely, we propose a link between these exante attributes (i.e., resilience strategies and capabilities) and ex-post resilience (i.e., organizational performance) to demonstrate which strategies and capabilities are more relevant to achieving desired outcomes. Secondly, the project contributes to the existing literature on family business resilience; While the majority of studies on the topic of resilience are primarily outcome-based, this project takes an a priori approach to compare resilience between family and non-family businesses by examining the degree to which resilience strategies and capabilities are applied. This provides an explanatory power, complementing the existing research on ex-post resilience, and helps explain the antecedents of positive family firm outcomes during crises.

Researcher(s)

• Promoter: Deloof Marc
• Fellow: El Kaddouri Meryaam

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Despite the growing popularity of venture studios, our current understanding of the phenomenon is still in its infancy and theoretical frameworks for studying it are lacking. In response, this project provides new insights into this recent phenomenon, and by doing so, will contribute to the broader fields of entrepreneurship and management. First, we lack empirical research on venture studios because a solid description or understanding of phenomenon is missing. In response, my first research objective bridges this gap by means of an exploratory study that describes, classifies, and compares venture studios. Second, while venture studios aim to develop efficient approaches for building startups through strategically sharing resources across their startups, researchers still have to explore how venture studios allocate these resources. In response, in my second research objective, I investigate the resource allocation process in venture studios Third, while practitioners presume that venture studios create startups that are of higher quality than traditional startups, we know surprisingly little about the performance of the startups they build. In response, my third research objective is to investigate impact of venture studio support on startup performance

Researcher(s)

• Promoter: Paeleman Ine

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The goal of the proposed sabbatical research is two-folded. First, I aim to elevate my research on auditors' personalities and their impact on audit outcomes. This involves revising papers for top-tier journal submission, particularly focusing on the extensive dataset from a project funded by the Dutch Foundation for Auditing Research (FAR) concerning auditor skepticism. The dataset includes unique archival data from 342 audit engagements and survey responses from 1,447 auditors. I will analyze this to explore how individual differences among audit team members affect audit outcomes, and the quality of fraud brainstorming sessions, among other things. To support this, I plan a three-month stay at Penn State University to collaborate with leading researchers and enhance my work on the role of personality within the audit profession. Second, I will deepen my research into methodology and meta-science, aiming to unify and develop this currently fragmented research line. I will focus on multiverse analyses to improve research credibility and explore the application of external auditing principles to scientific research integrity. A six-month visit to the Copenhagen Business School will allow me to collaborate with leading scholars in accounting as well as experts in social science methodology and further this innovative research approach. These efforts are expected to yield multiple top-tier publications and significantly contribute to the understanding of audit quality and research credibility in accounting.

Researcher(s)

• Promoter: Hardies Kris

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The goal of the proposed sabbatical research is two-folded. First, I aim to elevate my research on auditors' personalities and their impact on audit outcomes. This involves revising papers for top-tier journal submission, particularly focusing on the extensive dataset from a project funded by the Dutch Foundation for Auditing Research (FAR) concerning auditor skepticism. The dataset includes unique archival data from 342 audit engagements and survey responses from 1,447 auditors. I will analyze this to explore how individual differences among audit team members affect audit outcomes, and the quality of fraud brainstorming sessions, among other things. To support this, I plan a three-month stay at Penn State University to collaborate with leading researchers and enhance my work on the role of personality within the audit profession. Second, I will deepen my research into methodology and meta-science, aiming to unify and develop this currently fragmented research line. I will focus on multiverse analyses to improve research credibility and explore the application of external auditing principles to scientific research integrity. A six-month visit to the Copenhagen Business School will allow me to collaborate with leading scholars in accounting as well as experts in social science methodology and further this innovative research approach. These efforts are expected to yield multiple top-tier publications and significantly contribute to the understanding of audit quality and research credibility in accounting.

Researcher(s)

• Promoter: Hardies Kris

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

There has been a growing emphasis on the significance of big data and business analytics. Academic institutions use large volumes of data to effectively address research questions that generate and capture value for individuals, businesses, communities, and governments. The Orbis Global and Belfirst data warehouses, encompassing financial, accounting, social balance and governance data, allow scholars to explore the promise and opportunities for new theories and practices resulting in topnotch research. The Orbis Global and Bel-first databases are used as the primary data in our field. When investigating firm behaviors and actions, scholars always need basic knowledge about their financial figures (profitability, growth, assets, liabilities, etc.). Therefore, these Orbis Global and Belfirst databases are always used as the primary data source to which scholars add more specific data (survey-based data, data collected from more specific databases such as investors data). The funding proposal seeks to address an urgent issue: the significant price hikes of these data warehouses. The requested funding would serve as a bridging budget, providing a temporary solution while a more sustainable long-term financing strategy is being developed. Several research groups in the field of business and economics cannot continue doing the research they are currently doing if they no longer have access to these databases. These databases function as essential tools and instruments.

Researcher(s)

• Promoter: Paeleman Ine
• Co-promoter: Deloof Marc
• Co-promoter: De Meulenaere Kim
• Co-promoter: Hardies Kris
• Co-promoter: Jorissen Ann
• Co-promoter: Van Caneghem Tom
• Co-promoter: Vujić Sunčica

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Long-term digital economic data are mainly available at the macro level for Flanders and Belgium. However, new research questions require microdata that are only available in printed form. To make microdata on firms available in computer-readable form, research groups from the universities of Antwerp and Ghent are joining forces. Belgium has a long tradition of publishing essential data on companies in the Appendices to the Belgian Official Gazette since 1873. In addition, excellent reference works were compiled at the time for the benefit of investors. These sources contain a wealth of information on companies: date of incorporation, (successive) company names, addresses, names (and addresses) of directors and shareholders, balance sheets and profit and loss accounts, securities portfolios, information on capital increases, dividend and interest payments, relations between companies (participation in cartels, (de)mergers, spin-offs, ...). The research infrastructure "BelHisFirm: long-term business data for the social sciences" will bring all these microdata together in a database and make tools for the visualisation and analysis of the data available to researchers. BelHisFirm will thus enable, among other things, pioneering research on long-term trends in corporate finance, wealth inequality and the economic and financial impact of (de)colonisation.

Researcher(s)

• Promoter: Annaert Jan
• Co-promoter: Cassimon Danny
• Co-promoter: Deloof Marc
• Co-promoter: Gelderblom Oscar
• Co-promoter: Poukens Johan
• Co-promoter: Verbist Gerlinde

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The overall purpose of this project is to investigate how the characteristics of decision support systems (DSS) drive auditors' reliance on these systems. Traditionally, auditors relied on their professional judgment to select the appropriate information (audit evidence) to support their assessments. However, technological developments have substantially increased the volume and nature of available audit evidence. Therefore, auditors increasingly rely on DSS to support their decision-making. For example, auditors use DSS to aggregate data from different sources into more manageable formats. At the same time, the complexity of DSS has increased dramatically in recent times due to technological developments and the increasing diversity of available data (e.g., e-mail communication, mobile trackers, social media data). Such developments affect auditors' willingness to rely on DSS to support their judgment and decision-making. Despite substantial investments by audit firms in new technologies, auditors generally remain hesitant to rely on such systems during the audit. Therefore, with this project, we aim to understand the mechanisms through which characteristics of DSS affect auditors' reliance on such systems.

Researcher(s)

• Promoter: Hardies Kris

Research team(s)

• Accountancy and Finance

Project website

Project type(s)

• Research Project

Abstract

The importance of Congo for Belgian companies and investors is well known. Huge profits were earned in the colony, but the beneficiaries of these cashflows are still largely unknown to us. This project will therefore map the owners of colonial enterprises. We will produce a dataset of the shareholders of companies active in Congo and of the asset portfolios of colonial holding companies, the cornerstone of the colonial economy.

Researcher(s)

• Promoter: Annaert Jan
• Co-promoter: Poukens Johan

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Flooding is one of the most common, widespread and destructive natural disasters and is expected to become more important in the future. To optimally design policies to reduce the negative welfare effects of such environmental disasters, it is crucial to understand how households react to flood events and value flood risk. The goal of this research is to study how mandatory information disclosure on flood risk may affect housing market outcomes and household behavior. Therefore, we contribute to the existing literature as we are able to exploit law changes in Flanders that impose mandatory information disclosure of flood risk in real estate listings since 2013. We use rich micro-data on the universe of house sales, rental contracts, building permits, flood risk maps and flood events. The policy changes and rich micro-data allow us to provide a credible causal estimate of housing market responses to the introduction of mandatory disclosure of flood risks.

Researcher(s)

• Promoter: Damen Sven
• Fellow: Sun Xianglin

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Research on external certification in the nonprofit sector is extremely scant. The aim of this project is to make a significant contribution to the literature on external certification in the nonprofit context by considering three unexplored research objectives and by doing so we will be able to paint a full picture of NPO certification (i.e., identify drivers of certification (objective 1); assess economic consequences of certification (objective 2); and assess quality effects of certification (objective 3)). Because charity ratings are not really common outside the US, examining external certification as a quality signal in the nonprofit context is an extremely relevant issue in non-US settings. Besides academic relevance, findings are extremely useful for practice (e.g., for NPOs in deciding on whether or not to opt for external certification, for donors when making their donation decisions, etc.).

Researcher(s)

• Promoter: Van Caneghem Tom
• Fellow: Van Look Evert

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

ARCHIE.BEL proposes a collaboration between the Belgian State Archives (BSA) and the Research Centre for Enterprises and Stock Exchanges (SCOB). The former is the principal repository for business archives in Belgium, the latter an interdisciplinary research centre for economic and financial history at the University of Antwerp's Faculty of Business and Economics. Together, they will facilitate and perform research in the economic and financial history of Belgium by (1) improving access to important archives and records for economic history, (2) collecting and sharing long-term data on Belgian companies and stock exchanges with state-of-the-art techniques and (3) shedding light on the interactions between financial and economic development through the lens of history. More specifically, the first objective of ARCHIE.BEL will involve the transfer of business and business related archives from SCOB to BSA. These include, amongst others, the historical archives of the two principal Belgian stock exchanges, Brussels and Antwerp. They will be catalogued (i.e. arranged and described) according to international standards for archival description. Together with them being preserved in a publicly accessible archival repository, the availability on inventories will greatly improve their accessibility for researchers (including master's and PhD students in economics and economic history). ARCHIE.BEL's second objective will do the same for the historical data that has been collected to-date by SCOB. This includes data on all securities that have been listed on the aforementioned stock exchanges since the beginning of the 19th century (monthly prices, dividends, interest payments, corporate events, ...) as well as data on their issuers. It will, on the one hand, consolidate SCOB's past efforts in this area by implementing a public (online) interface for browsing, querying and downloading data. On the other hand, it will ensure the continued expansion of the SCOB research infrastructure by implementing a NoSQL database (Wikibase) that enhances its extensibility, and, add new types of data, starting with information on governance and ownership, with innovative data extraction technologies developed within the EU Horizon2020 research infrastructure project EURHISFIRM. Finally (third objective), ARCHIE.BEL will leverage these source documents and data for historical research on the microstructure of the stock markets in Brussels and Antwerp and the financial intermediaries (brokers, dealers, bankers) that were active on these markets.

Researcher(s)

• Promoter: Annaert Jan
• Fellow: Poukens Johan

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Mandatory energy performance certification for buildings is increasingly used in many countries. Energy performance certificates (EPCs) are seen as a key instrument to increase awareness of energy efficiency, which may affect real estate prices, investments in energy efficiency and ultimately energy consumption. Despite the widespread use and substantial administrative costs to implement, empirical evidence on whether or not mandatory certification reduces energy consumption is nonexistent. Empirical evidence for real estate prices and investments in energy efficiency is scarce and inconclusive. We exploit the introduction of mandatory EPCs in Flanders in November 2008 in combination with rich micro data in a regression discontinuity design. Therefore, we are able to provide a credible-identified estimate of the causal effect of the introduction of mandatory EPCs on energy consumption, house prices and investments in energy efficiency.

Researcher(s)

• Promoter: Damen Sven
• Fellow: van Kempen Tijmen

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The research project consists of four parts and the formulation of policy recommendations: a study of entrepreneurs over the age of 55 (part 1), a study of pre-start-ups and recently started companies (part 2), a study of growing and fast-growing companies (part 3) and a study of the differences within sectors and provinces and the impact of crises (part 4). First of all, it should be possible to compare the results of the new research project with the results of the studies previously carried out in 2019. Part 1 of the study investigates whether entrepreneurs today are more aware of the problems of Succession and Takeover, whether they are better informed and whether they made use of the guidance options offered. The aim of the study is also to obtain a more detailed picture of the steps that managers or managing directors from the age of 56 are taking today to tackle the problem of Succession and Transfer within their company and their environment. Part 2 of the study examines the extent to which pre-starters consider taking over a business instead of starting a completely new activity. In the case of the target group of recently started entrepreneurs (up to a maximum of 3 years after the start), it is investigated why they have or have not considered taking over an existing company and why they have or have not taken over a company. Part 3 of the study examines the extent to which acquisitions are considered by growing and fast-growing companies. High (or ambitious) growth companies are defined as companies with at least 10 employees that can boast a growth rate of at least 20% per year in the last 3 years (OECD, 2007). Part 4 of the study asks for an examination of the differences between provinces and between sectors in terms of business transfers. It also calls for an examination of the impact of the various crises that have taken place in recent years on the intentions and results of business transfers. The data collection in the 3 parts will be based on an online survey among a large sample of companies in Flanders. Based on the findings in each section, concrete policy recommendations will be formulated in the policy areas of economy, innovation and entrepreneurship.

Researcher(s)

• Promoter: Laveren Eddy
• Co-promoter: De Cock Robin
• Co-promoter: Paeleman Ine
• Co-promoter: Vanderstraeten Johanna

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The goal of this research project is to construct a new database of rental contracts and energy efficiency. Therefore, we use rental contracts from the Flemish professional association of real estate brokers (CIB Vlaanderen) and energy performance certificates from the Flemish Energy and Climate Agency (VEKA).

Researcher(s)

• Promoter: Damen Sven

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

This project establishes a proof of concept for EurHisCom, a European-wide project that aims to bring together infrastructures and data on companies over the long run and to ensure their connection and joint development among other things. These company data comprise security price information, accounting information, information on management boards and teams as well as shareholders and participations. It is crucial that not only these data are made available, but also that the databases can be linked with each other, across (sub-)disciplines (e.g., price information versus accounting data) and countries. Currently, databases with security level information are best developed and the SCOB database (U Antwerp) has set the stage and is used as model for similar initiatives in other European countries. In this project, we would like to safeguard SCOB's pioneering role by adding databases covering (1) accounting information; (2) management boards; (3) participations and shareholders for Belgian listed firms (1893-1975) to build a "BelHisCom" that can serve as a proof of concept for the European project to be resubmitted. The post-1975 data is currently relatively easy to access from existing databases. Besides building these databases, we will also develop the metadata, documentation and user manuals in accordance with the standards proposed in EurHisFirm, another Horizon 2020 Project that is currently finalizing its design phase. To demonstrate the interoperability of the databases and the academic research potential, we will also initiate a small research project. More specifically, we link the databases to the French database on security prices (DFIH) in order to document the evolution of cross-listings on the Brussels and Paris stock exchanges and to study price formation of these securities. All the source information necessary for constructing the databases is already identified and available. In addition, the SCOB software is developed to create the databases and server capacity is sufficient to store and manipulate the data. A large part of the funding of this project will therefore be used to digitalize the material. This involves predominantly the hiring of job students for inputting data as well as buying portables to facilitate this. By being able to build this "BelHisCom" complex of databases, we demonstrate that the design that is proposed for the European project is realistic and worthwhile for extrapolation. By also performing preliminary research on the intersection of several databases we illustrate the potential of having an integrated research infrastructure to start up cross-border interdisciplinary research.

Researcher(s)

• Promoter: Annaert Jan

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Corporate debt maturity is a basic concept in corporate finance that determines when cash flows are paid out to debt holders. While corporate bonds are increasing in size worldwide since the late 1990s we still know very little as to what exactly determines the corporate debt maturity choice. In order to enhance our understanding of corporate debt maturity, we go back in time to pre-WW1 Belgium, a time when corporate bonds took on a significant part of corporate balance sheets for the first time.

Researcher(s)

• Promoter: Annaert Jan

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

I propose to research how the European approach to sustainable investing merges financial goals with altruistic goals to achieve best outcomes. A Fulbright grant to study in Belgium will give me critical access to the policymakers (European Commission), think tanks (European Sustainable Investment Forum or Eurosif), and asset managers (Candriam, Robeco, Amundi, etc.) who are leading voices in the field of sustainable investing. Further, I am confident my affiliation with a strong group of academics at the University of Antwerp will provide me with the advice, care, and partnership I will need to bring this research to fruition. Sustainability -- in particular, climate change -- has become a critical global issue. Any solution to this problem will require vast sums of investment. My research will shed light on how investments can best be deployed to achieve financial outcomes, but also create positive impact for the environment. Having become increasingly jaded by traditional, profitonly oriented capitalism, this research is personally important to me. I plan to use this research in my doctoral dissertation, and upon graduation I will use this knowledge as a platform to raise awareness and to re-enter the field of asset management with new focus and vigor.

Researcher(s)

• Promoter: Annaert Jan

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The overall purpose of this project is to obtain a better understanding of the complex process of selecting a new auditor. The auditor selection process is essential in preserving auditor independence and ensuring audit quality. In order to gain insights into the selection of an auditor, this project will conduct a field study of client companies' auditor appointment decisions. We take advantage of the institutional setting of the Netherlands, where mandatory audit firm rotation has recently been implemented. In our project, we intend to examine a sample of client companies that recently experienced or are currently experiencing appointment of a new auditor, prompted by the introduction of mandated audit firm rotation, covering different phases of the auditor selection process (i.e., the preparation, the auditor selection and appointment, and the relationship after the appointment).

Researcher(s)

• Promoter: Hardies Kris

Research team(s)

• Accountancy and Finance

Project website

Project type(s)

• Research Project

Abstract

The most important financing sources for a firm are equity and debt. Equity consists of stocks that pay a variable dividend, while debt consists of loans that pay a predetermined interest. Many loans are bonds sold by the firm to outside investors and traded on a financial market. Despite the economic importance of corporate bonds, we still know little about (a) what determines the return of bonds for investors, and (b) when and why firms use bonds as a source of financing. In my dissertation, I will use a unique, newly constructed dataset of Belgian corporate bonds that spans the period 1873-1940 to investigate corporate bond returns and corporate bond financing. There is currently only limited evidence on the determinants of corporate bond returns, and all of this evidence is mostly based on one recent dataset, for the U.S. This raises the question whether the results found for this dataset hold in other environments. The highly-developed Belgian bond market in the period considered and the high quality of data enables me to test this in a unique way. By studying a period in which financial markets were almost completely unregulated by the state, I can also investigate how firms convince investors to buy bonds when there are no specific laws to protect them and how firms used debt contracts to protect investors and how this affected bond pricing. Additionally, I investigate how the voluntary disclosure of information to investors influenced bond pricing and riskiness.

Researcher(s)

• Promoter: Deloof Marc
• Co-promoter: Annaert Jan
• Fellow: Van Mencxel Kevin

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Good investor protection is of primordial importance to ensure that investors are willing to invest in a company. This is important during the entire life of a firm and especially when the firms needs external funding, e.g. at incorporation or when going public. At incorporation, the legal requirements for firm entry guarantee a minimal level of investor protection. When firms go public, they should comply with the listing rules, which further improve shareholder protection. Moreover, firms can also voluntarily adopt additional protection mechanisms. During the life of a firm, protection against managerial misbehavior is ensured by, e.g., giving shareholders voting rights on the annual meeting. All over the world, laws on the entry of new firms, listing rules and voting rules, which are thus designed to guarantee investor protection, are currently under debate (e.g. debate on strict listing rules in China). As regulators today face similar problems as regulators in the past, I use history as a laboratory to investigate the impact of regulation. I go back to pre-World War II Belgium, which was at that time one of the leading economies in the world. I first examine the effect of the abolition of government permission to incorporate new firms (1873) and to go public (1867) (1). Next, I study the effect of the abolition of multiple voting shares (1934) (2). Finally, I investigate the voluntary adoption of protection mechanisms when legal investor protection was weak (3).

Researcher(s)

• Promoter: Paeleman Ine
• Fellow: Moortgat Leentje

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

One share, one vote is a basic principle that guarantees good protection of investors. However, the use multiple voting shares (MVS) increases all over the world. In this paper, we investigate the rise and fall of MVS in Belgium during the Interbellum. As from the 1920s, MVS became increasingly popular and in 1934 they are legally abolished. In order to enhance our understanding of MVS, we will investigate which kind of firms adopt MVS, how the adoption of MVS affects stock performance and how shareholder reacted to the 1934 abolishment act.

Researcher(s)

• Promoter: Paeleman Ine
• Co-promoter: Deloof Marc

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

We analyze whether financial products of asset managers meet the requirements of the Febelfin label for socially responsible and sustainable investment products. We test whether formal policies on exclusion of controversial activities is in place, whether the asset managers meet the requirements on climate change and fossil fuels.

Researcher(s)

• Promoter: Engelen Peter-Jan

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

One of the most noteworthy attempts to increase the credibility and awareness of social entrepreneurship is the B Corporation certification. Certified B Corps are for-profit firms certified by the non-profit B Lab to meet rigorous standards of social and environmental performance, accountability, and transparency. To date, our theoretical and empirical understanding of how the financing, performance and survival of B Corps differ from commercial ventures remains scarce. This limited understanding is an important issue because financing is a crucial resource for ventures to develop and grow. Moreover, firms need to understand better the short- and long-term internal effects of B Corp certification while prior research on certification in general has largely adopted an external focus. Next, previous studies have almost exclusively used samples of US B Corps. However, B Corps can be found across the globe. We lack a detailed understanding of how national systems of corporate governance, which are crucial in explaining access to external funding and availability of external funding, uniquely influence the financing and development of B Corps. This dissertation addresses the above issues and investigates for-profit social ventures in depth.

Researcher(s)

• Promoter: Paeleman Ine
• Fellow: Cadenovic Jovana

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The research project consists of four parts. The central research question for Part 1 can be described as: 'To what extent are the companies where the managing director, manager or person in charge of the executive board is over 55 years of age aware of the problems of follow-up and acquisition and to what extent has the situation changed since the previous study in 2015?'. In order to compare the results of this study well with the previous study in 2015, this survey will be limited to companies operating for at least 20 years and comply with the legal form BVBA or NV. The selection of SMEs will be made on a stratified basis so that sufficient SMEs from each size category are questioned. The data collection will be done through an online survey prepared with the Qualtrics platform. The client wants to know whether entrepreneurs are more aware of the problems of Follow-up and Acquisition today, whether they are better informed and whether they were using the guidance opportunities offered The central research question that will be answered in Part 2 is: To what extent are pre-starters and start-ups aware that acquisition is an opportunity to start? The research in Part 3 aims to carry out an investigation into the intention to grow through acquisition. The survey will be carried out in the selected samples of pre-starters, start-ups and growers in Flanders on the basis of an online survey. Finally, a number of policy statements will be formulated in Part 4.

Researcher(s)

• Promoter: Laveren Eddy

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

This network will respond to calls from a multidisciplinary perspective by addressing concrete challenges within three main research topics: (1) start-up and scale-up governance, (2) corporate governance and family governance in family firms, and (3) heterogeneous financing and governance implications in private firms. This WOG brings scholars together from different disciplines, i.e., corporate finance, management, entrepreneurship and strategy. Improving the collaboration between and the internationalization of the different research units will advance the international recognition of Flemish scientific research that focuses on "Governance in Private Firms". Currently, research units work on their own or bilateral. The goal of this WOG is (a) to develop new theoretical and conceptual approaches to address these challenges, (b) to reflect on methodological approaches to examine these challenges, (c) to collect quality research datasets including private firms among the world, and (d) to exchange and discuss research proposals of the different research units to examine the complex research stream of "Governance in Private Firms" from an inter- and multidisciplinary perspective with the result of joint research projects. The WOG will conduct a number of yearly activities, i.e., a "Young Researcher Workshop" and a guest lectures given by one of the foreign partners. Further, this WOG will organize PDW's (Personal development Workshop) at international conferences, will stimulate double PhD degrees and research visits among the different research units, involvement in external PhD committees and submit at least two joint and externally funded research projects. A clear research agenda is proposed: In the first year, a proposal of a special issue in a journal will be submitted. In the second year, the WOG will start with the organization of a conference organized in one of the Flemish research units. In the third year, the conference will take place. The best papers submitted to the conference get the opportunity to submit their paper for the special issue. In the fourth year, the members of the WOG start with the preparation of submitting a joint and large-scale research funding proposal. A symposium will be organized. In the fifth year, the WOG will submit its research funding proposal.

Researcher(s)

• Promoter: Paeleman Ine

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

In order to survive, closely held family firms face a mounting pressure to adapt to rapidly changing competitive environments. However, many of these organizations are often found to be strategically inert and conservative to changes. A key question is under which conditions family firms can overcome inertial forces and reach successful strategic changes. Hereby we make a distinction between the initiation of strategic change (antecedents) and the implementation of strategic change (consequences). This project aims to reach four central scientific objectives which emerged from four important gaps in the literature. These objectives are summarized as follows: • Cognition: we investigate how and when Management Control Systems (MCS) influence a family firm's knowledge management process in such a way that new strategies are discovered and initiated and subsequently successfully implemented. Main questions are: Do family businesses need different MCS in different stages of the strategy process (initiation vs. implementation)? Is the relationship between MCS characteristics, knowledge management, capacity building and strategic change context-dependent? Which combination of internal knowledge building and external knowledge sourcing leads to knowledge generation that is supportive of strategic change and stimulates change readiness? • Affect: we examine how Socioemotional Wealth preservation, learning frames, team psychological safety and organizational learning culture impacts upon readiness for strategic change in family firms. We focus on the affective dimension and take a multilevel perspective (individual, group, organization). Central questions are: How do actors in family firms develop readiness for strategic change and what are key influences and catalysts? How do learning frames influence individual cognitive and affective change readiness in a family firm setting? How does the framing of new situations by leaders influence other's framing activities and readiness for change? • Governance structures: we examine the interactions between family firm's ownership, management and board and the influence of these interrelated family governance mechanisms on strategic change in family firms. Key questions are: How do the interrelationships of Top Management Teams (TMT) and board composition influences strategic change initiation and implementation in family firms? What is the role of family governance mechanisms and how do they interact with firm governance structures (TMT and Board of directors) in facilitating strategic change in family firms? • Resources: we will investigate the role and impact of financing constraints in the strategic change process from a supply as well as demand side perspective. We will focus on alternative financing sources to initiate and implement strategic change and potential bottlenecks. We will also focus on intergenerational differences.

Researcher(s)

• Promoter: Jorissen Ann
• Co-promoter: Laveren Eddy
• Co-promoter: Paeleman Ine

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

One of the most noteworthy attempts to increase the credibility and awareness of social entrepreneurship is the B Corporation certification. Certified B Corps are for-profit firms certified by the non-profit B Lab to meet rigorous standards of social and environmental performance, accountability, and transparency. To date, our theoretical and empirical understanding of how the financing, performance and survival of B Corps differ from commercial ventures remains scarce. This limited understanding is an important issue because financing is a crucial resource for ventures to develop and grow. Moreover, firms need to understand better the short- and long-term internal effects of B Corp certification while prior research on certification in general has largely adopted an external focus. Next, previous studies have almost exclusively used samples of US B Corps. However, B Corps can be found across the globe. We lack a detailed understanding of how national systems of corporate governance, which are crucial in explaining access to external funding and availability of external funding, uniquely influence the financing and development of B Corps. This dissertation addresses the above issues and investigates for-profit social ventures in depth.

Researcher(s)

• Promoter: Paeleman Ine
• Fellow: Paeleman Ine

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

In a first phase, the government agency Flanders Innovation & Entrepreneurship expects a study about the components of a mature financing landscape for Flanders in order to stimulate the startup and growth of firms. In a second phase, an operational and financial evaluation of BAN-Vlaanderen, Hefboom and MicroStart must be made as well as the conditions for a new agreement (including KPIs).

Researcher(s)

• Promoter: Laveren Eddy

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

EURHISFIRM designs a world-class research infrastructure (RI) to connect, collect, collate, align, and share detailed, reliable, and standardized long-term financial, governance, and geographical data on European companies. EURHISFIRM enables researchers, policymakers, and other stakeholders to develop and evaluate effective strategies to promote investment, economic growth and job creation. The RI provides the tools for long-term analysis highlighting the dynamics of the past and the way those dynamics structure our present and future. A few large stand-alone long-term databases have been built in Europe so far, while important resources have been invested into scattered and dispersed historical datasets. EURHISFIRM develops innovative models and technologies to spark a "Big data" revolution in historical social sciences and valorize Europe's cultural heritage. These technologies match and collate historical data, and connect them to recent ones. They bring the next generation of data extraction and enrichment systems from digitized historical sources and web-based resources. The scaling up in the variety, quantity and quality of long-term data changes the way of conducting scientific enquiry in the historical social sciences. EURHISFIRM constitutes a vibrant and large users' community around the innovative data and services provided. The 2016 ESFRI Roadmap identifies Big Data, interdisciplinarity and innovative ways to disseminate research products as the main science drivers for RIs in the Social Sciences and Humanities. It recognizes the need and the opportunity for RIs providing access to the European Cultural Heritage and innovative methods to analyze and integrate information extracted to broad communities. EURHISFIRM fulfills this mission in close cooperation with ESFRI Landmark CESSDA and other existing RIs in the field of Arts and Humanities, like DARIAH, within the Research Data Alliance.

Researcher(s)

• Promoter: Annaert Jan
• Co-promoter: Deloof Marc

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

This project analyses the impact of the Base-Erosion and Profit-Shifting (BEPS) Initiative and the Anti-Tax-Avoidance-Directive (ATAD) against the background of the partner countries' respective national tax systems. Beyond this, the project will address the question, how tax policies can foster innovation and growth. In this project, the University of Antwerp will focus on a theoretical and empirical exploration of the impact of taxation on entrepreneurial risk taking. A model will be developed covering the main elements of the tax systems of the partner countries, including an Allowance for Corporate Equity (ACE) (like in BEL, ITA, LIE) and an interest ceiling rule (GER). This model serves as a theoretical workhorse which allows for an analysis of the economic impact of the BEPS initiative and the ATAD within the context of the respective national tax systems. The focus will be on how an ACE affects risk behavior of entrepreneurs. These behavioral responses can be used to model the behavioral responses to other policy measures that affect the risk-return trade-off for entrepreneurs.

Researcher(s)

• Promoter: Deloof Marc

Research team(s)

• Accountancy and Finance

Project type(s)

• Education Project
• Research Project

Abstract

Sustainability reports are discretionary vehicles to signal sustainability performance to external constituents. Motives for their provision vary (from signaling the firm's sustainability track record to opportunistically managing perceived legitimacy on the sustainability front). Central to these motives is public perception management. A firm may resort to rhetorical impression management (IM)to strengthen the persuasiveness of its reporting in order to increase benefits of perceived sustainability efforts. The effectiveness of such rhetorical IM hinges, however, on the credibility of the messages conveyed. External assurance, institutionalized reporting formats, stakeholder engagement and internal governance structures may play a central role in establishing external credibility.

Researcher(s)

• Promoter: Aerts Walter

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Regulators and standard setters have recently emphasized professional skepticism as a key input to audit quality (e.g., AFM 2014; PCAOB 2015; IFIAR 2015; IAASB 2015). The goal of this project is to understand the profile of auditors' professional skepticism, and to link that trait to audit judgments and decisions indicative of audit quality. Specifically, the proposed project seeks to provide answers to the following fundamental questions: (1) What is the profile of individual auditors' professional skepticism?; (2) How does professional skepticism affect the audit process and audit outcomes?; and (3) What role do audit firms' organizational conditions (e.g., firm culture) play in the application of professional skepticism on audit processes and outcomes? We make use of a well-established model in the literature on professional skepticism developed by Nelson (2009) and updated and expanded by Hurtt et al. (2013) as theoretical basis for understanding and predicting individuals' behavior. The model begins with evidential input, which includes information collected and considered during the audit. This, in turn, affects skeptical judgment, which is influenced by individual auditor characteristics (i.e., personality and individual differences), client and environmental factors (e.g., audit firm culture, financial incentives), and knowledge gained from experience and training. The outcomes of skeptical judgment can be captured in different ways (e.g., by assessing risk assessments or by examining materiality levels). Together, these judgments and characteristics affect skeptical actions (e.g., audit planning decisions, personnel allocation judgments, specialist consultations, and misstatement adjustment decisions). Skeptical actions then dictate evidential outcomes, which include evidence collection and evaluation, documentation, and audit reporting.The insights obtained from the project will not only be relevant for the academic community, but also for audit practice, standard setters, and regulators to better understand the profiles of individual auditor professional skepticism and the relationship between professional skepticism, the audit process, and audit quality.

Researcher(s)

• Promoter: Hardies Kris
• Co-promoter: Vanstraelen Ann

Research team(s)

• Accountancy and Finance

Project website

Project type(s)

• Research Project

Abstract

This project will investigate the capital market consequences of firms disseminating information through social media channels. The use of social media such as Facebook and Twitter is proliferating at an incredible pace. Many firms nowadays make use of social media as an additional channel to communicate with customers and (potential) investors. Despite the explosion of firm and investor use of social media, academic interest in the potential capital market consequences of firms' social media usage has been very limited. This research project is motivated by the relative paucity of academic research on this topic, and by the shortcomings of the few prior studies that have been conducted in this area. Therefore, the first objective of the proposed research project is to focus on a sample of firm-generated (rather than user-generated) social media messages from a broad sample of firms. As a second objective this research project will examine the capital market effects of the tone and readability of such firm-generated social media messages (as opposed to merely focusing on the number of such messages). The third objective of the research project is to account for the interactive nature of social media (i.e. users can redistribute firm-generated social media messages) when considering capital market consequences. In order to achieve these aims, the proposed research project will employ cross-sectional regressions and event studies to analyze the "tweets" (i.e. messages on Twitter) of all S&P 1500 firms.

Researcher(s)

• Promoter: Hardies Kris
• Co-promoter: Heirman Wannes
• Fellow: Gerken Fynn

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

In this project, I will describe the dividend policy of Belgian firms during the period 1832-2012. I will focus on firms listed on the Brussels Stock Exchange during this period. Data is available from the SCOB-database. In a first part, I investigate the evolution of dividend policy over the period 1832-2012, which was characterized by major institutional, regulatory and tax changes, such as the introduction of taxes on dividends, the abolishment of multiple voting shares, the split-up of universal banks etc. My long-term perspective allows investigating how such changes affect dividend policy. Next, I investigate the evolution of cross-sectional determinants of dividend policy.

Researcher(s)

• Promoter: Deloof Marc
• Co-promoter: Annaert Jan
• Fellow: Moortgat Leentje

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

We examine extent and nature of opportunistic tendencies in annual results framing in press releases of listed companies. Artificial intelligence methods are applied to measure explanation profiles and assess their impression management propensity. Next, we will investigate (in an international context) whether scope and properties of regulatory control and institutional shareholder protection affect the occurrence, nature and strength of impression management tendencies in management's performance commentary.

Researcher(s)

• Promoter: Aerts Walter

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Despite the explosion of firm and investor use of social media (e.g. Twitter), academic interest in the potential capital market consequences of firms' social media usage has been very limited. This research project aims to investigate the capital market effects of firm-generated social media messages by conducting a series of cross-sectional regressions and event studies to analyze the "tweets" (i.e. messages on Twitter) of 500 randomly selected listed European companies.

Researcher(s)

• Promoter: Hardies Kris

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

In previous studies, it was found that attracting sufficient funding for the growth of enterprises is an obstacle. Growth companies make to a large extent use of internal financing and traditional forms of bank financing, but these sources are often not enough. Additional financing needs should be financed with new forms of bank financing as well as alternative (or non-bank) financing. Based on an extensive literature review we will give an overview of the funding sources that can be used in different stages of business growth. Then we will discuss to what extent funding sources are used by Belgian growth companies and what problems they face in attracting these funds. Finally, based on findings from the literature review a number of policy recommendations are formulated with regard to the financing of growth businesses.

Researcher(s)

• Promoter: Laveren Eddy

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

We use a unique Belgian stock and bond return dataset covering almost two centuries to investigate the predictability of stock returns and dividend growth, taking into account economic and institutional factors. We will first investigate whether the dividend yield predicts stock market returns and/or dividend growth and whether the strength of these relations are linked to the institutional and economic environment. Secondly, we will focus on the monetary and interest rate environment to study their impact on the predictability of stock and bond returns.

Researcher(s)

• Promoter: Deloof Marc
• Co-promoter: Annaert Jan
• Fellow: Verdickt Gertjan

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

This project represents a formal research agreement between UA and on the other hand AMS. UA provides AMS research results mentioned in the title of the project under the conditions as stipulated in this contract.

Researcher(s)

• Promoter: Laveren Eddy
• Co-promoter: Jorissen Ann

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

In this project, I will describe the dividend policy of Belgian firms during the period 1832-2012. I will focus on firms listed on the Brussels Stock Exchange during this period. Data is available from the SCOB-database. In a first part, I investigate the evolution of dividend policy over the period 1832-2012, which was characterized by major institutional, regulatory and tax changes, such as the introduction of taxes on dividends, the abolishment of multiple voting shares, the split-up of universal banks etc. My long-term perspective allows investigating how such changes affect dividend policy. Next, I investigate the evolution of cross-sectional determinants of dividend policy.

Researcher(s)

• Promoter: Deloof Marc
• Co-promoter: Annaert Jan
• Fellow: Moortgat Leentje

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

This project represents a formal research agreement between UA and on the other hand the client. UA provides the client research results mentioned in the title of the project under the conditions as stipulated in this contract.

Researcher(s)

• Promoter: Annaert Jan

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

This project represents a formal research agreement between UA and on the other hand UNIZO. UA provides UNIZO research results mentioned in the title of the project under the conditions as stipulated in this contract.

Researcher(s)

• Promoter: Laveren Eddy

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The project examines whether auditor independence in private firms is affected by the provision of non-audit services (NAS) by individual audit engagement partners. The idea that the provision of NAS may have a detrimental effect on auditor independence has been a controversial topic for many years that has attracted considerable attention from both scholars as well as the profession and regulators.

Researcher(s)

• Promoter: Hardies Kris

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

This project represents a formal research agreement between UA and on the other hand AMS. UA provides AMS research results mentioned in the title of the project under the conditions as stipulated in this contract.

Researcher(s)

• Promoter: Laveren Eddy

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The empirical literature finds that dividend policy differs greatly across firms and changes slowly through time. Dividends seem to contain information about average stock returns, and aggregate dividend yields predict future market returns. However, there is no consensus about the explanation for these empirical regularities, nor even about their universal existence. In the literature it has been conjectured that slowly changing institutional factors are at least partly responsible for the relations and their strength. By using an unique, available dataset covering the full Belgian stock market since 1832, we are able to investigate the patterns described above over a 180 years period. Moreover, we can relate them to the underlying institutional setting. We can also test the impact of changing dividend policy on the relation between dividends and stock returns, as well as on the value of the aggregate dividend yield as a predictor for stock market returns. Firstly, we document patterns in dividend policy through time and relate them to changes in dividend taxes and institutional changes. Secondly, we study determinants of dividend policy across firms including measures of taxes, agency-conflicts, asymmetric information and liquidity. Thirdly, we link dividend yields to returns across firms, taking into account the changing patterns in dividend policy and its determinants. Finally, we relate the predictive strength of the dividend yield for market returns to these factors.

Researcher(s)

• Promoter: Deloof Marc
• Co-promoter: Annaert Jan

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Although board diversity is often unconditionally considered to be a beneficial practice, its relationship with firm performance appears to be more nuanced. We study the impact diversity in family firms vs. non-family firms. In doing so, we propose to compute a diversity measure that takes into account directors‟ family membership and to study the mediating role of firm reputation and innovation in the board diversity – firm performance relationship. As opposed to extant research, we analyze the impact of board diversity on firm performance both in terms of both "innate" and "acquired" director characteristics and thus view it much broader than merely gender diversity.

Researcher(s)

• Promoter: Jorissen Ann
• Co-promoter: Boytsun Andriy

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The main purpose of this study is to determine whether there is a link between non-audit services and audit quality on the Belgian audit market. More specifically, the study will determine whether, and to what extent, the services provided by companies' statutory auditors and their network, in addition to the performance of their audit assignment, affect their independence and the quality of the audit. Investigating this link is relevant given the current debate at European level, in response to the financial crisis, about the restriction on or even complete prohibition of the provision of non-audit services by auditors to their audit clients. The study consists of two parts. In the first part, we give a brief historical overview of the regulatory framework for non-audit services, taking into account both the Belgian and international situation, in particular American and European initiatives. Next, we focus on the evolution and composition of fees for both audit and non-audit services in Belgium over the period 2008-2010 and make a comparison with developments in other countries. We conclude the first part by addressing the empirical studies that examine at an international level the link between (fees for) non-audit services and audit quality. The literature review shows that the empirical studies have ambiguous results. In the second part, we examine whether there is effectively a link between non-audit services and audit quality on the Belgian audit market. To this end, use is made of multivariate regression analyses in order to assess the link between, on the one hand, the response or dependent variable (in this case the audit quality) and, on the other hand, the explanatory or independent variables (in this case the test variable, namely the non-audit services) and various control variables (such as the company size, the age and the financial situation) that can also have an impact on audit quality as shown in the literature. The results of these regression analyses permit us to conclude that there is little empirical support for the assumption that non-audit services have an impact (neither negative nor positive) on audit quality.

Researcher(s)

• Promoter: Hardies Kris

Research team(s)

• Accountancy and Finance

Project website

Project type(s)

• Research Project

Abstract

The objective of the project is to develop an estimation method voor the real term structure • to obtain an estimate of the zero-coupon real interest rates • build a real yield curve across the maturity spectrum • to compare it with the nominal term structure and derive the inflation compensation - often defined as the break-even inflation rate - requested by market participants to hold index-linked bonds, a proxy of their expectations of inflation. • this estimation procedure should be easy to update (on a monthly basis as a minimum)

Researcher(s)

• Promoter: Annaert Jan
• Co-promoter: De Ceuster Marc

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

We investigate intra-industry imitation in discretionary financial disclosure and management commentary. Imitation of discretionary reporting content and related reporting choices may be conceived as a rational response to discretion and related ambiguity in order to meet explicit and implicit industry norms. This issue is crucial in the current debate on a principles-based versus rules-based approach in the reporting standard-setting process. Neo-institutional theory suggests that more ambiguous reporting properties can be affected by mimetic, cognitive and normative pressures to conform to institutional templates of appropriate behavior. Benchmarking of reporting features on those of other firms within the industry is a basic mechanism underlying imitation. Mimetic and cognitive imitation will be more prominent in reporting issues characterized by uncertainty about instrumentality (means-ends relationships) or about consequences of reporting choices, whereas for other issues normative pressures (e.g., through auditors and external stakeholders) will prevail. We will address the following research questions: (1) What is the extent of intra-industry benchmarking in specific discretionary reporting choices and which imitation mechanisms drive reporting conformity, (2) What is the impact of professional intermediaries on imitation-driven reporting, (3) Which firm-specific factors affect the extent of benchmarked reporting, and (4) Whether and to what extent self-serving consequences of industrybased imitation in external reporting can be observed.

Researcher(s)

• Promoter: Aerts Walter

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The research objective of this project is to examine the variables which influence the performance of family firms. Using data from a written survey as well as financial data from published financial statements different relationships between variables will be studied. The research results will provide additional insights into the heterogeneity within family firms and into the intention to transfer the company to the next generation.

Researcher(s)

• Promoter: Laveren Eddy
• Co-promoter: Jorissen Ann

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

This project represents a formal research agreement between UA and on the other hand l'Ecole d'Economie de Paris. UA provides l'Ecole d'Economie de Paris research results mentioned in the title of the project under the conditions as stipulated in this contract.

Researcher(s)

• Promoter: Annaert Jan

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

This project represents research between the UA and a private institution. UA provides the private institution the research results named in the title of the project.

Researcher(s)

• Promoter: Annaert Jan
• Co-promoter: De Ceuster Marc

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

This is a fundamental research project financed by the Research Foundation - Flanders (FWO). The project was subsidized after selection by the FWO-expert panel. The aim of this scientific research network is the promotion of interdisciplinary research (mathematics – physics – economics) in the domain of stochastic modelling, relying on the correlation between theory, numerical calculations and applications. The combination of ideas and results from financial mathematics with the classical valuation and pricing methods from actuarial sciences is a continuing trend in this research. The scientific research network facilitates research merging both methodologies into a combined financial-actuarial approach. In addition techniques from statistical physics and network theory are incorporated to develop models intended to explain the underlying market dynamics and to estimate systemic risk. As such we want to anticipate and respond to the evolutions of research problems related to financial markets. The knowledge and expertise at hand in the various subdomains by the participating Flemish, Walloon and international research groups is united to create new synergies, to stimulate the interaction and to look for optimization. The objective is to make the most of the available complementarity. The scientific research network wants to encourage and support young researchers by offering training through seminars, schools and work visits, and by giving them the opportunity to participate in conferences and to present their research results. The possibility of personal contacts is an important extra advantage, and facilitates future cooperation. The researchers of the participating teams will meet on a regularly basis in order to enable the organization of common workshops and symposia, to exchange expertise, to develop new research lines and to draw up joint research projects.

Researcher(s)

• Promoter: De Schepper Ann

Research team(s)

• Accountancy and Finance

Project website

Project type(s)

• Research Project

Abstract

We investigate long run investment returns for stocks, government bonds and cash. Our analysis is based on a (worldwide) unique database which covers all securities ever listed on the Brussels Exchange / Euronext Brussels in the period 1838-2010. We construct new, value weighted return indices for government bonds and analyze the equity risk premium and term premium.

Researcher(s)

• Promoter: Deloof Marc
• Co-promoter: Annaert Jan

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The Brussels stock exchange was one of the top ten most important stock exchanges in the world in the 19th and early 20th centuries. Companies from all sectors (railways, coal mines, zinc companies, metal, glass, banks, electricity companies etc.) were listed on it. Moreover, the Brussels Stock Exchange was very internationally oriented before the First World War with many shares, government bonds and corporate bonds from goverments and companies all over the world (or Belgian companies operating abroad). We examine the returns of all the Brussels Stock Exchange listed Belgian corporate bonds for the period 1832-2010 using quotes, numbers and all the characteristics of these corporate bonds (interest, valuation, the duration, the issuing price, the IPO price on the stock exchange, additional conditions (call / put), and reimbursement conditions (amount, repayment facilities). At the same time we calculate the risk premium and compare it to the equity premium. Our sample includes 1270 corporate bonds. Because we have such a unique and very long time series it will allow us to make valid econometric conclusions (given the volatility). This research is important both for investors and companies. Investors have many opportunities for investments. A wide range of alternatives is available with perhaps the most famous among them investments in equities, government bonds or holding cash. In the international literature, these three are traditionally the subject of many inquiries. But there is another investment opportunity, viz. corporate bonds. Our research will inform investors exactly on the difference between such investments. The question can also be viewed from a different perspective, particularly from the financial policy of a company. Is it without importance for a company to finance her activities with share capital or bonds or is one of them more attractive? This seems to be an important question for financial management. Lacking international studies, our research can help in providing a detailed account on the risk premium.

Researcher(s)

• Promoter: Annaert Jan

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The research will assess how companies model the presentational qualities of narrative disclosure in their annual reports and how such disclosures affect and are affected by financial analyst behavior. Narratives are portrayed as an integrated component of a company's investor relations program and as interdependent (as complement or substitute) with other reporting modes. Institutionalization effects will be studied by comparing disclosure behaviour of continental-European, Asian and Anglo-Saxon companies.

Researcher(s)

• Promoter: Aerts Walter

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The research will assess how companies model the presentational qualities of accounting narratives and related narrative impression management tactics in an IPO prospectus an how this in economic consequences (short-term IPO valuation).

Researcher(s)

• Promoter: Aerts Walter

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

This project represents a formal research agreement between UA and on the other hand EU. UA provides EU research results mentioned in the title of the project under the conditions as stipulated in this contract.

Researcher(s)

• Promoter: Deloof Marc

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

This project represents a formal research agreement between UA and on the other hand KeFiK. UA provides KeFiK research results mentioned in the title of the project under the conditions as stipulated in this contract.

Researcher(s)

• Promoter: Laveren Eddy

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The aim of the project is to identify key factors which affect the preparation of management discussion and analysis reports. We investigate how firms' institutional setting and capital market context affect managers' ability to provide informative disclosures.We use a qualitative approach and investigate differences in institutional setting using an international sample.

Researcher(s)

• Promoter: Aerts Walter

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The aim of this research project is to study governance practices from a holistic perspective, in contrast to the piecemeal approach of the extant literature and to develop a contingency model of governance. Taking into account that universal remedies are counterproductive (Ostrom, 2007), we develop a contingency perspective that diagnoses the specific conditions needed to make specific governance practices contribute to organizational outcome (e.g. success or failure measured by multi-attributes). The specific conditions relate to actor characteristics (owners, directors, managers and employees), to the institutional environment, to the organizational form and to other intervening variables (e.g. life cycle of the company, industry antecedents, etcetera). Besides the development of the contingency model for governance, individual research themes in the individual workpackages will be addressed too. (e.g. changes in governance practices over the life cycle of an organization, the introduction of family heterogeneity in family governance research, the impact of works council's demographic variables on organizational outcome).

Researcher(s)

• Promoter: Jorissen Ann
• Co-promoter: Boone Christophe
• Co-promoter: Deloof Marc
• Co-promoter: van Witteloostuijn Arjen

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

We investigate the impact of bank affiliations on the performance of Belgian listed companies in the first half of the 1930s. This period was characterized by a large economic crisis and major problems in the financial sector which led to profound institutional reforms. We consider different dimensions of company performance.

Researcher(s)

• Promoter: Deloof Marc

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The study will identify and analyze institutional conformity in properties of corporate financial reporting characterized by normative ambiguity, such as risk reporting, MD&A and cost allocation decisions. Reporting conformity is theorized as institutional imitation behaviour driven by social, cognitive and competitive forces. The study will integrate the role and functioning of external auditors in reporting conformity.²

Researcher(s)

• Promoter: Aerts Walter

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Researcher(s)

• Promoter: Jorissen Ann
• Co-promoter: Boone Christophe
• Co-promoter: Deloof Marc
• Co-promoter: van Witteloostuijn Arjen

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

This project studies CDS spreads of internationally active credit institutions. It investigates their determinants and how they can be used as input to the prudential authorities.

Researcher(s)

• Promoter: Annaert Jan

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

We explore the association between environmental media legitimacy and the quality of corporate environmental communication efforts. Using a media measure of legitimacy, we study the interrelationships among (1) environmental legitimacy, (2) environmental news exposure, and (3) corporate environmental communication. In addition, we explore the substitutional versus complementary role of different corporate environmental communication channels.

Researcher(s)

• Promoter: Aerts Walter

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

New start-ups lack prior history or lack reputation and are associated with a high failure risk. Nevertheless, a future entrepeneur needs to find a sufficient amout of capital in order to be able to start a new venture. The aim of this study is to identify the determinants of both the initial start-up capital as well as the use of bootstrap financing in newly founded ventures. Moreover, this study will investigate the impact of bootstrap financing on the new venture's performance.

Researcher(s)

• Promoter: Laveren Eddy

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Researcher(s)

• Promoter: De Ceuster Marc
• Co-promoter: Annaert Jan
• Co-promoter: De Schepper Ann

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

This project takes a long-term perspective on the role of business groups. Using a unique database of Belgium listed companies over the 19th and 20th century, and taking into account the evolution of institutions, we study how business groups affect company performance, and how business groups use political connections to pursue the interests of their owners.

Researcher(s)

• Promoter: Deloof Marc
• Co-promoter: Cuyvers Ludo

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

This research investigates the impact of characteristics of the regulatory and endorsement system regarding narrative disclosures on form, content and effect of explanatory behavior in the annual management commentary. Contrasting different institutional environments (US, Australia, Canada, Europe), we will assess the relative impact of differences in regulatory regime on the content and value relevance of argumentation patterns and self-presentational narrative content.

Researcher(s)

• Promoter: Aerts Walter
• Co-promoter: d'Haens Patrick

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The transfer of a business can be considered as one of most important and most difficult phases in the life cycle of a company. Particularly the financing of the entire operation often leads to considerable problems. Current research aims at increasing our knowledge of this field by studying the use of different financing techniques in transferring a business. In that way the impact of a business transfer on the financial structure and the future growth of the company can be studied.

Researcher(s)

• Promoter: Laveren Eddy

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

A key problem in the financial and actuarial research is the choice of models, so as to avoid syste¬matic biases in prices et al. An alternative consists of fixing only a number of parameters instead of a complete distribution, resulting in bounds instead of unique results. The aim of this project is to develop this research theme into three directions: a direct application to new research questions, extensions to more complex situations, and testing in combination with sensitivity analysis by means of simulations.

Researcher(s)

• Promoter: De Schepper Ann

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Researcher(s)

• Promoter: Laveren Eddy

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

In this project we investigate to what extent and how multinational corporations (MNCs) shift income between subsidiaries in different countries, in order to minimize global tax payments. For a sample of European, Japanese and US MNCs, we examine how tax differences between parent country and host country affect income reporting and financing- and dividend policies.

Researcher(s)

• Promoter: Deloof Marc

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The research project aims at exploring the role and effectiveness of corporate narrative reporting on risks and performances within a corporate governance framework. The interaction of narrative disclosure patterns and corporate governance processes is analysed as contingent on stakeholder management concerns and institutional forces. Institutionalisation effects are studied within an international setting

Researcher(s)

• Promoter: Aerts Walter

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Researcher(s)

• Promoter: Jorissen Ann

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Consistent with the title of the research proposal, the objectives of the research are to study the impact on quality of financial reproting within the EU of the new EU regulations on : (a) accounting standards; (b) corporate governance; (c) audit quality.

Researcher(s)

• Promoter: Vanstraelen Ann

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Researcher(s)

• Promoter: Laveren Eddy

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The research project focuses on the interaction of performance disclosure transparency and other corporate governance mechanisms (stock options, board committees, independent review, etc.) within the setting of strategic management of trust relationships with external shareholders. Three lines of inquiry are followed: qualifying the relative impact of performance disclosure transparency as a corporate governance mechanism, transparency as a stakeholders relations management tool and transparency as an institutionalized process. Institutionalisation effects are studied within an international setting.

Researcher(s)

• Promoter: Aerts Walter
• Co-promoter: d'Haens Patrick

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Researcher(s)

• Promoter: Laveren Eddy

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

In this research project we investigate the causes and consequences of interlocking directorships and seat accumulation in Belgian companies. First, we investigate the determinants of interlocking directorships. Second, we investigate how interlocking directorships on firm value. To what extent do interlocking directorships destroy or create value? We analyze the impact on both stock market value and accounting profitability, taking into account other firm characteristics. In a first part of the study, we investigate interlocking directorships of listed Belgian companies in the period 1893-1935.

Researcher(s)

• Promoter: Deloof Marc
• Co-promoter: Cuyvers Ludo

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Researcher(s)

• Promoter: Jorissen Ann

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

The current study attempts to examine earnings management induced by cognitive reference points. The international sample is composed of a large set of both listed and private companies. The study aims at, among other things, determining whether investors are really misled by this type of earnings management and whether independent audits are able to restrict these practices.

Researcher(s)

• Promoter: Aerts Walter

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

In this project research is done into the causes and consequences of interlocking directorships and seat accumulation in Belgian companies during the 20th century. First, I will investigate the determinants of interlocking directorships. Second, I will analyse the impact of interlocking directorships on firm value. To what extent do interlocking directorships destroy or create value. I investigate the impact on both stock market value and accounting profitability, taking into account other firm characteristics. The empirical analysis will be based on appropriate and up-to-date econometric techniques.

Researcher(s)

• Promoter: Deloof Marc

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Using case study research, M. Cools focuses on transfer pricing practices of multinational companies. The global research question is whether regulatory pricing changes influence managerial decision making. The emphasis is on the influence of international transfer pricing regulations on performance measurement and evaluation within large multinational companies. Other relevant considerations are taken into account, such as the reaction of multinationals to the documentation requirements, the need for comparables and functional analyses, transfer pricing audits as well as heavy penalties.

Researcher(s)

• Promoter: Cools Martine

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Researcher(s)

• Promoter: Vanstraelen Ann

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

Researcher(s)

• Promoter: Aerts Walter

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project

Abstract

What determines the financing and dividend policies of firms? To what extent do these policies affect firm value? Over de past decaded, these research questions have been studied intensively. Studies so far, howevr, have largely analyzed corporate financing and dividend policies over very short time periods, and in a single country context, mainly focussing on the United States.

Researcher(s)

• Promoter: Deloof Marc
• Co-promoter: Annaert Jan
• Co-promoter: De Ceuster Marc

Research team(s)

• Accountancy and Finance

Project type(s)

• Research Project