Thursday, April 22nd, 2021, 11h, Benedikt Downar, 12h Nina Mariën

Program:

11.00h – 12.00h, Does practitioner research help auditors to provide higher audit quality and generate higher audit fees? Evidence from Spain – Benedikt Downar, Technical University of Munich (Germany).

(paper in attachment)

12.00h – 13.00h, The Financial Drivers of International Entrepreneurship: A Systematic Review and Future Research Agenda – Nina Mariën, UAntwerpen.

(paper in attachment)

Abstracts

Does practitioner research help auditors to provide higher audit quality and generate higher audit fees? (Benedikt Downar)

This paper investigates whether auditors engaging in practitioner research by writing professional articles and books subsequently provide higher audit quality and generate higher audit fees. Based on theories of constructivist learning and evidence-based management, we argue that engaging in practitioner research helps auditors to acquire expertise relevant for performing the audit. Further, we predict that this engagement also contributes to the development of auditors’ reputation, enabling the auditor to negotiate higher audit fees. We use the German setting for our empirical study as it is common for German auditors to write professional articles and books for historical reasons. Our results are consistent with our expectations. They remain robust when controlling for innate lead auditor abilities and the match between the lead auditor and the client.

The Financial Drivers of International Entrepreneurship: A Systematic Review and Future Research Agenda (Nina Mariën)

The process by which entrepreneurial firms adopt international entrepreneurial activities has been investigated from a range of different perspectives. Despite the proliferation of research efforts, the international entrepreneurship (IE) literature lacks systematic

knowledge on the financial drivers of the internationalisation process of entrepreneurial firms. The literature is fragmented, heterogeneous in terms of theoretical frameworks, methods, and conceptualisations, which tends to impede academic knowledge accumulation and integration, leaving important facets unexplored. This paper aims to synthesise and integrate extant interdisciplinary research on IE and entrepreneurial finance to address the question of which financing sources entrepreneurial firms rely on when operating abroad. From the synthesis, we develop a holistic framework that provides a comprehensive understanding of the state-of-the-art as well as potential avenues for future research at the intersection of the IE and entrepreneurial finance literature. To date, there have been no systematic reviews looking exclusively at the financial drivers of the internationalisation behaviours of entrepreneurial firms.

Past Research Seminars

Thursday, March 18th 2021, 11h Maria Comino-Jurado, 12h Laurence Rijssegem

Program:

11.00h – 12.00h, Do dissimilarities in the family involvement in family firms lead to different levels of indebtedness? Evidence from Spain – Maria Comino-Jurado, Universidad de Jaen, Spain

(paper in attachment)

12.00h – 13.00h, Financial knowledge and the acquisition of debt financing: implications for born globals -Laurence Rijssegem, UGent

(paper in attachment)

Abstracts

Do dissimilarities in the family involvement in family firms lead to different levels of indebtedness? Evidence from Spain (Maria Comino-Jurado)

Purpose – This paper examines how differences in the family involvement in a family business can influence its level of indebtedness. Assuming the influence of family is not the same for all family firms, we consider each company as a combination of the family involvement in three dimensions of the business: ownership, management and governance structure.

Design/methodology/approach – Using the partial least squares technique allows us to address the heterogeneity of family firms through an integral concept of family involvement in business that jointly considers the level of family participation in the ownership, management and governance structure of each firm.

Findings – Our results demonstrate that the level of family involvement in a family firm, considering the heterogeneity existing within the family business group, directly influences its level of indebtedness. In addition, we find that family involvement in ownership and governance structures individually considered are positively related to the level of indebtedness of the family business.

Originality/value – Our findings prove that some indebtedness patterns, which previous literature has described as common to all Spanish family businesses, may actually be valid only for specific family firms with a particular level of family involvement. In addition, the way of measuring family business heterogeneity through our integral concept of family involvement can be replicated by other authors because of the manageability of the items, thus contributing to an increased understanding of the effects of family involvement in firms’ development.

Financial knowledge and the acquisition of debt financing: implications for born globals (Laurence Rijssegem)

This study investigates the relationship between founders’ knowledge of different debt financing mechanisms and their start-ups’ ability to attract debt financing. Building on the cognitive psychology literature, we propose that the depth of founders’ debt financing knowledge is positively associated with a start-up’s ability to acquire debt financing while the breadth of their debt financing knowledge is negatively associated with this ability. Integrating insights from international entrepreneurship literature, we further argue that these relationships will be much more pronounced for born globals than for non-born globals. Analysis of survey data on 1,385 start-ups located in Flanders (Belgium) through a Heckman two-stage selection model largely confirms our hypotheses. The results advance the entrepreneurial finance and international entrepreneurship literature by clarifying the role of entrepreneur’s cognitions and knowledge for start-ups’ financing decisions and internationalization. Furthermore, they have important implications for start-ups and policy makers intending to support them.


Thursday, February 18th 2021, 11h Jonas Vandenbruaene, 12h Hans Geboers

Program:

  • 11.00h – 12.00h, Efficient spread betting markets – Jonas Vandenbruaene, University of Antwerp
  • 12.00h – 13.00h, Market Behavior: a Drawdown Perspective – Hans Geboers, UHasselt


Thursday, June 4th 2020, 10h Kevin Van Mencxel, 11h Pieter De Rijck

Programm:

  • 10.00h - 11.00h, The Rate of Return on Corporate Bonds: Long-Run Evidence.  Kevin Van Mencxel (University of Antwerp)
     
  • 11.00h - 12.00h, Does a firm’s big data analytics capability influence decision-making and control? A longitudinal case study. – Pieter De Rijck               (University of Antwerp)

 

 

Thursday, February 20th 2020, 11h Alice Rossi - 12h Stefan Straetmans

Programme

11.00h-12.00h, The decision to deliver voting rights in equity crowdfunding - Alice Rossi (University of Bergamo)

12.00h-13.00h, Move a Little Closer? Information Sharing and the Spatial Clustering of Bank Branches - Stefan Straetmans (University of Antwerp, Maastricht University)

 

Thursday, December 12th 2019, 11h Pomme Theunissen – 13h Fynn Gerken

Thursday, December 12h, 11.00h – 13.00h in room A.108

Programme

  • 11.00h – 12.00h, Gender effects in crowdfunded business loan campaigns – Pomme Theunissen, Maastricht University (no working paper available yet)
  • 12.00h – 13.00h, The Effects of "Brexit" on Corporate Disclosure – Fynn Gerken, University of Antwerp

Thursday, November 14th 2019, 11h Kris Hardies - 13h Philip Fliers

Programme

  • 11.00h – 12.00h, Audit Partner-Client strategic alignment – Kris Hardies
  • 12.00h – 13.00h, Corporate Taxes and Debt under the Nazi Occupation – Philip Fliers (Research Fellow in Finance, Queen’s Management School | Associate at Centre for Economic History, Queen’s University Belfast)

Thursday, October 17th 2019, 11h Jonas Vandenbruaene – 13h Nazim Hussain

Programme

  • 12.00h – 13.00h, How Technology Shapes Markets: The Case of Sports Betting, Jonas Vandenbruaene, University of Antwerp
  • 11.00h – 12.00h, Does the financial market punish firms for decoupling corporate social responsibility?, Nazim Hussain, University of Groningen (The Netherlands)

 

Tuesday June 21st 2019, 11h Gertjan Verdickt - 12h Ulrike Thürheimer

Programme

  •  11h - 12h, Gertjan Verdickt (University of Antwerp): Entrepreneurship and War Uncertainty: Evidence from the Second Industrial Revolution
     
  • 12h-13h, Ulrike Thürheimer (Maastricht University): The effect of the interplay between liability and regulatory incentives on audit outcomes 

Tuesday, May 5th 2019, 11h Encarna Saorin - 12h Xavier Walthoff-Borm

Programme

  • 11.00h - 12.00, Encarna Saorin (Universidad Carlos III de Madrid): Takeover Protection through Narrative Disclosure
     
  • 12.00h - 13.00, Xavier Walthoff-Borm (Ugent): Capturing the attention of small investors in equity crowdfunding: an eye tracking experiment

Tuesday, March 26th 2019, 11h Thomas Matthys - 12h Sanne Janssens

Tuesday March 26th 2019, 11.00h – 13.00h

Programme

  • 11.00h – 12.00h, Thomas Matthys (Postdoctoral Researcher, Vlerick Business School): Targeted by an Activist Hedge Fund, Do the Lenders Care?
     
  • 12.00h – 13.00h, Sanne Janssen: Individual-level professional skepticism profiles: Investigating differences across ranks and factors associated with professional skepticism (draft paper)

Venue
UAntwerp, Stadscampus, Annex

Thursday, November 29th 2018, 11h Christina Martinez-Sola – 13h Gertjan Verdickt

Thursday, 29 November 2018, 11h Christina Martinez-Sola – 13h Gertjan Verdickt

Programme

  • 11.00h – 12.00h  Cristina Martinez-Sola (University of Alicante): 'Cash holdings in SMEs: speed of adjustment, growth and financing'
     
  • 12.00h – 13.00h  Gertjan Verdickt (University of Antwerp) : 'Bad news travels fast: the importance of time-varying war risk'

Coffee and sandwiches will be offered.

Venue
UAntwerp, Stadscampus, Room  S.A.108

Thursday, October 4th 2018, 11h Leentje Moortgat – 13h Oveis Madadian

Programm

11.00h – 12.00h Leentje Moortgat (Researcher University of Antwerp): “Stubborn dividends: 180 years of evidence from Belgium” (co-authors Jan Annaert & Marc Deloof)

12.00h – 13.00h Oveis Madadian (Assistant Professor of Accounting, IÉSEG School of Management): “A behavioral theory of R&D expenditures: The impact of risk-taking tendency” (co-author: Maud Van den Broeke)

Coffee & sandwiches will be offered.

venue: city campus, room  S.A.108

Thursday, 8 October 2018, 11h Steven Bradley (Baylor University)

Monday 8 October 2018 at 11:00 in room C102

Steven Bradley (Baylor University)

Community Level Aspects of New Firm Survival: An Examination of Social Capital and Income Inequality

Abstract

The environment in which organizations form has a significant influence on their long-term survival chances.  However, management scholars often focus on industry environments as the primary source of external influence for new firms.  We examine the additional role of community-level factors which varies in both economic vibrancy and shape aspects of trust, exchange and support that foster firm emergence and survival.  We combine Kauffman Firm Survey and U.S. county-level Census data examining the survival rates for a diverse cohort of 3,324 U.S. firms founded in 2004 through the 2011 year. 

In the first study (social capital and organizational exit: a multilevel perspective), we theorize that social capital is more than the availability of firm-level social ties, but also builds from local geographic social patterns that foster informal interaction, trust, knowledge sharing, and support that facilitate firm-level social exchange.  We examine whether community-level social capital modifies the effect of firm strong and weak ties to improve survival chances.   

In the second study (Economic Inequality and New Venture Survival), we examine community-level inequality in U.S. incomes.  While most public and academic perceptions of income inequality are negative, we theorize that inequality increases variance in communities in terms of consumer buying preferences and also opportunities for new business formation to meet consumer demand.  We use a fine-grained analysis of community income distribution showing that inequality and the shape of the inequality distribution improves new firm survival chances. 

 

Bio

Steven Bradley is a Full Professor of Management and Entrepreneurship. He received his Ph.D. in Entrepreneurship with a minor in Business Strategy from the Indiana University, Kelley School of Business. Steve has extensive practical experience as an entrepreneur as the founder and manager of numerous businesses in the areas of engineering consulting, real estate, and product development and sales.

He has an undergraduate degree in Chemical Engineering from the University of Texas, and a Masters in Mechanical Engineering from Texas A&M University. Steve previously worked as an engineer for McDonnell Douglas and Law Engineering and has conducted research for 3M at Ecole Polytechnique Federale de Lausanne in Switzerland. Steve’s teaching responsibilities are currently in the area of strategic entrepreneurship. He has played an important role in developing program strength in the areas of social entrepreneurship and entrepreneurship policy. His work has been published at the Academy of Management Journal, Strategic Management Journal, Journal of Business Venturing, Journal of Management Studies, Entrepreneurship Theory and Practice and the International Journal of Development. He currently serves on Editorial Boards for the Academy of Management Journal, Journal of Management Studies, Journal of Business Venturing and Entrepreneurship Theory & Practice.

Tuesday, June 12th 2018, B.133, 11h Gertjan Verdickt, 12h Afsoon Qutbyar

Programm

  • 11.00h – 12.00h  Gertjan Verdickt: The Realm of Uncertainty (work in progress)
  • 12.00h – 13.00h  Afsoon Qutbyar (HU, Hogeschool Utrecht): A qualitative content analysis of SME governance: Linking SME governance and growth research
    Abstract

 

Coffee & sandwiches will be offered.

venue: citycampus, room  S.R.annex

Thursday May, 9th 2018, 11h X. Walthoff-Borm, 12h E. Guillamon Seorin

Thursday May, 9th, 11.00h – 13.00h in room A.107

Program:

11.00h – 12.00h, Capturing the attention of small investors in equity crowdfunding: an eye tracking experiment, Xavier Walthoff-Borm, Ghent University

12.00h – 13.00h, Takeover Protection through Narrative Disclosure, Encarna Guillamon Saorin, Universidad Carlos III de Madrid

Venue
UAntwerp, Stadscampus, room A.107

Thursday, February 8th 2018, 11h Lode Lancksweerdt, 12h Céline Coeckelbergs

Program:

  • 11.00h – 12.00h  Lode Lancksweerdt (Research Centre for Finance, Accountancy & Tax (FAcT)  KU Leuven): “Informational Opacity as an Additional Driver in Explaining Nonprofit Organizations’ Capital Structure”

Abstract:

Informational Opacity as an Additional Driver in Explaining Nonprofit Organizations’ Capital Structure

From 2006 onwards Belgian nonprofit organizations (NPOs) are legally required to disclose financial statements. We explore the impact of this increase in NPOs’ financial disclosure requirements (the treatment)  on NPOs’ capital structure, captured by means of different debt ratios. We adopt a difference-in-differences approach, this is, we use a matched sample of for-profit firms (FPs) as a control group to filter out general economic trends (such as the financial crisis) and to empirically isolate the effect of the financial disclosure requirements. We use data from 7,936 Belgian NPOs and 15,435 FPs over the period 2006 – 2015 to test the research question. Our results suggest that NPOs were able to mitigate the negative effects of the financial crisis on access to debt by means of the introduction of mandatory financial disclosures.  Among FPs, we observe significant changes in capital structure (shift from long-term debt to short-term debt, shift from financial debt to non-financial debt) which can be perfectly explained by the effects of the financial crisis. That is, due to the financial crisis, bank lending became much more difficult to obtain and firms therefore started to focus more heavily on efficient working capital management. In contrast to FPs, NPOs do not demonstrate such shifts in their capital structure, even though NPOs and FPs operated in the same economic climate and one would normally expect the same shift in patterns. We conclude that the increase in financial disclosure requirements for NPOs has a significant effect on capital structure.  In addition, we also find that the quantity of information provided in the financial statements (complete versus abbreviated format) plays a significant role as well in further reducing information asymmetry and relatively increasing NPOs’ access to debt.

 

  • 12.00h – 13.00h Céline Coeckelbergs (UHasselt):The influence of the CEO on audit (quality) demand in private firms: an interplay of willingness and ability

Abstract:

While auditor choice is generally considered to be determined by the level of agency conflicts, recent studies indicate that management is often the driving force behind auditor appointments and terminations. However, the few studies that empirically examine this management influence focus solely on the willingness of management to influence auditor choice. However, willingness will only have an impact when management is also able to push through its will. The present study therefore examines to what extent the CEO’s ability strengthens the influence of the CEO’s willingness on auditor choice. Using a dataset of 322 private firms, regression results show that when the CEO is willing to appoint a non-Big 4 auditor and also has sufficient power, it is more likely that a non-Big 4 auditor is actually appointed, at least on the condition that the control effectiveness of the board is weak such that the CEO can actually exert his/her power.

 

 

 

Thursday, December 7th 2017, 11h, Ine Paeleman, 12h Piyada Daowadueng

Thursday, December 7th

D.424

11.00h – 12.00h Ine Paeleman, UGent: “Do firms consume or stockpile financial slack during an environmental jolt? Evidence from a quasi-natural experiment.”

Abstract:

Using the recent financial crisis as a quasi-natural experiment and drawing on organizational and economic theory, we investigate how an environmental jolt affects firms’ level of financial slack. While organizational theorists suggest that managers will consume financial slack during an environmental jolt to protect their firms’ technical core, financial economists suggest that a precautionary motive will drive managers to stockpile financial slack. Using longitudinal data of 95,366 Belgian firms, we contrast these seemingly incongruent perspectives by showing that young firms and firms with lower creditworthiness (i.e., firms with lower legitimacy) will consume financial slack during the financial crisis, while old firms and firms with higher creditworthiness will stockpile financial slack during the financial crisis. Moreover, we clarify key mechanisms and managerial actions underlying these relationships.

 

12.00h – 13.00h Piyada Daowadueng: “Complex costing systems: an analysis of antecedents and their usefulness”

Abstract:

Costing systems vary from very simple costing techniques to complex systems of detailed cost allocation and cost estimation. Whether or not more complex costing systems also lead to increased usefulness is still an issue of debate. Prior studies resulted in mixed findings (Kallunki and Silvola, 2008; Al-Omiri and Drury, 2007; Drury and Tales, 2005; Pizzini, 2006; Abernethy et al., 2001; Datar and Gupta 1994; Labro and Vanhoucke 2007). In order to shed more light on the relationship between the level of cost complexity of a cost system and its usefulness, we address two research questions. First based on contingency theory we formulate hypotheses with respect to the drivers of the adoption of more complex costing systems in companies. These hypotheses allow us to identify when firms do adopt more complex cost systems. Second using a cognitive psychology theory, we develop hypotheses on the relationship between the complexity costing systems and their usefulness. We define cost usefulness as providing cost information for decision making, as providing cost information that satisfies the users, and providing cost information that is accurate. In this study we capture cost systems complexity by focusing on the level of detail applied in the allocation of costs to cost objects and on the diversity of costing systems used in a company. Survey data collected from Thai medium and large manufacturing and service firms are used to test the hypotheses.

With this study we contribute to the literature by distinguishing between antecedents that trigger the adoption of more complex cost allocation systems and antecedents that trigger the adoption of a wider set of different costing systems in the company. The results show that the adoption of more complex cost allocation systems in all industry and manufacturing industry is significantly related with operational turbulence and IT-integration, the adoption of different types of product costing systems in all industry and manufacturing industry is associated with the level of IT-integration. In addition the results also provide evidence that the relationship between the adoption of complex cost systems and cost usefulness is fully mediated by the level of knowledge creation. 

 

 

 

 

Thursday, October 5th 2017, 11h, Karla Johnstone - Seminar Business Economics: "Labor market implications for non-implicated CFOs of fraud firms"

Thursday, October 5th

A.108

Program:

11.00h – 12.00h  Seminar Business Economics (doctoral program FAE) Karla Johnstone: Labor market implications for non-implicated CFOs of fraud firms. 
                                           

Karla Johnstone is the EY Professor at the University of Wisconsin – Madison School of Business. She received her PhD from the University of Connecticut in 1997 and has spent her entire career at Wisconsin. Karla has served on the Executive Committee of the Auditing Section of the AAA in the role of treasurer, Vice-President, and she is now serving as the President.  Her research interests include auditors' client acceptance and continuance decisions, how fraud risk and fraud brainstorming affect audit planning and audit fees, client-auditor negotiation, and audit budget-setting processes, among others. She has published over 40 papers in leading journals, including Journal of Accounting Research, The Accounting Review, Contemporary Accounting Research, and Auditing: A Journal of Practice & Theory.    

coffee and sandwiches will be offered.        

Please confirm your attendance: secretariaatACF@uantwerpen.be

 

 

 

Thursday, October 5th 2017, 12h, Karla Johnstone: Workshop - 'Some advice for young researchers in accounting (and finance)'

Thursday, Ocotber 5th

room: A.108

12.00h - 13.00h  Karla Johnstone: Workshop: Some advice for young researcher in accounting (and finance)

Karla Johnstone is the EY Professor at the University of Wisconsin – Madison School of Business. She received her PhD from the University of Connecticut in 1997 and has spent her entire career at Wisconsin. Karla has served on the Executive Committee of the Auditing Section of the AAA in the role of treasurer, Vice-President, and she is now serving as the President.  Her research interests include auditors' client acceptance and continuance decisions, how fraud risk and fraud brainstorming affect audit planning and audit fees, client-auditor negotiation, and audit budget-setting processes, among others. She has published over 40 papers in leading journals, including Journal of Accounting Research, The Accounting Review, Contemporary Accounting Research, and Auditing: A Journal of Practice & Theory. 

Coffee and sandwiches will be offered.

Please confirm your attendance by email: secretariaatACF@uantwerpen.be