Research team

Expertise

- Transfer and governance in SMEs - Succession in family firms - Financing of SMEs - Value-based management and shareholder value - Determination of cost of capital of non quoted companies - Financial management, capital budgeting and financing policy in SMEs and large companies - Corporate governance - Company valuation of quoted and non quoted firms - Financial management in family firms - Financial planning and control in SMEs - Financial risk management

Study in the context of the week of the transfer of a business 01/10/2023 - 31/12/2023

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.

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  • Research Project

Succession in Flemish SMEs 01/04/2019 - 31/12/2019

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.

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  • Research Project

Strategic change in family firms: antecedents and consequences of strategic change from a change readiness perspective. 01/01/2019 - 31/12/2022

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.

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  • Research Project

The evolution of the financial landscape of ambitious startups and scaleups in Flanders and the role of BAN-Vlaanderen, Hefboom and Microstart. 01/06/2018 - 31/10/2018

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).

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  • Research Project

Literature study about financing of scale-ups and high growth SMEs 30/11/2015 - 31/03/2016

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.

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  • Research Project

The relation between entrepreneurial performance of family firms and the moderating role of family involvement and governance characteristics 01/11/2014 - 28/02/2016

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.

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  • Research Project

Study on SME financing. 12/05/2014 - 31/10/2014

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.

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  • Research Project

Research in the field of family enterprises and family offices. 01/01/2014 - 31/12/2017

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.

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  • Research Project

The relation between entrepreneurial orientation and the performance of family firms taking into account the moderating role of family involvement and the mediating role of family essence. 01/01/2012 - 31/12/2014

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.

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  • Research Project

Annual questionnaire of Belgian enterprises dealing with financing of small and medium-sized enterprises. 04/06/2010 - 03/06/2013

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.

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  • Research Project

Financing of start-ups in Flanders: determinants of the start-up capital and the use of bootstrap financing. 01/01/2008 - 31/12/2009

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.

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  • Research Project

The business transfer within family firms and the impact on the financial structure. 01/01/2007 - 31/12/2008

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.

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  • Research Project

Processing of the KeFiK-survey SME-financing. 08/06/2006 - 27/10/2008

Abstract

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  • Research Project

Budgetary impact of the granting of an interest for companies that suffer the accessibility disturbed as a result of interference by public works 29/06/2005 - 15/03/2006

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  • Research Project

01/06/2004 - 30/10/2004

Abstract

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  • Research Project

Optimal dynamic R&D investment strategies of competitive enterprises facing technological and market uncertainties. 01/01/2002 - 31/12/2005

Abstract

The objective of this research is to extend the study about the firms' strategic competitive R&D investment subject to technological and market uncertainties. It will contribute to strengthening both the theoretical and empirical knowledge base in this subject. This implies that optimal R&D behavior is determined while taking into account the rivals' behavior, the possibility of coalition creation, and the difference in size among firms, i.e. The dynamic oligopolistic R&D behavior model must be considered. In the empirical part of the research we aim at the following targets: i) analyze firms' individual R&D investment and innovative production strategies using cross-section and panel data for Belgian enterprises

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  • Research Project

23/11/2000 - 30/06/2001

Abstract

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    • Research Project

    Growth in Belgian Companies: the role of ownership, management structure, financing constranints and planning and control systems 01/01/2000 - 31/12/2002

    Abstract

    In this research project we will study the growth profile of Belgian companies. Using quantitative and qualitative information we will study if the growth profile of family versus non-family companies is different and which factors are responsible for these differences (e.g. the management structure, financing constraints and other company characteristics). We also take into account the interaction between growth and changes in planning and control systems. An international comparision of the obtained results for companies in Belgium and some other countries (e.g. France and Germany) will finish our study. //..I this project we will apply several multivariate data analysis techniques as well as data mining techniques. Besides using published information in the financial statements of companies, information is gathered by a large-scale questionnaire as well as by the technique of case study research as proposed by Eisenhardt(1989)

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      • Research Project

      Strategic Investment behaviour in R&D and technological innovation in small and medium sized enterprises (SMEs) 01/01/1999 - 31/12/2000

      Abstract

      Starting from already obtained research results on strategic innovation behaviour of firms and governments and empirical applications on an industry level, we would like to study the impact of uncertainty and asymetry in (dynamic) game theoretic models on the R&D behaviour of both the innovate enterprise(s) and the nnew technology adopting enterprise(s). Empirically, we would like to apply this innovative behaviour subject to uncertainty and asymmetry on Belgian and Dutch SMEs as a kind of laboratory example for further applications on a European, Japanese and US wide level. This innovative behaviour will be studied in its various expressions as patents, trade marks, technology adoptions, etc . . .

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        • Research Project

        Study of growth of the Belgian companies using the published financial statements; construction of measures and indices for a goal-oriented governmental policy. 01/10/1998 - 31/03/2000

        Abstract

        As an extension of macro-economic indices, growth can be studied by means of a constant sample of published fincancial account of representative companies. //..Since a number of years the research groups FIM and KMO of the Limburg University Center disposes of a database of financial data from these financial statements. At the Department of Business Economics of UFSIA there was build uo an extensive data bank of the annual accounts of 525 firms from 1978-1993. Objective of underlying research project is to exploit and further analyse this accounting information related to groth of business and try to find explanations. //..After checking the quality of the statements by means of quality -labels of the National Bank, research will be directed to://..- growth in turnover//..- growth of total assets ans specific items as financial and fixed assets//..- growth of number of emplouees and evolution of employment in industry and services. Evolution of labour costs as a determinant of growth//..- evolution of profitability, added-value, solvency, ...//..- research of explanatory relations between growth figures and specific company's attributes as well as a financial health' indices of companies//..Research will be stritified to large, medium-sized and small companies. Reliability and statistical siginficance will be studied by means of statistical software (SPSS). Till now meanly ANOVA techniques have been applied. In the context of this research proposal we intend to procieed in the development of regional and dimensional performances measurement tools of the firms. Special attention will be paid for knowledge based systems (data mining)

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          • Research Project

          Chair Bank J. Van Breda: Research Project 'Growth: Opportunity or Threat'. 01/01/1998 - 31/12/1999

          Abstract

          This project investigates the growth issue in trading-SME's through the method of grounded theory. Motives, necessary prerequisites, and strategies for growth are tracked in trading companies. Strategic characteristics of growing companies can show the way to succesful growth.

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            • Research Project

            Implications of variety seeking behaviour for the effectiveness of sales promotions: An analysis of the purchase quantity effects of different types of promotion instruments. 01/10/1997 - 30/09/1999

            Abstract

            The major aim of this project is to contribute to a better understanding of the short term effectiveness of sales promotions. The nature of the dominant promotion response (switching, purchase acceleration, stockpiling) is explained in terms of three factors: purchase behavior characteristics (variety seeking/avoidance behavior), product category characteristics (hedonic/functional), and type of promotion instrument (monetary/non-monetary, direct/delayed). The research findings shluold provide guidelmines fo the selection of appropiate promotion instruments in view of promotion objectives and product market characteristics.

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              • Research Project

              An Analysis of Financial Decision-Making in Small and Medium-Size Enterprises and Ways to Further Optimize Investment and Financing Decisions. 01/12/1996 - 31/12/1997

              Abstract

              There are strong indications both in the literature on this subject and in business practice that the financial management of small and medium-size enterprises is a weak business function which is very often merely accounting and/or fiscally oriented. By means of empirical research, the project aims at identifying and analysing the weaknesses in financial decision-making. At the same time, the project intends to hand tools to small and medium-size enterprises that will allow them to improve their financial management considerably.

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                • Research Project

                'Economic Intellegence' for the Small- and Medium-size Enterprize with respect to Innovation: a feasibility study. 01/11/1996 - 31/12/1996

                Abstract

                The project, within the framework of policy-oriented advice to the Flemish Institute for the Promotion of Scientific-Technological Research (IWT) , is a feasibility study with respect to setting up an 'economic intelligence' scheme for effectively measuring and monitoring the degree of Innovation and Research & Development (R&D) within the sector of Small- and Medium-size Enterprizes in Belgium.

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                  • Research Project

                  Corporate Financial Risk Management and the Use of New Financial Instruments in Belgian Companies 01/10/1996 - 30/09/1998

                  Abstract

                  In teh first place, we will present a survey of the available new financial instruments (i.e. derivatives) and we will discuss the use of these instruments in Belgian companies. We will also study the influence of a further European unification on the supply of derivative products in Belgium. After that, we will pay attention to the pricing and use of exotic options.

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                    • Research Project

                    The Cost of capital for non-quoted firms: an empirical analysis. 01/12/1995 - 31/12/1996

                    Abstract

                    In this project we will make an estimate of the cost of capital based on several models. For quoted firms we can use the Capital Asset Pricing Model (CAPM). For non-quoted firms we will look for an identical firm with respect to its business risk. For this identical firm we will use the CAPM, whereby the beta-coefficients will be corrected for the differences in financial risk. Information about capital structure ratios can be found in the published financial statements.

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                      • Research Project

                      Financial planning and control: critical successfactors for SME's? 01/09/1995 - 31/08/1996

                      Abstract

                      The objective of this project is to examine to what extent SME's dispose of a system of short term financial planning and to what extent they employ financial control techniques. Regarding the short term financial planning, we will deal with the way budget information is gathered, the involvement of the company in this process and the level of detail of the budget. Financial control entails the systems of financial and operational performance measurement.

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                        • Research Project

                        Corporate financing decisions in Belgian companies 30/09/1991 - 29/09/1993

                        Abstract

                        In this project a descriptive analysis of the behavior of Belgian managers with respect to financing decisions is made. In addition the formulation of financing policies of Belgian companies is examined.

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                          • Research Project

                          Financing research 01/04/1989 - 31/10/1996

                          Abstract

                          Attention is paid to corporate financing decisions in Belgian companies. A descriptive analysis of the behavior of Belgian managers with respect to financing decisions is made. In addition the formulation of financing policies of Belgian companies is examined.

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                            • Research Project