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Strategy in Turbulent Times. How to Design a Strategy That Is Robust and Future-Proof
No full textCompanies face increasingly turbulent times. Economic and political uncertainty, sustainability developments, and competitors with new business models are just some issues that stretch companies' resilience and adaptability. Strategy in Turbulent Times presents a way of analyzing and fighting turbulent environments. Using four animal metaphors, the Camel, Salmon, Chameleon and Octopus, it shows you how to develop new strategies and how to implement them. It is up to you to discover which animal represents the appropriate turbulence strategy for your organization
Corporate governance, Shari'ah governance and financial flexibility: Evidence from the MENA region
No full textAbstract This article investigates the relationship between corporate governance structures and financial flexibility for conventional and Islamic banks in the Middle East and North Africa (MENA) region. We construct a novel financial flexibility index (FFI) for the banking sector and examine the impact of the Shari'ah supervisory board (SSB), board size, and risk governance on financial flexibility. We find that board size and risk governance significantly affect banks' financial flexibility for Islamic and conventional banks. However, Shari'ah governance rules determine how that relationship is manifested in Islamic banks. We show that SSB size and busy SSBs enhance Islamic banks' financial flexibility. Our results show that Western corporate governance structures may lead to suboptimal financial flexibility. Banking policies should re‐evaluate the impact of one‐size‐fits‐all approaches to corporate governance while promoting ‘soft policies’ to banking regulation that are value‐enhancing for the banking sector
Academy of Management Proceedings
No full textWe develop and test a theory of how client outcomes are influenced by independent workers’ (i.e., individuals who work on project-basis outside the boundaries of organizations) expression of ideas (promotive voice) and concerns (prohibitive voice). Drawing on role accumulation theory, we argue and show that holding multiple jobs encourages independent workers, such as human resources and marketing consultants, to engage in voice behaviors. Extending these arguments about role accumulation, we further show that client satisfaction and loyalty intentions are positively influenced by workers’ promotive and prohibitive voice respectively. Our findings, based on a field study with dyadic survey data from 239 independent workers and their clients, enrich our theoretical understanding of voice behaviors in contemporary work settings. They also reveal important implications for independent workers about the voice choices they could make to influence specific client outcomes, and for organizations about why they may perceive higher level of satisfaction and loyalty toward some of their flexible workforce
Transformative privacy calculus: Conceptualizing the personalization‐privacy paradox on social media
No full textAbstract The rapid evolution of digital marketing underscores a critical tension between personalization and privacy, exacerbated by advances in data technologies and artificial intelligence. This study delves into the personalization‐privacy paradox, emphasizing the dichotomy of consumer behavior—desiring customized interactions while guarding personal data. We explore how happiness with the internet (HWI) influences users' willingness to disclose personal information on social media, employing social exchange theory as our conceptual framework. Our research develops and tests a conceptual model that investigates the psychological mechanisms driving information‐sharing behaviors on social media, including the moderating roles of trust beliefs and information collection concerns. By examining the mediating effect of posting frequency on the relationship between HWI and information disclosure for personalization, our findings contribute to understanding the complex interplay between happiness, trust and privacy concerns, coined as transformative privacy calculus. Our study enriches social exchange and privacy calculus theories, providing valuable implications for marketers aiming to navigate the balance between personalization and privacy, suggesting strategies to enhance user engagement without compromising privacy standards
Cross-border mid-market M&A compass 2023
No full textOn behalf of Moore Global Corporate Finance, Vlerick Business School has analysed more than 32,000 completed-confirmed deals in the year 2023 and compared that with data for the years 2019-2022. Almost 20,000 cross-border mid-market mergers and acquisitions have been sealed in the past five years as ambitious firms look beyond their own borders for growth opportunities. The results are revealed in the latest edition of The Moore Global Cross-border Mid-market M&A Compass, which analyses activity in this important part of the M&A market both in 2023 and stretching back to 2019. The Compass report is launched today by Moore Global Corporate Finance in partnership with Vlerick Business School and tracked more than 40,000 transactions announced in 2023. The main findings of the research were: Cross-border transactions systematically account for one-in-four of all M&A deals Average deal size in the cross-border mid-market has grown from €42.4 million in 2019 to €47.4 million in 2023 – a rise of 12% 62% of all cross-border M&A last year took place in the mid-market Four-out-of-ten cross-border deals in the mid-market involve acquirers from North America More than half of cross-border mid-market transactions were focused on the IT and healthcare sectors
The materiality of risk factor disclosures through a structural topic model
No full textThis paper introduces a structural topic model (STM) to assess the disclosure materiality of risk types detailed in risk factor disclosures (RFDs). Amid concerns about the generic nature of current RFD practices, the SEC's recent amendments push for disclosures that solely convey material, firm-specific risks. Our study leverages a unique dataset covering the entire RFD mandate from 2006 to 2023, enabling a longitudinal analysis that tests the amendments' effectiveness in enhancing the provision of firm-specific information among disclosed risks through the lens of stock price synchronicity. By employing a novel machine learning methodology to quantify the disclosed risk types and assessing their individual impact on stock price movements, our approach offers a more nuanced understanding of how disclosures influence investor behavior. Our findings challenge the efficacy of recent regulatory changes, suggesting that not all types of risk disclosures have adapted to meet the heightened standards of materiality. By addressing methodological limitations in previous studies, our research contributes to the automated textual analysis in financial reporting and offers a comprehensive view on the evolving effectiveness of RFDs. This study not only enriches the academic literature on risk disclosure materiality but also provides empirical evidence that could guide future regulatory adjustments by the SEC
Duurzaamheid in ziekenhuizen: een sectorale dubbele materialiteitsanalyse - Onderzoeksresultaten (B-document)
No full textHow to make a success of ESG in your organisation. Top priorities for driving sustainable business
No full textThe days of sustainability being at the periphery of business operations are well and truly over. The most successful businesses today will plan to achieve both profitable and sustainable outcomes. From now on, business will need to prioritise both profit and purpose. In this white paper Professor Xavier Baeten shares the top priorities for driving sustainable business
Academy of Management Proceedings
No full textPast studies show that dependence on partners for resources also exposes firms to possible problematic partner behavior, against which firms try to defend themselves. We extend our understanding of resource dependence in entrepreneurial ventures by developing and testing a novel framework on how and which ventures can defend themselves in their first interaction with equity investors when established defenses are usually unavailable. We theorize and show that ventures with greater resource stocks (i.e., higher ex-ante cash holdings and prior experience with multiple investor types) defend themselves by pursuing a "divide and conquer"-strategy in which they attract first-round investments from different types of equity investors. This strategy also facilitates follow-on fundraising. Overall, we extend resource dependence theory by focusing on a novel "divide and conquer"-defense strategy, which limits the power of any individual investor type, and by presenting a dynamic view on resource dependence in which entrepreneurs employ defense strategies from a position of strength because they still hold greater resource stocks