This paper analyses the control of Belgian listed companies. The analysis reveals that control of listed companies in Belgium is highly concentrated. Business groups, holding companies, and voting pacts, play an important role in bringing about this concentration. The main characteristics of the...

This study has analysed the share price reactions to changes in top management.A distinction was made among different types of CEO turnover: forced resignation, voluntary departures and age-related retirements.The announcement of a forced CEO resignation is hailed favourably by the market with a...

This paper reopens the debate on the substitutability of dividends and shareholder control in mitigating free cash flow concerns, by examining dividend behavior when shareholder control is restricted in the firm.We consider the stakeholder-oriented governance regime of the Netherlands, where...

This paper analyzes optimal procurement mechanisms in a setting where the procurement agency has incomplete information concerning the firms’ cost functions and cares about quality as well as price. Low type firms are cheaper than high type firms in providing low quality but more expensive...

Theoretical IO models of horizontal mergers and acquisitions make the critical assumption of efficiency gains.Without efficiency gains, these models predict either that mergers are not profitable or that mergers are welfare reducing.A problem here is the empirical observation that on average...

A question that has been neglected in network research is where differences in network embeddedness come from.The network literature reveals that there are three key characteristics of embedded relationships: trust, open communication, and joint problem solving.On the basis of the sparse...

While both the strategic management and the network literature recognize the importance of inter-firm relationships for explaining competitive advantage, the question why firms differ in their ability to benefit from these relationships is rarely addressed.This paper aims to begin to fill this...

The nature of organizational change and the value of headquarters is derived from a model with costs of delay, vested interests and costs of organizational change.The value of headquarters is derived from imposed organizational change. It is viewed as an institution which is able to prevent...

This paper formalizes the difference between firms, nonprofits, and cooperatives and identifies optimal organizational choice. In a model of quality provision, we find a clear ranking of quality produced: Firms provide lowest and nonprofits highest levels of quality. Efficiency, however, depends...

Given the assumption that the components of a vector time series are stationary about nonlinear deterministic time trends, nonlinear co-trending is the phenomenon that one or more linear combinations of the time series are stationary about a linear trend, hence the series have common nonlinear...