Dependent variables used by Kim, Jung and Kim (2005) to assess the effect of the ownership structure of Korean chaebols on internal funds allocations are a priori misspecified in the context of their research, as they were designed to be applied when studying diversified firms and not groups...

Ondernemingsgroepen komen overal ter wereld voor maar de opvatting, het doel en de werking ervan kunnen heel uiteenlopend zijn. Met deze paper willen we een overzicht geven van de bestaande literatuur over ondernemingsgroepen, met specifieke aandacht voor Europese en voor Belgische...

In Belgian corporate groups, complex pyramidal structures and interlocking ownership lead to separation of ownership and control. This may generate incentives for the controlling shareholder to divert resources within the group through intragroup equity sales. This in turn could lead to...

Several studies find that business groups create value for affiliated companies in developing countries, which are characterized by weak institutions and poorly functioning markets. In these countries, business groups can act as an intermediary between imperfect markets and individual...

Flemish non-profit schools have no legally imposed composition rules with respect to their board of directors. Hence, large variation exists in their size and composition. We argue that these differences in board composition can result in different policies followed by the board. To empirically...

Despite an international consensus on the importance to limit State aid spending, large amounts of resources are still devoted to a wide variety of subsidies to firms. A sizable literature studies the relationship between general government spending and the proximity of elections, mostly...

For the first time a stylised model, in the tradition of corporate finance models for profit organisations described by Tirole (2006), is developed in order to understand the existence of financial constraints in nonprofit organisations and their relationship with the presence of agency...