This paper recognizes that individuals working in the nonprofit sector can have different motives and investigates which type of manager nonprofit organizations should best employ. It first considers a situation in which the manager is allowed to attract only one employee and later extends the...

Holding companies, which play an important role in corporate finance in Belgium and in other Continental European countries, often trade at a discount to their estimated net asset value (NAV). First, we discuss possible explanations for this discount: holding company destroys value, NAV...

We investigate the role of trade credit as a source of financing. Using a sample of 661 large non-financial Belgian firms for the 1989-1991 period, we find that the amount of trade credit a buyer takes is determined by his need for funds and the internally available funds. Trade credit is...

In a challenging paper, [Suthummanon S., Omachonu V.K., 2007. Cost minimization models: Applications in a teaching hospital. European Journal of Operational Research 186, 1175-1183] (hereafter SO), present an interesting cost minimization model to be applied to improve hospital efficiency....

Studies in the United States, Europe and Australia have shown that the market for audit services is highly concentrated and largely dominated by the same 'Big Six' international audit firms. This paper measures the degree of concentration in the Belgian audit market through an empirical study of...

Should the beneficiaries of nonprofit organizations (NPOs) be involved in governance and policy-making and, if so, how? The authors review existing knowledge on the role of beneficiaries in organizational governance and describe an integrative framework based on institutional theory, resource...