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...

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...

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...

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...

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...