CEO incentives and bank risk over the business cycle
status: published
Governance dynamics in inter-organizational networks : a meta-ethnographic study
Governance has been a pervasive theme in the discussions of strategy and management in the context of inter-organizational networks. To date, network researchers call for a dynamic theory of governance to deal with increased uncertainty in the network environment. In response to this call, this study aims to generate a better understanding of how a...
Collateral damaged? Priority structure, credit supply, and firm performance
status: published
Relational retention
status: published
Vertical exclusion with downstream risk aversion or limited liability
An upstream firm with full commitment bilaterally contracts with two exante identical downstream firms. Each observes its own cost shock, and facesuncertainty from its competitor’s shock. When they are risk neutral and canabsorb losses, the upstream firm contracts symmetric outputs for productionefficiency. However, when they are risk averse, compe...
Forward commodity trading with private information
We consider the use of forward contracts to reduce risk for firms operating in a spot market. Firms have private information on the distribution of prices in the spot market. We discuss different ways in which firms may agree on a bilateral forward contract: either through direct negotiation or through a broker. We introduce a form of supply-functi...
Trade credit in competition: a horizontal benefit
Trade credit is a widely adopted industry practice. Prior research has focused on how trade credit benefits firms by improving vertical supply chain relationships. This paper offers a novel perspective by examining whether trade credit benefits suppliers through a horizontal channel. Under the classic Bertrand competition framework, we analyze two ...
Integrative role of value chain governance : evidence from the malt barley value chain in Ethiopia
Context Matters—Using an Agent-Based Model to Investigate the Influence of Market Context on the Supply of Local Biomass...
Published in BioEnergy Research
Biogas plant managers often face difficulties in obtaining feedstock at stable and affordable prices. The context in which the biogas plant manager needs to purchase the feedstock could be important when the biomass is also used in valorization trajectories besides anaerobic digestion. Using a combination of qualitative research and agent-based mod...
Financial reporting quality and the cost of debt of SMEs
Published in Small Business Economics
This study explores a large and detailed dataset of financial statements of Belgian small and medium-sized enterprises (SMEs) over the 1997–2010 period. Using accruals quality as a proxy for the quality of SMEs’ financial reports, we find that the quality of SMEs’ financial statements is negatively related to those companies’ effective interest cos...
