Tilburg University

About: Tilburg University is a education organization based out in Tilburg, Noord-Brabant, Netherlands. It is known for research contribution in the topics: Population & Context (language use). The organization has 5550 authors who have published 22330 publications receiving 791335 citations.

Organizational Learning and diversification

Abstract: Employing concepts of lateral and longitudinal learning, we examined the dissolution of 462 expansions of Dutch firms, both acquisitions and new ventures. We interpreted the endurance of an expansi...

Corporate Finance in Europe Confronting Theory with Practice

Abstract: In this paper we present the results of an international survey among 313 CFOs on capital budgeting, cost of capital, capital structure, and corporate governance. We extend previous results of Graham and Harvey (2001) by broadening their sample internationally, by including corporate governance, and by applying multivariate regression analysis. We document interesting insights on how theoretical concepts are applied by professionals in the U.K., the Netherlands, Germany, and France and compare these results with the U.S. We discover compelling variations between large and small firms across all markets. While large firms frequently use present value techniques and the capital asset pricing model when assessing the financial feasibility of an investment opportunity, CFOs of small firms still rely on the payback criterion. Regarding debt policy we document more subtle disparities across firms and national samples. We also find substantial variation in corporate governance structures, which turn out to be more oriented at shareholder wealth in the Anglo-Saxon countries. Corporate finance practice appears to be influenced mostly by firm size, to a lesser extent by shareholder orientation, while national differences are weak at best.

The theoretical rationale for a multinationality-performance relationship

Abstract: and Key Results ■ This paper reviews the theoretical rationale that has been advanced so far for a positive relationship between multinationality (i.e. international diversification) and performance. ■ We show that transaction cost/internalization theory implies no direct and general relationship between international diversification and performance.

Innovation, Creativity and Success

Abstract: This article explores the role of innovation in small and medium sized firms, in relation to the firm's success. After a discussion of the relationship between success, innovation and creativity, some possible backgrounds of creativity and innovation are presented. For one part these are of a personal nature, like the entrepreneur's values, attitudes and level of education. For another part they concern institutional aspects of the firm. After the development of a number of hypotheses these are empirically checked with data from a survey among 200 entrepreneurs in six countries. In the appendices some details of the data and variables may be found.