Universiteit Hasselt - Knowledge in action


Within the Finance research domain, financial constraints and solutions is a major topic. The internal and external financing constraints of SMEs and family firms are studied. SMEs and family firms have to deal with more a difficult access to the capital market, which limits their growth to a considerable extent.

In concrete terms, the following research topics come up for discussion:

  • measuring credit rationing with the aid of econometric ‘disequilibrium‘ models;
  • internal/external financing constraints of companies for business investments, with the aid of so-called ‘cash-flow sensitivity’ models (maximum entropy econometrics);
  • the deciding factors in pledging (collateral) and agency costs of debt-financing in family firms;
  • the study of performance differences of family firms versus non-family firms (‘ownership structure’) and the agency costs of financing with own capital in family firms;
  • dividend policy in family firms.