Belgium: Corporate Reputation in the Eye of the Beholder
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Volume 4 Number 4
Corporate Reputation in the Eye of the Beholder
BELGIUM
Frank Thevissen Communication Department, University of Brussels (VUB), Director Center for Applied Marketing & Communication Research
ABSTRACT This article reviews the preparatory conceptual and empirical work that preceeded the compilation of the nomination list of most visible reputed companies in view of the Euro-RQ assessment in Belgium.1 Besides a brief exploration of the Belgian business landscape, this contribution provides a summary of the findings deriving from the corporate reputation focus group research conducted in Belgium last year, as well some of the key findings of an additional exploratory assessment conducted in February 2000 regarding the implementation of the corporate reputation concept by the public at large. Further, these outcomes are compared with the views of some 1,000 CEOs on corporate reputation. On the basis of these findings, a series of remarks are formulated as a base for further in-depth discussion and empirical analysis.
Corporate Reputation Review, Vol. 4, No. 4, 2002, pp. 318–326 # Henry Stewart Publications, 1363–3589
Page 318
BELGIAN BUSINESS CHARACTERISTICS: FAMILY CONTROLLED, TAKE-OVERS AND CORPORATE CRISIS In many respects Belgium shows a particular, not to say atypical, business landscape. It is often depicted as a conglomerate of small- and medium-sized companies, merely owned and managed by influential families: family Janssen, UCB/Solvay, family Vandemoortele food industry, family D’Ieteren, automobile distribution, family Colruyt distribution, etc.2 However, there
are a few exceptions: a well-known company like Neuhaus (producer of Belgian chocolates), for example, is completely controlled by its stockholders. Another significant portion of large companies in Belgium became part of foreign multinational groups, although the majority of purely Belgian companies are principally owned and managed by families. In contrast to other modern economies in our surrounding countries, a limited number of Belgian companies are listed at the stock exchange; a typical phenomenon which enhances companies to remain under family control. As in many other countries, a long series of business concentrations, restructuring, downsizing operations and inevitable takeovers have recently shaken and reshaped the Belgian business environment.3 The Belgian bank and insurance industry offers a good example to illustrate the high-speed dynamics within the Belgian industry. Five years ago, the industry was dominated by the Generale Bank, Kredietbank, CERA bank, ABB insurance, Gemeentekrediet, ASLK, Bacob, Indo-Suez, HSA, and Spaarkrediet. Nowadays none of these corporate names still exists, having been replaced by Fortis, KBC, Dexia, Centea and others.4 Additionally, during the late 90s, major leading companies have suffered from serious corporate crisis. For many companies, the struggle for survival in a highly competitive environment became a major challenge and concern: one only has to think
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