http://hdl.handle.net/2268.2/185 Tue, 10 Mar 2026 10:17:33 GMT 2026-03-10T10:17:33Z http://hdl.handle.net/2268.2/25239 Title: Research-Thesis: Analyse et perception du rôle du réviseur d'entreprises vis-à-vis du conseil d'entreprises sous la nouvelle norme du 14 mai 2024. Abstract: This master’s thesis analyzes the role of the statutory auditor vis-à-vis the Belgian Works Council in light of the new standard issued by the Institute of Registered Auditors on 14 May 2024. This reform marks an evolution in the regulatory framework governing the auditor’s intervention within the Works Council, notably by strengthening the pedagogical dimension of the auditor’s mission and explicitly recognizing their contribution to social dialogue. The research is anchored in the Belgian socio-economic model, in which the Works Council plays a central role as an institutionalized body for information, consultation, and dialogue between employers and employee representatives. Reliable and comprehensible economic and financial information is essential for ensuring meaningful social dialogue, and the auditor acts as an independent third party responsible for certifying such information and explaining it to stakeholders. The first part of the thesis provides a theoretical and legal framework, tracing the historical development of the Works Council, outlining its objectives and competencies, and examining the evolution of the auditor’s role before and after the 2024 reform. Particular attention is given to the objectives of the new standard, which aims to improve the quality, completeness, and clarity of information transmitted to the Works Council while reinforcing the auditor’s pedagogical responsibility. The second part adopts an empirical approach based on semi-structured interviews conducted with auditors, employers, and employee representatives. The analysis focuses on the perception of the auditor’s role, the practical implications of the new standard, and its impact on the dynamics of social dialogue. The findings indicate that the reform is generally perceived as a positive development, enhancing transparency, mutual trust, and understanding within the Works Council. However, it also increases the formalization and workload associated with the auditor’s mission. Overall, this study contributes to a better understanding of the evolving role of the auditor as a key actor in social dialogue under the new regulatory framework. Tue, 13 Jan 2026 23:00:00 GMT http://hdl.handle.net/2268.2/25239 2026-01-13T23:00:00Z http://hdl.handle.net/2268.2/25232 Title: Research-Thesis: What are the effects of the green deal in farmers crops profitability, yields and management? Abstract: This thesis examines the potential impacts of the EGD and the F2FS on agricultural productivity and farm profitability in Belgium. The analysis focuses on two key policy objectives: the reduction of chemical pesticide use and the reduction of consumption of animal-based products. The study combines quantitative analysis with qualitative interviews to capture both economic outcomes and farmers’ perspectives. The quantitative results suggest that the EGD’s pesticide reduction strategy is unlikely to have a significant negative impact on agricultural productivity in Wallonia. A substantial share of Walloon farmers already rely on low or zero pesticide use, and observed increases in cultivated area and pesticide expenditures between 2022 and 2024 did not lead to higher productivity per hectare. This indicates that further reductions in pesticide use may have limited effects on output, even for farms that still rely on chemical inputs. In contrast, policies aimed at reducing the consumption of animal-based products appear to have notable short-term negative effects on farm revenues and profitability across all Belgian regions. These effects are particularly pronounced for large and intensive farms, as well as for poultry and pig production systems. By comparison, sheep and goat farming and certain bovine systems show greater resilience. The analysis also highlights that the effectiveness of dietary shifts depends heavily on consumer behaviour, substitution patterns and international trade. Reduced domestic consumption does not necessarily lead to lower production if exports continue, nor does it automatically generate environmental benefits if consumers substitute animal products with more polluting alternatives. The qualitative interviews provide complementary insights into farmers’ adaptation strategies and perceptions. While the transition from conventional to organic farming was described as economically challenging in the short term, particularly during the conversion period, the experiences of several farmers demonstrate that such transitions are feasible when supported by diversification strategies and appropriate public support. The interviews also reveal that sustainability objectives can be pursued through hybrid production models, combining conventional and organic practices with a strong emphasis on product quality, without requiring full organic conversion. Overall, the findings suggest that while the environmental objectives of the EGD may be achievable in certain agricultural systems, policies based on uniform reductions in demand are economically sensitive and difficult to implement in practice. The results underline the importance of differentiated policy approaches that account for production intensity, farm structure and regional specificities, rather than relying on one-size-fits-all solutions. Tue, 13 Jan 2026 23:00:00 GMT http://hdl.handle.net/2268.2/25232 2026-01-13T23:00:00Z http://hdl.handle.net/2268.2/25218 Title: Research-Thesis ESG Criteria and Financial Performance of Listed Airlines. Abstract: This research examines the financial results of listed airlines in relation to their Environmental, Social, and Governance (ESG) performance from 2018 to 2022. The analysis of investment and corporate strategy now heavily depends on ESG factors because they show how companies handle risks and sustainability challenges to build enduring value. The airline industry provides an appropriate setting to evaluate ESG integration effects on financial performance because of its high carbon emissions and volatile market conditions and regulatory environment and high operational costs. The study analyzes ESG-based portfolios of airlines (Good ESG, Bad ESG, and Good–Bad spreads) using established asset pricing models—CAPM, Fama–French three- and five-factor models, and momentum-augmented versions—together with Sharpe and Sortino ratios to evaluate risk-adjusted performance. The research findings show that airlines with better ESG scores did not achieve superior performance than airlines with lower ESG scores. Portfolio alphas were insignificant across all models, and the Good–Bad ESG spreads did not yield positive abnormal returns.The Sharpe and Sortino ratios showed no evidence of superior risk-adjusted performance for high-ESG airlines. The Environmental pillar received a detailed evaluation which supported these results. The research shows that ESG performance does not produce better short-term returns in the airline industry yet delivers long-term strategic advantages and reputational benefits and risk management advantages. The research findings enhance the ESG–finance literature while providing useful information for investors and policymakers and airline managers who need to manage financial performance alongside sustainability targets. Tue, 13 Jan 2026 23:00:00 GMT http://hdl.handle.net/2268.2/25218 2026-01-13T23:00:00Z http://hdl.handle.net/2268.2/25208 Title: Research-Thesis Différences et similitudes entre les normes internationales IFRS et le référentiel régional Syscohada Abstract: Cette étude analyse les différences et similitudes entre le référentiel comptable SYSCOHADA et les normes IFRS, en s’appuyant sur le cas pratique de l’entreprise AFROTECH SARL. Elle met en évidence l’impact du choix du référentiel sur la présentation de la performance financière et de la situation patrimoniale, à travers l’élaboration et la comparaison des états financiers de clôture. L’analyse porte notamment sur les règles de reconnaissance des produits et des charges, le traitement des contrats de location, l’évaluation des actifs et des passifs, ainsi que les incidences sur les principaux indicateurs financiers. L’objectif est de montrer que, bien que les opérations économiques sous-jacentes soient identiques, l’application des IFRS ou du SYSCOHADA conduit à des représentations financières distinctes, reflétant des logiques comptables et économiques différentes Tue, 13 Jan 2026 23:00:00 GMT http://hdl.handle.net/2268.2/25208 2026-01-13T23:00:00Z