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Successful management buyouts: Are they really more entrepreneurial?

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  • Bruining, J.
  • Verwaal, E.
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    Abstract

    The paper explores the impact of entrepreneurial management dimensions on post-MBO financial performance. We use Stevenson’s conceptualization of entrepreneurship (1983), empirically validated by Brown, Davidsson and Wiklund (2001), positing that entrepreneurial companies will be involved in recognizing and exploiting opportunity, regardless of the resources controlled. From the literature we hypothesize positive effects of entrepreneurial management dimensions on post-MBO financial performance. We find that successful buyout managers cannot be classified as entrepreneurs on all entrepreneurial dimensions. Instead they ambidextrously combine the pursuit of valuable opportunities with the exploitation and control of their resources. Implications for theory and managerial practice are discussed.

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    File URL: http://hdl.handle.net/1765/7130
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    Bibliographic Info

    Paper provided by Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam. in its series Research Paper with number ERS-2005-076-STR.

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    Date of creation: 30 Nov 2005
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    Handle: RePEc:dgr:eureri:30007805

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    Web page: http://www.erim.eur.nl/

    Related research

    Keywords: Entrepreneurial Management; Financial Performance; Management Buyouts;

    This paper has been announced in the following NEP Reports:

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    1. Malone, Stewart C., 1989. "Characteristics of smaller company leveraged buyouts," Journal of Business Venturing, Elsevier, vol. 4(5), pages 349-359, September.
    2. Zahra, Shaker A., 1995. "Corporate entrepreneurship and financial performance: The case of management leveraged buyouts," Journal of Business Venturing, Elsevier, vol. 10(3), pages 225-247, May.
    3. Wright, Mike & Thompson, Steve & Robbie, Ken, 1992. "Venture capital and management-led, leveraged buy-outs: A European perspective," Journal of Business Venturing, Elsevier, vol. 7(1), pages 47-71, January.
    4. Kaplan, Steven, 1989. "The effects of management buyouts on operating performance and value," Journal of Financial Economics, Elsevier, vol. 24(2), pages 217-254.
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