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Entrepreneurial orientation in management buy-outs and the contribution of venture capital

Author

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  • Hans Bruining
  • Mike Wright

Abstract

This paper focuses on the development of entrepreneurial orientation (EO) after a management buy-out (MBO) and on the role played by venture capital firms in enhancing EO. It presents results of two exploratory case studies of divisional buy-outs with regard to their EO and the areas where the venture capital (VC) firm has been of greatest help. Their contribution to elements of the EO of the buy-out firm are discussed. The key output is expected to be a better understanding of the functioning and operations of the VC with regard to their contribution to the EO of the firm after an MBO. This will also benefit the management team that seeks venture capital support to improve the firm's economic performance by using its upside potential.

Suggested Citation

  • Hans Bruining & Mike Wright, 2002. "Entrepreneurial orientation in management buy-outs and the contribution of venture capital," Venture Capital, Taylor & Francis Journals, vol. 4(2), pages 147-168, April.
  • Handle: RePEc:taf:veecee:v:4:y:2002:i:2:p:147-168
    DOI: 10.1080/13691060110117427
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    Cited by:

    1. Anne-Laure Le Nadant & Frédéric Perdreau, 2011. "Do Private Equity Firms Foster Innovation? Evidence from French LBOs," Post-Print halshs-00773693, HAL.
    2. Bruining, J. & Verwaal, E. & Lockett, A. & Wright, D.M. & Manigart, S., 2005. "Firm Size Effects on Venture Capital Syndication: The Role of Resources and Transaction Costs," ERIM Report Series Research in Management ERS-2005-077-STR, 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.
    3. Gottschalg, Oliver & Berg, Achim, 2005. "Understanding value generation in buyouts," Les Cahiers de Recherche 824, HEC Paris.
    4. Michael Hilb & Tomas Casas, 2015. "Towards a construct of entrepreneurial strategising: the case of private equity," International Journal of Entrepreneurial Venturing, Inderscience Enterprises Ltd, vol. 7(1), pages 84-101.
    5. Olivier, Gottschalg & Meier, Degenhard, 2006. "What does it take to be good parent ? Opening the black-box of value creation in the unrealated multibusiness firm," Les Cahiers de Recherche 822, HEC Paris.
    6. Bruining, J. & Verwaal, E., 2005. "Successful management buyouts: Are they really more entrepreneurial?," ERIM Report Series Research in Management ERS-2005-076-STR, 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.
    7. repec:spr:intemj:v:13:y:2017:i:2:d:10.1007_s11365-016-0408-5 is not listed on IDEAS
    8. repec:taf:oaefxx:v:3:y:2015:i:1:p:1009307 is not listed on IDEAS
    9. Anne-Laure Le Nadant & Frédéric Perdreau, 2011. "LBOs and innovation: the French case," Post-Print halshs-00669910, HAL.
    10. Hans Bruining & Ernst Verwaal & Mike Wright, 2013. "Private equity and entrepreneurial management in management buy-outs," Small Business Economics, Springer, vol. 40(3), pages 591-605, April.
    11. Katharina Fellnhofer & Kaisu Puumalainen & Helena Sjögrén, 0. "Entrepreneurial orientation in work groups – effects of individuals and group characteristics," International Entrepreneurship and Management Journal, Springer, vol. 0, pages 1-37.
    12. Renneboog, Luc & Vansteenkiste, Cara, 2017. "Leveraged Buyouts : A Survey of the Literature," Discussion Paper 2017-015, Tilburg University, Center for Economic Research.
    13. S. Manigart & A. Lockett & M. Meuleman & M. Wright & H. Landström & H. Bruining & P. Desbrières & U. Hommel, 2004. "Why Do Venture Capital Companies Syndicate?," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 04/226, Ghent University, Faculty of Economics and Business Administration.
    14. Philippe Desbrières, 2012. "Les apports de la stratégie à la finance entrepreneuriale - The contributions of strategy to entrepreneurial finance," Working Papers CREGO 1120801, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    15. Andy Lockett & Mike Wright & Andrew Burrows & Louise Scholes & Dave Paton, 2008. "The export intensity of venture capital backed companies," Small Business Economics, Springer, vol. 31(1), pages 39-58, June.
    16. Fabio Bertoni & María Ferrer & José Martí, 2013. "The different roles played by venture capital and private equity investors on the investment activity of their portfolio firms," Small Business Economics, Springer, vol. 40(3), pages 607-633, April.
    17. Fabio Buttignon & Marco Vedovato & Paolo Bortoluzzi, 2005. "Family business investor byouts: the Italian case," "Marco Fanno" Working Papers 0004, Dipartimento di Scienze Economiche "Marco Fanno".

    More about this item

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • M - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General

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