Successful management buyouts: Are they really more entrepreneurial?

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

Uniqueness conditions in a hyperbolic model for oil recovery by steamdrive

In this paper we study a one-dimensional model for oil recovery by steamdrive. This model consists of two parts: a (global) interface model and a (local) steam condensation/capillary diffusion model. In the interface model a steam condensation front (SCF) is present as an internal boundary between the hot steam zone (containing water, oil and steam) and the cold liquid zone (containing only water and oil). Disregarding capillary pressure away from the SCF, a 2x2 hyperbolic system arises for the water and steam saturation. This system cannot be solved uniquely without additional conditions at the SCF. To find such conditions we make a blow up of the SCF and consider a parabolic transition model, including capillary diffusion. We study in detail the existence conditions for travelling wave solutions. These conditions translate into the missing matching conditions at the SCF in the hyperbolic limit and thus provide uniqueness. We show that different transition models yield different matching conditions, and thus different solutions of the interface model. We also give a relatively straightforward approximation and investigate its validity for certain ranges of model parameters

Prestatieverbetering na Management Buy-Out

Dit proefschrift gaat over de economische prestaties na de management buy-out (MBO) en beoogt de volgende M~Teneerst'e een bespreking van de ontwikkeling van de MBO in Nederland gedurende de periode 1980-1990. Ten tweede empirisch te onderzoeken hoe de economische prestaties van Nederlandse MBO's zich verhouden ten opzichte van de branchegemiddelde. Ten derde een analyse van de verklaringen die voor het succes van de MBO in de empiri~tuur worden aangetroffen,~v.:iëide na te gaan welke additionele verklaring de uitkopende directieleden en financiers van Nederlandse MBO's geven voor de verbeterde economische prestaties van hun bedrijf. Ten vijfde de formulering van hypothesen die voor de empirische toetsing van deze additionele verklaring kunnen worden gebruikt. En ten zesde een analyse van de agentschapsrelatie tussen uitkopend management-personeel als plausibele verklaringsbron voor de verbeterde economische prestaties na de afsplitsing

Gel placement in porous media

In this paper we analyse advective transport of polymers, crosslinkers and gel, taking into account non-equilibrium gelation, gel adsorption and crosslinker precipitation. In absence of diffusion/dispersion the resulting model consists of hyperbolic transport-reaction equations. These equations are studied in several steps using mainly analytical techniques. For simple cases, we obtain explicit travelling wave solutions, whereas for more complicated cases we rely on analytical techniques to analyse the problem qualitatively. Finally, a numerical solution for the full system of equations is obtained. The results developed in this study can be used to validate numerical solutions obtained from commercial simulators

MBOs, private equity and entrepreneurial management

Critics claim that short-term profit orientation and high deal price strategies of private equity firms can negatively affect the ability of management buy-outs to initiate and sustain entrepreneurial management. However, as our research shows, this is not the case

Management Control Systems and Strategy Change in Buyouts

The impact of management buy-outs (MBO) on strategy and management control systems (MCS) is little understood. Previous research by Jones (1992) focused on efficiency-enhancing buy-outs that were a feature of the early development of the market. However, MBOs are heterogeneous and more recent developments have involved ownership changes that stimulate entrepreneurial practices. The novel contribution of this paper is to use Simons' (1995) classification of beliefs systems, boundary systems, diagnostic and interactive control systems to extend Jones' study to these newer forms of MBO. Within-case analysis and cross-case comparisons from four buyout firms are used to capture the interaction between management control systems and competitive strategy formulation, implementation and modification. This evidence supports arguments that buy-out managers undertake efforts in balancing the traditional feedback systems with the newer systems that stimulate opportunity seeking and learning

Reactive miscible displacement of light oil in porous media

We develop a theory for the problem of high pressure air injection into deep reservoirs containing light oil. Under these conditions, the injected fluid (oxygen + inert components) is completely miscible with the oil in the reservoir. Moreover, exothermic reactions between dissolved oxygen and oil are possible. We use Koval's model to account for the miscibility of the components, such that the fractional-flow functions resemble the ones from Buckley-Leverett flow. This allows to decompose the solution of this problem into a series of waves. We then proceed to obtain full analytical solutions in each wave. Of particular interest {is the case where} the combustion wave presents a singularity in its internal wave profile. Evaluation of the variables of the problem at the singular point determines the macroscopic parameters of the wave, i.e., combustion temperature, wave speed and downstream oil fraction. The waves structure was observed previously for reactive immiscible displacement and we describe it here for the first time for reactive miscible displacement of oil. We validate the developed theory using numerical simulations.Comment: 22 pages, 9 figure