2,329 research outputs found
Entrepreneurial Orientation In Management Buy-Outs And The Contribution Of Venture Capital
This paper focuses on the development of entrepreneurial orientation (EO)after a management buy-out (MBO) and on the role played by venture capitalfirms in enhancing EO. It presents results of two exploratory case studiesof divisional buy-outs with regard to their EO and the areas where theventure capital firm (VC) has been of greatest help. We discuss theircontribution to elements of the EO of the buy-out firm. The key output isexpected to be a better understanding of the functioning and operations ofthe 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 capitalsupport to improve the firm?s economic performance by using its upsidepotential.governance;venture capital;entrepreneurial orientation;management buy-outs
Firm Size Effects on Venture Capital Syndication: The Role of Resources and Transaction Costs
The present paper examines firm size effects on the decision of venture capital firms to participate in a venture capital investment syndication network. The authors submit that firm size effects in venture capital syndication are dependent on resource acquisition motives and transaction cost considerations. Analysis of 317 venture capital firms in 6 European countries reveals a curve linear relationship between firm size and venture capital syndication participation. We also find positive and negative moderating effects of firm size. The implication of our findings is that there are both advantages and disadvantages in syndicated investment for the smaller and larger venture capitalist.Firm Size;Resource-Based View;Syndication Networks;Transaction Cost Theory;Venture Capital
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
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
Internationalization Of Management Buyouts
Multivariate statistical analysis is utilized to explore the association between firm
strategies, contributions made by venture capitalists and incentives for owners and
employees and three exporting variables in a stratified random sample of 147 management
buyouts and buyins. Firms focusing upon a diversified product/ service range and/or
advertising were significantly more likely to be exporters. Firms focusing upon product/
service quality and financial efficiency and those with high proportions of employees
receiving performance related pay were significantly less likely to be exporters.
Manufacturing firms and firms focusing upon a diversified product/ service range and/or
advertising were significantly more likely to report high percentages of sales exported.
Variations in the proportion of sales exported over time were associated with strategies
focused upon product/service quality and a diversified product/ service range
The Impact of Business Ownership Change on Employee Relations: Buy-outs in the UK and the Netherlands
A buy-out is a fundamental change in the structure of ownership that may affect the way employee relations develop within an organisation. Little is known about the impact of buyouts upon employee relations. This paper aims to address this gap. We focus on two main questions. First, what are the effects of a buy-out on employee relations in an organisation? Second, does the national institutional context affect the impact of buy-outs on employee relations? The paper reports changes to employee relations in buy-outs in the contrasting institutional environments of the UK and the Netherlands. Overall, we find that buy-outs positively affect HR practices with increases in training, employee involvement, the number of employees and pay levels. The positive effects appear to be significantly stronger in a less institutionalised environment like the UK than the more institutionalised environment of the Netherlands. Buy-outs raised HRM practices in the UK to a level closer although still below that of Dutch buy-outs
Firm Size Effects on Venture Capital Syndication: The Role of Resources and Transaction Costs
The present paper examines firm size effects on the decision of venture capital firms to participate in a venture capital investment syndication network. The authors submit that firm size effects in venture capital syndication are dependent on resource acquisition motives and transaction cost considerations. Analysis of 317 venture capital firms in 6 European countries reveals a curve linear relationship between firm size and venture capital syndication participation. We also find positive and negative moderating effects of firm size. The implication of our findings is that there are both advantages and disadvantages in syndicated investment for the smaller and larger venture capitalist
Exomoon simulations
We introduce and describe our newly developed code that simulates light
curves and radial velocity curves for arbitrary transiting exoplanets with a
satellite. The most important feature of the program is the calculation of
radial velocity curves and the Rossiter-McLaughlin effect in such systems. We
discuss the possibilities for detecting the exomoons taking the abilities of
Extremely Large Telescopes into account. We show that satellites may be
detected also by their RM effect in the future, probably using less accurate
measurements than promised by the current instrumental developments. Thus, RM
effect will be an important observational tool in the exploration of exomoons.Comment: 5 pages, 2 figures with 9 figure panels, accepted by EM&
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