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

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.Entrepreneurial Management;Financial Performance;Management Buyouts

Modeling Micro-Porous Surfaces for Secondary Electron Emission Control to Suppress Multipactor

This work seeks to understand how the topography of a surface can be engineered to control secondary electron emission (SEE) for multipactor suppression. Two unique, semi-empirical models for the secondary electron yield (SEY) of a micro-porous surface are derived and compared. The first model is based on a two-dimensional (2D) pore geometry. The second model is based on a three-dimensional (3D) pore geometry. The SEY of both models is shown to depend on two categories of surface parameters: chemistry and topography. An important parameter in these models is the probability of electron emissions to escape the surface pores. This probability is shown by both models to depend exclusively on the aspect ratio of the pore (the ratio of the pore height to the pore diameter). The increased accuracy of the 3D model (compared to the 2D model) results in lower electron escape probabilities with the greatest reductions occurring for aspect ratios less than two. In order to validate these models, a variety of micro-porous gold surfaces were designed and fabricated using photolithography and electroplating processes. The use of an additive metal-deposition process (instead of the more commonly used subtractive metal-etch process) provided geometrically ideal pores which were necessary to accurately assess the 2D and 3D models. Comparison of the experimentally measured SEY data with model predictions from both the 2D and 3D models illustrates the improved accuracy of the 3D model. For a micro-porous gold surface consisting of pores with aspect ratios of two and a 50% pore density, the 3D model predicts that the maximum total SEY will be one. This provides optimal engineered surface design objectives to pursue for multipactor suppression using gold surfaces

Traveling waves in a finite condensation rate model for steam injection

Steam drive recovery of oil is an economical way of producing oil even in times of low oil prices and is used worldwide. This paper focuses on the one-dimensional setting, where steam is injected into a core initially containing oil and connate water while oil and water are produced at the other end. A three-phase (oil, water, steam) hot zone develops, which is abruptly separated from the two-phase (oil + water) cold zone by the steam condensation front. The oil, water and energy balance equations (Rankine–Hugoniot conditions) cannot uniquely solve the system of equations at the steam condensation front. In a previous study, we showed that two additional constraints follow from an analysis of the traveling wave equation representing the shock; however, within the shock, we assumed local thermodynamic equilibrium. Here we extend the previous study and include finite condensation rates; using that appropriate scaling requires that the Peclet number and the Damkohler number are of the same order of magnitude. We give a numerical proof, using a color-coding technique, that, given the capillary diffusion behavior and the rate equation, a unique solution can be obtained. It is proven analytically that the solution for large condensation rates tends to the solution obtained assuming local thermodynamic equilibrium. Computations with realistic values to describe the viscous and capillary effects show that the condensation rate can have a significant effect on the global saturation profile, e.g. the oil saturation just upstream of the steam condensation front

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

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

Nonlinear wave interactions in geochemical modeling

This paper is concerned with the study of the main wave interactions in a system of conservation laws in geochemical modeling. We study the modeling of the chemical complexes on the rock surface. The presence of stable surface complexes affects the relative permeability. We add terms representing surface complexes to the accumulation function in the model presented in \cite{lambert2019nonlinear1}. This addition allows to take into account the interaction of ions with the rock surface in the modeling of the oil recovery by the injection of carbonated water. Compatibility hypotheses with the modeling are made on the coefficients of the system to obtain meaningful solutions. We developed a Riemann solver taking into account the complexity of the interactions and bifurcations of nonlinear waves. Such bifurcations occur at the inflection and resonance surfaces. We present the solution of a generalized eigenvalue problem in a (n+1)-dimensional case, which allows the construction of rarefaction curves. A method to find the discontinuous solutions is also presented. We find the solution path for some examples

Steam injection into water-saturated porous rock

We formulate conservation laws governing steam injection in a linear porous medium containing water. Heat losses to the outside are neglected. We find a complete and systematic description of all solutions of the Riemann problem for the injection of a mixture of steam and water into a water-saturated porous medium. For ambient pressure, there are three kinds of solutions, depending on injection and reservoir conditions. We show that the solution is unique for each initial data