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Book part
Publication date: 19 September 2014

Christian Landau

We investigate whether active involvement of private equity firms in their portfolio companies during the holding period of a later-stage private equity investment is related to…

Abstract

We investigate whether active involvement of private equity firms in their portfolio companies during the holding period of a later-stage private equity investment is related to increased levels in operating performance of these companies. Our analysis of unique survey data on 267 European buyouts and secondary performance data on 29 portfolio companies using partial least squares structural equation modeling indicates that private equity firms, that is, their board representatives, can increase operating performance not only by monitoring the behavior of top managers of portfolio companies, but also by becoming involved in strategic decisions and supporting top managers through the provision of strategic resources. Strategic resources, in particular expertise and networks, provided by private equity firm representatives in the form of financial and strategic involvement are associated with increases in the financial performance and competitive prospects of portfolio companies. Operational involvement, however, is not related to changes in operating performance. In addition to empirical insights into the different types of involvement and their effects, this chapter contributes to the buyout literature by providing support for the suggested broadening of the theoretical discussion beyond the dominant perspective of agency theory through developing and testing a complementary resource-based view of involvement. This allows taking into account not only the monitoring, but also the more entrepreneurial supporting element of involvement by private equity firms.

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Book part
Publication date: 31 January 2025

Sandro Segre

This chapter discusses and evaluates Erik Olin Wright's reception of Max Weber. To this end, it presents Wright's and Weber's class theories and focuses on and counter poses their…

Abstract

This chapter discusses and evaluates Erik Olin Wright's reception of Max Weber. To this end, it presents Wright's and Weber's class theories and focuses on and counter poses their respective notions of emancipation, exploitation, inequality, and democracy. The article, furthermore, critically evaluates Wright's assessment of Weber by referring them to Weber's own texts and argues that Weber's notion of exploitation connotes the sphere of production, not that of exchange; that exploitation for Weber hinges on differences in life chances that cause obstacles in mobility between social classes; and that for Weber exploitation may be found in other modes of production in addition to capitalism. Finally, this chapter traces the differences in these authors' respective notions of exploitation to their different understanding of emancipation.

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The Future of Agency
Type: Book
ISBN: 978-1-83608-978-0

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Book part
Publication date: 16 July 2018

Patrick M. Wright, Anthony J. Nyberg and Robert E. Ployhart

Research in strategic human resource management (SHRM) has evolved over the past 30 years to become more theory based and to exhibit greater empirical rigor. However, much has…

Abstract

Research in strategic human resource management (SHRM) has evolved over the past 30 years to become more theory based and to exhibit greater empirical rigor. However, much has changed in the external environment that makes the existing theories, approaches, and methodologies inappropriate for addressing the questions that organizations face in managing their human resources today. In this chapter we discuss a number of environmental changes impacting organizations and identify tensions that researchers have faced in exploring how firms seek to manage their people as a source of competitive advantage. We argue that past research has focused on only one side of the tension at a time, thus limiting the usefulness of the answers that research provides. We advocate for research that simultaneously addresses both sides of the tensions in a way that can revolutionize research in SHRM.

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Research in Personnel and Human Resources Management
Type: Book
ISBN: 978-1-78756-322-3

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Book part
Publication date: 7 September 2023

Karin Sanders, Rebecca Hewett and Huadong Yang

Human resource (HR) process research emerged as a response to questions about how (bundles of) HR practices related to organizational outcomes. The goal of HR process research is…

Abstract

Human resource (HR) process research emerged as a response to questions about how (bundles of) HR practices related to organizational outcomes. The goal of HR process research is to explain variability in employee and organization outcomes by focusing on how HR practices are intended (adopted) by senior managers, the way that these HR practices are implemented and communicated by line managers, and how employees perceive, understand, and attribute these HR practices. In the first part of this chapter, we present a review of 20 years of HR process research from the start, to how it developed, and is now maturing. Within the body of HR process research, several different research theoretical streams have emerged, which are largely studied in isolation without benefiting from each other. Therefore, in the second part of this chapter, we draw on previous work to propose a staged process model in which we integrate the different research streams of HR process research, recognizing contingencies in the model. This leads us to an agenda for future research and practical implications in the final part of the chapter.

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Book part
Publication date: 26 September 2024

Sang Hoon Han, Kaifeng Jiang and Jaideep Anand

This chapter discusses how the real options theory can be useful for understanding the adoption of human resources management (HRM) practices. The authors review how the real…

Abstract

This chapter discusses how the real options theory can be useful for understanding the adoption of human resources management (HRM) practices. The authors review how the real options theory has provided insights into the processes through which firms manage uncertainties involved in the adoption of HRM practices. The authors offer propositions for future HRM research from the real options perspective. The authors contend that analyzing HRM practice adoptions through the lens of real options theory can enhance our understanding of the mechanisms through which firms choose which HRM practices to adopt and how they adjust the timing, scale, and methods of investment in these practices. Specifically, the authors suggest that differences in information relevant to valuation of HRM options are the source of distinct choices of HRM options across firms. Finally, the authors propose advancing knowledge on HRM practice adoptions by using a portfolio of options approach, as well as considering factors like competitors, path dependence, and switching options.

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Research in Personnel and Human Resources Management
Type: Book
ISBN: 978-1-83797-889-2

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Article
Publication date: 1 March 1987

R.S. Thompson and M. Wright

In both the United States and Europe there has been a spectacular growth in the number and importance of management buy‐outs since the late 1970s. The typical characteristics of…

90

Abstract

In both the United States and Europe there has been a spectacular growth in the number and importance of management buy‐outs since the late 1970s. The typical characteristics of these deals differ somewhat on either side of the Atlantic in ways which are outlined below. However, in each environment the term “buy‐out” refers essentially to the transfer of ownership of the assets of an existing firm — which may itself be an independent entity or a wholly‐owned subsidiary or division — to a new and especially established group of equity holders which intends to keep at least some of those assets in their former use. In the US buy‐outs have often involved very large asset transfers, indeed multi‐billion dollar deals have been quite frequent. The transaction is typically financed by a limited subscription of equity from specialist venture capitalists and perhaps from the firm's management, together with a very large input of debt capital. The latter has often been in the form of high coupon (so called “junk”) bonds. The characteristically high ratio of debt to equity in buy‐out finance has given rise to their American description as leveraged buy‐outs.

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Journal of Economic Studies, vol. 14 no. 3
Type: Research Article
ISSN: 0144-3585

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Book part
Publication date: 13 August 2014

Sharon A. Simmons and Jeffrey S. Hornsby

We conjecture that there are five stages to academic entrepreneurship: motivation, governance, selection, competition, and performance. The process of academic entrepreneurship…

Abstract

We conjecture that there are five stages to academic entrepreneurship: motivation, governance, selection, competition, and performance. The process of academic entrepreneurship originates with the motivation of faculty, universities, industry, and government to commercialize knowledge that originates within the university setting. The model conceptualizes that the governance and competitiveness of the commercialized knowledge moderate the mode selection and ultimately the performance of academic entrepreneurship. The conceptual and empirical support for the model are derived from a theory-driven synthesis of articles related to academic entrepreneurship.

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Academic Entrepreneurship: Creating an Entrepreneurial Ecosystem
Type: Book
ISBN: 978-1-78350-984-3

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Book part
Publication date: 11 November 2019

François L’Écuyer and Claudia Pelletier

This study aims to explore social media capabilities for recruitment in the context of SMEs from the recruiters’ perspective. The conceptual framework is based on a perspective of…

Abstract

This study aims to explore social media capabilities for recruitment in the context of SMEs from the recruiters’ perspective. The conceptual framework is based on a perspective of the RBV that aims to concentrate specifically on the development of IT capabilities in the use of social media for recruitment purposes. In doing so, this study focuses on the following research questions: How do SMEs use social media for recruitment and what are their particularities? What are the capabilities needed to take advantage of social media for recruitment in SMEs? Have these social media capabilities been developed in SMEs? To answer these questions and build an emergent theory about these specific challenges of the digital era, we conducted an interpretive multiple case study in three Canadian SMEs using social media in their HR practices for at least three years.

It was found that there are four main patterns that explain the use of social media for recruitment in SMEs. First, social media is not the first choice when it comes to choosing a recruitment tool. Second, the use of social media for recruitment is not a structured activity. Third, recruiters use social media the same way they do in their own life. Finally, marketing people are often involved in recruitment practices on social media. These patterns stem from the fact that SMEs have shortcomings in their social media capabilities in general and more specifically in recruitment where gaps exist in terms of knowledge, skills, and attitudes. To our knowledge, this study is the first to explore the use of social media for recruitment and to propose an integrated framework to evaluate social media capabilities. Through the identification and the discussion of a series of practices concerning e-HRM, our results are also helpful in a digital context where SMEs are struggling to keep up with the pace of adoption and use of IT in general.

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HRM 4.0 For Human-Centered Organizations
Type: Book
ISBN: 978-1-78973-535-2

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Article
Publication date: 31 January 2025

Nikolai Tsvetkov, Yannis Pierrakis and Yaghoub Abdi

This paper explores the intersection of Management Buyouts (MBOs), Management Buy-ins (MBIs), and Open Innovation (OI). While MBOs have been associated with innovation in numerous…

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Abstract

Purpose

This paper explores the intersection of Management Buyouts (MBOs), Management Buy-ins (MBIs), and Open Innovation (OI). While MBOs have been associated with innovation in numerous studies, MBIs and their role in fostering OI remain underexplored, especially in the context of small and medium-sized enterprises (SMEs).

Design/methodology/approach

A Bibliometric-Systematic Literature Review (B-SLR) was conducted, analyzing 89 peer-reviewed articles from Scopus and Web of Science (1989–2022). Keyword co-occurrence analysis identified thematic clusters, including governance reforms, leadership entrepreneurship, and strategic partnerships, as critical enablers of OI in MBOs and MBIs.

Findings

The study highlights research directions, such as OI mechanisms, cross-industry comparisons, and performance evaluation frameworks. It underscores the differences in innovation outputs and organizational resilience between MBOs and MBIs, suggesting tailored strategies to optimize OI adoption.

Research limitations/implications

The study is limited to literature from Scopus and Web of Science and focuses on conceptual frameworks rather than empirical testing. Future research should explore sector-specific dynamics and long-term innovation outcomes.

Practical implications

MBO/MBI managers can leverage the insights to foster OI, address innovation barriers, and build resilient businesses by adopting strategic partnerships and effective governance structures.

Social implications

The research highlights the potential of MBOs/MBIs to drive innovation and economic growth in SMEs, particularly in industries requiring collaborative innovation strategies.

Originality/value

This study fills a significant gap by connecting MBIs to OI, offering a conceptual framework and a research agenda that align buyout strategies with sustainable innovation practices.

Details

Management Decision, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0025-1747

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Book part
Publication date: 1 September 2017

Abstract

Details

The Ideological Evolution of Human Resource Management
Type: Book
ISBN: 978-1-78743-389-2

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