Internationalization of Management Buyouts

19 Pages Posted: 17 Feb 2003

See all articles by Mike Wright

Mike Wright

Nottingham University Business School

Andy Lockett

Nottingham University Business School (NUBS)

Paul Westhead

University of Warwick - Warwick Business School

Hans Bruining

Erasmus University Rotterdam (EUR) - Department of Strategic Management and Entrepreneurship; Erasmus Research Institute of Management (ERIM)

Date Written: February 2002 7,

Abstract

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.

Keywords: economic performance, internationalization, strategy, buy-outs, venture capital

JEL Classification: M, M10, L2, D21

Suggested Citation

Wright, Mike and Lockett, Andy and Westhead, Paul and Bruining, Hans, Internationalization of Management Buyouts (February 2002 7,). ERIM Report Series Reference No. ERS-2002-58-ORG, Available at SSRN: https://ssrn.com/abstract=371005

Mike Wright

Nottingham University Business School ( email )

Jubilee Campus
Wollaton Road
Nottingham, NG8 1BB
United Kingdom
+44 115 951 5257 (Phone)
+44 115 951 5204 (Fax)

Andy Lockett

Nottingham University Business School (NUBS) ( email )

Jubilee Campus
Wollaton Road
Nottingham, NG8 1BB
United Kingdom

Paul Westhead

University of Warwick - Warwick Business School ( email )

Coventry CV4 7AL
United Kingdom
+44 0 24 7652 2073 (Phone)

HOME PAGE: http://www.wbs.ac.uk/faculty/members/paul/westhead

Hans Bruining (Contact Author)

Erasmus University Rotterdam (EUR) - Department of Strategic Management and Entrepreneurship ( email )

RSM Erasmus University
Rotterdam, 3000 DR
Netherlands

Erasmus Research Institute of Management (ERIM)

P.O. Box 1738
3000 DR Rotterdam
Netherlands

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