The Legacy of the Dean of Management Buy-out and Entrepreneurial Finance Research

Abstract

This paper reviews 133 of Mike Wright’s contributions to the management buy-out and entrepreneurial finance literature. The outline is chronological and subject-related, revealing the development of Professor Wright’s scholarly work over time and its variety. We begin with the emergence of buy-outs, a discussion of agency costs and corporate governance issues. We then move to internationalisation, boom and bust, Mike’s acknowledgement of the arrival of active investors, emerging markets, deal structuring, syndication, new venture finance, financial and economic performance, and recent developments. We document the legacy of an abundant scholar and provide, thanks to his outstanding academic impact, guidance on the evolution of management buy-out and entrepreneurial finance research since its inception.

Keywords: Management Buy-out, Management Buy-in, Entrepreneurial Finance, Venture Capital, Private Equity

JEL Classification: G23, G24, L26