1、3700 英文单词， 21500 英文字符 ，中文 6500 字 文献出处： Bruining H , Verwaal E , Wright M . Private equity and entrepreneurial management in management buy-outsJ. Small Business Economics, 2013, 40(3):591-605. Private equity and entrepreneurial management in management buy-outs Hans Bruining , Ernst Verwaal , Mike W
2、right Abstract Critics claim that short-term profit orientation and high deal price strategies of private equity (PE) firms can negatively affect the ability of management buyouts to initiate and sustain entrepreneurial management. This study investigates this claim by comparing effects of majority
3、PE backed and other buy-outs at different levels of financial leverage on post buy-out increases in entrepreneurial management. We propose that PE can be used as an organizational refocusing device that simultaneously increases entrepreneurial and administrative management. We find that majority PE-
4、backed buy-outs significantly increase entrepreneurial management practices. Furthermore, the increased financial leverage positively affects administrative management in management buy-outs. However, the effect of high financial leverage is larger for majority PE-backed buy-outs. These results supp
5、ort the notion that PE firms help buy- out companies develop ambidextrous organizational change: i.e. simultaneously develop entrepreneurial and administrative management practices. The findings have important implications for practitioners and policy makers. Keywords : Private equity, Entrepreneurs
6、hip, Buyout 1. Introduction The international surge of private equity (PE) markets during the first decade of this century has been accompanied by a public debate about their effects, both positive and negative (Financial Services Authority 2006; PSE-Group in European Parliament 2007). PE firms have been presented, variously, as drivers of more efficient use of organizational resources, but also as asset strippers with adverse consequences for employees and other stakeholders that diminish
