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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.

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.

Details

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

Keywords

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.

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…

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.

Details

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

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.

Details

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.

Details

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

Keywords

Content available
Book part
Publication date: 1 September 2017

Abstract

Details

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

Book part
Publication date: 15 September 2014

Morina D. Rennie, Lori S. Kopp and W. Morley Lemon

Independence is the cornerstone of the auditing profession. Even so, it is often assumed that acquiescing to the audit client when a disagreement occurs is more beneficial to the…

Abstract

Independence is the cornerstone of the auditing profession. Even so, it is often assumed that acquiescing to the audit client when a disagreement occurs is more beneficial to the auditor-client relationship than asserting one’s independence (e.g., see Wang & Tuttle, 2009). We look more closely at the issue in the context of auditor-client management disagreements as recalled by experienced auditors.

We find that for most disagreements in which the auditor did not make any concession at all, the auditor-client relationship was either unaffected or strengthened. We find that a client’s use of pressure tactics did not appear to influence whether or not the auditor made a concession, but that a client’s use of pressure tactics, was associated with damage to the auditor-client relationship. The importance of the issue causing a disagreement was positively associated with the likelihood of the auditor staying with his/her initial position.

Details

Research on Professional Responsibility and Ethics in Accounting
Type: Book
ISBN: 978-1-78441-163-3

Keywords

Book part
Publication date: 20 January 2023

Barry Colfer, Brian Harney, Colm McLaughlin and Chris F. Wright

This introductory chapter surveys institutional experimentation that has emerged internationally in response to the contraction of the traditional model of employment protection…

Abstract

This introductory chapter surveys institutional experimentation that has emerged internationally in response to the contraction of the traditional model of employment protection. Various initiatives are discussed according to the particular challenges they are designed to address: the emergence of non-standard employment contracts; increasing sources of labour supply engaging in non-standard work; intensification of exogenous pressures on the employment relationship; the growth of intermediaries that separate the management from the control of labour; and the emergence of entities that subvert the employment relationship entirely. Whereas post-war industrial relations scholars characterised the traditional regulatory model as a ‘web of rules’, we argue that nascent institutional experimentation is indicative of an emergent ‘patchwork of rules’. The identification of such experimentation is instructive for scholars, policymakers, workers’ representatives and employers seeking solutions to the contraction of the traditional regulatory model.

Book part
Publication date: 8 June 2011

Mike Wright

Purpose – Although there is extensive work on labor mobility, research on entrepreneurial mobility is fragmented and many aspects are largely neglected. We develop a framework for…

Abstract

Purpose – Although there is extensive work on labor mobility, research on entrepreneurial mobility is fragmented and many aspects are largely neglected. We develop a framework for analysis that integrates different perspectives on entrepreneurial mobility to provide a broad agenda for future research.

Design/methodology – We build upon the strategic entrepreneurship, entrepreneurial behaviour theory, resource-based theory and other literatures, to distinguish four quadrants involving high and low geographical mobility and high and low organizational mobility.

Findings – Within each quadrant we identify different types of entrepreneurial mobility, specifically habitual entrepreneurs, management buyouts, university spin-offs, returnee entrepreneurs and transnational entrepreneurs. Issues concerning the development of research programs and methods, with particular emphasis on datasets, are discussed.

Originality/value – It is hoped that this chapter will spur entrepreneurship and strategy scholars to recognize that the scope of the entrepreneurial mobility concept is considerably greater than hitherto appreciated, providing interesting new avenues for theoretical and methodological development in this area.

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