Private equity and entrepreneurial management in management buy-outs

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 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-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 support 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.

Developing Entrepreneurial Skills in Pharmacy Students

Objective. To create, implement, and evaluate a workshop that teaches undergraduate pharmacy
students about entrepreneurship.
Design. Workshops with 3 hours contact time and 2 hours self-study time were developed for final-year
students. Faculty members and students evaluated peer assessment, peer development,
communication, critical evaluation, creative thinking, problem solving, and numeracy skills, as well
as topic understanding. Student evaluation of the workshops was done largely via a self-administered,
9-question questionnaire.
Assessment. One hundred thirty-four students completed the workshops. The mean score was 50.9
out of 65. Scores ranged from 45.9 to 54.1. The questionnaire had a response rate of 100%. Many
students agreed that workshops about entrepreneurship were a useful teaching method. Additionally,
they agreed that key skills were fostered.
Conclusion. Workshops effectively delivered course content about entrepreneurship and helped
develop relevant skills. This work suggests students value a program that includes instruction on
entrepreneurship.

Breaking Glass: Towards a Gendered Analysis of Entrepreneurial Leadership

Despite recent expansion in the literature on entrepreneurial leadership, this has not been matched with the development of appropriate theoretical frameworks, theory building, and conceptual analyses, including the analysis of gender. In this paper, we provide the foundation for a more robust and extensive gendered study of entrepreneurial leadership, through a review of the entrepreneurial leadership literature and of the current debates on gender and leadership. On the basis of this, we propose a research agenda for the gendered analysis of the rapidly expanding interface between leadership and entrepreneurship, comprising three themes around which the future development of entrepreneurial leadership can be organized.

Going above and beyond: how sustainability culture and entrepreneurial orientation drive social sustainability supply chain practice adoption

Purpose
– This paper aims to examine what drives the adoption of different social sustainability supply chain practices. Research has shown that certain factors drive the adoption of environmental sustainability practices but few focus on social supply chain practices, delineate which practices are adopted or what drives their adoption.

Design/methodology/approach
– The authors examine the facilitative role of sustainability culture to explain the adoption of social sustainability supply chain practices: basic practices, consisting of monitoring and management systems and advanced practices, which are new product and process development and strategic redefinition. The authors then explore the role played by a firm’s entrepreneurial orientation in shaping and reinforcing the adoption of social sustainability supply chain practices. A survey of 156 supply chain managers in multiple industries in Ireland was conducted to test the relationship between the variables.

Findings
– The findings show that sustainability culture is positively related to all the practices, and entrepreneurial orientation impacts and moderates social sustainability culture in advanced social sustainability supply chain adoption.

Research limitations/implications
– As with any survey, this is a single point in time with a single respondent. Implications for managers include finding the right culture in the organisation to implement social sustainability supply chain management practices that go beyond monitoring to behavioural changes in the supply chain with implications beyond the dyad of buyer and supplier to lower tier suppliers and the community surrounding the supply chain.

Practical implications
– The implications for managers include developing and fostering cultural attributes in the organisation to implement social sustainability supply chain management practices that go beyond monitoring suppliers to behavioural changes in the supply chain with implications beyond the dyad of buyer and supplier to lower tier suppliers and the community surrounding the supply chain.

Originality/value
– This is the first time, to the authors’ knowledge, that cultural and entrepreneurial variables have been tested for social sustainability supply chain practices, giving them new insights into how and why social sustainability supply chain practices are adopted.

Open for Business: Universities, Entrepreneurial Academics and Open Innovation

The emergence of open innovation theory and practice, alongside the evolution to a quadruple helix system of innovation, has led to a need for universities to rethink their models of engagement with industry and wider society. One important element in this system is the entrepreneurial academics; however there is a lack of research considering the motivations of entrepreneurial academics, who differ from academic entrepreneurs, to engage in knowledge transfer in line with open innovation policy. This research offers practical insights on whether new models of engagement, increasingly offered by universities, really address the policy drivers for open innovation. Furthermore, this research explores whether these activities might motivate entrepreneurial academics to participate. Preliminary findings identify that many supposedly new collaboration activities do not really motivate entrepreneurial academics. This may have important implications on the ability of universities to become truly open and to encourage their academics to become engaged in collaboration and impact.

Path-Dependency, Stocks, Switching Points, Flows: Reflections on Long-term Global Change and Local Opportunities

This paper examines the possibilities for peripheral localities to achieve upward mobility in the world-system by “hooking on” to larger processes of world-system accumulation. In particular, is it possible for economies that are dependent on foreign investment to receive a flow of investments that is high enough to overcome the negative impacts of a high stock of foreign investment, thus enabling them to cross a threshold and achieve upward mobility in the world-system? An analysis of therecent experience of the southern Irish “Celtic Tiger” economy during 1990-2000 indicates that such an upward movement is possible on the basis of massive foreign investment inflows. On closer examination, however, the Irish-type model appears to be highly deficient, because a high proportion of growth is illusionary and also on grounds of social desirability and lack of generalizability.

Desperately Seeking Finance? The Demand for Finance by Women Owned and Led Businesses

The study reported here addresses some issues on gender, entrepreneurship and finance that have been identified as problematic in the literature. For example, much of the research to date is based on the assumption of entrepreneurship as male entrepreneurship; few studies have controlled for structural characteristics that may impact on the relationship between owner gender and a venture's ability to raise finance; and women are less likely than men to seek growth and external financing. Through the conduct of in-depth semi-structured interviews, an attempt has been made to give `voice' to women's intrinsically interesting experiences as the enactment of a situated practice, and not just in comparison with the assumed norm of male entrepreneurial activity. The findings suggest that when variables such as individual and firm characteristics are controlled for, generalizations found in the literature may not be supported. Further, the paper highlights that neither women entrepreneurs nor their businesses are homogeneous in nature and that greater heterogeneity in the study of female entrepreneurship in general, and access to finance in particular, is required.

Aggression after traumatic brain injury: Analysing socially desirable responses and the nature of aggressive traits.

Primary objective: To compare patients with traumatic brain injury (TBI) with controls on sub-types of aggression and explore the role of social desirability.
Design: Quasi-experimental, matched-participants design.
Methods and procedures: Sixty-nine participants were included in the study. The sample comprised a TBI group (n = 24), a spinal cord injury (SCI) group (n = 21) and an uninjured (UI) group of matched healthy volunteers (n = 24). Participants were given self-report measures of aggression, social desirability and impulsivity. Sixty-one independent ‘other-raters’ were nominated, who rated participant pre-morbid and post-morbid aggression.
Main outcomes and results: Using standardized norms, 25–39% of participants with TBI were classified as high average–very high on anger and 35–38% as high average–very high on verbal aggression. Other-raters rated participants with TBI as significantly higher on verbal aggression than SCI and UI participants. There were no differences between the groups on physical aggression. The TBI group also had higher levels of impulsivity than SCI and UI groups. Social desirability was a highly significant predictor of self-reported aggression for the entire sample.
Conclusions: Impulsive verbal aggression and anger are the principal aggressive traits after brain injury. Physical aggression may present in extreme cases after TBI, but appears less prominent overall in this population. Social desirability, previously overlooked in research examining TBI aggression, emerged as an influential variable that should be considered in future TBI research.

Effect of Mix Proportions on Rheological and Hardened Properties of Composite Cement Pastes

There is an increasing need to identify the effect of mix composition on the rheological properties of composite cement pastes using simple tests to determine the fluidity, the cohesion and other mechanical properties of grouting applications such as compressive strength. This paper reviews statistical models developed using a fractional factorial design which was carried out to model the influence of key parameters on properties affecting the performance of composite cement paste. Such responses of fluidity included mini-slump, flow time using Marsh cone and cohesion measured by Lombardi plate meter and unit weight, and compressive strength at 3 d, 7 d and 28 d. The models are valid for mixes with 0.35 to 0.42 water-to-binder ratio (W/B), 10% to 40% of pulverised fuel ash (PFA) as replacement of cement by mass, 0.02 to 0.06% of viscosity enhancer admixture (VEA), by mass of binder, and 0.3 to 1.2% of superplasticizer (SP), by mass of binder. The derived models that enable the identification of underlying primary factors and their interactions that influence the modelled responses of composite cement paste are presented. Such parameters can be useful to reduce the test protocol needed for proportioning of composite cement paste. This paper attempts also to demonstrate the usefulness of the models to better understand trade-offs between parameters and compare the responses obtained from the various test methods which are highlighted. The multi parametric optimization is used in order to establish isoresponses for a desirability function of cement composite paste. Results indicate that the replacement of cement by PFA is compromising the early compressive strength and up 26%, the desirability function decreased.