• A Cross-Country Investigation of Micro-Angel Investment Activity: The Roles of New Business Opportunities and Institutions,

      De Clercq, Dirk; Meuleman, Miguel; Wright, Mike (International Business Review, 2012)
    • Academic entrepreneurship in Europe

      Wright, Mike; Clarysse, Bart; Mustar, P.; Lockett, Andy (2007)
    • Academic spin-offs, formal technology transfer and capital raising

      Clarysse, Bart; Wright, Mike; Lockett, Andy; Mustar, P.; Knockaert, Mirjam (Industrial and Corporate Change, 2007)
    • Access to finance of SMEs: Young growth oriented companies and company transfers

      Manigart, Sophie; Clarysse, Bart; Hübner, Georges; Meuleman, Miguel; Wright, Mike (2015)
    • Acquisition exits of cross-border buyouts: Strategic versus financial acquisitions

      De Prijcker, Sofie; Wright, Mike; Manigart, Sophie; De Maeseneire, Wouter (2013)
    • Agency and similarity effects and the VC's attitude towards academic spin-out investing

      Knockaert, Mirjam; Clarysse, Bart; Wright, Mike; Lockett, Andy (2008)
    • Agency costs, reputation and collaboration: evidence from syndication in the management buy-out market

      Meuleman, Miguel; Manigart, Sophie; Wright, Mike; Lockett, Andy (2005)
    • Agency Costs, Reputation and Collaboration: Syndication in the UK Market for Private Equity

      Meuleman, Miguel; Wright, Mike; Manigart, Sophie; Lockett, Andy (2007)
      Syndicates are a form of inter-firm alliance in which two or more private equity firms co-invest in an investee firm and share a joint pay-off, and are an enduring feature of the private equity industry. This study examines the relationship between syndication and agency costs at the level of the investee, and the extent to which the reputation and social embeddedness of the lead investor mediates this relationship. We examine this relationships using a sample of 732 buyout investments by 64 private equity companies in the UK between 1993 and 2001. Our findings show that where agency costs are highest, and hence ex-post monitoring by the lead investor is more important, syndication is less likely to occur. The negative relationship between agency costs and syndication, however, is mediated by the reputation and social embeddedness of the lead investor firm. That is, the reputation and social embeddedness of the lead investor helps to alleviate the costs associated with a syndicate arrangement. The results further highlight potential problems of adverse selection in the market for syndication.
    • Agency, strategic entrepreneurship and the performance of private equity backed buyouts

      Meuleman, Miguel; Amess, K.; Wright, Mike; Scholes, L. (2008)
    • Agency, strategic entrepreneurship and the performance of private equity backed buyouts

      Meuleman, Miguel; Amess, K.; Wright, Mike; Scholes, L. (Entrepreneurship: Theory and Practice, 2009)
      Agency theory has focused on buyouts as a governance and control device to increase profitability, organizational efficiency, and limited attention to growth. A strategic entrepreneurship view of buyouts incorporates upside incentives for value creation associated with growth as well as efficiency gains. In this paper, we develop the complementarity between agency theory and strategic entrepreneurship perspectives to examine the performance implications for different types of buyouts. Further, we study how the involvement of private equity (PE) firms is related to the performance of the post‐buyout firm. These issues are examined for a sample of 238 PE‐backed buyouts in the UK between 1993 and 2003. Implications for theory and practice are suggested.
    • An examination of entrepreneurial team development in academic spin-outs

      Vanaelst, Iris; Clarysse, Bart; Wright, Mike; Moray, Nathalie (2005)
    • Assessing the impact of private equity on industrial relations in Europe

      Bacon, Nick; Wright, Mike; Scholes, L.; Meuleman, Miguel (Human Relations, 2010)
      Private equity firms are accused by trade unions of changing industrial relations in buyouts by demonstrating an unwillingness to recognize and work with trade unions, and by downgrading information and consultation. To explore these important policy issues, this article reports the first representative pan-European survey of managers’ perceptions of the impact of private equity on industrial relations. Managers report that private equity investment does not result in changes to union recognition, membership density or changes in management attitudes to trade union membership. Furthermore, managers in firms recognizing unions after private equity buyouts do not report reductions in the terms and conditions subject to joint regulation. Under private equity ownership more firms report consultative committees, managers regard these as more influential on their decisions, and indicate increased consultation over firm performance and future plans. Comparing industrial relations changes in different social models in Europe, the results suggest private equity firms adapt to national systems and traditional national industrial relations differences persist after buyout.
    • Behavioural additionality of R&D subsidies: A learning perspective

      Clarysse, Bart; Wright, Mike; Mustar, P. (Research Policy, 2009)
    • Can fund or human capital characteristics drive follow-up behavior by VCs?

      Knockaert, Mirjam; Lockett, Andy; Clarysse, Bart; Wright, Mike (2005)
    • Conceptualising the heterogeneity of research-based spin-offs: a multidimensional taxonomy

      Mustar, P.; Renault, M.; Colombo, Massimo; Piva, E.; Fontes, M.; Lockett, Andy; Wright, Mike; Clarysse, Bart; Moray, Nathalie (Research Policy, 2006)
    • Cross-border private equity syndication: Institutions and learning

      Meuleman, Miguel; Wright, Mike (Journal of Business Venturing, 2011)
      Private equity (PE) has become an increasingly international phenomenon but there is a lack of research that looks at the process by which PE firms invest across borders. We aim to fill this gap in the literature by examining the role of institutional context and organizational learning as determinants of cross-border PE syndication. We examine these issues by studying the international expansion by later-stage UK PE investors into continental Europe over the period 1990 to 2006. Our results indicate that institutional context (in terms of the number of PE firms in the local environment and the presence of investment bankers in the local market) and organizational learning (in terms of the PE firm's experience in the host country; the PE firm's multinational experience; and the number of investment managers per portfolio company; but not the presence of local offices) are significantly related to the use of cross-border syndicates. Implications for theory and practice are suggested.
    • Determinants of required returns in venture capital investments: A five-country study

      Manigart, Sophie; De Waele, K.; Wright, Mike; Robbie, K. (Journal of Business Venturing, 2002)
      Using 2 complementary theoretical perspectives, this paper develops hypotheses regarding the determinants of the return required by venture capitalists and tests this on a sample of over 200 venture capital companies (VCCs) located in 5 countries. It finds that early-stage specialists required a significantly higher return than other VCCs when investing in later-stage ventures. It also finds that acquisition/buyout specialists require a significantly lower return than other VCCs when investing in expansion companies.
    • Direct indicators for the Commercialisation of Technology: Company specific reports

      Moray, Nathalie; Clarysse, Bart; Fier, Andreas; Heneric, Oliver; Rammer, Christian; Sofka, Wolfgang; Wright, Mike; Lockett, Andy; Mustar, P.; Papanek, Gabor; Perényi, Aaron; Lindelöf, Peter; Lundberg, Max; Cesaroni, Fabrizio; Piccaluga, Andre (2004)
    • Distressed portfolio company exit and cross-border venture capital investors

      Devigne, David; Manigart, Sophie; Wright, Mike (2013)
      Drawing upon an escalation of commitment framework, this study investigates how differences between cross-border and domestic venture capital investors in access to information, social and structural factors affect their decision to terminate an unsuccessful investment. We track the exit outcome of 1060 venture capital investments in 684 European technology companies. Results show that domestic investors have a high tendency to escalate their commitment to a failing course of action. In contrast, cross-border investors terminate their investments efficiently, even when investing through a local branch. This is explained by cross-border investors having more limited access to soft information, a lower social involvement with the project and a lower embeddedness in the local economic and social environment, which are all factors that contribute to lower escalation of commitment. Local branches of cross-border investors are further shielded from escalation of commitment through structural safeguards. Domestic investors may hence benefit from mimicking the behavior of cross-border investors.