Bruining, Hans

Personal

Name: Function: Office: Phone: Fax: E-mail:

Hans Bruining Associate Professor of Strategic Management T7-47 +31 10 408 1795 +31 10 408 9013 jbruining@rsm.nl

Research Interest

One of the research projects focuses on the role that venture capital and private equity play and analyses its potential to enhance the strategic and entrepreneurial orientation of buy-out firms. The key output is expected to have a better understanding of the functioning and operations of long-term investors, especially with respect to their ways of contributing to the entrepreneurial orientation of the firm after an MBO. This will benefit also the management team that seeks venture capital/private equity with need for support and assistance for strategic renewal and thus to improve the firm s performance within a relatively limited span of time. A couple of studies are in cooperation with the Vlerick School of Management and the Nottingham University Business School. One addresses the simultaneous effects of size, motives and stage on venture capital firms that affect their decision to participate in a syndicate. We use transaction cost theory to explain the relative cost advantage offered by syndication participation. Survey data from 317 venture capital firms (VCs) in 6 European countries are used to test the theoretical framework. The other concentrates on the strategic development of a venture capital/private equity firm. While the internationalization decision is an extensively researched topic in other industries, it has received relatively little attention in service industries and even less in venture capital/private equity research. The main research questions are: what factors (like ownership structure, size, fund type investment stage preference, human resources, expertise and competitive (dis-) advantages influence the strategic decision of a venture capital firm to internationalize, and how do they internationalize (like physical presence or investment presence, entry strategy with coordinating mechanisms and human resources). Other recent projects are: (a) The implementation of newly formulated business strategies of buy-out firms (MBOs) by looking at the use of traditional and non-traditional control systems and their effect on development of dynamic capabilities; (b) How corporate entrepreneurship relates to economic performance in companies that face increased debt after a management buy-out by using an empirical validated instrument, based on Stevenson s conceptualization of entrepreneurship (1983) as opportunity-based firm behavior developed by Brown, Davidsson and Wiklund (2001). We use multiple regression analysis to examine how entrepreneurship dimensions impact perceived operating profit (EBIT) relative to competitors. We control for size as measured by the total number of people employed at the time the MBO. Finally we examine the impact of financial leverage, measured by total debt/total assets, on the relationship entrepreneurship and economic performance (c) Human Resources Management, Business Strategies and Performance in Management Buy-Outs in the UK and the Netherlands. We focus on six main questions concerning: the impact of buyouts on HRM in the UK and the Netherlands; the influence of different types of buyouts on the approach taken to HRM; the extent to which corporate strategies and business strategies are key determinants of changes to HRM in buyouts; the extent to which the presence of venture capitalist investors and the role played by the venture capital investor impact the changes to HRM in buyouts; and whether the factors that influence HRM in buyouts in the UK and the Netherlands are different.

Biography

Hans Bruining holds an MA in Business Economics from The Free University of Amsterdam. Hans (1950) joined ERIM´s Strategy Research Group on April 1, 2005; he has been working for the Department of Strategy and Business Environment at RSM since July 1, 2005 as an Associate Professor. Before that, he worked at the Erasmus School of Economics as an Associate Professor at the Department of Marketing and Organization.
Hans is also a senior lecturer of Strategy and Corporate Entrepreneurship and Member of the Centre for Management Buy-Out Research (CMBOR) of the Nottingham University Business School. He undertook the first major study of Management Buy-Outs in Holland and received his PhD, titled Improvement of Performance after Management Buy-Out, in 1992 at the Erasmus University Rotterdam. In 2004 he cooperated with CMBOR in a study into The Economic and Social effects of Buy-outs in The Netherlands, on behalf of the Dutch Association of Venture Capitalist (NVP) and Ernst & Young. A recent article from him is “Management control systems and strategy change in buyouts”, Management Accounting Research 15 (2004) with co-authors Mike Wright and Marcel Bonnet.
Hans is co-author of the Dutch Handbook of Management Buy-Out, Theory and Practice (1991), visiting professor at the University of the Netherlands Antilles, guest speaker for the Dutch Chamber of Commerce, and trainer of several business courses for middle managers and accountants. His research interests include management buy-outs/buy-ins, strategic renewal, corporate and business strategy, strategic entrepreneurship, venture capital and private equity, and management control.

Publications

• Hans Bruining, Sophie Manigart, Veroniek Collewaert, Mike Wright, Sarika Pruthi, Andy Lockett, Ulrich Hommel and Hans Landström. Human capital and the internationalisation decision of venture capital firms (International Entrepreneurship and Management Journal). (forthcoming)
• Hans Bruining en Arthur Herst, Agency Theory and Management Buy-Out: the role of venture capitalists. Book chapter in: VENTURE CAPITAL: A EUROPEAN PERSPECTIVE, Elsevier Press, ed. Venture Capital: A European Perspective. Eds. G. N. Gregoriou, M. Kooli and R. Kraüssl, State University of New York (forthcoming)
• Manigart, Sophie, Lockett, Andy, Meuleman, Miguel, Wright, Mike, Landström, Hans, Bruining, Hans, Desbrières, Philippe & Hommel, Ulrich, Venture Capitalists' Decision to Syndicate. Entrepreneurship Theory and Practice, 30 (2) 131-153.
• Hans Bruining, Paul Boselie, Mike Wright and Nicolas Bacon. 2004. The Impact of Business Ownership Change on Employee Relations: Buy-outs in the UK and The Netherlands. The International Journal of Human Resource Management, 16 (3) 345-365.
• Bruining, J., Bonnet, M.P.B., Wright, M. 2004. Management control systems and strategy change in buyouts. Management Accounting Research 15, 155-177.
• Bruining, J., Bonnet M.P.B. en A.C.C. Herst, Financiële leverage en bedrijfsbeleid: Ervaringen na een Management Buy-Out. Maandblad voor Bedrijfseconomie en Accountancy, 77e jaargang, nummer 10, p.461-469, oktober 2003
• Bonnet M.P.B. en J. Bruining (2002) Veranderingen in Strategie en Management Control na Management Buy-Out, Maandblad voor Bedrijfseconomie en Accountancy, 76e jaargang, nummer 5, p.218-225, mei 2002
• Bruining, J., Wright, M. 2002. Entrepreneurial orientation in management buyouts and the contribution of venture capital. Venture Capital: An International Journal of Entrepreneurial Finance 4 (2) 147-168.
• Bruining, J., R. Hendrik en E. van Meenen (2001), Beheersing van financiële risico bij Management Buy-Outs en Buy-ins door banken, Beheersing van financiële risico’s bij management buy-outs door banken, Maandblad voor Bedrijfseconomie en Accountancy, pp.229-240
• Bruining, J, K. Robbie, D. Citron, M.D. Wright and A.C.C. Herst ( 1999) Loan covenants, relationship banking and management buy-outs in default: a comparative study of the UK and Holland, in: Management buy-outs and Venture capital: Into the Next Millennium, eds. M.D Wright and K. Robbie, Edward Elgar Publishing Ltd.
• Bruining J., M. Wright, S. Thompson, K. Robbie and A.C.C. Herst (1998) Harvesting, Longevity and the Life Cycle of Management Buy-outs and Buy-ins: A Four Country Study, in: The International Library of Management, Venture Capital, eds. M. D. Wright and K. Robbie, Dartmouth Publishing Company, pp.429-448
• Bruining J., en L.G.M. Braam, Leverage en Ondernemingsbeleid na Management Buy-Out, Deel 1: Een Literatuuroverzicht, Maandblad voor Bedrijfseconomie en Accountancy, pp.105-116, Maart 1997
• Bruining J., en L. Braam, Leverage en Ondernemingsbeleid na Management Buy-Out, Deel 2: Een empirisch verkenning, Maandblad voor Bedrijfseconomie en Accountancy, pp.189-197 1997
• Bruining, J., Bevrijding na grensoverschrijding, p.95-102, In: Shared frontiers of learning, liber amicorum voor Prof. Dr P.G.M. Hesseling, eds H.A.J. Krosse, J. Paauwe en A.R.T. Williams, Uitgeverij Eburon bv, 1996, ISBN 90-5166-527-X
• Bruining, J., Th. van Neerven and J. Paauwe, Managing without Traditional Owners, p. 105-p.147. In: Managing without Traditional Methods- International Innovations in Human Resource Management. Editors Patrick Flood, Martin Cannon and Jaap Paauwe & Associates, Addison Wesley Publishers, 1994
• Bruining, J., Onderneming & Concern, Discontinuïteit van Concerns en Management Buy-Out’s, Het Dossier,december 1994, P.70-77
• Bruining, J. en A.L. van Veen, Desinvesteringen bij Management Buy-Out’s, Maandblad voor Accountancy en Bedrijfseconomie, december 1994, p.697-707
• Bruining J., L.E. de Graaff en Mr. J.C.F. Bletz, Beter Presteren Na Management Buy-Out, De Nationale Investeringsbank N.V., juni 1994
• Bruining, J. en A.C.C. Herst, Management buy-out, risk and return (Evidence from The Netherlands). In: D.J. Baestaens en W.M. van den Bergh (red.), Financiering en Belegging - Stand van Zaken anno 1993, Rotterdam, 1993, 227-241
• Bruining, J., M. Wright, G. Romanet, S. Thompson and A.C.C. Herst, Harvesting and the longevity of management buy-outs and buy-ins: A four country study. Entrepreneurship, Theory and Practice, Vol. 18, No. 2, winter. Published by Baylor University, Waco, Texas, USA, 1993, 90-109
• Bruining, J., Ondernemen op eigen kracht blijkt succesvol alternatief. Economenblad, 1993, 15, 3, 3-8
• Bruining, J. 1992. Performance Improvement after Management Buyout, phd Erasmus University Rotterdam
• Bruining J. en C. Ouwerkerk. Financiële ratio’s na Management Buy-Out beter dan de branche? Deel I, Cash Flow, Tijdschrift voor Cash en Creditmanagement, pp.8-10, Maart 1992
• Bruining J. en C. Ouwerkerk. Financiële ratio’s na Management Buy-Out beter dan de branche? Deel II, Cash Flow, Tijdschrift voor Cash en Creditmanagement, pp.18-20, Juni 1992
• Bruining, J., M.P.B. Bonnet en A.C.C. Herst (red.), Vuistregels bij management buy-out. Kluwer Bedrijfswetenschappen, 1991, 36 pag
• Bruining, J., M.P.B. Bonnet en A.C.C. Herst (eds.), Handboek management buy-out: Theorie en praktijk. Kluwer Bedrijfswetenschappen, Deventer 1991, 328 pag ISBN 90 267 1602 8
• Bruining, J., Case 4: The management buy-out of Transport international pool Europe plc. Cursusboek Ondernemingsplanning 2, Case Boek, Open Universiteit, 1991, 74-97
• Bruining, J. en A.C. de Jong, De management buy-out in Nederland: Een overzicht. In: M.P.B. Bonnet, J. Bruining en A.C.C. Herst (red.), Handboek Management Buy-Out, Theorie en Praktijk, Kluwer Bedrijfswetenschappen, Deventer, 1991, 35-53, ISBN 90 267 1602 8
• Bruining, J. en A.C. de Jong, Prestatieverbetering na management buy-out in het licht van de agencytheorie. In: M.P.B. Bonnet, J. Bruining en A.C.C. Herst (red.), Handboek Management Buy-Out: Theorie en Praktijk, Kluwer Bedrijfswetenschappen, Deventer, 1991, 95-115, ISBN 90 267 1602 8
• Bruining, J., Een MBO-manager van het eerste uur blikt terug. In: M.P.B. Bonnet, J. Bruining en A.C.C. Herst (red.), Handboek Management Buy-Out, Theorie en Praktijk, Kluwer Bedrijfswetenschappen, Deventer, 1991, 121-128, ISBN 90 267 1602 8
• Bruining, J., M.P.B. Bonnet en A.C.C. Herst (eds.), Zes vuistregels bij management buy-outs. Handboek Management Buy-Out, Theorie en Praktijk, Kluwer Bedrijfswetenschappen, Deventer, 1991, 129-136, ISBN 90 267 1602 8
• Bruining J. en M.P.B. Bonnet, De Management Buy-Out van TIECO, Integratie Case Propedeuse Bedrijfshuishoudkunde II, 3e druk Rotterdam 1997, pp1-85, ISBN 9052550743
• Bruining, J. en A.C.C. Herst, Management-buy-outs in the Netherlands. In: Blackstone/M. Wright (eds.), Economist Guide to European Buy-Outs, The Economist 1991, Economist Intelligence Unit, 207-229
• Bruining, J., J. Heijnsdijk en A.C.C. Herst, Management buy-outs, a continuing story. Voorwoord Special Management Buy-Outs, Bedrijfskunde, 1991, 63, 4, 390-391
• Bruining, J., en A.C. de Jong, Trends in management buy-outs in Nederland. Bedrijfskunde, 1991, 63, 4, 392-407
• Bruining, J., M.P.B. Bonnet en A.C.C. Herst, Vuistregels bij besluitvorming inzake management buy-outs. In: D.S. Bree (ed), Vuistregels bij besluitvorming, Universitaire Pers Rotterdam, 1989, ISBN 90 237 1117 3
• Bruining, J. en A.C. de Jong, Prestatieverbetering na buy-out in het licht van de agency-theorie, Naamlooze Vennootschap, jrg 67/11, november 1989, p.229-p.235
• Bruining, J., M.P.B. Bonnet en A.C.C. Herst, De (management) Buy-Out, Voorwoord Special Bedrijfskunde, jrg 60, 1988/2, p.98-99
• Bruining,J. en R. Lugtenburg, Toegenomen productiviteit bij management buy-outs, Bedrijfskunde, jrg 60 1988/2, p.111-119

Articles for practitioners

• Louise Scholes and Hans Bruining, Buyout Market in Benelux Region Flourishes, Acquisitions Monthly 2006
• Hans Bruining and Louise Scholes, Record-Breaking Year for the Benelux Region Acquisitions Monthly 2005.
• Hans Bruining and Louise Scholes, Buyouts in the Benelux Region, Acquisitions Monthly 2004
• Hans Bruining and Louise Scholes, Corporate Sell-Offs sustain Dutch Market, Acquisitions Monthly, 2003
• Hans Bruining and Louise Scholes, Corporate divestments keep Dutch buyout market on track in 2002: Price expectations have come down but deal selection takes longer. Acquisitions Monthly 2002
• Hans Bruining and Andrew Burrows, Dutch Buyout Deal Flow Remains Slow, Acquisitions Monthly 2002
• Bruining J. and Ken Robbie, The Netherlands-Steady Dutch deal flow; in: Acquisitions Monthly, Management Buy-Out Supplement, pp 132-133, October 1998
• Bruining J. and R. Berrevoets, The Netherlands: A more mature market; in: Acquisitions Monthly, Management Buy-Out Supplement, pp 132-133, October 1997
• Bruining J. and Ken Robbie, The Netherlands and Belgium: Value holding up well; in: Acquisitions Monthly, pp 124-126, oct 1996
• Bruining J. and Ken Robbie, Buy-Outs in The Netherlands and Belgium: International deals help expand the market, in: Acquisitions Monthly, pp 116-118, sept 1995
• Bruining J., Karin Comblé and Mike Wright, Benelux: no more than modest activity. In: Acquisitions Monthly, Supplement MBO’s, pp 107-109, October 1994
• Bruining J., M. Wright and K. Comblé, The Netherlands and Belgium, clouded by recession. Acquisitions Monthly, Supplement, pp 129-131, 1993
• Bruining J., M. Ridderbos and K. Robbie, Holland, dominated by divestments. Acquisitions Monthly, pp 107-109, 1992
• Bruining, J. en M. Wright, Corporate restructuring in the Netherlands. Acquisitions Monthly, Supplement november, pp 95-96, Sep 1991
• Bruining, J. en de Jong, A.C. The Management Buy-Out in The Netherlands: small, valuable and no fishpond for raiders. Acquisitions Monthly, pp 93-94, Oct 1990
• Bruining, J. en A.C. de Jong, The Netherlands: growing by both volume and value of deals. Acquisitions Monthly, pp 93-95, Nov 1990
• Bruining, J. en A.C. de Jong, Holland: the rise of the management buy-outs. Acquisitions Monthly, 61-63, March 1990

Teaching

• Strategisch Ondernemingsplan(BKB0012)
• Bachelor Elective Strategy and Management Buy-Outs (BKB0041 voor IBA en BA)
• Coordinator Bachelor Course Strategie Ontwikkeling en Implementatie (BKB0026)
• Master thesis guidance in management buy-outs/buy-ins, strategic renewal, corporate and business strategy, strategic entrepreneurship, venture capital and private equity, and management control.
• Part-time opleiding Bedrijfskunde
• Executive teaching Corporate Restructuring and Management Buy-Out