J. (Hans) Bruining

Associate Professor
Rotterdam School of Management (RSM)
Erasmus University Rotterdam
Member ERIM
Field: Strategy & Entrepreneurship
Affiliated since 2005

Hans Bruining is an associate professor of strategic management at Rotterdam School of Management, Erasmus University (RSM).

Professor Bruining's research focuses on management buy-outs and the role of private equity in the enhancement of the strategic orientation of buyout firms.

He is the author of the first Dutch study on the performance of Management Buy-Outs, and the co-author of two books: The Handbook of Management Buy-Out: Theory and Practice (Kluwer Bedrijfswetenschappen ISBN 90 267 1602 8) and Private Equity and Management Buy-outs (Edward Elgar Publishing ISBN 978 1 84720 725 8).

Among the academic journals in which he has published articles are Small Business Economics, Human Relations, Management Accounting Research, Venture Capital, the International Journal of Human Resource Management and the International Small Business Journal.

He is an affiliate member of the Centre for Management Buy-out Research at the Nottingham University Business School in the UK.

Professor Bruining obtained his MSc in Business Economics from the Vrije Universiteit in Amsterdam and his PhD from the Erasmus School of Economics, Erasmus University in 1992.

  • Bruining, Hans & Mulder, Arjen (2009). Effort of Private Equity in Buyouts. In Andrew prof Zacharakis (Ed.), Frontiers of Entrepreneurship Research (pp. 1-1). Boston *US): The Arthur M. Blank Center for Entrepreneurship.
  • Wright, Mike, Wilson, Nick & Bruining, Hans (2015). Building SME Boards for Survival and Growth: One Size Doesn’t Fit All. International Small Business Journal.
  • Bruining, Hans (periode: 2013 t/m 2015). Board of Reviewers Babson Entrepreneurship Research Conference Position at: The Arthur M. Blank Center for Entrepreneurship, Babson College.
  • Turturea, R., Verheul, Ingrid & Bruining, Hans (2014). Does It Pay To Be Cheap, How Financial Bootstrapping Affects The Performance of New Ventures.
  • Bruining, Hans & Saly, Aart-Willem (2014). Corporate Entrepreneurship and Longer Term Financial Performance. (Preprints). : .
  • Fan, Yang & Bruining, Hans (2013). How Private Equity Firms Make Cross-border Investments: Learning to Internationalize.
  • Bruining, Hans, Verwaal, Ernst & Wright, Mike (2013). Private Equity and Entrepreneurial management in Management Buy-Outs. Small Business Economics, 40 (3), 591-605. doi: http://dx.doi.org/10.1007/s11187-011-9386-8[go to publisher's site]
  • Verwaal, E., Bruining, Hans, Wright, D.M., Manigart, S. & Lockett, A. (2010). Resources Access Needs and Capabilities as Mediators of the Relationship between VC Firm Size and Syndication. Small Business Economics, 34 (3), 277-291. doi: http://dx.doi.org/10.1007/s11187-008-9126-x[go to publisher's site]
  • Scholes, L., Wright, D.M., Bruining, Hans & Westhead, P. (2010). Strategic changes in family firms post-management buyout: ownership and governance issues. International Small Business Journal, 28 (5), 505-521. doi: http://dx.doi.org/10.1177/0266242610370390[go to publisher's site]
  • Scholes, L., Wright, D.M., Bruining, Hans & Kloeckner, O. (2009). Family firm buyouts, private equity, and strategic change. Journal of Private Equity, 12 (2), 7-18. doi: http://dx.doi.org/10.3905/JPE.2009.12.2.007
  • Bacon, N., Wright, M., Demina, N., Bruining, Hans & Boselie, J.P.E.F. (2008). The Effects of Private Equity and Buy-outs on HRM in the Uk and The Netherlands. Human Relations, 61 (10), 1399-1433. doi: http://dx.doi.org/10.1177/0018726708095709[go to publisher's site]
  • Scholes, L., Wright, M., Westhead, P., Burrows, A. & Bruining, Hans (2007). Information Sharing, Price Negotiation and Management Buy-Outs of private Family-owned Firms. Small Business Economics, 29 (3), 329-349. doi: http://dx.doi.org/10.1007/s11187-006-9024-z[go to publisher's site]
  • Manigart, S., Collewaert, V, Wright, D.M., Bruining, Hans, Pruthi, S., Lockett, A., Hommel, U. & Landstrom, H. (2007). Human capital and the internationalisation of venture capital firms. International Entrepreneurship and Management Journal, 3 (1), 109-125. doi: http://dx.doi.org/10.1007/s11365-006-0021-0[go to publisher's site]
  • Manigart, S., Wright, M., Meuleman, M., Landstrom, H. & Bruining, Hans (2006). Venture Capitalists' Decision To Syndicate. Entrepreneurship Theory and Practice, 30 (2), 131-155. doi: http://dx.doi.org/10.1111/j.1540-6520.2006.00115.x
  • Bruining, Hans, Boselie, J.P.E.F., Wright, M. & Bacon, N. (2005). 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. doi: http://dx.doi.org/10.1080/0958519042000339543
  • Bruining, Hans, Bonnet, M.P.B. & Wright, D.M. (2004). Management control systems and strategy change in buyouts. Management Accounting Research, 15 (2), 155-177.
  • Bruining, Hans, Bonnet, M.P.B. & Herst, A.C.C. (2003). Financiële leverage en bedrijfsbeleid: ervaringen na een management buy-out. MAB, 77 (10), 461-469.
  • Bruining, Hans & Bonnet, M. (2002). Veranderingen in Strategie en Management Control na Management Buy-Out. MAB, 76 (5), 218-225.
  • Bruining, Hans & Wright, D.M. (2002). Entrepreneurial orientation in management buy-outs and the contribution of venture capital. Venture Capital, 4 (2), 147-168.
  • Bonnet, M.P.B. & Bruining, Hans (2002). Veranderingen in strategie en management control na Management Buy-out. MAB, 76 (5), 218-226.
  • Bruining, Hans, Henderiks, R.E.D. & Meenen, E. van (2001). Beheersing van financiële risico's bij management buy-outs banken. MAB, 75 (5), 229-240.
  • Bruining, Hans & Burrows, A.M. (2000). A continuing positive outlook. Acquisitions Monthly, October, 92-94.
  • Bruining, Hans & Burrows, A.M. (2000). Growth in larger deals. Acquisitions Monthly, April, 48-51.
  • Bruining, Hans & Robbie, K. (1999). Kappa crowns flying Dutch market - provisional estimates the the Dutch buyout market witnessed a record year in 1998. Acquisitions Monthly, Supplement (March 1999), 66-67.
  • Bruining, Hans & Burrows, A.M. (1999). Lower countries flying high - the Netherlands continues to attract venture capital from overseas and the signs are that 1999 will demonstrate another healthy pattern of growth in the Dutch buyout market. Acquisitions Monthly, Supplement (October), 90-91.
  • Bruining, Hans & Braam, L.G.M. (1997). Financiele leverage en ondernemingsbeleid na Management Buy-Out: een literatuuroverzicht. MAB, 71 (3), 105-116.
  • Bruining, Hans & Braam, L.G.M. (1997). Financiële leverage en ondernemingsbeleid na management buy-out (1). MAB, 71 (3), 105-116.
  • Bruining, Hans & Braam, L.G.M. (1997). Financiële leverage en ondernemingsbeleid na management buy-out (2). MAB, 71 (4), 189-197.
  • Bruining, Hans & Braam, L. (1997). Financiele leverage en ondernemingsbeleid na Management Buy-Out: een empirische verkenning. MAB, 71 (4), 189-197.
  • Bruining, Hans & Veen, A.L. van (1994). Desinvesteringen bij Management Buy-Out's. MAB, 68 (12), 697-707.
  • Bruining, Hans (1994). Bevrijding na grensoverschrijding. Manajournal (Rotterdam), 8 (6), 14-18.
  • Bruining, Hans, Comble, K. & Wright, M. (1994). Benelux: no more than modest activity. Acquisitions Monthly, October, 107-109.
  • Wright, M., Robbie, K., Thompson, S., Bruining, Hans, Herst, A., Romanet, Y. & Joachimson, R (1994). Harvesting and the Longevity of Management Buy-Outs and Buy-ins: A Four Country Study. Entrepreneurship Theory and Practice, 18 (2), 90-109.
  • Veen, T. & Bruining, Hans (1994). Desinvesteringen via management buy-outs: een verkenning van belangen. MAB, december, 697-707.
  • Bruining, Hans (1993). Ondernemen op eigen kracht blijkt succesvol alternatief. Economenblad, 15 (3), 3-8.
  • Wright, D.M. & Bruining, Hans (2008). Private Equity and Management Buy-outs. 2008: Edward Elgar Cheltenham, UK. Northampton, MA, USA.
  • Bruining, Hans, Citron, D., Wright, M. & Herst, A.C.C. (1996). Loan convenants, relationship banking and MBOs in default. Rotterdam: RIBES.
  • Bruining, Hans, Bunt, J., Drift, J.F.C. van der, Nijhoff, R.B. & Prins, A.J.W. (1996). Globalization Accelerating Growth. Rotterdam: Le Manageur.
  • Bruining, Hans, Wright, M., Robbie, K., Wilson, N., Herst, A.C.C. & Desbrieres, Ph. (1995). Dynamic entrepeneurs: management buy-outs in the UK, France and Holland. Gent: De Vlerick School voor Management.
  • Bruining, Hans, Middelkamp, A. & Schaick, K. van (1994). Argentinië verzilvert! Rotterdam: EFR/EUR.
  • Bruining, Hans & Bonnet, M.P.B. (1994). De management buy-out van TIECO (herziene versie). Rotterdam: @.
  • Bruining, Hans, Graaff, L.E. & Bletz, J.C.F. (Eds.). (1994). Beter presteren na management buy-out. Den Haag: De Nationale Investeringsbank.
  • Manigart, S., Maeseneire, W. De, Wright, M., Pruthi, S., Lockett, A., Bruining, Hans, Hommel, U. & Landstrom, H. (2008). How international are European Venture Capital Firms? In L. Dana, M. Han, I.M. Welpe & V. Ratten (Eds.), Handbook of Research on European Business and Entrepreneurship. Towards a Theory of Internationalization (pp. 17-30). Cheltenham: Edward Elgar.
  • Bruining, Hans & Herst, A. (2007). Agency Theory and Management Buy-Out: the Role of the Venture Capitalists. In Greg Gregoriou, Maher Kooli & Roman Kraeussl (Eds.), Venture Capital in Europe (pp. 297-309). Oxford: Butterworth Heinemann.
  • Bruining, Hans & Wright, D.M. (2004). Management buy-out gif of zegen voor de werknemers. In D.N. Hartog & J. Paauwe (Eds.), The spice of science: A collection of papers in honour of Roger Williams (pp. 65-74). Rotterdam: Erasmus University Rotterdam.
  • Bruining, Hans (1999). Management buy-outs and entrepreneurial orientation: evidence from Dutch case studies. In P.D. Reynolds, W.D. Bygrave, G.D. Meyer, S. Manigart, H.J. Sapienza, C.M. Mason & K.G. Shaver (Eds.), Frontiers of entrpreneurship research 1999 (pp. 535-535). South Carolina USA: Babson College.
  • Bruining, Hans (1999). Loan covenants, relationship banking and management buy-outs in default: a comparative study of the UK and Holland. In M.B. Wright & K. Robbie (Eds.), Management Buy-outs and Venture Capital: into the Next Millennium (pp. 153-180). Cheltenham, UK: Edward Elgar Ltd..
  • Bruining, Hans (1999). Reactie op "Management Accounting en sociotechniek". In M.P.B. Bonnet & A. de Bos (Eds.), FMA-kroniek 1999 (pp. 375-377). Rotterdam: Deloitte & Touche.
  • Bruining, Hans, Herst, A.C.C., Bonnet, M.P.B. & Berrevoets, R.R. (1998). Corporate transformation. In M. Wright & K. Starkey (Eds.), Conference Proceedings of the British Academy of Management (pp. 44-46). UK: University Business School Nottingham.
  • Bruining, Hans, Wright, M., Thompson, S., Robbie, K., Herst, A.C.C., Romanet, Y. & Joachimsson, R. (1997). Harvesting and the longevity of management buy-outs and buy-ins: a four-country study. In M. Wright & K. Robbie (Eds.), Venture Capital (The International Library of Management) (HG, 4751.V458) (pp. 429-448). Hants: Dartmouth Publishing Company Limited.
  • Bruining, Hans, Braam, L.G.M. & Herst, A.C.C. (1997). Financial leverage and its implications for business management. In R.L. Jenson & I.R. Jenssen (Eds.), Proceedings of the Twenty-Six Annual Meeting of the Western Decision Sciences Institute, March 25-29 (pp. 166-169). Waikoloa, Big Island of Hawaii, US: Western Decision Science Institute.
  • Bruining, Hans (1996). Bevrijding na grensoverschrijding. In H.A.J. Krosse, J. Paauwe & A.R.T. Williams (Eds.), Shared frontiers of learning (pp. 95-102). Delft: Eburon bv.
  • Bruining, Hans, Neerven, T.H. van & Paauwe, J. (1995). Managing without tradional owners. In P. Flood, M. Cannon & J. Paauwe (Eds.), Managing without Traditional Methods - International Innovations in Human Resource Management (pp. 105-146). Cambridge: Addison Wesley Publishers.
  • Bruining, Hans, Herst, A.C.C., Robbie, K. & Wright, M. (1995). The risk and returns of management buy-outs, evidence from the U.K. and Holland. In G.A. Marcoulides (Ed.), Proceedings of the Twenty-fourth Annual Meeting of the Western Decision Sciences Institute (pp. 166-169). San Francisco, California, USA: California State University.
  • Bruining, Hans & Herst, A.C.C. (1995). Restructuring and revitalising MBO firms - a study of Dutch divisional management buy-outs. In M. Wright & K. Starskey (Eds.), Annual Conference Revitalising Organisations:The Academic Contribution (Conference Proceedings) (pp. 440-453). Sheffield: British Academy of Management.
  • Bruining, Hans, Wright, M., Romanet, Y., Thompson, S., Joachimsson, R. & Herst, A.C.C. (1994). Harvesting longevity and the life cycle of management buy-outs and buy-ins: a four country study. In W.D. Bygrave, M. Hay & J. Peters (Eds.), Financial times: Realizing investment value (pp. 82-110). @: Pitman Publishing.
  • Bruining, Hans (1992, November 19). Performance improvement after management-buy-out. PhD in business economics. Erasmus University Rotterdam (379 pag.) (Assen: Van Gorcum). Prom./coprom.: Dr. A.C.C. Herst & A.R.T. Williams.
  • Bruining, Hans, Verheul, Ingrid & Turturea, Roxana (2012). Does it pay to be cheap? How financial bootstrapping affects the performance of new ventures. In Andrew prof Zacharakis (Ed.), Frontiers of Entrepreneurship Research Vol. 32. Frontiers of Entrepreneurship Research 2004 (pp. 14-14). Boston (US): The Arthur M. Blank Center for Entrepreneurship.
  • Bruining, J., Verwaal, E. & Wright, D.M. (2012). MBOs, private equity and entrepreneurial management. RSM Insight, 10 (2), 18-19.
  • Bonnet, M.P.B., Bruining, Hans, Corhay, A. & Herst, A.C.C. (2001). Financial leverage and business policy evidence from Dutch management buy-outs. Eight Annual MFS Conference: Verona, Italy (2001, juni 25).
  • Bruining, Hans & Burrows, A.M. (2001). The road to private equity remains open for Dutch buyouts. Acquisitions Monthly, October, 36-37.
  • Bruining, Hans & Burrows, A.M. (2001). Dutch buyouts deal flow slowing down. Acquisitions Monthly, November, 62-64.
  • Bruining, Hans (2001). Dutch buyout market remains attractive. Acquisitions Monthly, April, 29-31.
  • Bruining, Hans & Burrows, A.M. (2001). A more positive attitude towards buyouts. Acquisitions Monthly, April, 52-53.
  • Bruining, Hans & Robbie, K. (1998). European buyouts - The Netherlands: a record year. Acquisitions Monthly, Supplment (March), 73-74.
  • Bruining, Hans & Robbie, K. (1998). The Netherlands-steady Dutch deal flow. Acquisitions Monthly, October, 132-133.
  • Bruining, Hans & Berrevoets, R.R. (1997). The Netherlands: A more nature market. Acquisitions Monthly, 132-133.
  • Bruining, Hans & Bonnet, M.P.B. (1997). De Management Buy-Out van TIECO, Integratie Case, Propedeuse Bedrijfshuishoudkunde II. Rotterdam: Erasmus Universiteit Rotterdam.
  • Bruining, Hans & Robbie, K. (1996). The Netherlands and Belgium - value holding up well. Acquisitions Monthly, oct., 124-125.
  • Bruining, Hans & Bonnet, M.P.B. (1996). De Management Buy-Out van TIECO. Rotterdam: Universiteitsdrukkerij.
  • Bruining, Hans & Robbie, K. (1995). Buy-outs in The Netherlands and Belgium: international deals help expand the market. Acquisitions Monthly, September, 116-118.
  • Bruining, Hans & Wright, K. (1995). The Netherlands - double Dutch. Acquisitions Monthly, supplement (november), 116-117.
  • Bruining, Hans, Heijnsdijk, J. & Herst, A. (1991). Management buy-outs, A Continuing Story. Voorwoord Special Management Buy-Outs. Bedrijfskunde, 63 (4), 390-391.
  • Bruining, Hans & Jong, A.C. de (1991). Trends in managment buy-outs in Nederland. Bedrijfskunde, 63 (4), 392-407.
  • Bruining, Hans & Lugtenburg, R. (1988). Toegenomen productiviteit bij management buy-outs. Bedrijfskunde, 60, 111-119.
  • Bruining, Hans, Bonnet, M. & Herst, A. (1988). De (management) Buy-Out. Bedrijfskunde, 60, 98-99.
  • Bruining, Hans (2000, juni 07). Orientation and the Contribution of Venture Capital. Boston, Wellesley, MA US, Paper presented at the 2000 Babson Entrepreuneurial Research Conference.
  • Bruining, Hans & Bonnet, M.P.B. (2000, juni 08). Levers of control na een management buy-out. Erasmus Universiteit Rotterdam, Conference proceedings van het FMA-Congres georganiseerd door de Capaciteitsgroep Finance & Accounting.

Editorial positions

  • Journal of Business Venturing

    Ad Hoc Reviewer

  • Journal of Management Studies

    Ad Hoc Reviewer

  • Venture Capital

    Ad Hoc Reviewer


Visiting address

Office: Mandeville Building T07-47
Burgemeester Oudlaan 50
3062 PA Rotterdam

Postal address

Postbus 1738
3000 DR Rotterdam

Work in progress

Bruining, Hans & Mulder, Arjen (2009). Effort of Private Equity in Buyouts. In Andrew prof Zacharakis (Ed.), Frontiers of Entrepreneurship Research (pp. 1-1). Boston *US): The Arthur M. Blank Center for Entrepreneurship.
Wright, Mike, Wilson, Nick & Bruining, Hans (2015). Building SME Boards for Survival and Growth: One Size Doesn’t Fit All. International Small Business Journal.

Latest publication

Bruining, Hans, Zacharakis, Andrew, Arthurs, Jonathan, Brush, Candida, Bruton, Garry, De Clerq, Dirk, Dimov, Dimo, Edelman, Linda, Fayolle, Alain, Matusik, Sharon, Schindehutte, Minet & Sorheim, Roger (2014). Frontiers of Entrepreneurship Research. (Preprints). Boston (US): The Arthur M. Blank Center for Entrepreneurship.