ORGANIZATIONAL RESTRUCTURING AND ECONOMIC-PERFORMANCE IN LEVERAGED BUYOUTS - AN EX-POST STUDY

• 成果类型: Article
• 署名作者: PHAN, PH; HILL, CWL
• 署名单位: University of Washington; University of Washington Seattle
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/256743
• 发表日期: 1995
• 页码: 704-739
• 关键词: free cash flow; INTERNAL CAPITAL-MARKET; management buyouts; AGENCY COSTS; Ownership structure; going private; firm; PRODUCTIVITY; CONSEQUENCES; share

摘要

This article reports the results of an ex post study of the effects of leveraged buyouts (LBOs) upon the goals, strategy, structure, and performance of firms. Our study was designed to test arguments that can be logically derived from agency theory. We used a survey to collect data on pre- and post-LBO goals, strategy, structure, and productivity for a sample of 214 firms that underwent buyouts between 1986 and 1989. Our results do not enable us to reject hypotheses based upon agency theory.