THE CAUSES AND CONSEQUENCES OF LEVERAGED MANAGEMENT BUYOUTS

• 成果类型: Article
• 署名作者: FOX, I; MARCUS, A
• 署名单位: University of Minnesota System; University of Minnesota Twin Cities
• 刊物名称: ACADEMY OF MANAGEMENT REVIEW
• ISSN/ISSBN: 0363-7425
• DOI: 10.2307/258648
• 发表日期: 1992
• 页码: 62-85
• 关键词: free cash flow; r-and-d; multiproduct firms; STRATEGIC CONTROL; corporate-control; market valuation; going private; AGENCY COSTS; DIRECTORS; stockholders

摘要

A growing proportion of corporate restructuring is in the form of leveraged management buyouts (LBOs), but this activity is controversial, and critics have said that it involves ethical problems and redistributional issues. This article uses the existing theoretical and empirical literature to suggest research questions about why LBOs occur and what will be their likely consequences.