Management Equity Ownership, Debt and Performance: Some Evidence from UK Management Buyouts
AbstractThis paper presents an empirical examination of the effectiveness of the incentive arrangements incorporated in management buyouts. It calculates and analyzes the excess returns to capital between buyout and public share offering for a sample of U.K. buyouts obtaining a market quotation between 1984 and 1989. After controlling for agency and signaling factors associated with the flotation and for firm-specific characteristics, management equity share emerges as the dominant influence on performance. This result is consistent with the view that the management buyout is principally a device to increase managerial motivation. Copyright 1992 by Scottish Economic Society.
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Bibliographic InfoArticle provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.
Volume (Year): 39 (1992)
Issue (Month): 4 (November)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0036-9292
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- Alperovych, Yan & Amess, Kevin & Wright, Mike, 2013.
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- Y. Alperovych & K. Amess & M. Wright, 2012. "Private Equity Firm Experience and Buy-out Vendor Source: What is their Impact on Efficiency?," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 12/800, Ghent University, Faculty of Economics and Business Administration.
- Kevin Amess & Mike Wright, 2012. "Leveraged buyouts, private equity and jobs," Small Business Economics, Springer, vol. 38(4), pages 419-430, May.
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- Steve Thompson, 1999. "Increasingly Marginal Utilities: Diversification and Free Cash Flow in Newly Privatized UK Utilities," Review of Industrial Organization, Springer, vol. 15(1), pages 25-42, August.
- Philippe Desbrières & Alain Schatt, 2002.
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1020702, Université de Bourgogne - Crego EA 7317/Fargo (Research center in Finance,organizational ARchitecture and GOvernance).
- Phillippe Desbrières & Alain Schatt, 2002. "The Impacts of LBOs on the Performance of Acquired Firms: The French Case," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 29(5&6), pages 695-729.
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