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Management Buyouts and Firm-Level Productivity: Evidence from a Panel of UK Manufacturing Firms

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  • Amess, Kevin

Abstract

This paper presents an empirical investigation of the productivity effects of UK management buyouts (MBOs) over the period 1986-97. It is the first study to use an augmented production function approach in order to determine and quantify: the Hicks-neutral productivity, the marginal productivity of labour, and the marginal productivity of capital effects of MBOs. The main findings are consistent with MBOs providing incentive and control systems that lead to improved firm-level productivity in the post-buyout organisation via reduced agency costs, debt bonding, and monitoring by buyout specialists. Copyright 2002 by Scottish Economic Society.

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Bibliographic Info

Article provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.

Volume (Year): 49 (2002)
Issue (Month): 3 (August)
Pages: 304-17

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Handle: RePEc:bla:scotjp:v:49:y:2002:i:3:p:304-17

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Cited by:
  1. Richard Harris & Donald S. Siegel & Mike Wright, 2003. "Assessing the Impact of Management Buyouts on Economic Efficiency: Plant-Level Evidence from the United Kingdom," Rensselaer Working Papers in Economics, Rensselaer Polytechnic Institute, Department of Economics 0304, Rensselaer Polytechnic Institute, Department of Economics.
  2. Louise Nordström, 2011. "Determinants of buyouts in private equity firms," ERSA conference papers ersa10p1450, European Regional Science Association.
  3. Kevin Amess & Mike Wright, 2012. "Leveraged buyouts, private equity and jobs," Small Business Economics, Springer, Springer, vol. 38(4), pages 419-430, May.
  4. Nordström, Louise & Wiberg, Daniel, 2009. "Determinants of Buyouts in Private Equity Firms," Working Paper Series in Economics and Institutions of Innovation, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies 207, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
  5. Gottschalg, Oliver & Berg, Achim, 2005. "Understanding value generation in buyouts," Les Cahiers de Recherche 824, HEC Paris.
  6. Tåg, Joacim, 2010. "The Real Effects of Private Equity Buyouts," Working Paper Series, Research Institute of Industrial Economics 851, Research Institute of Industrial Economics.
  7. Cumming, Douglas & Siegel, Donald S. & Wright, Mike, 2007. "Private equity, leveraged buyouts and governance," Journal of Corporate Finance, Elsevier, Elsevier, vol. 13(4), pages 439-460, September.

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