Management Buyouts and Firm-Level Productivity: Evidence from a Panel of UK Manufacturing Firms
AbstractThis 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 InfoArticle provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.
Volume (Year): 49 (2002)
Issue (Month): 3 (August)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0036-9292
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- 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.
- Richard Harris & Donald S. Siegel & Mike Wright, 2005. "Assessing the Impact of Management Buyouts on Economic Efficiency: Plant-Level Evidence from the United Kingdom," The Review of Economics and Statistics, MIT Press, vol. 87(1), pages 148-153, February.
- Louise Nordstrâˆšâˆ‚m, 2011. "Determinants of buyouts in private equity firms," ERSA conference papers ersa10p1450, European Regional Science Association.
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- Gottschalg, Oliver & Berg, Achim, 2005. "Understanding value generation in buyouts," Les Cahiers de Recherche 824, HEC Paris.
- Tåg, Joacim, 2010. "The Real Effects of Private Equity Buyouts," Working Paper Series, Research Institute of Industrial Economics 851, Research Institute of Industrial Economics.
- 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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