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La gouvernance dans les LBO

Author

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  • Nicolas Bédu
  • Caroline Granier

Abstract

Based on the French case, this article addresses the question of governance in LBO transactions, i.e. the chain of delegation between Private Equity funds? investors, funds, and target companies. It analyses the incentives and monitoring mechanisms as well as the regulatory framework. The French case highlights that governance in LBOs relies on institutional characteristics affecting the effectiveness of control and monitoring mechanisms. It also provides some evidence that LBO lead to an asymmetry between funds? interests and funds? investors? interests at the expense of investors. Finally, this article shows that LBOs involving PE funds may be more interesting for banks than for acquired companies. Classification JEL : G23, G24, G28, G32, G34, G38.

Suggested Citation

  • Nicolas Bédu & Caroline Granier, 2018. "La gouvernance dans les LBO," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 129-144.
    • Handle: RePEc:cai:refaef:ecofi_130_0129
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    More about this item

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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