L'incidence des LBO sur la politique d'investissement et la gestion opérationnelle des firmes acquises:le cas français
AbstractIn this paper, we study to what extent French LBOs investment policy and operations can explain their overperformance discrepancy. Our empirical study has been carried out on 132 French LBOs between 1989 and 1994. The results show that the abnormal falling of their economic return cannot be explained neither by overinvestment nor by a lack of efficiency in their working capital management. Nevertheless, abnormal in-creases in wages, in supplies and/or sales price reductions appear to be preeminent.
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Bibliographic InfoArticle provided by revues.org in its journal Revue Finance Contrôle Stratégie.
Volume (Year): 5 (2002)
Issue (Month): 4 (December)
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Other versions of this item:
- Philippe Desbrières & Alain Schatt, 2002. "L'incidence des LBO sur la politique d'investissement et la gestion opérationnelle des firmes acquises:le cas français," Working Papers CREGO 1021001, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- L19 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Other
- L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production
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