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L'incidence des LBO sur la politique d'investissement et la gestion opérationnelle des firmes acquises:le cas français

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Author Info
Philippe Desbrières () (Université de Bourgogne)
Alain Schatt (Université de Franche-Comté)

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Abstract

In 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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File URL: http://www.u-bourgogne.fr/LEG/rev/054106.pdf
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Publisher Info
Article provided by Editions Economica in its journal Revue Finance Contrôle Stratégie.

Volume (Year): 5 (2002)
Issue (Month): 4 (December)
Pages: 79-106
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Handle: RePEc:dij:revfcs:v:5:y:2002:i:q4:p:79-106

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Related research
Keywords: Leveraged management buy-out; performance; investment policy; operation.;

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Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
L19 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Other
L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Barber, Brad M. & Lyon, John D., 1996. "Detecting abnormal operating performance: The empirical power and specification of test statistics," Journal of Financial Economics, Elsevier, vol. 41(3), pages 359-399, July. [Downloadable!] (restricted)
  2. Wright, Mike & Thompson, Steve & Robbie, Ken, 1992. "Venture capital and management-led, leveraged buy-outs: A European perspective," Journal of Business Venturing, Elsevier, vol. 7(1), pages 47-71, January. [Downloadable!] (restricted)
  3. Kaplan, Steven, 1989. "The effects of management buyouts on operating performance and value," Journal of Financial Economics, Elsevier, vol. 24(2), pages 217-254. [Downloadable!] (restricted)
  4. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May. [Downloadable!] (restricted)
  5. Phillippe Desbrières & Alain Schatt, 2002. "The Impacts of LBOs on the Performance of Acquired Firms: The French Case," Journal of Business Finance & Accounting, Blackwell Publishing, vol. 29(5&6), pages 695-729. [Downloadable!] (restricted)
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  6. Hite, Gailen L & Vetsuypens, Michael R, 1989. " Management Buyouts of Divisions and Shareholder Wealth," Journal of Finance, American Finance Association, vol. 44(4), pages 953-70, September. [Downloadable!] (restricted)
  7. Michael C. Jensen & William H. Heckling, 1995. "Specific And General Knowledge, And Organizational Structure," Journal of Applied Corporate Finance, Morgan Stanley, vol. 8(2), pages 4-18. [Downloadable!] (restricted)
  8. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law & Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
  9. Gérard Charreaux & Philippe Desbrières, 2001. "Corporate Governance: Stakeholder Value Versus Shareholder Value," Working Papers FARGO 1010301, Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance). [Downloadable!]
  10. Brent W. Ambrose & Drew B. Winters, 1992. "Does an Industry Effect Exist for Leveraged Buyouts?," Financial Management, Financial Management Association, vol. 21(1), Spring.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Anne Stévenot-Guéry & Loris Guéry, 2006. "L’influence des Capital Investisseurs sur la gestion des ressources humaines des entreprises financées:dimensions, enjeux et limites," Working Papers FARGO 1060502, Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance). [Downloadable!]
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