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The change of ownership after a buyout: Impact on performance

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Author Info
Goossens, L.
Manigart, S. () (Vlerick Leuven Gent Management School)
Meuleman, M. () (Vlerick Leuven Gent Management School)

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Abstract

This paper analyses the impact of the change in ownership after a management buyout on both post-buyout efficiency and growth. We contrast family firm buyouts with divisional buyouts, and private equity (PE) financed buyouts with non-PE financed buyouts. We analyse the four-year post-buyout growth and efficiency of 167 Belgian companies (of which 43 are transfers from family owned businesses) that did a buyout between 1996 and 2003. Results show that the source of a buyout (family owned buyout versus divisional buyout) has no impact on the post-buyout growth, but the presence of a PE has. PE-backed buyouts grow less in assets, but more in employees. Neither sales growth nor efficiency are different between different types of buyouts.

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Paper provided by Vlerick Leuven Gent Management School in its series Vlerick Leuven Gent Management School Working Paper Series with number 2007-26.

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Length: 23 pages
Date of creation: 08 Nov 2007
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Handle: RePEc:vlg:vlgwps:2007-26

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Keywords: buyout; ownership; private equity; performance;

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  1. Wright, Mike & Renneboog, L.D.R. & Simons, Tomas & Scholes, Louise, 2006. "Leveraged buyouts in the U.K. and continental Europe : retrospect and prospect," Discussion Paper 70, Tilburg University, Center for Economic Research. [Downloadable!]
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  2. Ravenscraft, David J & Scherer, F M, 1987. "Life after Takeover," Journal of Industrial Economics, Blackwell Publishing, vol. 36(2), pages 147-56, December. [Downloadable!] (restricted)
  3. Mueller, Dennis C, 1985. "Mergers and Market Share," The Review of Economics and Statistics, MIT Press, vol. 67(2), pages 259-67, May. [Downloadable!] (restricted)
  4. repec:taf:ijecbs:v:14:y:2007:i:2:p:179-195 is not listed on IDEAS
  5. Christof Beuselinck & Sophie Manigart, 2007. "Financial Reporting Quality in Private Equity Backed Companies: The Impact of Ownership Concentration," Small Business Economics, Springer, vol. 29(3), pages 261-274, October. [Downloadable!] (restricted)
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  6. 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)
  7. Howorth, Carole & Westhead, Paul & Wright, Mike, 2004. "Buyouts, information asymmetry and the family management dyad," Journal of Business Venturing, Elsevier, vol. 19(4), pages 509-534, July. [Downloadable!] (restricted)
  8. Frank R Lichtenberg & Donald Siegel, 1989. "The Effects Of Leveraged Buyouts On Productivity And Related Aspects Of Firm Behavior," Working Papers 89-5, Center for Economic Studies, U.S. Census Bureau. [Downloadable!]
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  9. Smith, Abbie J., 1990. "Corporate ownership structure and performance *1: The case of management buyouts," Journal of Financial Economics, Elsevier, vol. 27(1), pages 143-164, September. [Downloadable!] (restricted)
  10. Sapienza, Harry J. & Manigart, Sophie & Vermeir, Wim, 1996. "Venture capitalist governance and value added in four countries," Journal of Business Venturing, Elsevier, vol. 11(6), pages 439-469, November. [Downloadable!] (restricted)
  11. Philippe Desbrières & Alain Schatt, 2002. "The Impacts of LBOs on the Performance of Acquired Firms:the French Case," Working Papers FARGO 1020702, Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance). [Downloadable!]
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  12. Muscarella, Chris J & Vetsuypens, Michael R, 1990. " Efficiency and Organizational Structure: A Study of Reverse LBOs," Journal of Finance, American Finance Association, vol. 45(5), pages 1389-1413, December. [Downloadable!] (restricted)
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