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Agency, strategic entrepreneurship and the performance of private equity backed buyouts

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  • Meuleman,M.
  • Amess, K.
  • Wright, M.
  • Scholes, L.

    (Vlerick Leuven Gent Management School)

Abstract

Agency theory has focused on buyouts as a governance and control device to increase profitability, organizational efficiency and limited attention to growth. A strategic entrepreneurship view of buyouts incorporates upside incentives for value creation associated with growth as well as efficiency gains. In this paper, we develop the complementarity between agency theory and strategic entrepreneurship perspectives to examine the performance implications for different types of buyouts. Further, we study how the involvement of private equity firms is related to the performance of the post-buyout firm. These issues are examined for a sample of 238 private equity backed buyouts in the UK between 1993 and 2003. Implications for theory and practice are suggested.

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Bibliographic Info

Paper provided by Vlerick Leuven Gent Management School in its series Vlerick Leuven Gent Management School Working Paper Series with number 2008-05.

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Length: 45 pages
Date of creation: 03 Jun 2008
Date of revision:
Handle: RePEc:vlg:vlgwps:2008-05

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Cited by:
  1. Anne-Laure Le Nadant & Frédéric Perdreau, 2012. "Do Private Equity Firms Foster Innovation? Evidence from French LBOs," Economics Working Paper Archive (University of Rennes 1 & University of Caen) 201209, Center for Research in Economics and Management (CREM), University of Rennes 1, University of Caen and CNRS.
  2. Braun, Thorsten V. & Krispin, Sebastian & Lehmann, Erik E., 2010. "Entrepreneurial human capital, complementary assets, and takeover probability," UO Working Papers 03-10, University of Augsburg, Chair of Management and Organization.
  3. Hans Bruining & Ernst Verwaal & Mike Wright, 2013. "Private equity and entrepreneurial management in management buy-outs," Small Business Economics, Springer, vol. 40(3), pages 591-605, April.
  4. Colin Mason & Ross Brown, 2013. "Creating good public policy to support high-growth firms," Small Business Economics, Springer, vol. 40(2), pages 211-225, February.
  5. Richard A. Hunt & Bret Fund, 2012. "Reassessing the Practical and Theoretical Influence of Entrepreneurship Through Acquisition," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 16(1), pages 29-56, Spring.
  6. Anne-Laure Le Nadant & Frédéric Perdreau, 2011. "LBOs and innovation: the French case," Post-Print halshs-00669910, HAL.
  7. Kevin Amess & Mike Wright, 2012. "Leveraged buyouts, private equity and jobs," Small Business Economics, Springer, vol. 38(4), pages 419-430, May.
  8. Fabio Bertoni & María Ferrer & José Martí, 2013. "The different roles played by venture capital and private equity investors on the investment activity of their portfolio firms," Small Business Economics, Springer, vol. 40(3), pages 607-633, April.

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