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The Impact Of Takeovers, Leveraged Buy-Outs And Venture Capital On Corporate Governance


  • Andrei Stanculescu

    (Academy of Economic Studies, Bucharest)


In this paper you will find described the impact of takeovers, buy-outs and venture capital on corporate governance mechanisms. Corporate takeovers represent an important external governance mechanism, by means of which shareholders can replace underperforming or opportunistic managers. Also, many studies show that shareholders of takeout firms earn greater returns. Moreover, a buy-out can be considered a means of restoring active governance and settling many internal control issues. In particular, the management buy-outs (MBOs) induce a series of important consequences, such as capital restructuring in favor of the inside management.

Suggested Citation

  • Andrei Stanculescu, 2008. "The Impact Of Takeovers, Leveraged Buy-Outs And Venture Capital On Corporate Governance," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 11(11(528)(s), pages 364-369, November.
  • Handle: RePEc:agr:journl:v:11(528)(supplement):y:2008:i:11(528)(supplement):p:364-369

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    References listed on IDEAS

    1. repec:hhs:bofitp:2012_019 is not listed on IDEAS
    2. Gianmarco I.P. Ottaviano & Daria Taglioni & Filippo di Mauro, 2009. "The euro and the competitiveness of European firms," Economic Policy, CEPR;CES;MSH, vol. 24, pages 5-53, January.
    3. Konstantins Benkovskis & Julia Wörz, 2016. "Non-price competitiveness of exports from emerging countries," Empirical Economics, Springer, vol. 51(2), pages 707-735, September.
    4. Imre Fert– & L. J. Hubbard, 2003. "Revealed Comparative Advantage and Competitiveness in Hungarian Agri-Food Sectors," The World Economy, Wiley Blackwell, vol. 26(2), pages 247-259, February.
    5. Rudolfs Bems & Robert C. Johnson, 2012. "Value-Added Exchange Rates," NBER Working Papers 18498, National Bureau of Economic Research, Inc.
    6. McFetridge, D., 1995. "Competitiveness Concepts and Measures," Gouvernement du Canada - Industrial Organization 5, Gouvernement du Canada - Industry Canada.
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