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The Effect of Management Buyouts on Firm-level Technical Inefficiency: Evidence from a Panel of UK Machinery and Equipment Manufacturers

  • Kevin Amess

    ()

    (University of Leicester, UK)

The longer-term technical efficiency effects of management buyouts (MBOs) are evaluated using a stochastic production frontier approach on a panel of UK manufacturing firms. The results, based on the period 1986-1997, indicate that firms with the MBO governance structure: (1) have higher efficiency in the two years before the transaction but not prior to that; (2) have efficiency 7%, 7.5%, 4%, and 7% higher in each of the first four years post-buyout; (3) do not have superior efficiency beyond the fifth year post-buyout. This is consistent with MBOs creating managerial incentives that improve firm-level performance. Copyright Blackwell Publishing Ltd 2003.

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Article provided by Wiley Blackwell in its journal Journal of Industrial Economics.

Volume (Year): 51 (2003)
Issue (Month): 1 (03)
Pages: 35-44

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Handle: RePEc:bla:jindec:v:51:y:2003:i:1:p:35-44
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