L'incidence des LBO sur la politique d'investissement et la gestion opérationnelle des firmes acquises:le cas français
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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- Philippe Desbrières & Alain Schatt, 2002.
"The Impacts of LBOs on the Performance of Acquired Firms:the French Case,"
Working Papers CREGO
1020702, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
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"Corporate Governance: Stakeholder Value Versus Shareholder Value,"
Working Papers CREGO
1010301, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
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