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Managerial And Ownership Succession And Corporate Restructuring: The Case Of Management Buy‐Ins

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  • Ken Robbie
  • Mike Wright

Abstract

This paper addresses the effects on corporate restructuring of changing management and ownership. First, it synthesises a number of perspectives on corporate restructuring which involve managerial succession, voluntary restructuring, agency theory, incentives and entrepreneurship, to obtain insights into the relative impact of simultaneously changing either, neither or both management and ownership. Second, it uses case study evidence from management buy‐ins to examine the effects of changing both management and ownership. the evidence suggests that whilst management may be adequately incentivized, problems may arise in respect of information asymmetries, difficulties in matching entrepreneurs to the context and monitoring by venture capitalists, and implementation of strategies.

Suggested Citation

  • Ken Robbie & Mike Wright, 1995. "Managerial And Ownership Succession And Corporate Restructuring: The Case Of Management Buy‐Ins," Journal of Management Studies, Wiley Blackwell, vol. 32(4), pages 527-549, July.
    • Handle: RePEc:bla:jomstd:v:32:y:1995:i:4:p:527-549
    DOI: 10.1111/j.1467-6486.1995.tb00787.x
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    Cited by:

    1. Renneboog, L.D.R. & Simons, T., 2005. "Public-to-Private Transactions : LBOs, MBOs, MBIs and IBOs," Other publications TiSEM 3b76799c-591c-4d22-b126-a, Tilburg University, School of Economics and Management.
    2. Loris Guery & Anne Stevenot & Geoffrey T. Wood & Chris Brewster, 2017. "The Impact of Private Equity on Employment: The Consequences of Fund Country of Origin—New Evidence from France," Industrial Relations: A Journal of Economy and Society, Wiley Blackwell, vol. 56(4), pages 723-750, October.
    3. M. Scholes & Mike Wright & Paul Westhead & Andrew Burrows & Hans Bruining, 2007. "Information Sharing, Price Negotiation and Management Buy-outs of Private Family-owned Firms," Small Business Economics, Springer, vol. 29(3), pages 329-349, October.
    4. M. Nesij Huvaj, 2020. "A Co-opetition View of the Entrepreneur–Investor Relationship: Modelling Entrepreneurial Exit Pathways," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 29(2), pages 365-394, September.
    5. Aurélie Sannajust & Alexander Groh, 2023. "Pioneering management buy-out and entrepreneurial finance research: Mike Wright’s research legacy," Small Business Economics, Springer, vol. 60(1), pages 1-35, January.
    6. Renneboog, Luc & Vansteenkiste, Cara, 2017. "Leveraged Buyouts : A Survey of the Literature," Other publications TiSEM 573ebdd5-a720-4110-8ed1-e, Tilburg University, School of Economics and Management.
    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.
    8. Ranko Jelic & Brahim Saadouni & Mike Wright, 2005. "Performance of Private to Public MBOs: The Role of Venture Capital," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(3‐4), pages 643-682, April.

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