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Management Buyouts and Firm-Level Productivity: Evidence from a Panel of UK Manufacturing Firms

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  • Amess, Kevin

Abstract

This paper presents an empirical investigation of the productivity effects of UK management buyouts (MBOs) over the period 1986-97. It is the first study to use an augmented production function approach in order to determine and quantify: the Hicks-neutral productivity, the marginal productivity of labour, and the marginal productivity of capital effects of MBOs. The main findings are consistent with MBOs providing incentive and control systems that lead to improved firm-level productivity in the post-buyout organisation via reduced agency costs, debt bonding, and monitoring by buyout specialists. Copyright 2002 by Scottish Economic Society.

Suggested Citation

  • Amess, Kevin, 2002. "Management Buyouts and Firm-Level Productivity: Evidence from a Panel of UK Manufacturing Firms," Scottish Journal of Political Economy, Scottish Economic Society, vol. 49(3), pages 304-317, August.
    • Handle: RePEc:bla:scotjp:v:49:y:2002:i:3:p:304-17
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    Cited by:

    1. Cumming, Douglas & Siegel, Donald S. & Wright, Mike, 2007. "Private equity, leveraged buyouts and governance," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 439-460, September.
    2. Tåg, Joacim, 2010. "The Real Effects of Private Equity Buyouts," Working Paper Series 851, Research Institute of Industrial Economics.
    3. Charlie Weir & Peter Jones & Mike Wright, 2015. "Public to private transactions, private equity and financial health in the UK: an empirical analysis of the impact of going private," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 19(1), pages 91-112, February.
    4. Gottschalg, Oliver & Berg, Achim, 2005. "Understanding value generation in buyouts," HEC Research Papers Series 824, HEC Paris.
    5. Martin Olsson & Joacim Tåg, 2017. "Private Equity, Layoffs, and Job Polarization," Journal of Labor Economics, University of Chicago Press, vol. 35(3), pages 697-754.
    6. Kevin Amess & Mike Wright, 2012. "Leveraged buyouts, private equity and jobs," Small Business Economics, Springer, vol. 38(4), pages 419-430, May.
    7. Nordström, Louise & Wiberg, Daniel, 2009. "Determinants of Buyouts in Private Equity Firms," Working Paper Series in Economics and Institutions of Innovation 207, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
    8. A. Edward Safarian, 2011. "International Mergers and Acquisitions," Chapters, in: Miroslav N. Jovanović (ed.), International Handbook on the Economics of Integration, Volume III, chapter 6, Edward Elgar Publishing.
    9. Louise Nordström, 2011. "Determinants of buyouts in private equity firms," ERSA conference papers ersa10p1450, European Regional Science Association.
    10. Hammer, Benjamin & Knauer, Alexander & Pflücke, Magnus & Schwetzler, Bernhard, 2017. "Inorganic growth strategies and the evolution of the private equity business model," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 31-63.
    11. Amess, Kevin & Roberts, Barbara M., 2007. "The productivity effects of privatization: The case of Polish cooperatives," International Review of Financial Analysis, Elsevier, vol. 16(4), pages 354-366.

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