IDEAS home Printed from https://ideas.repec.org/a/cup/buhirw/v67y1993i01p52-97_06.html
   My bibliography  Save this article

Kohlberg Kravis Roberts & Co. and the Restructuring of American Capitalism

Author

Listed:
  • Kaufman, Allen
  • Englander, Ernest J.

Abstract

Kohlberg Kravis Roberts & Co. (KKR) played the lead role in pursuing large-scale leveraged buyouts in the U.S. market for corporate control in the 1980s by taking advantage of investment opportunities created by three decades of public policies regarding antitrust, pensions, corporate governance, and banking. KKR's innovations were its ability to overcome investors' collective action and monitoring problems by arranging takeovers through limited partnerships and by managing acquired firms through shared equity ownership with management. These organizational innovations, when combined with the financial changes of the 1980s, allowed KKR and its investor-controlled associations to challenge managerially controlled firms.

Suggested Citation

  • Kaufman, Allen & Englander, Ernest J., 1993. "Kohlberg Kravis Roberts & Co. and the Restructuring of American Capitalism," Business History Review, Cambridge University Press, vol. 67(1), pages 52-97, April.
    • Handle: RePEc:cup:buhirw:v:67:y:1993:i:01:p:52-97_06
    as

    Download full text from publisher

    File URL: https://www.cambridge.org/core/product/identifier/S0007680500069580/type/journal_article
    File Function: link to article abstract page
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ayash, Brian, 2020. "The origin, ownership and use of cash flows in leveraged buyouts," The Quarterly Review of Economics and Finance, Elsevier, vol. 77(C), pages 286-295.
    2. Edward Stringham & Jack Vogel, 2018. "The leveraged invisible hand: how private equity enhances the market for corporate control and capitalism itself," European Journal of Law and Economics, Springer, vol. 46(2), pages 223-244, October.
    3. Miguel Meuleman & Kevin Amess & Mike Wright & Louise Scholes, 2009. "Agency, Strategic Entrepreneurship, and the Performance of Private Equity–Backed Buyouts," Entrepreneurship Theory and Practice, , vol. 33(1), pages 213-239, January.
    4. Allen Kaufman & Ernie Englander, 2011. "Behavioral Economics, Federalism, and the Triumph of Stakeholder Theory," Journal of Business Ethics, Springer, vol. 102(3), pages 421-438, September.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cup:buhirw:v:67:y:1993:i:01:p:52-97_06. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Kirk Stebbing (email available below). General contact details of provider: https://www.cambridge.org/bhr .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.