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

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  • 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
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    Cited by:

    1. 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.
    2. 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.
    3. 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.
    4. 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.

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