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Corporate restructuring and performance: An agency perspective on the complete buyout cycle

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  • Bruton, Garry D.
  • Keels, J. Kay
  • Scifres, Elton L.

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  • Bruton, Garry D. & Keels, J. Kay & Scifres, Elton L., 2002. "Corporate restructuring and performance: An agency perspective on the complete buyout cycle," Journal of Business Research, Elsevier, vol. 55(9), pages 709-724, September.
    • Handle: RePEc:eee:jbrese:v:55:y:2002:i:9:p:709-724
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    References listed on IDEAS

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    2. Sebastian Green, 1992. "The Impact Of Ownership And Capital Structure On Managerial Motivation And Strategy In Management Buy‐Outs: A Cultural Analysis," Journal of Management Studies, Wiley Blackwell, vol. 29(4), pages 513-535, July.
    3. Lichtenberg, Frank R. & Siegel, Donald, 1990. "The effects of leveraged buyouts on productivity and related aspects of firm behavior," Journal of Financial Economics, Elsevier, vol. 27(1), pages 165-194, September.
    4. Zahra, Shaker A., 1995. "Corporate entrepreneurship and financial performance: The case of management leveraged buyouts," Journal of Business Venturing, Elsevier, vol. 10(3), pages 225-247, May.
    5. Palepu, Krishna G., 1990. "Consequences of leveraged buyouts," Journal of Financial Economics, Elsevier, vol. 27(1), pages 247-262, September.
    6. Tim C. Opler, 1992. "Operating Performance in Leveraged Buyouts: Evidence From 1985 - 1989," Financial Management, Financial Management Association, vol. 21(1), Spring.
    7. Bull, Ivan, 1989. "Financial performance of leveraged buyouts: An empirical analysis," Journal of Business Venturing, Elsevier, vol. 4(4), pages 263-279, July.
    8. John Easterwood & Anju Seth, 1993. "Strategic Restructuring In Large Management Buyouts," Journal of Applied Corporate Finance, Morgan Stanley, vol. 6(1), pages 25-37, March.
    9. Baker, George P. & Wruck, Karen H., 1989. "Organizational changes and value creation in leveraged buyouts : The case of the O.M. Scott & Sons Company," Journal of Financial Economics, Elsevier, vol. 25(2), pages 163-190, December.
    10. Frankfurter, George M. & Kosedag, Arman, 1996. "Management's perception of leveraged buyouts," International Review of Financial Analysis, Elsevier, vol. 5(3), pages 197-221.
    11. Constantinos C. Markides, 1995. "Diversification, restructuring and economic performance," Strategic Management Journal, Wiley Blackwell, vol. 16(2), pages 101-118.
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    15. Julia Liebeskind & Margarethe Wiersema & Gary Hansen, 1992. "LBOs, Corporate Restructuring, and the Incentive-Intensity Hypothesis," Financial Management, Financial Management Association, vol. 21(1), Spring.
    16. Wright, Mike & Thompson, Steve & Robbie, Ken, 1992. "Venture capital and management-led, leveraged buy-outs: A European perspective," Journal of Business Venturing, Elsevier, vol. 7(1), pages 47-71, January.
    17. Yakov Amihud & Baruch Lev, 1981. "Risk Reduction as a Managerial Motive for Conglomerate Mergers," Bell Journal of Economics, The RAND Corporation, vol. 12(2), pages 605-617, Autumn.
    18. Kenneth E. Marino & Richard M. Castaldi & Marc J. Dollinger, 1989. "Content Analysis in Entrepreneurship Research: The Case of Initial Public Offerings," Entrepreneurship Theory and Practice, , vol. 14(1), pages 51-66, October.
    19. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    20. Steven Kaplan, 1989. "Management Buyouts: Evidence on Taxes as a Source of Value," Journal of Finance, American Finance Association, vol. 44(3), pages 611-632, July.
    21. Lex Donaldson & James H. Davis, 1991. "Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns," Australian Journal of Management, Australian School of Business, vol. 16(1), pages 49-64, June.
    22. Sharon L. Oswald & John S. Jahera, 1991. "The influence of ownership on performance: An empirical study," Strategic Management Journal, Wiley Blackwell, vol. 12(4), pages 321-326, May.
    23. Mark A. Fox & Robert T. Hamilton, 1994. "Ownership And Diversification: Agency Theory Or Stewardship Theory," Journal of Management Studies, Wiley Blackwell, vol. 31(1), pages 69-81, January.
    24. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-325, June.
    25. Smith, Abbie J., 1990. "Corporate ownership structure and performance *1: The case of management buyouts," Journal of Financial Economics, Elsevier, vol. 27(1), pages 143-164, September.
    26. Moh'd, Mahmoud A & Perry, Larry G & Rimbey, James N, 1995. "An Investigation of the Dynamic Relationship between Agency Theory and Dividend Policy," The Financial Review, Eastern Finance Association, vol. 30(2), pages 367-385, May.
    27. Muscarella, Chris J & Vetsuypens, Michael R, 1990. "Efficiency and Organizational Structure: A Study of Reverse LBOs," Journal of Finance, American Finance Association, vol. 45(5), pages 1389-1413, December.
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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. 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.
    3. Namazi, Mohammad & Shokrolahi, Ahmad & Sadeghzadeh Maharluie, Mohammad, 2016. "Detecting and ranking cash flow risk factors via artificial neural networks technique," Journal of Business Research, Elsevier, vol. 69(5), pages 1801-1806.
    4. Ouidad Yousfi, 2010. "Exit routes in LBO projects," Working Papers hal-04140925, HAL.
    5. Grupp, Marcel & Rauch, Christian & Umber, Marc P. & Walz, Uwe, 2015. "The influence of leveraged buyouts on target firms' competitors," SAFE Working Paper Series 99, Leibniz Institute for Financial Research SAFE.
    6. Sanyun Zeng & Lihong Wang, 2015. "CEO gender and corporate cash holdings. Are female CEOs more conservative?," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 22(4), pages 449-474, December.
    7. Groh, Alexander P. & Gottschalg, Oliver, 2009. "The opportunity cost of capital of US buyouts," IESE Research Papers D/780, IESE Business School.
    8. Nikoskelainen, Erkki & Wright, Mike, 2007. "The impact of corporate governance mechanisms on value increase in leveraged buyouts," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 511-537, September.
    9. Carole Howorth & Mike Wright & Paul Westhead & Deborah Allcock, 2016. "Company metamorphosis: professionalization waves, family firms and management buyouts," Small Business Economics, Springer, vol. 47(3), pages 803-817, October.
    10. Nick Bacon & Kim Hoque & Mike Wright, 2019. "Is Job Insecurity Higher in Leveraged Buyouts?," British Journal of Industrial Relations, London School of Economics, vol. 57(3), pages 479-512, September.
    11. Groh, Alexander P., 2004. "Risikoadjustierte Performance von Private Equity-Investitionen," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 21382, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    12. Yousfi, Ouidad, 2007. "Le rôle de la dette dans le LBO : une revue de la littérature [Debt in LBO projects: survey of the literature]," MPRA Paper 28708, University Library of Munich, Germany, revised 2007.
    13. Jurkus, Anthony F. & Park, Jung Chul & Woodard, Lorraine S., 2011. "Women in top management and agency costs," Journal of Business Research, Elsevier, vol. 64(2), pages 180-186, February.
    14. Annette Ptok & Rupinder P. Jindal & Werner J. Reinartz, 2018. "Selling, general, and administrative expense (SGA)-based metrics in marketing: conceptual and measurement challenges," Journal of the Academy of Marketing Science, Springer, vol. 46(6), pages 987-1011, November.
    15. Ouidad Yousfi, 2007. "Le rôle de la dette dans le LBO : une revue de la littérature," Working Papers hal-04139236, HAL.
    16. Evans, Jocelyn & Borders, Aberdeen Leila, 2014. "Strategically Surviving Bankruptcy during a Global Financial Crisis: The Importance of Understanding Chapter 15," Journal of Business Research, Elsevier, vol. 67(1), pages 2738-2742.
    17. Nina Schweiger & Kurt Matzler & Julia Hautz & Alfredo Massis, 2024. "Family businesses and strategic change: the role of family ownership," Review of Managerial Science, Springer, vol. 18(10), pages 2981-3005, October.
    18. Alexander Peter Groh & Oliver Gottschalg, 2008. "The Opportunity Cost of Capital of US Buyouts," NBER Working Papers 14148, National Bureau of Economic Research, Inc.
    19. Christian Engelen, 2015. "The effects of managerial discretion on moral hazard related behaviour: German evidence on agency costs," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 19(4), pages 927-960, November.
    20. Sharon Katz, 2008. "Earnings Quality and Ownership Structure: The Role of Private Equity Sponsors," NBER Working Papers 14085, National Bureau of Economic Research, Inc.
    21. Scellato, Giuseppe & Ughetto, Elisa, 2013. "Real effects of private equity investments: Evidence from European buyouts," Journal of Business Research, Elsevier, vol. 66(12), pages 2642-2649.
    22. 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.

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    20. Michael C. Jensen, 2010. "The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 43-58, January.

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