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Der Nachfolge-MBO/MBI mit einem Finanzier als Budget-Breaker

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  • Mertens, Raphael

Abstract

Im Mittelpunkt der Analyse steht die übergangsweise Zusammenarbeit zwischen Senior und Nachfolger bei einem Nachfolge-Management-Buy-in/Management-Buy-out. An einem einfachen Modell wird gezeigt, dass ein externer Kapitalgeber neben der Finanzierungsfunktion vor allem auch die Rolle eines Budget-Breakers (Holmström, 1982) übernehmen kann, so dass Senior und Nachfolger im Gleichgewicht First-Best- Arbeitseinsätze leisten, was durch eine einfache Beteiligung beider Parteien am gemeinsamen Output nicht erreicht werden kann.

Suggested Citation

  • Mertens, Raphael, 2003. "Der Nachfolge-MBO/MBI mit einem Finanzier als Budget-Breaker," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 575, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.
    • Handle: RePEc:zbw:cauman:575
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    File URL: https://www.econstor.eu/bitstream/10419/111054/1/Manuskripte-575_Budget-Breaker.pdf
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    References listed on IDEAS

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    1. Mike Wright & Robert E. Hoskisson & Lowell W. Busenitz & Jay Dial, 2001. "Finance and management buyouts: Agency versus entrepreneurship perspectives," Venture Capital, Taylor & Francis Journals, vol. 3(3), pages 239-261, July.
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    More about this item

    Keywords

    Unternehmensnachfolge; Unternehmernachfolge; Budget-Breaker; Klein- und Mittelunternehmen; Moral Hazard in Teams;
    All these keywords.

    JEL classification:

    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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