The Routledge companion to management buyouts / edited by Mike Wright [and three others].

Format:

Book

Contributor:

Wright, Mike, 1952- editor.

Language:

English

Subjects (All):

Management buyouts.

Physical Description:

1 online resource (579 pages)

Edition:

1st ed.

Place of Publication:

London ; New York : Routledge, Taylor & Francis Group, 2019.

Summary:

This authoritative volume provides a comprehensive reference book on the diverse aspects of management buyouts. It provides a valuable source of reference to scholars on the current state of research and theory and where further developments are likely to occur.

Contents:

Cover

Half Title

Title Page

Copyright Page

Dedication

Table of Contents

Figures and tables

Contributors

Preface

Note

1. Management buyouts: an introduction and overview

Introduction

The Centre for Management Buyout Research (CMBOR)

The structure and contents of this book

Overall assessment of the impact of PE and buyouts

Concluding comments: furthering the longevity of the research program

References

Part I: Historical, legal, and regulatory issues

2. A brief history of private equity

1960s and 1970s asset stripping

1970s ban on financial assistance

1980s relaxing regulation to facilitate the rescue of companies

1980s first buyout boom

Mid-1980s: new entrants

1990s blow up and buyouts of captive funds

2005-2007: boom

2007-2008: bust

2009-2012: hangover

2012-2016: recovery

Today

Conclusions

3. Management buyouts: the history of an organizational innovation

Entrepreneurial finance, c.1770-1975

The buyout wave of the 1980s

United Kingdom/United States comparison

Before and after the global financial crisis, 2007-2008

Notes

4. Interpreting the M&amp

A black box by thinking outside the box

Financial structure of LBOs: opening the black box

Industry evolution and related legal changes

Impact of the LBO legalization and policy implications

Appendix: Overview of the empirical analyses underlying the studies of Cumming and Zambelli (2010, 2013, 2017)

5. Policy, regulation, and private equity: a rich research agenda?

Scope of the Directive and the costs of opting in

Prevention of fraud or malpractice: the value of a depositary.

Protecting investors: conduct of business rules

Regulatory capital

Protecting the financial system

Protecting employees and stakeholders more generally

The passport

Part II: Vendor sources

6. Management buyouts and divestment

Management buyouts: emergence and identification

Why divest to enterprise management?

Why divest?

Does the diversification discount reveal the weakness of the internal capital market?

Where does refocusing occur and does it work?

Why MBOs?

7. Public-to-private leveraged buyouts

Definitions and taxonomy of LBO transactions

What motivates PTP transactions?

Four strands in the empirical PTP literature

International public-to-private trends

Conclusions and suggestions for additional research

8. "My children do not want the firm": private equity as a succession option in family businesses - a review and future directions

Method

Literature review process

Discussion of key findings

Literature gaps and future research

9. Buyouts of family firms: company metamorphosis and the family management dyad

Examining some family business myths

What's different about families in business?

Negotiation, trust, and conflict in the buyout process

Professionalization through MBO/I in family firms

10. Buyouts from failure

General characteristics of buyouts from failure

PE involvement

Post-buyout performance

Case studies

Future research

11. Just another business: private equity in health services

Conceptual framework.

What we (do not) know about PE in health services

Organizational/financial performance

Employee well-being

Client well-being

Conclusions and future research opportunities

12. The Chinese style management buyouts

Historical background

Distinct characteristics of MBOs in China

Performance of Chinese MBO firms

Conclusion

Part III: Financing, structuring, and private equity firms

13. The evolution and strategic positioning of private equity firms

Evolution of the PE industry

Theoretical background: establishing PE firm positioning

Strategic configuration model of PE firms

Quadrant I: short-term efficiency niche players

Quadrant II: niche players with long-term equity positions

Quadrant III: diversified players with focused groups of portfolio firms

Quadrant IV: short-term diversified efficiency-oriented players

Movements between quadrants' strategic positions

Discussion

Theoretical implications

Managerial and research implications

Public policy issues

14. Are lower private equity returns the new normal?

Measuring the performance of PE funds

The performance of PE funds

How persistent is the performance of PE buyout funds?

Pension funds and PE returns

Conclusion: what lies ahead for PE fund performance?

15. Collaboration decisions in private equity investments

Collaboration decisions in PE investments

Emerging issues in collaboration and new evidence

Conclusions: avenues for future research

16. Private equity in emerging economies: which markets are sufficiently mature? Should investors wait or invest immediately?

Introduction.

Factors that shape a country's attractiveness for limited partners

Building the PE Country Attractiveness Index

The PE Country Attractiveness Index ranking

Historic comparison and allocation recommendations

The BRICS, Turkey, Mexico, Indonesia, the Philippines, and Nigeria

First-mover disadvantages

Literature on emerging market PE returns

Dataset and descriptive statistics

Independent and control variables

Multivariate analyses

Discussion and conclusions

17. Private equity investment in entrepreneurial companies: selection &amp

performance

Venture capital, buyout, and growth equity

Empirical analysis

Discussion and conclusion

Appendix A: Variable definitions

18. Hedge funds and private equity: features, diversity, and regulations

Research interest in hedge funds and PE funds

Controversies in performance: hedge funds versus PE funds

Investor activism: hedge funds versus PE funds

Regulation of Hedge Funds and PE Funds

Part IV: Post-MBO firm behavior

19. Innovation in private equity leveraged buyouts

Two complementary theoretical frameworks to study innovation in LBOs

Technological and management innovation

Avenues for future research

20. Buyouts and investment

Buyouts, investment, and the role of PE firms from a theoretical point of view

Main empirical findings

Discussion and suggestions for future research

21. Entrepreneurship, context, and buyouts

Theory and entrepreneurship

Evidence on entrepreneurship in buyouts

Further research

References.

22. Resource orchestration post-management buyout

Definition and sources of buyouts

Buyout sources

Buyout literature

Resource management model for buyouts

Orchestrating divisional buyouts

Orchestrating family buyouts

Orchestrating SBOs

Orchestrating receivership buyouts

Resource management across different buyout sources

23. The political economy of finance-led capitalism: connecting financialization, private equity, and employment outcomes

Full-employment capitalism to finance-led capitalism

Private equity: an instrument of finance-led capitalism

The AA and BHS under private equity

24. HRM practices

HRM strategy

Employment relations

Work relations

Industrial relations

Different types of buyouts, investor country of origin, and institutional context

Part V: Performance and life cycle

25. The impact on productivity of management buyouts and private equity

Buyouts, operating performance, and productivity: general evidence

Buyouts, operating performance, and productivity: later investigations

Do performance and productivity matter?

Conclusions and avenues for future research

26. Leveraged buyouts: their impact on jobs and wages

Theoretical perspectives

The PE business model

Employment effects

Wage effects

27. Buyout longevity and post-exit performance

Buyout exits and longevity

Post-exit performance

Conclusions: summary of findings, methodological issues, and emerging themes

28. Distress, failure, and recovery in private equity buyouts

PE target companies.

Notes:

Includes index.

Description based on print version record.

ISBN:

1-315-23059-3

9781315230597

OCLC:

1053888248