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Vol 21 No 9 Sept/Oct 2016

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Private Equity and Management Buy-outs

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Edited by: Mike Wright

ISBN13: 9781847207258
Published: August 2008
Publisher: Edward Elgar Publishing Limited
Country of Publication: UK
Format: Hardback
Price: £134.00

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"Private Equity and Management Buy-outs" provides a balanced view of the often polarized private equity debate. This careful and objective analysis of the presence of private equity in buy-out firms reviews the effects of this ownership transfer in terms of firm performance and survival, thus placing private equity in a broader context of implications for value creation. The analysis provides an overview of international trends in private equity and develops a conceptual framework for understanding the heterogeneity of private equity deals. Systematic evidence from large-scale studies of private equity and buy-outs are used to shed light on short- and longer-term economic and social effects. For the first time the broader scope of the key issues now facing private equity and buy-outs are brought together in the contributions herein.The book includes highlights such as: empirical evidence on a special organizational form of private equity; examination of backed buy-outs (perspectives from strategy, finance, HRM, and management accounting); discussion on the level of PE involvement; challenging further debate on economical and social key issues regarding policy implications and future research agenda. Academics and researchers - postgraduate and above - in business schools and schools of economics will find this book enlightening. It will also hold great interest for practitioners in the fields of mergers and acquisitions, general, strategic and financial management, and corporate entrepreneurship and corporate governance.

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Banking and Finance
PrefacePART I: INTRODUCTION1. Private Equity and Management Buy-outs: International Trends, Evidence and Policy Implications Mike Wright and Hans BruiningPART II: THEORETICAL PERSPECTIVES2. 'Entrepreneurial Growth through Privatization: The Upside of Management Buyouts', Academy of Management ReviewM. Wright, R. Hoskisson, L. Busenitz and J. DialPART III: SOURCES OF BUY-OUT3. 'Why do Public Firms go Private in the UK? The Impact of Private Equity Investors, Incentive Realignment and Undervaluation, Journal of Corporate FinanceL. Renneboog, T. Simons and M. Wright4. 'Irrevocable Commitments and Going Private', European Financial Management M. Wright, C. Weir and A. Burrows 5. 'Information Sharing, Price Negotiation and Management Buy-outs of Private Family-owned Firms', Small Business EconomicsL. Scholes, M. Wright, P. Westhead, A. Burrows and H. BruiningPART IV: ENTREPRENEURSHIP AND VALUE CREATION 6. 'Management Control Systems and Strategy Change in Buyouts', Management Accounting ResearchH. Bruining, M. Bonnet and M. Wright7. 'Entrepreneurial Orientation in Management Buy-outs and the Contribution of Venture Capital', Venture CapitalH. Bruining and M. Wright8. 'Management Buyouts and Restructuring Japanese Corporations', Long Range PlanningM. Wright, M. Kitamura and R. HoskissonPART V: IMPACT OF BUY-OUTS 9. 'Assessing the Impact of Management Buyouts on Economic Efficiency: Plant-Level Evidence from The United Kingdom', Review of Economics and StatisticsR. Harris, D.S. Siegel and M. Wright10. 'Post-privatisation Effects of Management and Employee Buyouts', Annals of Public and Cooperative EconomicsM. Wright, I. Filatotchev and T. Buck11. 'The Impact of Business Ownership Change on Employee Relations: Buy-outs in the UK and The Netherlands', International Journal of Human Resource ManagementH. Bruining, P. Boselie, M. Wright and N. Bacon12. 'The Wage and Employment Effects of Leveraged Buyouts in the UK', International Journal of Economics and BusinessK. Amess and M. WrightPART VI: INVESTMENT REALIZATION: SUCCESS AND FAILURE13. 'The Impact of Corporate Gvernance Mechanisms on Value Increase in Leveraged Buyouts', Journal of Corporate FinanceE. Nikoskelainen and M. Wright14. 'Performance of Private to Public MBOS: The Role of Venture Capital', Journal of Business and AccountingR. Jelic, B. Saadouni and M. Wright15. 'Secured Creditor Recovery Rates from Management Buy-outs in Distress', European Financial Management D. Citron, M. Wright, F. Rippington and R. BallIndex