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Private Equity and Management Buy-outs

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Private Equity and Management Buy-outs

9781847207258 Edward Elgar Publishing
Edited by the late Mike Wright, formerly Professor of Entrepreneurship and Director, Centre for Management Buyout Research, Imperial College Business School, London, UK and Hans Bruining, Rotterdam School of Management, Erasmus University Rotterdam, The Netherlands
Publication Date: 2008 ISBN: 978 1 84720 725 8 Extent: 528 pp
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.

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Critical Acclaim
Contributors
Contents
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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 economic and social key issues regarding policy implications and a 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.
Critical Acclaim
‘A selection of very interesting perspectives on private equity from a collection of leading academics.’
– Guy Fraser-Sampson, author of Private Equity as an Asset Class

‘This book is a timely and important collection of papers on the financial and real effects of private equity. It is crucial that policymakers know the evidence on these transactions, as opposed to the folklore that permeates the popular press. This comprehensive and penetrating collection of studies frames and answers the most important questions policymakers are asking about private equity.’
– Donald S. Siegel, University at Albany, SUNY, US
Contributors
Contributors: K. Amess, N. Bacon, R. Ball, M. Bonnet, P. Boselie, H. Bruining, T. Buck, A. Burrows, L.W. Busenitz, D. Citron, J. Dial, I. Filatotchev, R. Harris, R.E. Hoskisson, R. Jelic, M. Kitamura, E. Nikoskelainen, L. Renneboog, F. Rippington, B. Saadouni, M.L. Scholes, D.S. Siegel, T. Simons, C. Weir, P. Westhead, M. Wright
Contents
Contents:

Preface

PART I: INTRODUCTION
1. Private Equity and Management Buy-outs: International Trends, Evidence and Policy Implications
Mike Wright and Hans Bruining

PART II: THEORETICAL PERSPECTIVES
2. Entrepreneurial Growth through Privatization: The Upside of Management Buyouts
Mike Wright, Robert E. Hoskisson, Lowell W. Busenitz and Jay Dial

PART III: SOURCES OF BUY-OUT
3. Why do Public Firms go Private in the UK? The Impact of Private Equity Investors, Incentive Realignment and Undervaluation
Luc Renneboog, Tomas Simons and Mike Wright

4. Irrevocable Commitments, Going Private and Private Equity
Mike Wright, Charlie Weir and Andrew Burrows

5. Information Sharing, Price Negotiation and Management Buy-outs of Private Family-owned Firms
M. Louise Scholes, Mike Wright, Paul Westhead, Andrew Burrows and Hans Bruining

PART IV: ENTREPRENEURSHIP AND VALUE CREATION
6. Management Control Systems and Strategy Change in Buy-outs
Hans Bruining, Marcel Bonnet and Mike Wright

7. Entrepreneurial Orientation in Management Buy-outs and the Contribution of Venture Capital
Hans Bruining and Mike Wright

8. Management Buyouts and Restructuring Japanese Corporations
Mike Wright, Motoya Kitamura and Robert E. Hoskisson

PART V: IMPACT OF BUY-OUTS
9. Assessing the Impact of Management Buyouts on Economic Efficiency: Plant-Level Evidence from the United Kingdom
Richard Harris, Donald S. Siegel and Mike Wright

10. Post-privatization Effects of Management and Employee Buy-outs
Mike Wright, Trevor Buck and Igor Filatotchev

11. The Impact of Business Ownership Change on Employee Relations: Buy-outs in the UK and the Netherlands
Hans Bruining, Paul Boselie, Mike Wright and Nicolas Bacon

12. The Wage and Employment Effects of Leveraged Buyouts in the UK
Kevin Amess and Mike Wright

PART VI: INVESTMENT REALIZATION: SUCCESS AND FAILURE
13. The Impact of Corporate Gvernance Mechanisms on Value Increase in Leveraged Buyouts
Erkki Nikoskelainen and Mike Wright

14. Performance of Private to Public MBOs: The Role of Venture Capital
Ranko Jelic, Brahim Saadouni and Mike Wright

15. Secured Creditor Recovery Rates from Management Buy-outs in Distress
David Citron, Mike Wright, Rod Ball and Fred Rippington

Index
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