Management Buyout - Definition
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Academic Research on Management Buyout
An analysis ofmanagement buyoutfailure, Wright, M., Wilson, N., Robbie, K., & Ennew, C. (1996). Managerial and Decision Economics,17(1), 57-70. This paper explores the importance of management buyouts in corporate restructuring. In this context, the paper analyses the factors which lead to management buyout failure using both financial and non-financial information. Family firm succession: themanagement buy-outand buy-in routes, Scholes, L., Westhead, P., & Burrows, A. (2008).Journal of Small Business and Enterprise Development,15(1), 8-30. This exploratory study aims to provide fresh insights into the ownership transfer of private family firms through internal management buyout (MBO) and external management buyin (MBI) succession routes. The paper aims to explore if flows of information impact the succession planning process and if the nature of succession planning impacts the business sale negotiation process relating to family firms that select MBO/MBI succession routes. Themanagement buy-outAn offer you can't refuse, Hanney, J. (1986). Omega,14(2), 119-134. This paper examines the absence of sufficient data in literatures relating to management buyouts. A survey of 120 recent management buyouts identified through the financial press was therefore conducted by mailed questionnaire in order to review and collect statistics relating to different aspects of transactions. These areas are explored, and findings were documented. FINANCE AND CONTROL IN PRIVATISATION BYMANAGEMENT BUYOUT, Wright, M., Thompson, S., & Robbie, K. (1993). Financial Accountability & Management,9(2), 75-99. This paper critically examines the merits and the demerits of the management buy-outs (MBO), and its close relations as a privatisation device. It also summarizes the trends in privatisation buy-outs. The paper further examines the finance and control issues in privatisation by management buyouts. The paper goes on to examine the rationale for such buyouts, their financing, and life-cycle among others. NewManagement Buy-outTheory: From the View of Investor Protection [J], Jian, W. E. I. (2003).China Industrial Economy,5, 008. This study explores the efficiency increase theory and the wealth transfer theory which are the current theories hypothesis that explain Management Buy-out. It showcases their failure to explain the MBO practices in some regions. In order to perform the MBO's theory, the author bring a new theory frame, to explain the relation between investor protection and the performance of MBO, and point out the exaltation of investor protection level is the key to produce the efficient MBO. Privatisation andmanagement buyout: The example of Croatia, engi, D. (1996). Communist Economies and Economic Transformation,8(4), 549-563. This paper presents some aspects of privatisation in Croatia and its complexity. A Case Study onManagement Buy outof a China's listed Company [J], Yao, L. I. (2004). Journal of Shanghai University of Finance and Economics,3, 006. This paper explores western literatures which believe that the operating income and net cash flow will be improved after management buy-out. Analyzing the case of Yue Meidi, a Chinese listed company, the paper finds that the operating profit, operating profit rate, and operating cash flow increase quickly, and the increase rate exceeds that of the industry enterprise value through disinvestment: an analysis with special emphasis onmanagement-buy-out, Graml, R. (1996). The Pricing Way ofManagement Buy-Outin China [J], Yu, Z. (2006). Value Engineering,6, 040. In China, pricing way is the core problem in the process of management buy-out. This paper argues that because of the complicate facts , it is not reasonable of the present pricing way which is decided by the Net Asset Per Share. As a result, some regulations should be taken to make a scientific pricing way of MBO. Management buy-out, Ltjen, G. (1992). Company takeovers by management. This book provides readers with a first basis for assessing and understanding the risks and opportunities of a management buy-out (MBO). The study also looks at the most important phases after the actual MBO and the key perspectives for current and future buy-outs. Financing, Pricing, Risk Prevention and Information Revealing inManagement Buy-Out[J], Lei, WJGZ (2004). Finance and Trade Research,4, 016. This paper explores the significance of Management buy-out (MBO) in enterprises and capital market of China. This paper mainly probes into problems in funds financing, pricing, risk prevention and information revealing in MBO. The author also suggests some solutions to these problems accordingly. Agency theory andmanagement buy-out: The role of venture capitalists, Bruining, H., & Herst, A. (2007).InVenture Capital in Europe(pp. 297-309). This chapter explains how the agency theory can be used to prevent a development of divergent interests between the management team and investors after a management buy-out (MBO). The chapter focuses MBOs divested from foreign or local parent companies, of which the majority of the equity after the MBO is owned by venture capitalist. The chapter focuses on the agency costs of equity and debt by analyzing the monitoring role of venture capitalists, the goal congruence between the new shareholders, the financial unification, and the repayment of debt. Management Buy-Out, Cash Pooling, Up-Stream Loans and Guarantees in German Group Companies: Old Concepts-New Developments, Herbst, J. (2004). German LJ,5, 1217.