The Causes and Consequences of Leveraged Management Buyouts

Isaac Fox · Alfred A. Marcus

119 citations0/0 files storedAcademy of Management Review

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Corporate Finance and Governance Corporate Insolvency and Governance Private Equity and Venture Capital

Abstract

A growing proportion of corporate restructuring is in the form of leveraged management buyouts (LBOs), but this activity is controversial, and critics have said that it involves ethical problems and redistributional issues. This article uses the existing theoretical and empirical literature to suggest research questions about why LBOs occur and what will be their likely consequences.

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1994Social Issues in Management Research 2002Corporate restructuring and performance: An agency perspective on the complete buyout cycle 1993Restructuring in the global economy: The consequences of strategic linkages between Japanese and U.S. firms 2005Public-to-Private Transactions: Lbos, Mbos, Mbis and Ibos 2012Private Equity, HRM, and Employment 2005Understanding value generation in buyouts 2020

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