Longevity and the life‐cycle of management buy‐outs

Mike Wright · Ken Robbie · Steve Thompson · Ken Starkey

97 citations0/0 files storedStrategic Management Journal

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Private Equity and Venture Capital Corporate Finance and Governance International Business and FDI

Abstract

Abstract The longevity debate about buy‐outs has hitherto been restricted. By focusing on large highly leveraged transactions, existing research has taken only a partial view of how long buy‐outs last and the factors influencing longevity. This paper develops and tests hypotheses concerning the influences on buy‐out longevity across the whole spectrum of management buy‐out applications. Both quantitative and case study evidence from the U. K. is presented. A heterogeneity view of buy‐outs is supported. Tests using quantitative data show that earlier exit is associated with larger buy‐outs, and buy‐outs arising on privatization from the public sector and from non‐U. K. parents. Case study evidence principally supports hypotheses that earlier exit is associated with financing institutions being in a relatively stronger position than management and with more rapidly changing market conditions for the firm.

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References

1983Separation of Ownership and Control 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1996Agency costs of free cash flow, corporate finance, and takeovers 1992The resource‐based view within the conversation of strategic management 1990The structure and governance of venture-capital organizations 1991The staying power of leveraged buyouts 1992Venture capital and management-led, leveraged buy-outs: A European perspective 1990Consequences of leveraged buyouts

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