THE IMPACT OF OWNERSHIP AND CAPITAL STRUCTURE ON MANAGERIAL MOTIVATION AND STRATEGY IN MANAGEMENT BUY‐OUTS: A CULTURAL ANALYSIS

Sebastian Green

66 citations0/0 files storedJournal of Management Studies

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Abstract

ABSTRACT This study examines, from a cultural perspective, owner‐managers’and other stakeholders’interpretations of the partial fusion of ownership and control through high leverage in eight UK management buy‐outs (MBOs). Owner‐control and debt‐control are interpreted as having positive effects on managerial motivation, organizational decision‐making processes and implementation of cost reduction strategies and negative ones on fundamental changes in strategy and acquisition. These interpretations accord broadly with agency theory propositions but show that owner‐managers place less emphasis on wealth incentive effects and more emphasis on the enabling and facilitating roles of collective ownership and the freedom it gives from inappropriate corporate control.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1974The Interpretation of Cultures 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1989Agency Theory: An Assessment and Review 1980Agency Problems and the Theory of the Firm 1996Production, Information Costs and Economic Organization 1996Agency costs of free cash flow, corporate finance, and takeovers 1978Organizational Strategy, Structure, and Process

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