The Impacts of LBOs on the Performance of Acquired Firms: The French Case

Philippe Desbrières · Alain Schatt

119 citations0/0 files storedJournal of Business Finance &amp Accounting

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Corporate Finance and Governance Financial Reporting and Valuation Research Private Equity and Venture Capital

Abstract

This paper investigates the financial characteristics and changes in performance of French companies involved in a leveraged buy–out. The empirical study covers a sample of 161 MBOs in France from 1988 to 1994. The acquired firms outperform their counterparts in the same sector of activity before and after the buy–out. However, unlike findings concerning LBOs in the USA and the UK, the performance of French firms falls after the operation is completed. This downturn in performance seems to be less detrimental to former subsidiaries of groups than to former family businesses.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 119 citations exist upstream.

References

1983Separation of Ownership and Control 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1994Accounting earnings and cash flows as measures of firm performance 1999Eclipse of the Public Corporation 1989The effects of management buyouts on operating performance and value 1990Corporate ownership structure and performance 1989Management Buyouts: Evidence on Taxes as a Source of Value 1992Venture capital and management-led, leveraged buy-outs: A European perspective

Cited by

2017Financing Decisions in Family Businesses: A Review and Suggestions for Developing the Field 2012Think Global, Invest Responsible: Why the Private Equity Industry Goes Green 2009Private Equity and Corporate Governance: Retrospect and Prospect 2009Private equity: A review and synthesis 2009The economic impact of private equity: what we know and what we would like to know 2008Managerial Incentives and Value Creation: Evidence from Private Equity

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.