1st Edition

The Routledge Companion to Management Buyouts

Edited By Mike Wright, Kevin Amess, Nick Bacon, Donald Siegel Copyright 2019
    580 Pages 45 B/W Illustrations
    by Routledge

    578 Pages 45 B/W Illustrations
    by Routledge

    Management Buyouts (MBOs) first came to prominence in the US during the early 1980s, and have subsequently become a global phenomenon and a highly significant transaction within the corporate restructuring landscape

    Although much recent attention has focused on private equity (PE) backed buyouts, these are only a subset of the total MBO market. The Routledge Companion to Management Buyouts takes a much broader definition, reviewing the current state of research and theory and where further developments are likely to occur and incorporating PE and non-PE backed buyouts, as well as variations such as management buy-ins and management-employee buyouts. It goes beyond the purely financial perspective, exploring the many different aspects of management buyouts and incorporating related disciplines including strategy, organizational change, and HRM providing the first truly comprehensive authoritative resource on the topic.

    Expertly edited, and drawing on international scholarship, this unique volume will be an invaluable sourcebook on MBOs for researchers and advanced students as well as those interested in the broader areas of corporate restructuring and ownership change.

    List of Figures

    List of Tables

    List of Contributors


    Chapter 1: Management Buyouts: An Introduction and Overview

    Mike Wright, Kevin Amess, Nick Bacon and Donald Siegel

    Part 1: Historical, Legal and regulatory issues

    Chapter 2: A Brief History of Private Equity.

    John Gilligan

    Chapter 3: Management Buyouts: The History of an Organizational Innovation

    Steve Toms

    Chapter 4: Interpreting the M&A Black Box by Thinking Outside the Box.

    Douglas Cumming and Simone Zambelli

    Chapter 5: Regulation and Private Equity

    Sally Gibson and Simon Witney

    Part 2: Vendor sources

    Chapter 6: Management Buyouts and Divestment

    Steve Thompson and Michelle Haynes

    Chapter 7: Public to Private Leveraged Buyouts

    Luc Renneboog and Cara Vansteenkiste

    Chapter 8: "My Children Do Not Want the Firm": Private Equity as a Succession Option in Family Businesses: A Review and Future Directions.

    Oliver Ahlers, Alexandra Michel and Andreas Hack

    Chapter 9: Buyouts of Family Firms: Company Metamorphosis and the Family Management Dyad

    Carole Howorth and Nick Robinson

    Chapter 10: Buyouts from Failure

    Louise Scholes

    Chapter 11: Just Another Business? Private Equity in Health Services

    Aline Bos and Paul Boselie

    Chapter 12: The Chinese style management buyouts

    Jun Du and Bach Nguyen

    Part 3: Financing, structuring and Private Equity Firms

    Chapter 13: The Evolution and Strategic Positioning of Private Equity Firms

    Robert E. Hoskisson, Wei Shi, Xiwei Yi, and Jing Jin

    Chapter 14: Are Lower Private Equity Returns the New Normal?

    Eileen Appelbaum and Rosemary Batt

    Chapter 15: Collaboration Decisions in Private Equity Investments

    Anantha Krishna Divakaruni

    Chapter 16: Private Equity in Emerging Economies: Which Markets are Sufficiently Mature? Should Investors Wait or Invest Immediately?

    Alex Groh

    Chapter 17: Private Equity Investment in Entrepreneurial Companies: Selection & Performance

    Na Dai and Andrew McAlpine

    Chapter 18: Hedge Funds and Private Equity: Features, Diversity, and Regulations

    Douglas Cumming and Geoff Wood

    Part 4: Post-MBO firm behavior

    Chapter 19: Innovation in Private Equity Leveraged Buyouts

    Fabio Bertoni

    Chapter 20: Buyouts and Investment

    Dirk Engel and Joel Stiebale

    Chapter 21: Entrepreneurship and Context in Buy-outs

    Mike Wright

    Chapter 22: Resource Orchestration Post-Management Buy-out

    Hans Bruining

    Chapter 23: The Political Economy of Finance-Led Capitalism: Connecting Financialization, Private Equity and Employment Outcomes

    Ian Clark

    Chapter 24: HRM practices

    Nick Bacon and Kim Hoque

    Part 5: Performance and Life-cycle

    Chapter 25: The Impact on Productivity of Management Buyouts and Private Equity

    Yan Alperovych

    Chapter 26: Leveraged Buyouts: Their Impact on Jobs and Wages

    Kevin Amess

    Chapter 27: Buyout Longevity and Post-exit Performance

    Ranko Jelic, Mike Wright, Victor Murinde and Wasim Ahmad

    Chapter 28: Distress, Failure and Recovery in Private Equity Buyouts

    Nick Wilson



    Mike Wright is Professor of Entrepreneurship and Director of the Center for Management Buy-out Research at Imperial College Business School, UK, a Fellow of the British Academy and of the Strategic Management Society. He has published over 50 books and 400 articles in peer-reviewed journals.

    Kevin Amess is Associate Professor of Industrial Economics in the Business School at the University of Nottingham, UK. He is currently Co-Editor of the International Journal of the Economics of Business. He has advised government and policy officials on the LBOs including the UK Treasury, Financial Services Authority, the US Government Accountability Office and the OECD.

    Nick Bacon is Professor of Human Resource Management at Cass Business School, UK. His research explores the impact of HRM practices in a wide variety of settings including small and medium-sized enterprises and leveraged buyouts. He is former editor of the Industrial Relations Journal.

    Donald Siegel is Professor of Public Policy and Management and Director of the School of Public Affairs at Arizona State University, USA. He is an editor of the Journal of Management Studies and the Journal of Technology Transfer and a former Dean of the School of Business at the University at Albany, SUNY. In 2016, he was elected a Fellow of the Academy of Management.