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.
Table of Contents
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.
Chapter 3: Management Buyouts: The History of an Organizational Innovation
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
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?
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
Chapter 20: Buyouts and Investment
Dirk Engel and Joel Stiebale
Chapter 21: Entrepreneurship and Context in Buy-outs
Chapter 22: Resource Orchestration Post-Management Buy-out
Chapter 23: The Political Economy of Finance-Led Capitalism: Connecting Financialization, Private Equity and Employment Outcomes
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
Chapter 26: Leveraged Buyouts: Their Impact on Jobs and Wages
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
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.