Corporate Governance und Unternehmenswerteffekte bei Leveraged Buyouts - State of the Art der empirischen Forschung
Knauer T, May M, Sommer F (2013)
Publication Type: Journal article
Publication year: 2013
Journal
Book Volume: 63
Pages Range: 117-156
Journal Issue: 2
DOI: 10.1007/s11301-013-0093-1
Abstract
This state-of-the-art paper systematizes and discusses the results of numerous empirical studies that deal with the effects of corporate governance on the value of leveraged buyouts. Moreover, additional need for research is derived. The article shows that leveraged buyouts share three common characteristics: significant management participation, the use of debt to discipline the management, and intensive monitoring of the private equity firm. Positive wealth effects through leveraged buyouts are beneficial for both the previous owners and the private equity firm. The studies yield evidence that the specific corporate governance of leveraged buyouts contributes to these positive value effects. Studies on reverse leveraged buyouts provide further evidence for this stream of thought. Main areas for future research comprise methodological issues of measuring wealth effects, its link to corporate governance in leveraged buyouts and the different types of buyouts. Alternative explanations of the wealth development as well as macroeconomic effects constitute further avenues for future research. © Wirtschaftsuniversität Wien, Austria 2012.
Involved external institutions
Germany (DE)How to cite
APA:
Knauer, T., May, M., & Sommer, F. (2013). Corporate Governance und Unternehmenswerteffekte bei Leveraged Buyouts - State of the Art der empirischen Forschung. Journal für Betriebswirtschaft, 63(2), 117-156. https://doi.org/10.1007/s11301-013-0093-1
MLA:
Knauer, Thorsten, Markus May, and Friedrich Sommer. "Corporate Governance und Unternehmenswerteffekte bei Leveraged Buyouts - State of the Art der empirischen Forschung." Journal für Betriebswirtschaft 63.2 (2013): 117-156.
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