The Routledge Companion to Management Buyouts

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

Preface

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

Index