English, Article, Journal or magazine article edition: THE CHANGE IN OWNERSHIP AFTER A BUYOUT: IMPACT ON PERFORMANCE L. GOOSSENS; S. MANIGART; M. MEULEMAN

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Bookmark: http://trove.nla.gov.au/version/15498
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • THE CHANGE IN OWNERSHIP AFTER A BUYOUT: IMPACT ON PERFORMANCE
Author
  • L. GOOSSENS
  • S. MANIGART
  • M. MEULEMAN
Physical Description
  • preprint
Notes
  • This paper analyses the impact of the change in ownership after a management buyout on both post-buyout efficiency and growth. We contrast family firm buyouts with divisional buyouts, and private equity (PE) financed buyouts with non-PE financed buyouts. We analyse the four-year post-buyout growth and efficiency of 167 Belgian companies (of which 43 are transfers from family owned businesses) that did a buyout between 1996 and 2003. Results show that the source of a buyout (family owned buyout versus divisional buyout) has no impact on the post-buyout growth, but the presence of a PE has. PE-backed buyouts grow less in assets, but more in employees. Neither sales growth nor efficiency are different between different types of buyouts.
  • Buyout, Ownership, Private Equity, Performance
  • RePEc:rug:rugwps:07/​484
Language
  • English
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