ORGANIZATIONAL RESTRUCTURING AND ECONOMIC-PERFORMANCE IN LEVERAGED BUYOUTS - AN EX-POST STUDY

Authors
PHAN PH HILL CWL
Citation
Ph. Phan et Cwl. Hill, ORGANIZATIONAL RESTRUCTURING AND ECONOMIC-PERFORMANCE IN LEVERAGED BUYOUTS - AN EX-POST STUDY, Academy of Management journal, 38(3), 1995, pp. 704-739
Citations number
73
Categorie Soggetti
Management,Business
Journal title
Academy of Management journal → ACNP
ISSN journal
00014273
Volume
38
Issue
3
Year of publication
1995
Pages
704 - 739
Database
ISI
SICI code
0001-4273(1995)38:3<704:ORAEIL>2.0.ZU;2-#
Abstract
This article reports the results of an ex post study of the effects of leveraged buyouts (LBOs) upon the goals, strategy, structure, and per formance of firms. Our study was designed to test arguments that can b e logically derived from agency theory. We used a survey to collect da ta on pre- and post-LBO goals, strategy, structure, and productivity f or a sample of 214 firms that underwent buyouts between 1986 and 1989. Our results do not enable us to reject hypotheses based upon agency t heory.