search query: @author Smith, A. J. / total: 4
reference: 2 / 4
| Author: | Smith, A. J. |
| Title: | Corporate ownership structure and performance: the case of management buyouts |
| Journal: | Journal of Financial Economics
1990 : SEP, VOL. 27:1, p. 143-164 |
| Index terms: | COMPANY OWNERSHIP CORPORATE STRUCTURE COMPANY PERFORMANCE MANAGEMENT BUY-OUTS |
| Language: | eng |
| Abstract: | Changes in operating performance after 58 management buyouts of public companies are investigated. Operating returns increase significantly from the year before to the year after buyouts as measured by operating cash flows per employee and per dollar of operating assets. Subsequent changes in operating returns suggest that this increase is sustained. Adjustments in the management of working capital contribute to the increase in operating returns. The increase is not, however, the result of layoffs or reductions in expenditures for advertising, maintenance, research and development, or property, plant, and equipment. |
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