haku: @indexterm Management buy-outs / yhteensä: 202
viite: 4 / 202
| Tekijä: | Amess, K. |
| Otsikko: | The Effect of Management Buyouts on Firm-Level Technical Inefficiency: Evidence from a Panel of UK Machinery and Equipment Manufacturers |
| Lehti: | Journal of Industrial Economics
2003 : MAR, VOL. 51:1, p. 35-44 |
| Asiasana: | UNITED KINGDOM MANAGEMENT BUY-OUTS MANUFACTURING INDUSTRY EFFECTIVENESS |
| Kieli: | eng |
| Tiivistelmä: | The longer-term technical efficiency effects of management buyouts (MBOs) are evaluated using a stochastic production frontier approach on a panel of UK manufacturing firms. The results, based on the period 1986-1997, indicate that firms with the MBO governance structure: (1) have higher efficiency in the two years before the transaction but not prior to that; (2) have efficiency 7%, 7.5%, 4%, and 7% higher in each of the first four years post-buyout; (3) do not have superior efficiency beyond the fifth year post-buyout. This is consistent with MBOs creating managerial incentives that improve firm-level performance. |
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