haku: @indexterm GEARING / yhteensä: 211
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Tekijä: | Lichtenberg, F. R. Siegel, D. |
Otsikko: | The effects of leveraged buyouts on productivity and related aspects of firm behavior |
Lehti: | Journal of Financial Economics
1990 : SEP, VOL. 27:1, p. 165-194 |
Asiasana: | MANAGEMENT BUY-OUTS GEARING COMPANY PERFORMANCE |
Kieli: | eng |
Tiivistelmä: | The effects of leveraged buyouts (LBOs) on total factor productivity (TFP) is investigated using a longitudinal database including over 12,000 manufacturing plants. LBOs that occurred during 1983-1986 had a strong positive effect on TFP in the first three post-buyout years: plant-productivity increased from 2.0 p.c. above industry mean in the three pre-buyout years to 8.3 p.c. above industry mean. However, 1981 and 1982 buyouts had no significant productivity effect. The employment and compensation of white-collar workers decline following buyouts, but those of blue-collar workers are unchanged. |
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