haku: @author Easterwood, J.C. / yhteensä: 4
viite: 4 / 4
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| Tekijä: | Easterwood, J.C. Seth, A. Singer, R.F. |
| Otsikko: | The impact of LBOs on strategic direction. |
| Lehti: | California Management Review
1989 : FALL, VOL. 32:1, p. 30-43 |
| Asiasana: | MANAGEMENT BUY-OUTS CORPORATE STRATEGY |
| Kieli: | eng |
| Tiivistelmä: | The leveraged buyout (LBO) as a tool for corporate restructuring is examined. The strategic impact of LBOs on a firm's corporate objectives is discussed. The increased frequency and size of large LBOs over the period of 1978-1985 is documented. An LBO brings about four changes in the firm; changes in 1. capital structure; 2. asset structure; 3. ownership structure; 4. organizational structure. The implications of each of these changes are investigated: increases in the stakes of managers and large holdings, a large increase in debt financing, changes in the strategic decisions, downsizing. In the post-buyout firm, asset acquisition, divestment decisions, and other changes are aimed towards higher share value and debt coverage. |
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