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| Tekijä: | Scholes, M. L. (et al.) |
| Otsikko: | Information sharing, price negotiation and management buy-outs of private family-owned firms |
| Lehti: | Small business economics
2007 : OCT, VOL. 29:3, p. 329-349 |
| Asiasana: | asymmetric information corporate governance family firms game theory information management buy-outs venture capital |
| Kieli: | eng |
| Tiivistelmä: | Building on agency theory, information asymmetries and game theory, this paper analyses outcomes associated with the management buy-out (MBO) and management buy-in (MBI) of former private firms. In particular, two outcomes were considered: whether information was shared equally between vendors and purchasers and whether a mutually agreed price was obtained. Several hypotheses were introduced with respect to the themes of firm ownership structure, governance structure and company objectives, and these were analysed with survey evidence from the managers of 114 former private family-owned companies in Europe that recently reported an MBO/I. The results suggest that the information was more likely shared equally between vendors and purchasers in founded family firms and in those reporting a high focus on the strategic importance of the market value increase. Reporting achievement of a mutually agreed price was more likely from respondents in firms who also reported no suitable family successor had been found, a high focus on the market value increment, and involvement of venture capitalist in succession. |
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