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Agency, strategic entrepreneurship, and the performance of private equity-backed buyouts
journal contribution
posted on 2016-01-08, 11:16 authored by Miguel Meuleman, Kevin Amess, Mike Wright, Louise ScholesLouise ScholesAgency theory has focused on buyouts as a governance and control device to increase
profitability, organizational efficiency, and limited attention to growth. A strategic entrepreneurship
view of buyouts incorporates upside incentives for value creation associated with
growth as well as efficiency gains. In this paper, we develop the complementarity between
agency theory and strategic entrepreneurship perspectives to examine the performance
implications for different types of buyouts. Further, we study how the involvement of private
equity (PE) firms is related to the performance of the post-buyout firm. These issues are
examined for a sample of 238 PE-backed buyouts in the UK between 1993 and 2003.
Implications for theory and practice are suggested.
History
School
- Loughborough University London
Published in
Entrepreneurship Theory and PracticeVolume
33Issue
1Pages
213 - 239Citation
MEULEMAN, M. ... et al., 2009. Agency, strategic entrepreneurship, and the performance of private equity-backed buyouts. Entrepreneurship Theory and Practice, 33 (1), pp. 213 - 239.Publisher
John Wiley & Sons, Inc. © Baylor UniversityVersion
- VoR (Version of Record)
Publisher statement
This work is made available according to the conditions of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) licence. Full details of this licence are available at: https://creativecommons.org/licenses/by-nc-nd/4.0/Publication date
2009Notes
Closed accessISSN
1042-2587eISSN
1540-6520Publisher version
Language
- en