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Agency, strategic entrepreneurship, and the performance of private equity-backed buyouts

journal contribution
posted on 08.01.2016, 11:16 by Miguel Meuleman, Kevin Amess, Mike Wright, Louise ScholesLouise Scholes
Agency 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 Practice

Volume

33

Issue

1

Pages

213 - 239

Citation

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 University

Version

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

2009

Notes

Closed access

ISSN

1042-2587

eISSN

1540-6520

Language

en

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