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• W2023546482 startingPage "709" @default.
• W2023546482 abstract "Leveraged buyouts are an accepted method of restructuring, but a substantial percentage of these privately held buyouts eventually return to public trading, thus defining a public–private–public cycle of ownership. Arguments supporting buyouts have pointed to positive performance changes that occur while the firm is privately held. Such improvements, according to agency theory, are the result of changes in ownership when the firm is bought out. Since ownership patterns change substantially over the buyout cycle, performance implications of the complete cycle of changes must be considered before the true value of the buyout phenomenon can be assessed. With agency theory as a foundation for hypothesis development, we examined the performance and restructuring of 39 firms over the complete buyout cycle and found that agency theory explanations of performance are generally valid throughout the buyout cycle; i.e., increased managerial ownership leads to better firm performance. Moreover, when firms reversed buyouts and returned to public trading, we again found support for agency theory explanations. Qualitative content analysis also supported the agency theory's prediction of restructuring emphases associated with a buyout. Overall, these results suggest that agency theory is an appropriate theoretical base for explaining managerial choices during the buyout cycle. Unexpectedly, however, agency costs that were eliminated or minimized during the private buyout period did not reappear immediately following a reverse buyout. It took several years for the predicted performance declines associated with the agency costs of public ownership to reemerge." @default.
• W2023546482 created "2016-06-24" @default.
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• W2023546482 date "2002-09-01" @default.
• W2023546482 modified "2023-10-06" @default.
• W2023546482 title "Corporate restructuring and performance: An agency perspective on the complete buyout cycle" @default.
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• W2023546482 doi "https://doi.org/10.1016/s0148-2963(00)00212-5" @default.
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