Post-LBO development

Analysis of Changes in Strategy, Operations, and Performance after the Exit from Leveraged Buyouts in Germany
2010
ISBN: 978-3-8349-2163-5
Verlag: Gabler Verlag

Buch, Englisch, 530 Seiten, Format (B × H): 148 mm x 210 mm, Gewicht: 791 g

Reihe: Entrepreneurial and Financial Studies

The current financial crisis has intensified the discussion around buyouts and the related value creation of financial investors. Richard K. Lenz analyses how LBOs evolve after the financial investors have exited. Based on three case studies of former LBOs in Germany, he shows that performance decline is often related to the weakening of the former performance-enhancing series of governance instruments. The author reveals that management starts to over-emphasize growth while improvements on the micro-level of the company are robust and allow outperforming competitors. Finally, he concludes that performance decline seems to be rather due to inconsistent interests and less monitoring by new shareholders than to wealth transfer towards financial investors.

Zielgruppe

Research

Autoren/Hrsg.

Lenz, Richard K.

Fachgebiete

• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Unternehmensfinanzierung
• Wirtschaftswissenschaften Betriebswirtschaft Management Unternehmensführung
• Wirtschaftswissenschaften Betriebswirtschaft Management Unternehmensorganisation & Entwicklungsstrategien

Inhaltsverzeichnis

and Founding Theory.- Model Building and Hypotheses Development.- Empirical Part.- Synthesis and Outlook.

Über Autor(innen)

Dr. Richard K. Lenz completed his doctoral thesis at the Center for Entrepreneurial and Financial Studies at the Technical University Munich.