Post-LBO Development [electronic resource] : Analysis of Changes in Strategy, Operations, and Performance after the Exit from Leveraged Buyouts in Germany / by Richard K. Lenz.
Tipo de material:
TextoEditor: Wiesbaden : Gabler, 2010Descripción: XII, 530p. 25 illus. online resourceTipo de contenido: text Tipo de medio: computer Tipo de portador: online resourceISBN: 9783834986009Trabajos contenidos: SpringerLink (Online service)Tema(s): Economics | Banks and banking | Economics/Management Science | Finance /BankingFormatos físicos adicionales: Sin títuloClasificación CDD: 657.8333 | 658.152 Clasificación LoC: Libro electrónicoHG4501-6051HG1501-HG3550Recursos en línea: de clik aquí para ver el libro electrónico and Founding Theory -- Model Building and Hypotheses Development -- Empirical Part -- Synthesis and Outlook.
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.
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