The performance of majority MBOs: An investigation on European SMEs controlled by their managers

The performance of majority MBOs: An investigation on European SMEs controlled by their managers

This article investigates the impact of a majority management buyout (majority MBO) on the evolution of growth, performance and the level of employment of European SMEs. The empirical study is based on an original sample of 178 majority MBOs in Europe over the 2000-2007 period that is the golden age...

Celý popis

Uloženo v:
Podrobná bibliografie
Vydáno v:URI:https://journals.openedition.org/fcs,
Hlavní autoři: Bédu, Nicolas, Palard, Jean-Etienne
Médium: Article ou chapitre numérique
Jazyk:Anglais
Vydáno: Finance Contrôle Stratégie 2021
Témata:
Performance
Private equity
Management buyout (MBO)
Employment
Agency costs.
On-line přístup:Accès Université d'Orléans et IFPM
Accès Université d'Orléans et IFPM
id openedition-oai:revues.org:fcs_7014
record_format openedition
spelling openedition-oai:revues.org:fcs_7014 https://doi.org/10.4000/fcs.7014 urn:doi:10.4000/fcs.7014 en https://journals.openedition.org/fcs/7014 2021-05-01T02:00:00Z info:eu-repo/semantics/openAccess article info:eu-repo/semantics/article urn:handle:20.500.13089/gas8 All rights reserved The performance of majority MBOs: An investigation on European SMEs controlled by their managers Finance Contrôle Stratégie Association FCS info:eu-repo/semantics/reference/issn/2261-5512 info:eu-repo/semantics/reference/issn/1287-1141 URI:https://journals.openedition.org/fcs Bédu, Nicolas Palard, Jean-Etienne Performance Private equity Management buyout (MBO) Employment Agency costs. This article investigates the impact of a majority management buyout (majority MBO) on the evolution of growth, performance and the level of employment of European SMEs. The empirical study is based on an original sample of 178 majority MBOs in Europe over the 2000-2007 period that is the golden age of LBO in Europe. The results show opposite trends between targets companies in the UK and continental Europe. British targets exhibit higher performance and employment level unlike European companies for which the results are not statistically significant compared to the control sample. The results also indicate that divisional majority MBOs perform better than private-to-private acquisitions. However, the role of PE funds remains unclear to explain the post-buyout trends in terms of performance and employment. Cet article examine l'impact d'un rachat majoritaire par les dirigeants sur l'évolution de la croissance, des performances et du niveau d'emploi des PME au niveau européen. L'étude empirique repose sur un échantillon original de 178 MBO majoritaires réalisés en Europe sur la période 2000-2007 qui constitue l’âge d’or des LBO. Les résultats montrent des tendances opposées entre les firmes reprises au Royaume-Uni et celles en Europe continentale. Les cibles britanniques affichent des performances et un niveau d'emploi supérieurs après le rachat contrairement aux sociétés européennes pour lesquelles les résultats ne sont pas statistiquement significatifs. Les résultats indiquent également que les filiales de groupes reprises en MBO affichent de meilleures performances que les autres formes de cession. Néanmoins, le rôle des fonds de Private Equity reste flou pour expliquer l’évolution de la performance et de l'emploi post-rachat.
collection OpenEdition Journal
language Anglais
format Article ou chapitre numérique
building 0/Bibliothèque numérique/
1/Bibliothèque numérique/OpenEdition Journals/
topic Performance
Private equity
Management buyout (MBO)
Employment
Agency costs.
spellingShingle Performance
Private equity
Management buyout (MBO)
Employment
Agency costs.
Bédu, Nicolas
Palard, Jean-Etienne
The performance of majority MBOs: An investigation on European SMEs controlled by their managers
description This article investigates the impact of a majority management buyout (majority MBO) on the evolution of growth, performance and the level of employment of European SMEs. The empirical study is based on an original sample of 178 majority MBOs in Europe over the 2000-2007 period that is the golden age of LBO in Europe. The results show opposite trends between targets companies in the UK and continental Europe. British targets exhibit higher performance and employment level unlike European companies for which the results are not statistically significant compared to the control sample. The results also indicate that divisional majority MBOs perform better than private-to-private acquisitions. However, the role of PE funds remains unclear to explain the post-buyout trends in terms of performance and employment.
author Bédu, Nicolas
Palard, Jean-Etienne
author_facet Bédu, Nicolas
Palard, Jean-Etienne
author_sort Bédu, Nicolas
title The performance of majority MBOs: An investigation on European SMEs controlled by their managers
title_short The performance of majority MBOs: An investigation on European SMEs controlled by their managers
title_full The performance of majority MBOs: An investigation on European SMEs controlled by their managers
title_fullStr The performance of majority MBOs: An investigation on European SMEs controlled by their managers
title_full_unstemmed The performance of majority MBOs: An investigation on European SMEs controlled by their managers
title_sort performance of majority mbos: an investigation on european smes controlled by their managers
publisher Finance Contrôle Stratégie
publishDate 2021
container_title URI:https://journals.openedition.org/fcs
url https://ezproxy.univ-orleans.fr/login?url=https://doi.org/10.4000/fcs.7014
https://ezproxy.univ-orleans.fr/login?url=https://journals.openedition.org/fcs/7014
_version_ 1877293631044321280

Podobné jednotky