Organizational Slack and Innovation Expenditures in Leveraged Buyout Companies

Organizational Slack and Innovation Expenditures in Leveraged Buyout Companies

We study leveraged buyouts (LBOs) to understand how actual and potential organizational slack affect exploitative and exploratory innovation expenditures. LBO companies are characterized by limited actual and high potential organizational slack and, based on theories of organizational search, we pre...

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发表在:URI:https://journals.openedition.org/fcs,
Auteurs principaux: Bertoni, Fabio, Le Nadant, Anne-Laure, Perdreau, Frédéric
格式: Article ou chapitre numérique
语言:Anglais
出版: Finance Contrôle Stratégie 2021
主题:
Innovation expenditures
Leveraged buyout
Organizational slack
在线阅读:Accès Université d'Orléans et IFPM
Accès Université d'Orléans et IFPM
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spelling openedition-oai:revues.org:fcs_7889 https://doi.org/10.4000/fcs.7889 urn:doi:10.4000/fcs.7889 en https://journals.openedition.org/fcs/7889 2021-08-30T02:00:00Z info:eu-repo/semantics/openAccess article info:eu-repo/semantics/article urn:handle:20.500.13089/gasr All rights reserved Organizational Slack and Innovation Expenditures in Leveraged Buyout Companies 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 Bertoni, Fabio Le Nadant, Anne-Laure Perdreau, Frédéric Innovation expenditures Leveraged buyout Organizational slack We study leveraged buyouts (LBOs) to understand how actual and potential organizational slack affect exploitative and exploratory innovation expenditures. LBO companies are characterized by limited actual and high potential organizational slack and, based on theories of organizational search, we predict that both exploitative and explorative innovation expenditures be higher in LBO companies than in non-LBOs. These differences also depend on the technology intensity of the sector in which the target firm operates. The empirical analysis of 882 LBO companies in the UK community innovation survey broadly supports this argument. Nous étudions les opérations de leveraged buyouts (LBO) pour comprendre comment le slack organisationnel réel et le slack potentiel influencent les dépenses d’innovation d’exploration et d’exploitation. Les entreprises ayant fait l’objet d’un LBO sont caractérisées par un slack organisationnel réel limité tandis que leur slack potentiel est élevé. À partir des théories du comportement de recherche des organisations (organizational search theories), nous prédisons que les dépenses d’innovation d’exploration et d’exploitation seront plus élevées dans les entreprises ayant fait l’objet d’un LBO que dans les autres. Ces différences dépendent aussi de l’intensité technologique du secteur d’activité de l’entreprise. L’analyse empirique de 882 entreprises ayant fait l’objet d’un LBO présentes dans l’enquête CIS pour la Grande-Bretagne tend à confirmer notre argumentation.
collection OpenEdition Journal
language Anglais
format Article ou chapitre numérique
building 0/Bibliothèque numérique/
1/Bibliothèque numérique/OpenEdition Journals/
topic Innovation expenditures
Leveraged buyout
Organizational slack
spellingShingle Innovation expenditures
Leveraged buyout
Organizational slack
Bertoni, Fabio
Le Nadant, Anne-Laure
Perdreau, Frédéric
Organizational Slack and Innovation Expenditures in Leveraged Buyout Companies
description We study leveraged buyouts (LBOs) to understand how actual and potential organizational slack affect exploitative and exploratory innovation expenditures. LBO companies are characterized by limited actual and high potential organizational slack and, based on theories of organizational search, we predict that both exploitative and explorative innovation expenditures be higher in LBO companies than in non-LBOs. These differences also depend on the technology intensity of the sector in which the target firm operates. The empirical analysis of 882 LBO companies in the UK community innovation survey broadly supports this argument.
author Bertoni, Fabio
Le Nadant, Anne-Laure
Perdreau, Frédéric
author_facet Bertoni, Fabio
Le Nadant, Anne-Laure
Perdreau, Frédéric
author_sort Bertoni, Fabio
title Organizational Slack and Innovation Expenditures in Leveraged Buyout Companies
title_short Organizational Slack and Innovation Expenditures in Leveraged Buyout Companies
title_full Organizational Slack and Innovation Expenditures in Leveraged Buyout Companies
title_fullStr Organizational Slack and Innovation Expenditures in Leveraged Buyout Companies
title_full_unstemmed Organizational Slack and Innovation Expenditures in Leveraged Buyout Companies
title_sort organizational slack and innovation expenditures in leveraged buyout companies
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.7889
https://ezproxy.univ-orleans.fr/login?url=https://journals.openedition.org/fcs/7889
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