Management buy-ins: entrepreneurship, active investors and corporate restructuring
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Manchester [u.a.]
Manchester Univ. Press
1996
|
| Ausgabe: | 1. publ. |
| Schriftenreihe: | Studies in finance
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | IX, 168 S. |
| ISBN: | 071904281X 0719042828 |
Internformat
MARC
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| 245 | 1 | 0 | |a Management buy-ins |b entrepreneurship, active investors and corporate restructuring |c Ken Robbie and Mike Wright |
| 250 | |a 1. publ. | ||
| 264 | 1 | |a Manchester [u.a.] |b Manchester Univ. Press |c 1996 | |
| 300 | |a IX, 168 S. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Studies in finance | |
| 650 | 7 | |a Gestion d'entreprise |2 ram | |
| 650 | 7 | |a Organisation de l'entreprise |2 ram | |
| 650 | 4 | |a Consolidation and merger of corporations | |
| 650 | 4 | |a Corporate reorganizations |x Management | |
| 650 | 0 | 7 | |a Management Buyout |0 (DE-588)4215208-2 |2 gnd |9 rswk-swf |
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| 700 | 1 | |a Wright, Mike |d 1952-2019 |e Verfasser |0 (DE-588)128790369 |4 aut | |
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| 999 | |a oai:aleph.bib-bvb.de:BVB01-007298997 | ||
Datensatz im Suchindex
| _version_ | 1804125403353186304 |
|---|---|
| adam_text | Contents
List of tables and figures vii
Preface ix
1 Introduction: managerial and ownership succession
and corporate restructuring 1
Managerial and ownership succession and corporate restructuring 2
Managers and entrepreneurs 7
Financiers as active investors 12
The issues and the structure of this book 14
Data and methodology 16
2 The development of management buy ins 20
A framework for development of buy out and buy in markets 20
Development of the UK market for management buy ins 26
Management buy ins in continental Europe 37
Conclusions 38
3 Active investors, finance and target companies 39
Attitudes of and returns sought by venture capitalists 40
Financiers screening processes and buy ins 42
Screening target buy in companies 46
Financial structuring 50
Monitoring and control 53
Conclusions 54
4 Entrepreneurship 56
Entrepreneurial characteristics 57
Management buy ins 60
Typology of buy in managers 63
Management buy outs 68
Buy outs, buy ins and serial entrepreneurs 71
Discussion and conclusions 80
Management buy ins
5 The effects of buy ins 83
The effects of buy outs 83
The effects of buy ins 84
Comparisons with other forms of corporate restructuring 93
Influences on post buy in performance 95
Discussion and conclusions 103
6 Management buy ins and restructuring:
case study evidence 107
The case studies 107
The issues 110
Discussion and conclusions 118
7 Life cycle and longevity 120
Theoretical perspectives 121
Empirical evidence 125
Buy in longevity and restructuring: case study evidence 138
Conclusions 144
8 Conclusions 146
Implications for active investors 146
Implications for entrepreneurs 148
Implications for corporate restructuring 149
Dynamics of corporate restructuring 151
Concluding comments 152
References 154
Index 165
List of Tables and Figures
Tables
1.1 Managerial and ownership change typologies 3
1.2 Entrepreneurial themes in economic literature 9
2.1 Opinions on MBOs and MBIs 23
2.2 UK management buy outs and buy ins 26
2.3 Numbers and values of management buy ins 27
2.4 Buy ins relative to the buy out and overall market for
corporate control 31
2.5 Type of source of buy outs and buy ins, 1985 94 Q2 34
2.6 Activity of buy outs and buy ins, 1985 94 Q2 35
2.7 Pricing of buy outs and buy ins 36
3.1 Required rate of return on equity 42
3.2 Investment appraisal factors 43
3.3 Screening criteria for exited entrepreneurs for MBI investments 44
3.4 Management s rating of venture capitalists characteristics in
buy outs and buy ins 45
3.5 Importance of criteria in search for suitable target companies 47
3.6 Perception of characteristics of industrial sector 47
3.7 Reasons for selling to a management buy in team 49
3.8 UK management buy in deal structures 51
3.9 UK management buy out deal structures 52
3.10 Average financing structures of management buy outs and buy ins,
1989 93 53
3.11 Control devices required by financiers 54
4.1 Expected differing characteristics of entrepreneurs between
new firms and management buy outs and buy ins 59
4.2 Main personal motivations for buy ins 62
4.3 Management buy in characteristics: factor loadings (oblique rotation) 64
4.4 Interpretation of MBI factor analysis 65
4.5 MBI cluster characteristics (iterative partitioning) 65
4.6 Management buy ins: significant areas of difference between clusters 66
4.7 Management buy out characteristics factor analysis 68
4.8 MBO cluster characteristics 70
4.9 Areas of significant difference between management buy out clusters 70
4.10 Categorisation of second venture types 72
4.11 Serial entrepreneur cases in summary 74
5.1 Actions post buy in 85
5.2 Corporate acquisitions and disposals post buy in 86
Management buy ins
5.3 Managerial changes post buy in 87
5.4 Major changes to incentive systems post MBI 88
5.5 Seriousness of post MBI problems 89
5.6 Requirement for further finance post buy in 90
5.7 Turnover and operating profit trends post MBI 91
5.8 Major economic indicators, 1988 Ql 1991 Q2 92
5.9 Direction of trend in operating profit compared with year, source,
size, previous profitability and CEO s background 96
5.10 Means of discriminant variables 98
5.11 Canonical discriminant function coefficients 100
5.12 Discriminant analysis: classification results 101
6.1 Characteristics of the MBI cases 108
7.1 Exits of buy outs and buy ins (by year of exit) 126
7.2 Reasons for refinancing of buy outs and buy ins 127
7.3 Exits of 1985 93 buy outs and buy ins (June 1994) 128
7.4 UK MBO exits (June 1994) 129
7.5 UK private MBI exits (June 1994) 129
7.6 Exit status of over and under £10m. management buy ins
(June 1994) 131
7.7 Exit status of over and under £10m. management buy outs
(June 1994) 131
7.8 Exit by source of buy outs and private buy ins completed between
1985 and 1993 (June 1994) 132
7.9 Cumulative exit status of 158 management buy outs completed in
the period 1983 85 133
7.10 Ownership status of parent company by age of management buy out
for 158 management buy outs completed in the period 1983 85 134
7.11 Cumulative exit status of 637 private management buy ins
completed in the period 1985 92 135
7.12 Ownership status of parent company by age of management
buy in for 637 private management buy ins completed in the
period 1985 92 135
7.13 Exit intentions at time of buy in 136
7.14 Exits from buy ins: intentions and actions 137
7.15 Exits from buy outs: intentions and actions 138
8.1 Summary of managerial and ownership change typologies and
expected impact on performance 150
Figures
2.1 Model of the buy out process 21
5.1 Buy ins and buy outs: changes in capital and labour (%) 86
5.2 Managerial changes buy ins and buy outs (%) 87
|
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| id | DE-604.BV010911149 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T18:01:00Z |
| institution | BVB |
| isbn | 071904281X 0719042828 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-007298997 |
| oclc_num | 32666354 |
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| owner_facet | DE-12 DE-703 |
| physical | IX, 168 S. |
| publishDate | 1996 |
| publishDateSearch | 1996 |
| publishDateSort | 1996 |
| publisher | Manchester Univ. Press |
| record_format | marc |
| series2 | Studies in finance |
| spelling | Robbie, Ken Verfasser aut Management buy-ins entrepreneurship, active investors and corporate restructuring Ken Robbie and Mike Wright 1. publ. Manchester [u.a.] Manchester Univ. Press 1996 IX, 168 S. txt rdacontent n rdamedia nc rdacarrier Studies in finance Gestion d'entreprise ram Organisation de l'entreprise ram Consolidation and merger of corporations Corporate reorganizations Management Management Buyout (DE-588)4215208-2 gnd rswk-swf Management Buyout (DE-588)4215208-2 s DE-604 Wright, Mike 1952-2019 Verfasser (DE-588)128790369 aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007298997&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Robbie, Ken Wright, Mike 1952-2019 Management buy-ins entrepreneurship, active investors and corporate restructuring Gestion d'entreprise ram Organisation de l'entreprise ram Consolidation and merger of corporations Corporate reorganizations Management Management Buyout (DE-588)4215208-2 gnd |
| subject_GND | (DE-588)4215208-2 |
| title | Management buy-ins entrepreneurship, active investors and corporate restructuring |
| title_auth | Management buy-ins entrepreneurship, active investors and corporate restructuring |
| title_exact_search | Management buy-ins entrepreneurship, active investors and corporate restructuring |
| title_full | Management buy-ins entrepreneurship, active investors and corporate restructuring Ken Robbie and Mike Wright |
| title_fullStr | Management buy-ins entrepreneurship, active investors and corporate restructuring Ken Robbie and Mike Wright |
| title_full_unstemmed | Management buy-ins entrepreneurship, active investors and corporate restructuring Ken Robbie and Mike Wright |
| title_short | Management buy-ins |
| title_sort | management buy ins entrepreneurship active investors and corporate restructuring |
| title_sub | entrepreneurship, active investors and corporate restructuring |
| topic | Gestion d'entreprise ram Organisation de l'entreprise ram Consolidation and merger of corporations Corporate reorganizations Management Management Buyout (DE-588)4215208-2 gnd |
| topic_facet | Gestion d'entreprise Organisation de l'entreprise Consolidation and merger of corporations Corporate reorganizations Management Management Buyout |
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