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C. (1993), p. 868. g. , et al. (2001), pp. 46-61, Schefczyk, M. (2004), pp. 135-154 and Duffner, S. (2005), pp. 83. Alternatively, these theoretical approaches are frequently subsumed under Theory of the Firm. See Furubotn, E. /Pejovitch, S. (1972), p. 1137. 24 Property rights can either be held by a single individual or by a group of individuals;25 in the latter case externalities arise. Externalities subsume any (positive or negative) effects resulting from the activity of an individual, “which are neither compensated for on the market nor accumulated as costs for the individual in another 26 manner”.

1989a) (see Table 4). 3. See Palepu, K. G. (1990), p. 247. M. Scott & Sons Company including financial analysis and interviews Documentation of organizational changes that took place in response to the LBO Predominantly, qualitative analysis describing the LBO phenomenon based upon a variety of variables Smith (1990a) Gross sample of 58 MBOs of public companies between 1977 and 1986 — Comparison of operating performance one year prior to two years after the LBO — Industry adjustment based on SIC codes — Sub-sample for MBOs with significant asset disposals (measured as >20% of net PPE) Debt repayment schedule and debt covenants Management equity ownership, salaries and bonuses Purpose and composition of the board, operating partners NWC, employment, approaches to product markets Confirmation of results of large-sample studies: heavy debt burden and management equity ownership lead to improved performance Identification of three factors that lead to organizational changes — Constraints of high leverage — Changes in incentives and compensation — Changes in the monitoring of top management “Value was created by decentralizing decision making largely because managers were closely monitored and supported by an expert board of directors who were also equityholders” (p.

However, these studies lack the individual investment as well as an equity investor perspective as discussed in the following chapter. g. Barry, C. , et al. (1990), Brück, M. (1998), Prester, M. (2002), von Daniels, H. (2004) for exceptions. For a recent study detailing the impact of the exit mode in the context of venture capital see Cumming, D. /Macintosh, J. G. (2003). g. , et al. g. Kitzmann, J. g. , et al. (2004). Note: In the case of public-to-private transactions, empirical analyses benefit from compulsory filed financial statements as a publicly held corporation.

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