The Routledge Companion to Management Buyouts

Management Buyouts (MBOs) first came to prominence in the US during the early 1980s, and have subsequently become a global phenomenon and a highly significant transaction within the corporate restructuring landscape Although much recent attention has focused on private equity (PE) backed buyouts, these are only a subset of the total MBO market. The Routledge Companion to Management Buyouts takes a much broader definition, reviewing the current state of research and theory and where further developments are likely to occur and incorporating PE and non-PE backed buyouts, as well as variations such as management buy-ins and management-employee buyouts. It goes beyond the purely financial perspective, exploring the many different aspects of management buyouts and incorporating related disciplines including strategy, organizational change, and HRM providing the first truly comprehensive authoritative resource on the topic. Expertly edited, and drawing on international scholarship, this unique volume will be an invaluable sourcebook on MBOs for researchers and advanced students as well as those interested in the broader areas of corporate restructuring and ownership change.

List of Figures List of Tables List of Contributors Preface Chapter 1: Management Buyouts: An Introduction and Overview Mike Wright, Kevin Amess, Nick Bacon and Donald Siegel Part 1: Historical, Legal and regulatory issues Chapter 2: A Brief History of Private Equity. John Gilligan Chapter 3: Management Buyouts: The History of an Organizational Innovation Steve Toms Chapter 4: Interpreting the M&A Black Box by Thinking Outside the Box. Douglas Cumming and Simone Zambelli Chapter 5: Regulation and Private Equity Sally Gibson and Simon Witney Part 2: Vendor sources Chapter 6: Management Buyouts and Divestment Steve Thompson and Michelle Haynes Chapter 7: Public to Private Leveraged Buyouts Luc Renneboog and Cara Vansteenkiste Chapter 8: "My Children Do Not Want the Firm": Private Equity as a Succession Option in Family Businesses: A Review and Future Directions. Oliver Ahlers, Alexandra Michel and Andreas Hack Chapter 9: Buyouts of Family Firms: Company Metamorphosis and the Family Management Dyad Carole Howorth and Nick Robinson Chapter 10: Buyouts from Failure Louise Scholes Chapter 11: Just Another Business? Private Equity in Health Services Aline Bos and Paul Boselie Chapter 12: The Chinese style management buyouts Jun Du and Bach Nguyen Part 3: Financing, structuring and Private Equity Firms Chapter 13: The Evolution and Strategic Positioning of Private Equity Firms Robert E. Hoskisson, Wei Shi, Xiwei Yi, and Jing Jin Chapter 14: Are Lower Private Equity Returns the New Normal? Eileen Appelbaum and Rosemary Batt Chapter 15: Collaboration Decisions in Private Equity Investments Anantha Krishna Divakaruni Chapter 16: Private Equity in Emerging Economies: Which Markets are Sufficiently Mature? Should Investors Wait or Invest Immediately? Alex Groh Chapter 17: Private Equity Investment in Entrepreneurial Companies: Selection & Performance Na Dai and Andrew McAlpine Chapter 18: Hedge Funds and Private Equity: Features, Diversity, and Regulations Douglas Cumming and Geoff Wood Part 4: Post-MBO firm behavior Chapter 19: Innovation in Private Equity Leveraged Buyouts Fabio Bertoni Chapter 20: Buyouts and Investment Dirk Engel and Joel Stiebale Chapter 21: Entrepreneurship and Context in Buy-outs Mike Wright Chapter 22: Resource Orchestration Post-Management Buy-out Hans Bruining Chapter 23: The Political Economy of Finance-Led Capitalism: Connecting Financialization, Private Equity and Employment Outcomes Ian Clark Chapter 24: HRM practices Nick Bacon and Kim Hoque Part 5: Performance and Life-cycle Chapter 25: The Impact on Productivity of Management Buyouts and Private Equity Yan Alperovych Chapter 26: Leveraged Buyouts: Their Impact on Jobs and Wages Kevin Amess Chapter 27: Buyout Longevity and Post-exit Performance Ranko Jelic, Mike Wright, Victor Murinde and Wasim Ahmad Chapter 28: Distress, Failure and Recovery in Private Equity Buyouts Nick Wilson Index

Mike Wright is Professor of Entrepreneurship and Director of the Center for Management Buy-out Research at Imperial College Business School, UK, a Fellow of the British Academy and of the Strategic Management Society. He has published over 50 books and 400 articles in peer-reviewed journals. Kevin Amess is Associate Professor of Industrial Economics in the Business School at the University of Nottingham, UK. He is currently Co-Editor of the International Journal of the Economics of Business. He has advised government and policy officials on the LBOs including the UK Treasury, Financial Services Authority, the US Government Accountability Office and the OECD. Nick Bacon is Professor of Human Resource Management at Cass Business School, UK. His research explores the impact of HRM practices in a wide variety of settings including small and medium-sized enterprises and leveraged buyouts. He is former editor of the Industrial Relations Journal. Donald Siegel is Professor of Public Policy and Management and Director of the School of Public Affairs at Arizona State University, USA. He is an editor of the Journal of Management Studies and the Journal of Technology Transfer and a former Dean of the School of Business at the University at Albany, SUNY. In 2016, he was elected a Fellow of the Academy of Management.