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  • 1
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd.
    Annals of public and cooperative economics 68 (1997), S. 0 
    ISSN: 1467-8292
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper seeks to extend our understanding of the nature and effects of privatization to the case of Austria, a relatively small economy in which management buy-outs have been a numerically important but neglected part of the privatization programme. The study reviews the development of privatization in Austria and sets management and employee buy-outs within this context. The paper identifies 35 privatization buy-outs, analysing their form and industrial distribution. Evidence from detailed interviews with the 22 largest is used to analyse the effects of buy-out on corporate change, the role of insiders and performance. Comparisons are made with the UK, where management and employee buy-outs have also been an important part of the privatization programme.
    Type of Medium: Electronic Resource
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  • 2
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Journal of management studies 32 (1995), S. 0 
    ISSN: 1467-6486
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper addresses the effects on corporate restructuring of changing management and ownership. First, it synthesises a number of perspectives on corporate restructuring which involve managerial succession, voluntary restructuring, agency theory, incentives and entrepreneurship, to obtain insights into the relative impact of simultaneously changing either, neither or both management and ownership. Second, it uses case study evidence from management buy-ins to examine the effects of changing both management and ownership. the evidence suggests that whilst management may be adequately incentivized, problems may arise in respect of information asymmetries, difficulties in matching entrepreneurs to the context and monitoring by venture capitalists, and implementation of strategies.
    Type of Medium: Electronic Resource
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  • 3
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Journal of business finance & accounting 22 (1995), S. 0 
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
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  • 4
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Fiscal studies 11 (1990), S. 0 
    ISSN: 1475-5890
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
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  • 5
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Industrial relations journal 21 (1990), S. 0 
    ISSN: 1468-2338
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Management buy-outs developed rapidly throughout the 1980s in the UK and continental Europe. The shift to managerial and employee ownership involved, has major implications for trade unions and industrial relations. This article examines these issues using survey and case study evidence from the UK.
    Type of Medium: Electronic Resource
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  • 6
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Business strategy review 5 (1994), S. 0 
    ISSN: 1467-8616
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In this paper we examine the reasons why buy-outs fail or need to be restructured and identify the implications for managers and investing institutions. It is evident that considerable attention needs to be given to assessing issues concerning industrial sectors, management and financing. In respect of the market, consideration needs to be given both to the nature of the market in which a particular buy-out finds itself and the firm's position within that market. Management is likely to have a crucial role in ensuring that the firm restructures and adapts to changing market circumstances.
    Type of Medium: Electronic Resource
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  • 7
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    British journal of management 8 (1997), S. 0 
    ISSN: 1467-8551
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This study focuses on the dynamic nature of entrepreneurship through an analysis of serial entrepreneurs, those individuals who engage in multiple start-ups, management buyouts, management buy-ins and combinations of these activities. The paper develops a typology of habitual entrepreneurship and then examines serial entrepreneurs in detail as a subset of such entrepreneurs. The processes involved and the effects of individuals undertaking sequential ventures are analysed. The study identifies three types of serial entrepreneurial behaviour namely venture repeaters, organic serials and serial dealmakers, distinguished by the motivations and the methods used to develop their ventures. Case-study evidence from the study also indicates that the role of active investors varies according to the type of serial entrepreneur and venture.
    Type of Medium: Electronic Resource
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  • 8
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Corporate governance 4 (1996), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: This paper examines corporate governance in management buy-outs and buy-ins and in particular considers the problems faced by venture capitalists as active investors. Evidence is presented based on large scale surveys and case studies. The study suggests the importance of achieving a balance between the independence of venture capitalists as monitors of management and the need for cooperation in their relationships with managers in buy-outs and buy-ins. The study also questions the adequacy with which financiers as active investors have taken account of the differing attributes of each type of transaction, particularly in relation to access to information and the roles of management. The costs of closely monitoring smaller investments may often exceed the benefits, which helps explain why the greater control found in buy-ins is more likely to be indirect rather than greater board representation. The evidence suggests the need for a flexible approach to governance under which the forms adopted take account of the specific circumstances of a particular enterprise.
    Type of Medium: Electronic Resource
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  • 9
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Economic affairs 10 (1990), S. 0 
    ISSN: 1468-0270
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: What is the function of the market for corporate control? Mike Wright and two colleagues outline the advantages of an active market in corporate control and review the consequences of leveraged buyouts.
    Type of Medium: Electronic Resource
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  • 10
    ISSN: 1468-036X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The differences between the information used for the pre-investment valuation and the valuation methods used by venture capital investors in five countries (USA, UK, France, Belgium and Holland) are empirically studied. The analysis is based on postal questionnaire surveys of representative samples of senior venture capitalists in each country. Differences are found, which may be attributed to the dominant corporate governance mechanism or the level of development of the venture capital market. Between-country differences persist even after taking into account between-country differences in the relative importance of investment stages and venture capital types. Apparently similar systems and venture capital markets place varying emphases on different valuation methods, with theoretically ‘correct’ methods not always being preferred in practice. The findings of the study highlight the need for venture capital firms entering non-domestic markets to invest considerable effort in understanding the operation of these markets if they are to exploit fully their perceived competitive advantages and minimize the likelihood of repeating the problems experienced by venture capital entrants into foreign markets in the late 1980s.
    Type of Medium: Electronic Resource
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