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The Impacts of LBOs on the Performance of Acquired Firms:the French Case

Philippe Desbrières () and Alain Schatt ()

Working Papers CREGO from Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations

Abstract: This paper investigates the financial characteristics and changes in performance of French companies involved in a leveraged buy-out. The empirical study covers a sample of 161 MBOs in France from 1988 to 1994. The acquired firms outperform their counterparts in the same sector of activity before and after the buy-out. However, unlike findings concerning LBOs in the USA and the UK, the performance of French firms falls after the operation is completed. This downturn in performance seems to be less detrimental to former subsidiaries of groups than to former family businesses.

Keywords: leveraged buy-out; performance; French LBO; family businesses; group subsidiaries. (search for similar items in EconPapers)
JEL-codes: G32 G34 L22 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cfn, nep-com, nep-ent and nep-mfd
Date: 2002-07
Note: article publié dans Journal of Business, Finance and Accounting, vol.29, n°5, juin-juillet 2002, p.695-729.
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Published in Journal of Business, Finance and Accounting, vol.29, n°5, juin-juillet 2002, p.695-729.

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Persistent link: http://EconPapers.repec.org/RePEc:dij:wpfarg:1020702

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Angèle Renaud, CREGO, 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France

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